Murfreesboro, Tennessee — National Health Investors is signaling it may not be done trimming its skilled nursing portfolio, even after agreeing to a $560 million sale of facilities to one of its existing operating partners.
The real estate investment trust said it remains open to additional offers above that pending deal, according to industry reports. The move suggests NHI is still reshaping how much exposure it wants to keep in skilled nursing, a sector that has drawn renewed investor interest but still carries heavy reimbursement and operating risk.
NHI said its skilled nursing holdings stood at 65 facilities with 8,565 beds as of the end of the first quarter on March 31, 2026. That footprint is already smaller after the company’s late-April agreement to sell 32 skilled nursing facilities and three independent living properties to National HealthCare Corporation for $560 million.
That kind of repositioning has become a familiar theme across the sector. Owners and lenders are still chasing solid nursing home assets, but they’re also quick to offload properties that no longer fit their strategy or carry too much uncertainty. In that sense, NHI’s latest posture lines up with the strong appetite for nursing home deals SCJ recently saw in Pennsylvania.
More sales could follow
The company indicated it would consider bids above the current transaction, keeping the door open for more portfolio pruning if pricing is right. For skilled nursing operators, that matters. Ownership changes can affect lease structures, capital plans and long-term operating expectations, especially when facilities are already navigating thin Medicaid margins and tighter labor economics.
At the same time, the sale activity doesn’t necessarily point to weakness alone. It also reflects how selective investors have become. Facilities with stable occupancy, reliable operators and cleaner balance-sheet stories are still attracting real money, while weaker assets face more pressure.
For the broader nursing home market, NHI’s stance is another reminder that capital is flowing — just not evenly. The money is there, but it’s looking for fewer surprises.
