Announcement • Jul 03

NHC/OP, L.P. completed the acquisition of Real Estate of 32 Skilled Nursing Facilities and 3 Independent Living Facilities from National Health Investors, Inc. (NYSE:NHI).

NHC/OP, L.P. executed a purchase and sale agreement to acquire Real Estate of 32 Skilled Nursing Facilities and 3 Independent Living Facilities from National Health Investors, Inc. (NYSE:NHI) for $560 million on April 20, 2026. A cash consideration of $560 million will be paid by NHC/OP, L.P. As part of consideration, $560 million is paid towards assets of Real Estate of 32 Skilled Nursing Facilities and 3 Independent Living Facilities. The 35 properties currently leased to NHC generated cash lease revenue of approximately $39.7 million in 2025, including percentage rent. The transaction is subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The transaction was reviewed and approved by a NHI Special Committee of Non-Interested Directors ("Special Committee"). The Special Committee has unanimously approved the Transaction. The transaction is expected to close in the third quarter of 2026. NHI expects to use the net proceeds from the transaction to repay outstanding borrowings and to fund future investments consistent with its capital allocation strategy, including potential tax-deferred reinvestment through Section 1031 exchanges. National HealthCare expects this transaction to be accretive to both earnings and cash flow. Houlihan Lokey Capital, Inc. acted as financial advisor for Special Committee of National Health Investors, Inc. Venable LLP acted as legal advisor for Special Committee of National Health Investors, Inc. Blueprint Healthcare Real Estate Advisors is serving as transaction advisor to NHI. Jeffrey A. Calk of Holland & Knight LLP acted as legal advisor for National Health Investors, Inc. Timothy Reimers and Scott Timpe of Sheppard, Mullin, Richter & Hampton LLP acted as legal advisor for National HealthCare Corporation. NHC/OP, L.P. completed the acquisition of Real Estate of 32 Skilled Nursing Facilities and 3 Independent Living Facilities from National Health Investors, Inc. (NYSE:NHI) on July 1, 2026. The real estate where these facilities are located is in Alabama, Florida, Kentucky, Missouri, South Carolina, Tennessee, and Virginia. National Healthcare Corporation currently operates and will continue to operate all of these facilities, except four Florida skilled nursing facilities. The four Florida skilled nursing facilities will continue to be subject to a third-party operator’s lease.

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NHC/OP, L.P. completed the acquisition of Real Estate of 32 Skilled Nursing Facilities and 3 Independent Living Facilities from National Health Investors, Inc. (NYSE:NHI).

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