National Healthcare Corp Dossier
Qualitative Analysis
Business overview
National HealthCare Corporation (NHC), founded in 1971 and headquartered in Murfreesboro, Tennessee, is the nation's oldest publicly traded long-term healthcare company. NHC operates a comprehensive continuum of senior care services across multiple states, primarily in the Southeastern and Midwestern United States. As of early 2026, the company's network includes 80 skilled nursing facilities (with over 10,300 beds), 26 assisted living communities, 9 independent living communities, 3 behavioral health hospitals, 34 homecare agencies, and 33 hospice agencies. NHC's business model integrates inpatient services with home-based care and hospice (primarily through its Caris Healthcare subsidiary) to capture patient referrals across their entire care journey.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Transitioning from a tenant structure to full real estate ownership by acquiring 35 senior care facilities previously operated under a master lease agreement with National Health Investors, Inc. (NHI) for $560 million.
Expected impact: Eliminates master lease payments, converts lease expenses directly into earnings and free cash flow, and provides maximum operational flexibility to execute long-term vision.
Acquiring the land, buildings, and related assets of five high-performing skilled nursing facilities (four in Tennessee, one in South Carolina) that were previously managed by NHC affiliates.
Expected impact: Replaces previous management agreements with full ownership, adding 566 operating beds to NHC's owned portfolio. Expected to be immediately accretive to cash flow and earnings.
Integration and expansion of the acquired White Oak Management, Inc. portfolio, which added 15 skilled nursing facilities, two assisted living facilities, four independent living facilities, and a long-term care pharmacy.
Expected impact: Significantly expanded geographic reach and service offerings, driving a 16.1% increase in net operating revenues in fiscal year 2025.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
To transition from third-party management agreements to full real estate and operational ownership of five high-performing skilled nursing facilities (four in Tennessee, one in South Carolina) with 566 operating beds.
Financial impact: Expected to be immediately accretive to cash flow and earnings.
To acquire the real estate of 32 skilled nursing facilities and three independent living facilities currently leased and operated by NHC, marking a strategic pivot from leasing to owning.
Financial impact: Expected to be accretive to both earnings and cash flow by eliminating lease payments.
To expand post-acute and senior healthcare operations by adding 15 skilled nursing facilities, two assisted living facilities, four independent living facilities, and a long-term care pharmacy to NHC's portfolio.
Financial impact: Contributed to a 16.1% increase in net operating revenues and expanded geographic reach.