National Health Investors Reports Tenant Default; Lease Remedies Preserved

Rhea-AI Filing Summary

National Health Investors, Inc. notified that a tenant failed to cure identified non-monetary lease breaches by the August 29, 2025 cure deadline. On September 8, 2025, NHI sent formal written notice that the tenant remains in default under the Master Lease because the specified non-compliance was not remedied. Under the Master Lease, a remaining uncured default after the contractual 30-day cure period allows NHI to declare an Event of Default and pursue all remedies the lease permits.

Positive

• NHI followed contractual process by issuing a cure deadline and then a formal default notice
• Contractual remedies preserved under the Master Lease, allowing NHI to pursue lease remedies

Negative

• Tenant remains in default for failure to remedy non-monetary breaches by the cure deadline
• Potential operational or cashflow disruption if remedies lead to lease termination or vacancy (no financial impact disclosed)

Insights

Real Estate Law Analyst

Tenant failed to cure non-monetary lease breaches; lessor preserved contractual remedies.

The notice sequence shows NHI followed the Master Lease cure timeline by providing a cure deadline and then sending a formal default notice when breaches were not remedied. This preserves NHI's contractual rights and positions it to seek remedies defined in the lease.

Key dependencies include whether the tenant cures within any remaining contractual cure window or invokes lease exceptions; expect next actions within the 30-day cure mechanics and any stipulated exceptions.

Credit/Asset Manager

Potential cashflow or occupancy risk if remedies lead to eviction or replacement.

A sustained default by a tenant can lead to rent interruption or repositioning costs if NHI exercises remedies; the filing does not state financial exposure or rent amounts. The immediate materiality depends on the tenant's share of portfolio income and the time to re-let or enforce remedies.

Monitor near-term filings or disclosures for statements of financial impact, lease termination, or replacement tenant arrangements within weeks to months.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What did NHI (NHI) report regarding the tenant?

NHI reported that the tenant did not cure specified non-monetary lease breaches by the August 29, 2025 deadline and that NHI provided formal written notice of default on September 8, 2025.

What contractual consequence can NHI pursue after the default notice?

Under the Master Lease, if the default is not cured within the 30-day cure period (subject to limited exceptions), NHI may declare an Event of Default and pursue all remedies available under the lease.

Did the filing disclose any monetary damages or financial impact?

No; the filing does not disclose any amounts, monetary damages, or quantified financial impact related to the tenant default.

Who signed the filing for NHI?

The filing was signed by John L. Spaid, identified as Principal Financial Officer, on September 8, 2025.

Is there any timeframe for NHI to take further action?

The Master Lease prescribes a 30-day cure period after notice; the filing indicates NHI may act if the default is not cured within that period.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Reported): September 8, 2025

National Health Investors, Inc.

(Exact name of registrant as specified in its charter)

Maryland

001-10822

62-1470956

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

222 Robert Rose Drive,

Murfreesboro, TN 37129

(Address of principal executive offices)

(615) 890-9100

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year,

if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

Securities registered pursuant to Section 12(b) of the Act:

Title of each Class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

NHI

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).             

Emerging growth company         ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events.

On July 29, 2025, National Health Investors, Inc. (NYSE: NHI) notified NHC/OP, L.P. (“Tenant”), an affiliate of National HealthCare Corporation (“NHC”) and the tenant of thirty-two (32) of NHI’s skilled nursing facilities and three (3) of NHI’s independent living facilities, that Tenant was in non-compliance with several non-monetary provisions of the Master Agreement to Lease, dated October 17, 1991, as amended (the “Master Lease”), between NHI and Tenant.

NHI’s notification gave Tenant until August 29, 2025, to cure the specified areas of non-compliance. On September 8, 2025, NHI provided formal written notice to Tenant that it is in default under the Master Lease as a result of Tenant’s failure to remedy its non-compliance with certain non-monetary provisions of the Master Lease identified by NHI.

Pursuant to Section 9.01(c) of the Master Lease, if Tenant fails to cure such default within the thirty (30) day cure period (subject to certain limited exceptions) prescribed in the Master Lease, NHI may declare that an “Event of Default” (as defined in Section 9.01 of the Master Lease) by Tenant has occurred and thereafter NHI will be entitled to pursue any and all remedies available to NHI under the Master Lease.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

NATIONAL HEALTH INVESTORS, INC.

By:    /s/ John L. Spaid

Name:    John L. Spaid

Title:    Principal Financial Officer

Date:    September 8, 2025