82 MURFREESBORO, Tenn. — National Health Investors (NYSE: NHI), has issued a formal, written notice to an affiliate of National HealthCare Corp. (NYSE: NHC) that the tenant is in default under its master lease with NHI. According to NHI, NHC is in non-compliance with multiple non-monetary provisions of the master lease agreement, which dates back to October 1991. The affiliate of NHC occupies 32 of NHI's skilled nursing facilities and three of the company's independent living facilities. According to an SEC filing by NHC, the company's lease agreement with NHI includes a base rent plus a percentage rent, with the annual base rent for 2025 totaling $32.2 million and the base rent for 2026 to total $32 million. Percentage rent is based on a quarterly calculation of revenue increases and is payable on a quarterly basis. NHC also owns roughly $114.3 million in NHI equity securities, as of its August SEC filing.