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Wednesday, April 9, 2025
Land & Buildings Sends Letter to National Health Investors Stockholders, Files Proxy
Land & Buildings Investment Management, a significant stockholder of National Health Investors (NHI), has filed definitive proxy materials and sent a letter to stockholders advocating for boardroom change at the upcoming 2025 Annual Meeting on May 21, 2025.
The activist investor is nominating two independent candidates - Adam Troso and Jim Hoffmann - citing concerns over NHI's corporate governance and conflicts of interest, particularly regarding ongoing lease renewal negotiations with major tenant National Healthcare Corp (NHC).
Key issues highlighted include:NHI's significant underperformance: -61% vs peers over 5 years, -19% over 3 years, and -27% over 1 year
Potential 60% upside in NHC lease renewal, representing approximately $0.55/share or 12% FFO/share increase
Forecast of $1 billion in senior housing acquisitions over next 12-24 months, potentially increasing FFO/share by 10%
Board conflicts including multiple directors' significant stock ownership in tenant NHC
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