Land & Buildings Investment Management, a major shareholder in National Health Investors (NHI, Financial), is actively seeking to revamp the company's board structure. The investment firm has reached out to NHI's stockholders, advocating for the election of its nominees, Adam Troso and Jim Hoffmann, to the board during the upcoming Annual Meeting scheduled for May 21, 2025.
In a letter to stakeholders, Land & Buildings highlighted significant concerns regarding the current state of NHI's governance. They argue that the company's stock performance has lagged behind its peers in the Senior Housing REIT sector, attributing this underperformance to outdated corporate governance practices and a board filled with conflicts of interest. Specifically, they pointed out that several board members have substantial investments in National Healthcare Corp., one of NHI's largest tenants, which could potentially compromise their objectivity.
The investment firm has also criticized NHI for selecting new board members unilaterally, without seeking input from stockholders or from Land & Buildings. This lack of collaborative engagement, they claim, has led to insufficient governance reforms over the past year and necessitated another direct appeal to stockholders.
Land & Buildings is urging shareholders to vote using the GOLD proxy card to support Troso and Hoffmann's election to the board. They assert that these nominees will bring essential independence and expertise to guide NHI toward improved governance and enhanced shareholder value.
