National Health Investors (NHI) Faces Land & Buildings’ Push for Board Change Amid NHC Lease Concerns and Governance Failures

The Land & Buildings (L&B) presentation dated May 2, 2025, continues its activist campaign against National Health Investors (NHI), urging shareholders to vote the GOLD proxy card for its nominees, Jim Hoffmann and Adam Troso. L&B argues that NHI persistently underperformed peers over the last decade and misleads investors with selective peer groups and metrics. It criticizes the board for poor pandemic-era oversight, conflicted director appointments tied to National HealthCare Corp. (NHC), and governance reforms that it claims are reactive to pressure rather than proactive. L&B highlights flawed lease renewals with NHC, calling them giveaways that enriched NHC while harming NHI shareholders. The presentation underscores entrenched conflicts of interest, outsized past director compensation, and lack of transparency at NHC. Overall, L&B presents its nominees as a path to stronger governance, elimination of conflicts, and a credible plan to restore NHI’s value.