National Health Investors' (NHI) activist shareholder Land & Buildings Investment Management disclosed plans Wednesday to challenge two director nominees with its own slate in a bid to maximize returns.
Land & Buildings blamed an "archaic" corporate governance structure for a 27% lag in National Health Investors' share price performance, compared with peer real estate investment trusts in the senior housing space.
Land & Buildings nominated Adam Troso and Jim Hoffmann to the board.
Land & Buildings also asserts National Health needs a more aggressive approach with its contract negotiations, particularly with a major tenant lease soon coming due and said it board candidates would bring a "sorely needed independent perspective and objectivity" to those talks.
National Health's annual shareholders meeting is scheduled May 21. The company did not immediately respond to a message from MT Newswires seeking comment.
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