National Health Investors (NHI) is facing a proxy battle from activist investor Jonathan Litt's Land & Buildings Investment Management, which is pushing for board changes due to the company's relationship with key tenant National Healthcare Corp. (NHC), The Wall Street Journal reported Tuesday, citing people familiar with the matter.
Land & Buildings, which holds a roughly 1% stake in NHI, has proposed two new board candidates claiming that NHI's leadership is too closely aligned with NHC and that renegotiating NHC's lease could significantly improve profits, the WSJ reported.
The activist investor is reportedly targeting the removal of Robert Adams, an NHI board member and NHC chairman, and longtime NHI director James Jobe.
The hedge fund reportedly believes previous changes were insufficient and is now advocating for a more independent board to ensure fair lease negotiations with NHC.
NHI did not immediately respond to MT Newswires' request for comment.
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