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Format is a branded prose letter with the only 'visuals' being headshots of the two targeted directors on page 1 and section dividers — no charts, no sum-of-parts, no peer-gap visualization. Strong governance/conflict-of-interest narrative built around the upcoming 2026 NHC lease renewal as the catalyst. Disclaimer explicitly states this is NOT a proxy solicitation, which is unusual posture — L&B is publicly pressuring without filing a full proxy contest. Stake size not disclosed in this document.", "kpisCited": [ { "detail": "NHI trading at just 13x 2024e AFFO", "metric": "Valuation multiple" }, { "detail": "6.1% well-covered dividend yield", "metric": "Dividend yield" }, { "detail": "NHC lease represents 15% of current Company NOI at rents materially below market", "metric": "Tenant concentration" }, { "detail": "NHC's disclosed corporate rent coverage of 3.5x and rising", "metric": "Rent coverage" }, { "detail": "~15% potential upside to NHI earnings from re-pricing the NHC lease alone", "metric": "Earnings upside" }, { "detail": "Director Robert Adams owns ~$38M of NHC stock; Chairman W. Andrew Adams owns ~$60M; Charlotte Swafford owns ~$22M", "metric": "Insider NHC ownership" }, { "detail": "Robert Webb, age 79, has served on the Board for 33 years", "metric": "Director tenure / age" }, { "detail": "Webb and Swafford together earned nearly $1M in director comp from 2021–2023, ~2x peer healthcare REITs", "metric": "Director compensation" } ], "closingAsk": "Vote AGAINST incumbent directors Robert Webb and Charlotte Swafford at NHI's May 22, 2024 Annual Meeting to demand a truly independent board ahead of the NHC lease renewal.", "extraction": { "at": "2026-04-22 18:37:17+00", "model": "unknown-legacy", "runId": null, "seconds": 84.70539, "promptVersion": null }, "scqaReward": "Re-pricing the NHC lease to market — supported by disclosed 3.5x rent coverage and rising — alone implies roughly 15% upside to NHI earnings, with further upside from SHOP growth, accretive external deals, and a multiple re-rating off depressed levels.", "thesisTypes": [ "governance_board", "management_change", "undervaluation", "operational_turnaround" ], "top3Reasons": [ "Board is riddled with Adams-brother conflicts that imperil the upcoming NHC lease renewal (15% of NOI)", "NHC lease is materially below market — at 3.5x coverage, re-rating could lift NHI earnings ~15%", "NHI trades at just 13x 2024e AFFO with a 6.1% yield despite senior-housing tailwinds and SHOP upside" ], "scqaSituation": "NHI is a healthcare REIT uniquely weighted to senior housing and skilled nursing, with strong 80+ demographic tailwinds, a 6.1% covered yield, and a portfolio L&B views as a 'diamond in the rough' trading at 13x 2024e AFFO.", "thesisSummary": "Land & Buildings argues that National Health Investors (NHI) is a deeply undervalued healthcare REIT — trading at just 13x 2024e AFFO with a 6.1% well-covered dividend yield — that is being held back by entrenched, conflicted governance ahead of a critical 2026 lease renewal with tenant National HealthCare Corporation (NHC), which represents 15% of NOI at materially below-market rents. Chairman W. Andrew Adams and director Robert Adams together own roughly $98 million of NHC stock, while director Charlotte Swafford (a 30-year NHC veteran) owns $22 million, and director Robert Webb is a 33-year board veteran with longstanding personal ties to the Adams brothers. L&B urges shareholders to vote AGAINST Webb and Swafford at the May 22, 2024 annual meeting, putting the NHC lease out to third-party bid and refreshing the board with independent directors could unlock approximately 15% earnings upside from this lease alone.", "primaryDemands": [ "Vote AGAINST incumbent directors Robert Webb and Charlotte Swafford at the May 22, 2024 Annual Meeting", "Put the NHC lease (expiring 2026) out to bid with third-party operators rather than negotiate solely with conflicted insider tenant", "Declassify the Board so all directors stand for annual one-year-term election", "Permanently opt out of the Maryland Unsolicited Takeover Act (MUTA)", "Refresh the Board with truly independent directors having zero ties to the Adams brothers, NHC, or other current Board members" ], "scqaResolution": "Shareholders should vote AGAINST Webb and Swafford at the May 22, 2024 Annual Meeting, force the NHC lease out to third-party bid, declassify the board, opt out of MUTA, and add genuinely independent directors with no Adams/NHC ties.", "thesisOneLiner": "NHI is an undervalued senior-housing REIT whose conflicted, interlocked board threatens to give away the upcoming NHC lease renewal — vote AGAINST Webb and Swafford to force change.", "precedentsCited": [ "Sun Communities (SUI) cooperation agreement — appointment of Jerry Ehlinger and Craig Leupold", "Ventas (VTR) cooperation agreement — appointment of Theodore Bigman and Joe V. 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DO NOT SEND US YOUR PROXY CARD.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb3b-b2606b5a29e7", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.59 }, "kind": "disclaimer", "text": "PLEASE NOTE: THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. LAND & BUILDINGS IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. LAND & BUILDINGS IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:41.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0a7ea86-4423-4e55-bc5d-dce6680e1141", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.09 }, "kind": "paragraph", "text": "The upcoming Annual Meeting is therefore a critical opportunity for shareholders to express dissatisfaction with the status quo and demand a truly independent Board that is committed to ensuring your interests are always protected in the boardroom.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:41.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb9363ab-131b-43b3-9ba7-4529408abc28", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.25, "x": 0.06, "y": 0.22 }, "kind": "paragraph", "text": "Sincerely, Jonathan Litt Founder and CIO Land & Buildings", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:41.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd68ad4a-9bcb-47fa-9e73-dcfff6b0a170", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. 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