{
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  "docSlug": "b22ed52c7fa2",
  "documentTitle": "National Health Investors, Inc. (NHI)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Jonathan Litt",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-04-18 00:00:00",
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  "pageNumber": 5,
  "pageCount": 8,
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  "density": "dense",
  "nDataPoints": 3,
  "notes": "The slide uses a 'web of interlocks' narrative to attack board independence.",
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      "kind": "callout",
      "text": "Land & Buildings seriously questions whether the NHI directors can faithfully execute their fiduciary duties to shareholders given their longstanding professional and personal relationships with Robert Adams and Andrew Adams.",
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      "kind": "list",
      "text": "Educational backgrounds (e.g., Middle Tennessee State University)\nEmployment histories (e.g., NHC)\nClub memberships and other affiliations (e.g., The Boy Scouts)\nFinancial entanglements (e.g., banking/accounting relationships)\nResidency (Murfreesboro, TN)",
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      "text": "Specifically, with respect to Mr. Webb, he attended Middle Tennessee State University in the 1960s with both Adams brothers. He has no relevant healthcare or real estate experience, having run his own office coffee and beverage supply business locally in Tennessee for decades. Further, at age 79, he is exceptionally over-tenured, having served on the Board for 33 years.",
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      "text": "Unfortunately, this web of interlocking relationships and conflicts has permeated for far too long. Land & Buildings seriously questions whether the NHI directors can faithfully execute their fiduciary duties to shareholders given their longstanding professional and personal relationships with Robert Adams and Andrew Adams.",
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      "kind": "paragraph",
      "text": "Mr. Webb and Ms. Swafford have also earned outsized director compensation over the past three years to the tune of nearly $1 million from 2021 – 2023, close to double the director compensation at similarly sized healthcare REITs, likely further clouding their judgement and independence.",
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      "kind": "title",
      "text": "A decades-long history of interlocks on the Board",
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      "name": "Cost Of Inaction",
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      "evidence": "Emphasizes the need for shareholder action to address undervaluation and poor governance",
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