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Investing.com-- Activist investor Jonathan Litt is launching a proxy fight against Medical (TASE:PMCN) real estate investment firm National Health Investors Inc (NYSE:NHI), the Wall Street Journal reported on Tuesday evening.
Litt- who owns investment firm Land & Buildings Investment Management- is seeking two board seats at NHI, and is alleging that the firm is too closely tied to a major tenant from whom it could get better terms, the WSJ report said, citing people with knowledge of the matter.
Land & Buildings has nominated two directors to the board of NHI, alleging that the company is too closely tied to National HealthCare Corporation (NYSE:NHC), a major tenant, and could boost profits with a more favorable lease.
NHC’s current lease expires at the end of 2026, and is well below market rates, the WSJ report said.
Land & Buildings has a 1% stake in NHI, which holds a market capitalization of about $3.1 billion. The company is a real estate investment trust that caters chiefly to assisted-living facilities.