<SEC-DOCUMENT>0000921895-24-001103.txt : 20240509
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<ACCEPTANCE-DATETIME>20240509164526
ACCESSION NUMBER:		0000921895-24-001103
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240509
DATE AS OF CHANGE:		20240509
EFFECTIVENESS DATE:		20240509

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL HEALTH INVESTORS INC
		CENTRAL INDEX KEY:			0000877860
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				621470956
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10822
		FILM NUMBER:		24931502

	BUSINESS ADDRESS:	
		STREET 1:		222 ROBERT ROSE DRIVE
		CITY:			MURFREESBORO
		STATE:			TN
		ZIP:			37129
		BUSINESS PHONE:		6158909100

	MAIL ADDRESS:	
		STREET 1:		222 ROBERT ROSE DRIVE
		CITY:			MURFREESBORO
		STATE:			TN
		ZIP:			37129

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Land & Buildings Investment Management, LLC
		CENTRAL INDEX KEY:			0001536520
		ORGANIZATION NAME:           	
		IRS NUMBER:				135108880
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		SOUNDVIEW PLAZA
		STREET 2:		STE. 700R, 1266 E MAIN ST.
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902
		BUSINESS PHONE:		203-987-5827

	MAIL ADDRESS:	
		STREET 1:		53 PALMERAS STREET
		STREET 2:		STE. 801
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00901
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>NOTICE OF EXEMPT SOLICITATION<BR>
</B>Submitted Pursuant to Rule 14a-6(g)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Amendment No.&nbsp;&nbsp;)</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">Name of the Registrant:<BR>
<BR>
National Health Investors, Inc.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Name of Person Relying on Exemption:<BR>
<BR>
Land &amp; Buildings Capital Management, LLC</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Address of Person Relying on Exemption:<BR>
<BR>
Soundview Plaza<BR>
1266 E Main St., Suite 700R<BR>
Stamford, Connecticut 06902</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">Written Materials. The following written material is attached:<BR>
<BR>
Press Release, dated May 9, 2024</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Written material is submitted pursuant to Rule
14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. This is not a solicitation of authority to vote any proxy. Land &amp;
Buildings Capital Management, LLC is not asking for your proxy card and will not accept proxy cards if sent. The cost of this filing is
being borne entirely by Land &amp; Buildings Capital Management, LLC and its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>PLEASE NOTE: Land &amp; Buildings Capital
Management, LLC is not asking for your proxy card and cannot accept your proxy card. Please DO NOT send us your proxy card.</B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Written material follows on next page)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Land &amp; Buildings Comments on Half Measures
Announced by National Health Investors in Advance of Upcoming Annual Meeting </B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Believes NHI&rsquo;s Reactive Actions Disclosed
in its Supplemental Proxy are Too Little, Too Late, and Fail to Address the Serious Corporate Governance Concerns and Conflicts of Interest
Among Board Members Previously Highlighted By Land &amp; Buildings </I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Argues that NHI Should Commit to Working Directly
with Shareholders to Identify a New, Truly Independent Director and to Fully Declassifying the Board at the 2025 Annual Meeting</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I><U>Continues to Urge NHI Shareholders to Send
a Clear Message that Change is Needed By Voting &ldquo;AGAINST&rdquo; Incumbent Directors Robert Webb and Charlotte Swafford </U></I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>STAMFORD, Conn. </B>(May 9, 2024) &ndash; Today,
Land &amp; Buildings Investment Management, LLC (together with its affiliates, &ldquo;Land &amp; Buildings&rdquo;), a significant shareholder
of National Health Investors, Inc. (NYSE: NHI) (&ldquo;NHI&rdquo; or the &ldquo;Company&rdquo;), commented on the Supplemental Proxy Statement
(the &ldquo;Proxy&rdquo;) filed by the Company on May 6, 2024. In the Proxy and accompanying press release, NHI disclosed that the Board
of Directors (the &ldquo;Board&rdquo;) has committed to putting up for vote a proposal to remove the classified board structure at NHI&rsquo;s
2025 Annual Meeting of Stockholders (the &ldquo;2025 Annual Meeting&rdquo;), adding a &ldquo;disinterested&rdquo; director to the Board
following a search process overseen by NHI, and further evaluating the composition of the Board and director term limits/age requirements.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Previously, Land &amp; Buildings released a public
letter making the case that the status quo should no longer be acceptable at NHI and announcing that Land &amp; Buildings intends to vote
 &ldquo;<B><U>AGAINST</U></B>&rdquo; incumbent directors, Robert Webb and Charlotte Swafford, who are up for election at NHI&rsquo;s 2024
Annual Meeting of Stockholders (the &ldquo;Annual Meeting&rdquo;) scheduled for May 22, 2024.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Land &amp; Buildings stated:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&ldquo;The actions recently announced by NHI are half measures, transparently
taken in reaction to our public criticism and concerns expressed by other shareholders. Most importantly, these changes fail to adequately
improve the Company&rsquo;s poor corporate governance practices or remedy the web of interlocking relationships and conflicts of interest
among members of NHI&rsquo;s Board. We believe these issues &ndash; particularly given the critically important upcoming lease renegotiations
with one of the Company&rsquo;s largest tenants, National HealthCare Corporation (NYSE American: NHC) (&ldquo;NHC&rdquo;) &ndash; are
why the Company has persistently been undervalued relative to the quality of its assets.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">If NHI&rsquo;s Board is serious about improving governance and beginning
to allay shareholder concerns, it should take the following actions immediately:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><U>Commit to fully destaggering the Board no later than the 2025 Annual Meeting </U>&ndash; while NHI indicated it intends to put
this up for a vote at <I>next year&rsquo;s</I> meeting, it did not clarify whether the Board would be fully declassified following approval
of such declassification. If the Company cares about doing more than the bare minimum, it has an opportunity to prove it by not pushing
the declassification out further and allowing all directors to be voted on at the 2025 Annual Meeting. Indeed, the Proxy specifies that
the Board was aware of shareholder concerns before filing its proxy materials for the 2024 Annual Meeting yet it still determined not
to include a declassification proposal at this year&rsquo;s Annual Meeting, reflecting yet another example of NHI&rsquo;s Board attempting
to delay accountability.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD><U>Commit to working directly with shareholders to identify the new director</U> &ndash; given the longstanding conflicts of interest
caused by some members of the Board possessing significant investments in and relationships with NHC, as well as the clear interlocking
relationships among members of the Board, we believe it is impossible for shareholders to trust that the addition of this new director
will be undertaken with full independence and objectivity, or that the new director will be truly independent from NHI and NHC directors
and officers. This is why the Board should immediately engage with shareholders to solicit proposed candidates.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">There are numerous individuals in the REIT investment community
who would be excellent directors at NHI. Further, Land &amp; Buildings stands ready to engage with the Board to help identify and recruit
truly qualified and independent individuals, just as we recently did through cooperation agreements at Sun Communities, Inc.<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT>
(NYSE: SUI) and Ventas, Inc.<FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT> (NYSE: VTR).</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">Absent the Board taking these actions, Land &amp; Buildings continues
to plan to <B><U>vote &ldquo;AGAINST&rdquo; incumbent directors Robert Webb and Charlotte Swafford at the upcoming Annual Meeting &ndash;
and we urge other shareholders to do the same</U></B>.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">Importantly, the Company has a resignation policy in place, whereby any
director who fails to receive a majority of the votes cast in favor of his or her election, must promptly tender his or her resignation
for consideration by the Board. If Mr. Webb or Ms. Swafford fail to receive the requisite vote, then we believe it would clearly be inappropriate
for such a director to continue to serve on the Board.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">The Annual Meeting is therefore a critical opportunity for shareholders
to demand accountability, improved governance, and a Board that is comprised of truly independent directors with the objectivity necessary
to provide effective oversight of NHI, including properly overseeing and negotiating the NHC lease renewal.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">In order for the Company to live up to its substantial potential for shareholders,
NHI&rsquo;s Board must begin to embrace real change. Until that happens, we will continue to advocate for the best interests of our fellow
NHI shareholders through all means available to us.&rdquo;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">***</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B><U>PLEASE NOTE</U>: THIS IS NOT
A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. LAND &amp; BUILDINGS IS NOT ASKING FOR YOUR PROXY CARD
AND WILL NOT ACCEPT PROXY CARDS IF SENT. LAND &amp; BUILDINGS IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE
SUCH AN EVENT.</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>***</B></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT> https://suncommunities.gcs-web.com/news-releases/news-release-details/sun-communities-inc-appoints-jerry-ehlinger-and-craig-leupold</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT> https://ir.ventasreit.com/news/news-details/2024/Ventas-Appoints-Theodore-Bigman-and-Joe-V.-Rodriguez-Jr.-to-Board-of-Directors/default.aspx</P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>Disclaimer</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">The views expressed are those of Land &amp; Buildings as of the date referenced
and are subject to change at any time based on market or other conditions. These views are not intended to be a forecast of future events
or a guarantee of future results. These views may not be relied upon as investment advice. The information provided in this material should
not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed that investments in such securities
have been or will be profitable.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>Media Contact</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">Longacre Square Partners<BR>
Dan Zacchei<BR>
dzacchei@longacresquare.com</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

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