National Health Investors is reaping the benefits of portfolio optimization begun in 2022, according to President and CEO Eric Mendelsohn. The Murfreesboro, TN-based real estate investment trust is “in great shape to start growing the company again,” he told shareholders last week in a letter shared in a filing with the Securities and Exchange Commission in advance of the company’s annual meeting.
“We announced investments of approximately $60 million in the fourth quarter of 2022 and have already announced investments of approximately $55 million in 2023,” Mendelsohn said in the definitive proxy statement.
The CEO said that the REIT’s dispositions in 2022 had net proceeds of approximately $169 million, including $145 million of senior housing and skilled nursing properties deemed to have been underperforming.
“Our portfolio optimization also led to the creation of our senior housing operating portfolio, which nicely positions NHI to capture more upside as the senior housing industry fundamentals rebound from pandemic lows,” Mendelsohn said.
Among other tasks, at the May 5 annual meeting, NHI stockholders will be asked to:
- Re-elect three current directors: W. Andrew Adams, Tracy M.J. Colden and Robert A. McCabe Jr.;
- Approve an amended and restated 2019 stock incentive plan to increase the number of shares and include restricted stock and stock units;
- Approve on an advisory basis the compensation paid to certain executives; and
- Approve on an advisory basis the frequency of the advisory vote on compensation of certain executives.
