By Allen Kenney

National Health Investors Inc. (NYSE: NHI) revealed its plans in December to become a self-managed REIT.

Under the new structure, National Health Investors’ management will report directly to the company’s board of directors. The transition to the new format means that National Health Investors will cut ties with advisor Management Advisory Sources (MAS) LLC, effective March 2008. MAS is owned and operated by National Health Investors President and Chairman W. Andrew Adams. Adams, however, will stay on as chairman at National Health Investors, a position he has held since the company was founded more than 15 years ago.

National Health Investors’ board of directors said in a statement that it would be in both the short- and long-term interests of shareholders to switch over to a self-managed REIT structure.

National Health Investors finances health care real estate by first mortgage and purchase and leaseback transactions. The company is headquartered in Murfreesboro, Tenn.

Wells Off the Bench Wells Real Estate Funds’ domestic REIT mutual fund has switched benchmarks. The company announced in December that the nine-year-old fund would begin tracking the Dow Jones Wilshire U.S. REIT Index. Previously, the $353 million fund had been tied to the Standard & Poor’s REIT Composite Index. Wells renamed the fund the Wells Dow Jones Wilshire U.S. REIT Index Fund, and it is trading on the New York Stock Exchange under the ticker symbol "WDJAX." "We think the changes should enhance our investors' ability to invest in equity REITs, as the Dow Jones Wilshire U.S. REIT Index focuses exclusively on those REITs, rather than mortgage REITs or other vehicles," says Leo Wells, president, Wells Real Estate Funds. "Our global real estate fund also is based on a Dow Jones Wilshire index, which provides us added alignment, and we’re pleased to extend our relationship with the Tuckerman Group, which serves as sub-adviser to the global fund."

Alexandria, Federal Realty Join S&P 400

Standard & Poor’s announced in late 2007 that office REIT Alexandria Real Estate Equities Inc. (NYSE: ARE) and mixed-use retail REIT Federal Realty Investment Trust (NYSE: FRT) would be joining the S&P MidCap 400.

Alexandria replaced Sequa Corp., which was acquired by private equity firm The Carlyle Group, and Federal Realty manages shopping centers and replaced Lyondell Chemical Co.