Brookdale investor Ortelius Advisors, L.P. has issued a letter to the company nominating six new members to its board, in response to what Ortelius described as “Brookdale’s abysmal performance and chronic undervaluation.”

Ortelius Advisors owns 1.3% of Brookdale’s common stock, according to the letter.

In the letter, Ortelius noted that Brookdale committed to a turnaround strategy in 2018, and cited a variety of performance metrics that have declined since then, including net operating income margin, free cash flow and share price. The letter also observed that the value of Brookdale’s owned real estate remains “locked.”

“After years of missteps and shortcomings, it is time for meaningful change at Brookdale. The company’s board and management team have spearheaded the vast destruction of stockholder value, and must be held accountable,” Peter DeSorcy, managing member of Ortelius Advisors, wrote in the letter, which was shared publicly via a press release.

Arguing that more “incremental change” will not be sufficient, Ortelius Advisors has nominated six new members to serve on the company’s board of directors, including several high-profile senior living industry veterans who have held leadership positions with organizations such as Ventas (NYSE: VTR), Omega Health Care Investors (NYSE: OHI), Fortress Investment Group and Pegasus Senior Living. The nominees are:

• Steven Insoft
• Paula Poskon
• Frank Small
• Ivona Smith
• Steven Vick
• Lori Wittman

Brookdale on Wednesday afternoon noted it had “confirmed receipt” of the nominations. The company also said it “had not spoken with Ortelius for approximately two years prior to receiving notice of its director nominations.”

As of late Wednesday afternoon, Brookdale’s stock was priced at $6, up 7% from the previous close.

Brookdale is not the only publicly traded senior living company to be under pressure from an activist shareholder. Activist Land & Buildings last month started a proxy fight with National Health Investors (NYSE: NHI).