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Founded in 2008 Land & Buildings is a registered investment manager specializing in…
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Jonathan Litt shared this(NYSE:INVH) CEO Dallas B. Tanner took home $14.1 million in 2025, while shareholders suffered -16%, -22%, and -18% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years. Persistent underperformance should not be rewarded with multi-million dollar pay packages. Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (Taylor, Smith Kenny, Margolis, and Rhea), in our view. Annual meeting is May 7th, 2026. #ProxyVote #REIT #CorporateGovernance #ShareholderValue $AMH $AVB $BXP $CPT $DLR $EQR $ESS $EXR $MAA $PSA $O $REG $SBAC $SUI $UDR
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Jonathan Litt shared this(NYSE:DOC) CEO Scott Brinker took home $10.1 million in 2025, while shareholders suffered -16%, -46%, and -67% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years. Persistent underperformance should not be rewarded with multi-million dollar pay packages. Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee, in our view. Annual meeting is April 30. #ProxyVote #REIT #CorporateGovernance #ShareholderValue $ARE $AVB $BXP $EQR $HR $HST $KIM $OHI $O $REG $UDR $VTR $WELL $WPC
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Jonathan Litt shared thisHuge loss for the REIT industry today. David Simon passed away yesterday at 64, and I don't think the real estate world has fully absorbed what that means yet. He was, simply put, one of the greatest REIT CEOs of all time. He took SPG public in 1993 at 31 years old, the largest real estate stock offering in history at the time, became CEO at 33, and proceeded to deliver over 4,500% in cumulative total shareholder return. While most of the world was writing the obituary for the American mall, David was busy proving them wrong. Again. And again. What made him exceptional wasn't just the numbers. It was how he led, with unapologetic conviction in his assets, relentless reinvestment discipline, and the instincts of a builder, not a caretaker. He bought JCPenney out of bankruptcy, took on Taubman when it wasn't easy, and expanded globally through Klépierre. Every move reflected someone playing offense while others were playing defense. But what I'll remember most is the person. David was personable and direct in a way that few at his level are, inspirational inside SPG and across the industry. He is survived by his wife Jackie, five children, and seven grandchildren. Rest in peace, David. A giant. (NYSE:SPG) #REIT #RealEstate #DavidSimon L&B has a position in SPG.
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Jonathan Litt shared thisLand & Buildings intends to vote AGAINST the re-election of Chairman Matthew Dominski and Director H. Patrick Hackett, Jr., at the (NYSE:FR) 2026 annual meeting, and we strongly encourage all shareholders to do the same. The insular, entrenchment-oriented culture on this Board is the single greatest obstacle to closing the valuation gap. Their removal would clear the path for actions we believe are necessary to close the NAV discount and maximize value for all shareholders. L&B has a position in FR. Letter: https://lnkd.in/eYxey7V8
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Jonathan Litt shared thisLand & Buildings is pleased to see the (NYSE:NSA) Board deliver real value for shareholders with Monday’s announced acquisition by (NYSE:PSA) at a ~35% premium. As a significant shareholder that privately engaged with NSA’s management on maximizing shareholder value, this transaction captures value of the ongoing turnaround. NSA holders will now participate in further upside from one of the strongest balance sheets in the REIT universe. Well done. L&B has a position in PSA.
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Jonathan Litt shared thisGiven First Industrial’s continued refusal to address its governance discount, Land & Buildings is voting against long-tenured directors Dominski and Hackett. Matt Dominski has been on the board for 16 years and simultaneously served as Lead Independent Director of CBL & Associates while it marched into Chapter 11 bankruptcy. That's the judgment leading FR's board, in our view. (NYSE:FR) could unlock $15/share in value, over 20% upside, with a refreshed board and enhanced capital allocation but instead is entrenching itself, ignoring shareholders, and boosting executive pay. L&B has a position in FR. Press Release: https://lnkd.in/edwyZMmy SEC Legend: https://lnkd.in/eQFt7UiS
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Jonathan Litt shared thisDon’t stop here with Six Flags' (NYSE:FUN) real estate value realization: We have long argued that Six Flags' real estate is worth more than where the whole stock trades. Today’s announcement of the sale of 7 underperforming parks to a REIT at 7.4x EBITDA demonstrates this embedded real estate value. On average we believe the remain assets would sell for more than 11x EBITDA. Every 1-turn increase of the company's EBITDA multiple is over 50% upside to the stock price. L&B has a position in FUN. Press Release: https://lnkd.in/epX7Ni9F
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Congratulations! 🎉
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Jonathan Litt liked thisJonathan Litt liked thisIt is with profound sorrow and immense respect that the Board of Directors of Simon Property Group, Inc. announces the passing of David Simon, the Company's visionary Chairman of the Board, Chief Executive Officer and President. Read more: https://lnkd.in/e-yJGq7Q
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Jonathan Litt liked thisJonathan Litt liked thisSee ya'll soon at the PENSION REAL ESTATE ASSOCIATION (PREA) conference! I'm looking forward to seeing old friends and making new acquaintances. I'll be at the breakout session about the Real Estate Data Initiative (REDI) too!
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NYU Stern School of Business
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