Department of Lands building

Land & Buildings Issues Letter to Ventas Shareholders Detailing Continued Underperformance and Why Meaningful Board Change is Needed Now

Retrieved on: 
Monday, September 11, 2023
Professional Services, Other Construction & Property, Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, Asset Management, REIT, Finance Secretary (India), VTR, Communication, Department of Lands building, SHOP, Green Street, Air ball, WELL, Building, FFO, Growth, Airball (video game), Management, Security (finance), Santerre, Ventas

We also see no signs of Ventas’ consistent earnings growth (FFO per share) underperformance compared to Welltower reversing.

Key Points: 
  • We also see no signs of Ventas’ consistent earnings growth (FFO per share) underperformance compared to Welltower reversing.
  • Ventas is guiding to a decline in earnings in 2023 year-over-year while Welltower expects continued growth and has raised guidance multiple times this year.
  • We believe patience has finally run out and that substantial change is clearly and urgently required to right the ship at Ventas.
  • While Land & Buildings hopes to reach a constructive resolution with Ventas, it will not hesitate to do whatever is necessary to maximize value at the Company for its long-suffering shareholders.

Land & Buildings Issues White Paper Detailing Impact of Work From Home Trend On Life Science Office Market

Retrieved on: 
Friday, June 16, 2023
Professional Services, Other Construction & Property, Commercial Building & Real Estate, Finance, Construction & Property, Consulting, REIT, COVID-19, ARE, Department of Lands building, Multimedia, NYSE, Building, Real estate

Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”, “us” or “we”), today issued a white paper titled The Work From Home Hurricane Has Hit Life Science Offices, detailing the impact of COVID-19 on the life science office market.

Key Points: 
  • Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”, “us” or “we”), today issued a white paper titled The Work From Home Hurricane Has Hit Life Science Offices, detailing the impact of COVID-19 on the life science office market.
  • Specifically, Land & Buildings’ analysis focused on life science REIT company Alexandria Real Estate Equities, Inc. (NYSE: ARE).
  • View the full release here: https://www.businesswire.com/news/home/20230616782160/en/
    With typically 50% laboratory space and 50% office space, many observers have considered companies with office exposure in the life science sector as a safe haven from the impact of the work-from-home phenomenon.
  • Land & Buildings’ study concludes that if the path for life science follows traditional office, as it appears to be doing, Land & Buildings estimates ARE could trade at valuations similar to traditional coastal office REITs – which suggests an approximate 30-40% downside from current levels.

Land & Buildings Issues Letter Commenting on Recent Environmentally Friendly Steps Taken by AMH

Retrieved on: 
Monday, May 1, 2023
Commercial Building & Real Estate, Construction & Property, Sustainability, Environment, REIT, Green Technology, Other Construction & Property, Residential Building & Real Estate, Department of Lands building, Housing, AMH, Annual Meetings of the International Monetary Fund and the World Bank Group, Tenant, Climate change, Annual general meeting, Solar energy, ESG, Letter, NYSE, Renewable energy

Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”, “us” or “we”), a shareholder of AMH (NYSE: AMH) (“AMH” or the “Company”), today issued an open letter to the Company’s shareholders.

Key Points: 
  • Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”, “us” or “we”), a shareholder of AMH (NYSE: AMH) (“AMH” or the “Company”), today issued an open letter to the Company’s shareholders.
  • The full letter is included below:
    At last year's Annual General Meeting, Land & Buildings voted against Douglas Benham, Matthew Hart, Winifred Webb, and Jay Willoughby.
  • We will continue to monitor AMH's overall performance and progress on its environmentally friendly initiatives during the next year.
  • Land & Buildings Investment Management, LLC
    View source version on businesswire.com: https://www.businesswire.com/news/home/20230501005525/en/

Land & Buildings Sends Letter to Ventas Board of Directors

Retrieved on: 
Monday, April 24, 2023
Professional Services, Other Construction & Property, Residential Building & Real Estate, Finance, Construction & Property, REIT, VTR, Lead, Communication, Welltower, Department of Lands building, Nursing, Health care, Institutional Shareholder Services, Policy, Disclosure, Risk, Building, Real estate investment trust, FFO, MSCI, Hospital, Annual general meeting, Growth, NOI, Letter, NYSE, ISS, Holding company, Management, Santerre, Ventas

Today Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of Ventas, Inc. (NYSE: VTR) (“Ventas”, “VTR”, or the “Company”), issued an open letter to the Ventas Board of Directors (the “Board”) detailing Land & Buildings’ continued dissatisfaction with the Company’s long-term underperformance and undervaluation.

Key Points: 
  • Today Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of Ventas, Inc. (NYSE: VTR) (“Ventas”, “VTR”, or the “Company”), issued an open letter to the Ventas Board of Directors (the “Board”) detailing Land & Buildings’ continued dissatisfaction with the Company’s long-term underperformance and undervaluation.
  • These positive indicators include: increasing demographic-driven needs-based demand, declining new competitive supply growth and waning expense headwinds.
  • Ventas’ consistent earnings (FFO per share) growth underperformance compared to Welltower has also failed to reverse, with VTR’s 2022 earnings growth lagging Welltower once again.
  • Total shareholder returns have also lagged behind Welltower since Land & Buildings initially highlighted its wide-ranging concerns about the Company in March of last year.

Land & Buildings Issues Letter to Aimco Board Calling for Sale Process

Retrieved on: 
Tuesday, April 18, 2023
Professional Services, Other Construction & Property, Residential Building & Real Estate, Finance, Construction & Property, REIT, Morgan Stanley, Department of Lands building, Housing, Failure, AIV, NAV, Waste Management (company), Building, Sale, Annual general meeting, NYSE, Financial adviser, Security (finance), Aimco

Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”, “us” or “we”), a large shareholder of Apartment Investment and Management Company (NYSE: AIV) (“Aimco” or the “Company”), today issued an open letter to the Company’s Board of Directors (the “Board”).

Key Points: 
  • Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”, “us” or “we”), a large shareholder of Apartment Investment and Management Company (NYSE: AIV) (“Aimco” or the “Company”), today issued an open letter to the Company’s Board of Directors (the “Board”).
  • While we note the recent appointment of Sherry L. Rexroad to the Board following the resignation of Terry Considine, we believe more action is needed.
  • Aimco must run a full public strategic review process to evaluate all potential alternatives – including a sale – to deliver value for shareholders.
  • Land & Buildings Investment Management, LLC
    View source version on businesswire.com: https://www.businesswire.com/news/home/20230418005466/en/

Six Flags Appoints New Independent Director to its Board of Directors

Retrieved on: 
Tuesday, January 31, 2023
Tourist Attractions, Theme Parks, Entertainment, Travel, Six Flags, LLP, Goldman Sachs, Non-executive director, NYSE, Building, Kirkland & Ellis, Department of Lands building, Management

Marilyn will stand for election along with the Company’s six other directors at the Company’s 2023 Annual General Meeting.

Key Points: 
  • Marilyn will stand for election along with the Company’s six other directors at the Company’s 2023 Annual General Meeting.
  • “We are delighted to welcome Marilyn to Six Flags,” said Ben Baldanza, Non-Executive Chairman of the Board.
  • The Six Flags’ Board of Directors regularly engages with its shareholders on corporate governance and strategy topics.
  • “I look forward to working with the Board and management team to create long-term value for Six Flags’ shareholders.”
    Goldman Sachs & Co. LLC is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Six Flags.

Six Flags Comments on Investor Presentation

Retrieved on: 
Wednesday, December 21, 2022
Entertainment, Theme Parks, Commercial Building & Real Estate, Construction & Property, Travel, Tourist Attractions, Growth, Communication, NYSE, Department of Lands building, CPP Investment Board, Amusement park, Bank

The Six Flags Board of Directors and management team regularly engage with investors and welcome constructive input from all Six Flags shareholders.

Key Points: 
  • The Six Flags Board of Directors and management team regularly engage with investors and welcome constructive input from all Six Flags shareholders.
  • The Company has met with Land & Building representatives several times over the past few years including conversations regarding the monetization of real estate assets.
  • The Board, with its advisers, routinely evaluates potential options to unlock shareholder value, including the potential monetization of real estate.
  • Six Flags is encouraged by the early signs of progress against its strategic plan and remains focused on delivering an exceptional guest experience to drive sustainable, long-term earnings growth.

Land & Buildings Issues Presentation Highlighting Opportunity to Unlock Substantial Real Estate Value at Six Flags

Retrieved on: 
Wednesday, December 21, 2022
Professional Services, Finance, Realty Income, L&B, MGM Resorts International, MGM Growth Properties, EBITDA, IRS, Depression, Vici Properties, MGP, EPR Properties, Blackstone, Growth, Season, The Ritz-Carlton Hotel Company, NYSE, Department of Lands building, Host Hotels & Resorts, HST, Four Seasons, Building, MGM, Litt, Six Flags, Sale, REIT, Amusement park, Audit, Real estate, Security (finance), 6 (disambiguation)

The presentation is available at: https://bit.ly/3HStjkx

Key Points: 
  • The presentation is available at: https://bit.ly/3HStjkx
    “Six Flags is an iconic brand with a tremendous value creation opportunity in front of it,” said Land & Buildings Founder and Chief Investment Officer, Jonathan Litt.
  • This strategy of separating the real estate and operator is a structure we have seen succeed in maximizing value of numerous hospitality and leisure companies that we’ve invested in historically.
  • We look forward to continuing our constructive dialogue with leadership and helping the Company to realize the potential of Six Flags for all shareholders.”
    Key takeaways from the presentation include:
    Six Flags could add $11 per share today by unlocking its real estate value.
  • L&B is assuming conservative estimates of value and that Six Flags could drive 50% upside to the shares in 2023 and over 100% in the next 18 months.

Aimco Shareholders Elect Land & Buildings Nominee to the Board at the 2022 Annual Meeting

Retrieved on: 
Friday, December 16, 2022
Construction & Property, Professional Services, REIT, Finance, Aimco, NYSE, Human, Department of Lands building, Port Management Company, Annual general meeting, Building, Annual, AIV, Holding company, Management

Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”, “us” or “we”), a large shareholder of Apartment Investment and Management Company (NYSE: AIV) (“Aimco” or the “Company”), announced that, based on the preliminary report provided by its proxy solicitor, shareholders have voted to remove Aimco director Michael Stein by electing Land & Buildings nominee James (“Jim”) P. Sullivan to the Board of Directors (the “Board”) at the 2022 Annual Meeting of Shareholders (the “Annual Meeting”) held today.

Key Points: 
  • Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”, “us” or “we”), a large shareholder of Apartment Investment and Management Company (NYSE: AIV) (“Aimco” or the “Company”), announced that, based on the preliminary report provided by its proxy solicitor, shareholders have voted to remove Aimco director Michael Stein by electing Land & Buildings nominee James (“Jim”) P. Sullivan to the Board of Directors (the “Board”) at the 2022 Annual Meeting of Shareholders (the “Annual Meeting”) held today.
  • According to the preliminary analysis, Jim Sullivan received more than twice as many votes as Aimco’s incumbent director Michael Stein.
  • Land & Buildings Founder and Chief Investment Officer, Jonathan Litt, commented on the preliminary results of the Annual Meeting:
    “We are grateful to our fellow Aimco shareholders for their support throughout our campaign.
  • Today’s vote to elect Jim Sullivan to the Board is a clear signal that shareholders are no longer satisfied with the status quo at Aimco, and we are confident that Jim will be a voice for change from day one.

Aimco Urges Stockholders to Support Its Three Highly Qualified Director Nominees – Jay Leupp, Michael Stein and Dary Stone

Retrieved on: 
Monday, December 12, 2022
REIT, Other Construction & Property, Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, AIV, NAREIT, Housing, Communities and Local Government Committee, Annual Meetings of the International Monetary Fund and the World Bank Group, Zimele Asset Management Company Limited, Senior management, Webcast, FTSE, Investment, Audit, ISS, AIR, Universal, Research, Department of Lands building, NYSE, Building, Compensation, Human resources, Annual general meeting, Committee, Telephone, NAV, By-law, REIT, Universal White Brotherhood, Audit committee, Security (finance), Holding company, Management, Tutoring, Toy, Aimco, Social, Shareholder

Protect the value of your investment by voting FOR Aimcos three highly qualified, independent director nominees Jay Leupp, Michael Stein and Dary Stone on the Universal WHITE Proxy Card.

Key Points: 
  • Protect the value of your investment by voting FOR Aimcos three highly qualified, independent director nominees Jay Leupp, Michael Stein and Dary Stone on the Universal WHITE Proxy Card.
  • The New Aimco Board has made tremendous progress and will continue to act as a change agent for the benefit of all Aimco stockholders.
  • Michael Stein brings deep institutional knowledge of Aimco and significant experience executing strategic transactions to maximize stockholder value.
  • Aimcos Board unanimously recommends that you use the Universal WHITE proxy card to vote today FOR Aimcos three director nominees Jay Leupp, Michael Stein and Dary Stone.