58 documents showing 1–58
Sumitomo Realty & Development Co., Ltd. 8830
Sumitomo Realty trades at half its post-tax real-estate NAV due to excessive cross-shareholdings, weak payouts, and worst-in-class TOPIX 100 governance; fixing these unlocks 43% upside to ~¥8,000.
N4
V3
C3
⌂
◫
Brookdale Senior Living Inc. BKD
BKD trades at a wide discount because its owned real estate is buried inside an OpCo; a tax-free PropCo/OpCo REIT spin plus governance overhaul unlocks ~$49/share.
N4
V3
C3
⌂
◫
”
⚑
Crown Castle International Corp. CCI
Crown Castle is a U.S. tower REIT 'betwixt and between' — raising the 2015 dividend to $4.00 (80% AFFO payout) re-rates the stock to a 4.0% yield, unlocking 27% near-term and 60%+ upside in 15 months.
N4
V3
C3
⌂
◫
”
Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)
Three stocks — ALEX, GenCorp, Brookfield Residential — hide land assets on their balance sheets at decades-old cost, offering 46-286% upside once marked to market.
N3
V3
C2
⌂
◫
Date
Fund
Target
Thesis
Scores
Apr 01, 2026
Land & Buildings
Welltower Inc.
WELL
Welltower's 10-year executive program could pay CEO Mitra up to $3 billion while incentivizing dilutive growth at a 144% NAV premium — shareholders should sell WELL and rotate into Ventas or AHR.
N5
V4
Apr 01, 2026
Land & Buildings
Multiple REITs (21 underperformers)
Land & Buildings names 21 REIT CEOs who trail their own proxy peers on 1-, 3-, and 5-year TSR yet collect multi-million packages — shareholders should vote against say-on-pay and the comp committees.
N3
V3
Jun 25, 2025
Wolfpack Research
CTO Realty Growth, Inc.
CTO
CTO Realty's management inflates AFFO by excluding recurring capex, used a sham loan to hide a tenant collapse, and is diluting shareholders 70% to fund a dividend it cannot cover.
N4
V2
Jun 08, 2025
Elliott Management
Sumitomo Realty & Development Co., Ltd.
8830
Sumitomo Realty trades at half its post-tax real-estate NAV due to excessive cross-shareholdings, weak payouts, and worst-in-class TOPIX 100 governance; fixing these unlocks 43% upside to ~¥8,000.
N4
V3
Jun 01, 2025
Land & Buildings
US REIT sector (15 underperforming large-cap REITs)
15 large-cap REITs persistently underperformed their proxy peers over 1-, 3- and 5-year periods yet kept paying CEOs the same — shareholders should vote against comp committees and say-on-pay.
N3
V3
Feb 18, 2025
Pershing Square
Howard Hughes Holdings Inc.
HHH
HHH trades at a 40% NAV discount with no take-private bidders; Pershing's $900M primary investment at $90 converts it into a modern-day Berkshire Hathaway.
N4
V3
Jan 13, 2025
Pershing Square
Howard Hughes Holdings Inc.
HHH
HHH has compounded at just 2.2% over 14 years; merging with Pershing Square Holdco at $85/share converts a market-orphaned real-estate company into a Berkshire-style permanent compounder.
N4
V2
Nov 01, 2024
Land & Buildings
Public REIT sector (vs. private real estate)
Public REITs have crushed private real estate over 30 years (9.9% vs 7.0%); with institutions at GFC-low underweights and supply rolling over, listed REITs are a generational buy.
N3
V4
Jun 03, 2024
Muddy Waters
CPI Property Group S.A.
CPIPGR
CPI PG's controlling shareholder Vitek swapped €273m of personal debt for Dubai properties still under construction, sticking CPI PG with ~€220m of hidden progress payments while pocketing ~€118m.
N4
V2
May 29, 2024
Muddy Waters
CPI Property Group S.A.
CPIPGR
CPI Property Group's luxury London transactions — same-day flips, offshore proxies, and uneconomic sales to PEPs — bear hallmarks of money laundering integration using bondholder funds.
N4
V3
May 06, 2024
Carl Icahn
Crown Castle Inc.
CCI
regulatory filing
N1
V1
Apr 18, 2024
Land & Buildings
National Health Investors, Inc.
NHI
NHI is an undervalued senior-housing REIT whose conflicted, interlocked board threatens to give away the upcoming NHC lease renewal — vote AGAINST Webb and Swafford to force change.
N4
V2
Apr 08, 2024
Muddy Waters
CPI Property Group
CPIPG
CPIPG's 2023 results show undisclosed related-party transfers to controlling shareholder Vitek, aggressive fair-value inflation, and an unreconciled 92% equity collapse at GSG Berlin — management must answer on the call.
N4
V2
Mar 05, 2024
Spruce Point Capital
Zillow Group, Inc.
Z
Zillow's Premier Agent core is saturated, NAR lawsuits will compress commissions, Flex/Super App cannot replace it, and aggressive revenue recognition masks decline — shares worth $23-$35 vs $57.
N4
V3
Jan 25, 2024
Muddy Waters
CPI Property Group S.A.
CPIPGR
CPI PG's Italian landbank and St. Tropez villa deals show ~€100M in unexplained cash and receivables gaps, suggesting controlling shareholder Vitek is using bondholder money to strip assets and launder cash.
N4
V3
Jan 22, 2024
Muddy Waters
CPI Property Group S.A.
CPIPGR
Muddy Waters is short CPI Property Group's credit: its €19.2B portfolio appears inflated via implausible Berlin gains, cherry-picked Bubny landbank comps, and occupancy rates realtor listings show are overstated by ~2x.
N4
V3
Dec 06, 2023
Muddy Waters
Blackstone Mortgage Trust, Inc.
BXMT
BXMT's borrowers only stay current because of expiring rate swaps; as ~$16B of swaps terminate in 2024, dividend cuts of 33-85% and $2.5-4.5B of loan losses could wipe out the $4B market cap.
N4
V2
Nov 30, 2023
Muddy Waters
CPI Property Group
CPIPGR
Follow-up to Muddy Waters' Part 1 report: a list of pointed questions challenging CPI Property Group to explain self-dealing transactions through which controlling shareholder Radovan Vitek is allegedly asset-stripping the company.
N3
V1
Nov 21, 2023
Muddy Waters
CPI Property Group S.A.
CPIPGR
Muddy Waters is short CPI PG's credit: controlling shareholder Radovan Vitek is brazenly looting the company via undisclosed related-party deals — ~50% of €1.2bn examined transactions appear suspect.
N4
V3
Aug 04, 2023
Muddy Waters
Vivion Investments
Vivion's proposed bond exchange rests on inflated UK hotel valuations — illustrated by Crowne Plaza Heathrow, marked at EUR94.6m versus CBRE's EUR72.9m — serving insiders, not bondholders.
N4
V2
Jun 01, 2023
Land & Buildings
Alexandria Real Estate Equities, Inc.
ARE
Alexandria's life-science office portfolio is being hit by the same WFH hurricane as traditional offices, and shares face 30-40% downside if re-rated to coastal office REIT peers.
N3
V4
Mar 28, 2023
Muddy Waters
Vivion Investments
Muddy Waters stays short Vivion bonds: the December 2022 rebuttal is misleading, asset values are inflated, rent24 exposure is hidden, and shareholder loans are being cashed out with bondholder money.
N3
V2
Dec 14, 2022
Muddy Waters
Vivion Investments S.à.r.l.
Vivion's €1.44bn bond issuer is a multi-billion euro shell game — fabricated shareholder loans, inflated occupancy and fair value gains, and related-party rents enriching controlling shareholder Amir Dayan.
N4
V2
Dec 16, 2021
Muddy Waters
KE Holdings
BEKE
BEKE is systemic fraud: platform scraping and field work show new-home GTV inflated ~126%, revenues inflated 77-96%, with ghost stores, clone stores, and a sham acquisition masking the deception.
N5
V2
Nov 01, 2021
Land & Buildings
REIT sector (thematic)
REITs hedge inflation, but only short-lease high-margin sectors — residential, self-storage, warehouses — work; office and net lease are bond-like losers in a 6%+ CPI world.
N3
V3
Sep 01, 2021
Land & Buildings
N/A (asset-class advocacy)
Publicly traded REITs have outperformed private real estate by 165–590bps annually for 20 years, offer better liquidity, cheaper valuations vs. bonds, and superior inflation-era returns.
N2
V3
Dec 01, 2020
Land & Buildings
Multiple REIT subsectors (urban office, retail, business hotels, movie theaters)
Post-vaccine pent-up demand will mask permanent secular damage in urban office, retail, business hotels, and movie theaters — investors should sell the mirage, not buy it.
N4
V2
Sep 22, 2020
Land & Buildings
Apartment Investment and Management Company
AIV
AIV's proposed taxable reverse spin-off won't close its 18% NAV discount and lets Considine duck 25 years of underperformance; demand a shareholder vote or explore a sale at $58 — 75% upside.
N3
V2
May 19, 2020
Land & Buildings
D.R. Horton and Invitation Homes
DHI/INVH
COVID-19 has supercharged the suburban single-family thesis; entry-level homebuilder D.R. Horton and single-family rental REIT Invitation Homes trade 20%+ below highs despite accelerating demand.
N3
V2
May 06, 2020
Land & Buildings
Empire State Realty Trust
ESRT
Empire State Realty Trust is uniquely exposed to NYC's 'existential hurricane' — COVID, WFH, SALT cap, and WeWork's collapse crush demand while observation-deck revenue vanishes, driving shares substantially lower.
N3
V2
Apr 09, 2020
Grizzly Research
Innovative Industrial Properties
IIPR
Property-by-property forensic appendix shows IIPR overpaid for cannabis-grow real estate while tenants sit on empty or unbuilt sites, implying inflated rents and looming defaults.
N3
V2
Apr 09, 2020
Grizzly Research
Innovative Industrial Properties, Inc.
IIPR
IIPR is a cannabis REIT propped up by overpriced sale-leasebacks to insolvent tenants and sham markups; fair value is $22.29 versus a $69 share price.
N4
V2
Oct 09, 2019
Elliott Management
Unizo Holdings Company
3258.T
Unizo's board is dressing an insider-friendly employee buyout as a takeover defense; Elliott demands disclosure and conflict-of-interest safeguards under METI's Fair M&A Guidelines.
N3
V2
Jun 07, 2018
Spruce Point Capital
Healthcare Trust of America, Inc.
HTA
HTA's suspiciously flat Same-Property NOI growth mirrors Brixmor's pre-restatement pattern; Spruce Point sees 20-40% downside to $15-$20 once the accounting unravels.
N5
V3
May 10, 2018
Land & Buildings
Taubman Centers, Inc.
TCO
Taubman's persistent peer underperformance stems from a family-entrenched board and dual-class structure; electing Litt and collapsing Series B shares unlocks value common shareholders have been denied.
N4
V3
Apr 16, 2018
Land & Buildings
QTS Realty Trust
QTS
QTS's CEO Chad Williams runs a culture of self-enrichment with no accountability; shareholders should withhold votes from him and the comp chair at the May 3 annual meeting.
N3
V2
Apr 01, 2018
Kerrisdale Capital
The St. Joe Company
JOE
St. Joe's Florida Panhandle land bank is worth a fraction of what bulls claim; absent the promised population boom, the stock is materially overvalued and a short.
N4
V3
Feb 07, 2018
Spruce Point Capital
Realty Income Corp
O
Realty Income's 'magic dividend' flywheel is broken — true same-store rents are -0.8% (not +1.2%), and as rates rise and tenants disintermediate the stock re-rates 30-45% lower to $28-$35.
N4
V3
Nov 13, 2017
Land & Buildings
Taubman Centers
TCO
Taubman's dominant Class A malls are still bustling and growing, yet TCO is down 25% YTD — management, not 'dead malls,' is the problem, with 50%+ upside if the board acts.
N4
V3
May 30, 2017
Land & Buildings
Taubman Centers, Inc.
TCO
Taubman's best-in-class malls are worth ~$106/share (~70% upside), but the family's dual-class 30% voting block blocks reform — elect Litt and governance expert Elson.
N3
V2
May 08, 2017
Pershing Square
Howard Hughes Corporation
HHC
HHC is the public-market way to invest alongside a Donald-Bren-style MPC compounder: irreplaceable master-planned communities with 37M SF of remaining entitlements, roughly 10x what's already built.
N5
V4
May 01, 2017
Land & Buildings
Taubman Centers, Inc.
TCO
Taubman Centers has chronically underperformed Class A mall peers by 57% over five years under entrenched family governance; electing L&B's nominees can unlock 65% NAV upside.
N3
V2
Oct 26, 2016
Land & Buildings
Taubman Centers, Inc.
TCO
Taubman's sudden reversal on Board size is reactive and disingenuous; any new director must be vetted by shareholders and be truly independent of the Taubman family.
N2
V2
Mar 20, 2015
Land & Buildings
MGM Resorts International
MGM
Land and Buildings will file its own proxy at MGM after the board rejected its four nominees, arguing a $1.5bn post-pitch rally proves shareholders back its real-estate-unlock plan.
N2
V1
Feb 01, 2015
Sandell
Brookdale Senior Living Inc.
BKD
BKD trades at a wide discount because its owned real estate is buried inside an OpCo; a tax-free PropCo/OpCo REIT spin plus governance overhaul unlocks ~$49/share.
N4
V3
Oct 14, 2014
Corvex
Crown Castle International Corp.
CCI
Crown Castle is a U.S. tower REIT 'betwixt and between' — raising the 2015 dividend to $4.00 (80% AFFO payout) re-rates the stock to a 4.0% yield, unlocking 27% near-term and 60%+ upside in 15 months.
N4
V3
Sep 06, 2013
Muddy Waters
American Tower Corporation
AMT
AMT's $4.8bn purchase of Global Tower Partners at ~19x 2014 EBITDA looks engineered to mask decelerating US organic growth and preserve 20% dividend-growth optics; maintain Strong Sell.
N3
V1
Aug 12, 2013
Muddy Waters
American Tower Corporation
AMT
AMT's $811M purchase of 4,456 NIHD towers at 21x EBITDA is a de facto loan to a near-bankrupt counterparty, masking weak growth and compounding accounting red flags from the prior Site Sharing deal.
N4
V1
Aug 01, 2013
Muddy Waters
American Tower
AMT
AMT's international growth is a de facto lending / FX carry trade masking deteriorating economics, and ~$250M appears to have vanished from its Site Sharing acquisition.
N4
V1
Jul 17, 2013
Muddy Waters
American Tower Corp
AMT
AMT is a Strong Sell at $44.57 (40% downside): a $250M Brazil accounting discrepancy hints at fraud, international growth is a disguised lending/carry trade, and Wi-Fi will erode tower economics.
N4
V2
Oct 01, 2012
Marcato
Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)
Three stocks — ALEX, GenCorp, Brookfield Residential — hide land assets on their balance sheets at decades-old cost, offering 46-286% upside once marked to market.
N3
V3
Mar 09, 2011
Elliott Management
Iron Mountain Incorporated
IRM
Iron Mountain's 44%-margin NOAM storage cash cow is being squandered on low-ROIC Digital and Int'l bets; capital discipline plus a REIT conversion can lift the stock from $25 to $52-$77.
N4
V3
Oct 13, 2010
Greenlight Capital
The St. Joe Company
JOE
St. Joe's Florida real estate empire is a value trap: developments are ghost towns, the airport catalyst is a bust, and the land is worth $7-10/share, not $24.54.
N5
V3
May 26, 2010
Pershing Square
General Growth Properties
GGP
At $14, GGP implicitly prices spinco GGO at negative $1; PF GGP alone merits ~$15 on Simon's 6.6% peer cap rate, pointing to ~$20 combined intrinsic and ~43% upside by year-end emergence.
N5
V3
Dec 07, 2009
Pershing Square
Mall REIT sector (long General Growth Properties)
GGP
Market-feared mall-REIT collapse never arrived: leverage fell, $18bn equity was raised, cap rates compressed, and tenants now generate cash — making mall REITs still cheap versus Treasuries.
N4
V3
Oct 20, 2009
Pershing Square
Corrections Corporation of America
CXW
CXW is a misunderstood real estate business — 90% of EBITDA is owned prisons leased to governments; rerating to healthcare-REIT cap rates unlocks $40-$54 vs. $24.50.
N4
V3
Oct 06, 2009
Pershing Square
Realty Income Corporation
O
Realty Income trades at a 7.3% cap rate — a ~40% premium to 10-11% private-market rates for the same junk-credit retail properties; downside to ~$14 (-46%).
N5
V3
May 27, 2009
Pershing Square
General Growth Properties
GGWPQ
GGP filed for liquidity, not insolvency; with assets materially exceeding liabilities, a seven-year debt extension would deliver 10x–25x upside on equity trading at $1.19.
N5
V3