15 documents showing 1–15
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 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
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
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
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
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 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
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