21 documents showing 1–21
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
⌂
◫
”
Date
Fund
Target
Thesis
Scores
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
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
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
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
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
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
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
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
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
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
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
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