Land &amp; Buildings

Land & Buildings Jun 17, 2025

National Healthcare Corporation NHC

NHC's below-market 1991 lease with NHI expires 2026; renegotiation will cut NHC EBITDA 19-38% — L&B is short NHC.

Land & Buildings Jun 01, 2025

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 C3

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Land & Buildings Nov 01, 2024

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 C4

Land & Buildings Apr 18, 2024

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 C2

Land & Buildings Jun 01, 2023

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 C4

Land & Buildings Dec 01, 2022

Six Flags Entertainment Corp. SIX

Six Flags' owned real estate is worth more than its entire equity value; spinning it to a REIT buyer like VICI plus fixing the botched 2022 repositioning can double the stock.

N4 V4 C4

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Land & Buildings Nov 01, 2021

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 C3

Land & Buildings Sep 01, 2021

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 C3

Land & Buildings May 01, 2021

Hilton Grand Vacations HGV

HGV is overpaying 10x EBITDA for Diamond and handing Apollo effective control with no premium; standalone HGV is worth $55 — shareholders should vote AGAINST.

N4 V3 C3

Land & Buildings Dec 01, 2020

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 C2

Land & Buildings Sep 22, 2020

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.

Land & Buildings May 19, 2020

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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 C2

Land & Buildings May 06, 2020

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 C2

Land & Buildings May 10, 2018

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 C3

Land & Buildings Apr 16, 2018

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.

Land & Buildings Nov 13, 2017

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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 C3

Land & Buildings May 30, 2017

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.

Land & Buildings May 01, 2017

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.