Articles from Land & Buildings Investment Management, LLC

Today, Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings” or “L&B”), a significant shareholder of Apartment Investment and Management Co. (NYSEAIV) (“Aimco”, “AIV”, or the “Company”), issued the following statement commending Aimco management and its board of directors (the “Board”) following the announcement of the Brickell Assemblage transaction and the expansion of the Company’s strategic review process. L&B also is calling for a quick resolution to the Company’s strategic review through a sale of the whole company, which L&B believes can unlock an additional 30% upside above the current share price.

Today, Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of National Health Investors, Inc. (NYSENHI) (“NHI” or the “Company”), commented on the Supplemental Proxy Statement (the “Proxy”) filed by the Company on May 6, 2024. In the Proxy and accompanying press release, NHI disclosed that the Board of Directors (the “Board”) has committed to putting up for vote a proposal to remove the classified board structure at NHI’s 2025 Annual Meeting of Stockholders (the “2025 Annual Meeting”), adding a “disinterested” director to the Board following a search process overseen by NHI, and further evaluating the composition of the Board and director term limits/age requirements.

Today, Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of National Health Investors, Inc. (NYSENHI) (“NHI” or the “Company”), issued an open letter to its fellow NHI investors. In the letter, Land & Buildings outlines why it believes shareholders should send a clear message at NHI’s upcoming 2024 Annual Meeting of Stockholders that the status quo is not tolerable by demanding objective and independent decision-making from the NHI Board of Directors ahead of the exceptionally important lease renegotiations with one of the Company’s largest tenants, National HealthCare Corporation (NYSE American: NHC).

Today, Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a 3% shareholder of Equity Commonwealth (NYSEEQC) (“EQC” or the “Company”), released a letter it recently sent to the Company’s Board of Directors (the “Board”).

Today, Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of Six Flags Entertainment Corporation (NYSESIX) (“Six Flags” or the “Company”), issued the following comment on the Company’s proposed merger with Cedar Fair NYSE: FUNNYSEFUN)

Today Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of Ventas, Inc. (NYSEVTR) (“Ventas”, “VTR”, or the “Company”), issued a letter to shareholders detailing the Company’s long-term underperformance and undervaluation. Land & Buildings believes further action is necessary to address the lackluster returns shareholders have suffered – and continue to suffer – under the current Board of Directors (the “Board”) and management.

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. (NYSEARE).

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

Today Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of Ventas, Inc. (NYSEVTR) (“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. Land & Buildings believes further action is necessary to address the lackluster returns shareholders have experienced under the current Board and intends to vote against the election of Lead Independent Director James Shelton and Board Chair Debra Cafaro at VTR’s upcoming Annual Meeting of Shareholders (the “Annual Meeting”).

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

Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”, “L&B,” “us” or “we”), an approximately 3% shareholder of Six Flags Entertainment Corporation (NYSESIX) (the “Company” or “Six Flags”), today issued a presentation detailing why it believes the Company is significantly undervalued and how Six Flags could unlock substantial value by executing a strategy to monetize its real estate while driving an operational turnaround.

Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”, “us” or “we”), a large shareholder of Apartment Investment and Management Company (NYSEAIV) (“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.

Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”, “us” or “we”), a large shareholder of Apartment Investment and Management Company (NYSEAIV) (“Aimco” or the “Company”), today issued an open letter to the Company’s shareholders articulating why it believes change is urgently needed in the boardroom. In the letter, Land & Buildings encourages shareholders to support its two highly qualified director candidates – Michelle Applebaum and James (“Jim”) P. Sullivan – for election to Aimco’s ten-person Board of Directors (the “Board”) at the 2022 Annual Meeting of Shareholders (the “Annual Meeting”) scheduled to be held on December 16, 2022.

Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”, “us” or “we”), a large shareholder of Apartment Investment and Management Company (NYSEAIV) (“Aimco” or the “Company”), today announced that one of the leading proxy advisory firms, Institutional Shareholder Services Inc. (“ISS”), has recommended that shareholders vote for the election of Land & Buildings’ highly qualified director candidate James (“Jim”) P. Sullivan to the Company’s Board of Directors (the “Board”) at the 2022 Annual Meeting of Shareholders (the “Annual Meeting”) scheduled to be held on December 16, 2022.

Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”, “us” or “we”), a large shareholder of Apartment Investment and Management Company (NYSEAIV) (“Aimco” or the “Company”), today announced that it has issued a presentation outlining why it believes change is needed in the Company’s boardroom. Land & Buildings has nominated two highly qualified director candidates – Michelle Applebaum and James (“Jim”) P. Sullivan – for election to Aimco’s ten-person Board of Directors (the “Board”) at the 2022 Annual Meeting of Shareholders (the “Annual Meeting”) scheduled to be held on December 16, 2022.

Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of Healthcare Realty Trust, Inc. (NYSEHR) (“Healthcare Realty”, “HR”, or the “Company”), today issued an investor presentation outlining its opposition to the Company’s proposed merger with Healthcare Trust of America, Inc. NYSE: HTANYSEHTA)

Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of Ventas, Inc. (NYSEVTR) (“Ventas”, “VTR”, or the “Company”), today issued the following statement regarding its campaign at the Company:

Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of Ventas, Inc. (NYSEVTR) (“Ventas”, “VTR”, or the “Company”), today issued the following statement in response to a report issued by Institutional Shareholder Services Inc. (“ISS”) regarding the election of directors to the Company’s Board of Directors (the “Board”) at the upcoming 2022 Annual Meeting of Shareholders (the “Annual Meeting”):

Today Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of American Homes 4 Rent (NYSEAMH) (“AMH”, “American Homes”, or the “Company”) sent an open letter to the Nominating and Corporate Governance Committee of the Company’s Board of Trustees (the “Board”) outlining its concerns around the Company’s failure to adopt any significant environmentally friendly home policies and its intention to vote against the re-election of all members of the Board’s Nominating and Corporate Governance Committee at the upcoming 2022 Annual Meeting.

Today Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of American Campus Communities, Inc. (“ACC,” or the “Company”) (NYSEACC), issued a presentation that details the long history of disappointing returns and performance at ACC and outlines the need for a more aggressive strategy to reverse the prolonged underperformance and drive shares to NAV.

Today Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of American Campus Communities (“ACC,” or the “Company”) (NYSEACC), announced it has sent an open letter to the shareholders of ACC highlighting the need for additional fresh perspectives on the Board of Directors (the “Board”) given the Company’s consistent inability to close its gap to net asset value and deliver for shareholders. Land & Buildings also announced its intent to nominate a shareholder representative for election at the Company’s 2022 Annual Meeting of Shareholders.

Today Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of Lexington Realty Trust (“LXP,” “Lexington” or the “Company”) (NYSELXP), announced its nomination of two highly-qualified and experienced candidates, Donna Brandin and Jonathan Litt, for election to the LXP Board of Trustees (the “Board”) at the upcoming 2022 Annual Meeting of Shareholders (the “Annual Meeting”).

Today Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of Lexington Realty Trust (“LXP,” “Lexington” or the “Company”) (NYSELXP), issued a presentation outlining the serious issues plaguing LXP and why shareholder accountability is urgently needed in the LXP boardroom.

Today Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of Lexington Realty Trust (“LXP,” “Lexington” or the “Company”) (NYSELXP), announced it has issued an open letter to LXP shareholders detailing why it believes new independent voices – selected with input from shareholders, not appointed by the incumbent trustees – are urgently needed in the boardroom to help the Company reverse its track record of consistent underperformance under the current Board and management team. To that end, Land & Buildings announced in the letter that it intends to nominate highly qualified candidates, including Land & Buildings’ Jonathan Litt, for election to the LXP Board of Trustees (the “Board”) at the upcoming 2022 Annual Meeting of Shareholders (the “Annual Meeting”).

Today Land & Buildings Investment Management LLC (together with its affiliates, “Land & Buildings”), a shareholder of Public Storage (“PSA” or the “Company”) (NYSEPSA), has sent an open letter notifying PSA shareholders it intends to vote against the Company’s proposal to eliminate cumulative voting at the 2021 Annual Meeting of Shareholders: