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Land & Buildings
Land & Buildings was founded in 2008 by Jonathan Litt, a veteran real estate analyst who spent over a decade at Lehman Brothers before launching his own...
Land & Buildings
Land & Buildings was founded in 2008 by Jonathan Litt, a veteran real estate analyst who spent over a decade at Lehman Brothers before launching his own firm in Stamford, Connecticut. The firm operates as an investment adviser filed with the SEC, concentrating exclusively on publicly traded real estate securities. The firm pursues a concentrated, value-oriented activist strategy within the REIT sector. It builds positions in REITs where the share price trades at a material discount to net asset value, then presses management and boards to close the gap through transactions such as asset sales, spin-offs, strategic reviews, or outright sales of the company. Its campaigns have spanned multiple real estate sub-sectors. In 2012, Litt agitated for the sale of BRE Properties, which was ultimately acquired by Essex Property Trust for more than $15 billion. The firm later waged a high-profile proxy fight against Taubman Centers, criticizing governance and pushing for a sale — a campaign that ended when Simon Property Group agreed to acquire Taubman in 2020 before the pandemic reshaped the deal. Other campaigns have included MGM Growth Properties, Hudson's Bay Company, and Brookdale Senior Living. Geography encompasses U.S.-listed REITs with underlying properties concentrated in North America. The firm's track record is built around a small number of conviction positions, with Litt as the named portfolio manager and public face of every campaign. Litt frequently publishes open letters to boards on the firm's website detailing operational and strategic criticisms. In August 2022, Litt disclosed a new position in VICI Properties and called for board refreshment and a review of corporate overhead. In January 2023, the firm rebuilt a stake in Apartment Income REIT, pressuring the board to explore a sale. Land & Buildings differs from a typical long-short real estate hedge fund in its concentrated reliance on public activist tactics. Litt operates as both portfolio manager and agitator-in-chief, using SEC filings, public letters, and proxy contests as instruments alongside pure investment analysis. This hybrid of investment management and shareholder activism within a single sub-sector makes the firm's structure unusual among REIT-focused managers, sitting somewhere between an investment fund and a dedicated corporate-governance vehicle.
General information
Firm type
Asset Manager
Year founded
2008
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Stamford
Corporate office
Stamford, CT, United States
Principals
Jonathan Litt
Founder & Chief Investment Officer
Sector focus
Frequently asked questions
How does Land & Buildings source and execute its investment ideas?
The firm screens the entire publicly traded U.S. REIT universe for companies trading at a material discount to consensus net asset value per share. Jonathan Litt then builds a concentrated position and publishes a detailed investment thesis, often via a public letter filed with the SEC and posted to the firm's website. If management is unresponsive, the firm escalates through proxy contests, withhold-vote campaigns, and direct negotiations with boards to force balance-sheet restructuring, asset sales, or a sale of the company.
What specific REIT campaigns is Land & Buildings known for?
Public record identifies several completed and attempted campaigns. In 2012, the firm agitated for the sale of BRE Properties; Essex Property Trust acquired BRE for over $15 billion. The firm later fought Taubman Centers on governance and value maximization, a campaign that preceded Simon Property Group's 2020 agreement to acquire Taubman. Other named campaigns include MGM Growth Properties, where Litt pushed for strategic alternatives before VICI Properties acquired MGP, and Brookdale Senior Living, where he sought board changes.
Does Land & Buildings invest in private real estate or only public REITs?
Land & Buildings is a public-markets activist and does not operate as a direct private real estate investor. The firm's entire strategy is built on buying common equity and occasionally other securities of publicly traded real estate companies. Its campaigns are designed to force corporate action that narrows the public-private valuation gap, not to acquire property directly.
Who runs investment decisions at Land & Buildings?
Jonathan Litt, the founder, serves as chief investment officer and portfolio manager and acts as the public-facing principal on every campaign. The firm's SEC filing history and public letters consistently present Litt as the sole named decision-maker and lead negotiator with target-company boards.
Is Land & Buildings a hedge fund or an investment adviser?
The firm is registered with the SEC as an investment adviser and operates a concentrated activist strategy that blurs the line between traditional real estate hedge fund and dedicated shareholder activism. It does not market itself as a multi-strategy hedge fund, and its entire public record is built around publicly disclosed REIT campaigns rather than diversified long-short equity management.
What is Land & Buildings' known posture on co-investments?
The firm has not publicly disclosed a co-investment vehicle alongside its main strategy. Its campaigns rely on owning enough common stock to command board attention and wage proxy fights, not on organizing external club deals or sidecar vehicles.
Has Jonathan Litt ever worked alongside external GPs on a campaign?
Yes. During the Taubman Centers campaign, Litt aligned with other shareholders and publicly supported Simon Property Group's acquisition bid. In the MGM Growth Properties campaign, Litt's activism paralleled moves by other institutional holders, creating a de facto consortium of like-minded shareholders that the board was forced to address.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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