Land & Buildings

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.

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.

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.

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.

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.

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.

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.