Land & Buildings Investment Management, LLC

Hedge Fund • Activist

Land & Buildings Investment Management, LLC is an Activist Hedge Fund based in Stamford, CT led by Jonathan I Litt, reporting $693.9M in AUM as of Q3 2025 with 90% Real Estate concentration and 66% concentrated in top 10 holdings.

Managing PartnerJonathan I Litt

Portfolio Value: $544.9M
Positions: 22
Top Holding: AHR at 8.88%
Last Reported: Q3 2025

AddressSoundview Plaza, 266 E Main St Ste 700r, Stamford, CT, 06902, United States

Top Holdings

Largest long holdings in Land & Buildings Investment Management, LLC's portfolio (66% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 American Healthcare REIT AHR	REIT - Healthcare Facilities Real Estate	$48.4M	8.88%	+$3.1M Bought	0.68% 1.2M shares	Q1 2024 Held for 1y 8m
2 Simon Property Group SPG	REIT - Retail Real Estate	$38.7M	7.10%	+$11.7M Bought	0.06% 206.2K shares	Q2 2024 Held for 1y 5m
3 First Industrial Realty Trust FR	REIT - Industrial Real Estate	$36.6M	6.71%	-$2.9M Sold	0.54% 710.5K shares	Q1 2024 Held for 1y 8m
4 Ventas VTR	REIT - Healthcare Facilities Real Estate	$36.5M	6.71%	+$2.3M Bought	0.11% 522.1K shares	Q3 2020 Held for 5y 2m
5 Six Flags Entertainment FUN	Leisure Consumer Cyclical	$36.0M	6.61%	+$36.0M Bought	1.57% 1.6M shares	Q3 2025 Held for 2 months
6 Centerspace CSR	REIT - Residential Real Estate	$35.3M	6.48%	+$17.3M Bought	3.58% 599.3K shares	Q2 2025 Held for 5 months
7 National Health Investors NHI	REIT - Healthcare Facilities Real Estate	$34.7M	6.36%	-$1.9M Sold	0.92% 435.9K shares	Q3 2023 Held for 2y 2m
8 American Homes 4 Rent AMH	REIT - Residential Real Estate	$32.6M	5.99%	+$6.4M Bought	0.26% 981.0K shares	Q4 2024 Held for 11 months
9 Tanger SKT	REIT - Retail Real Estate	$30.5M	5.60%	+$5.6M Bought	0.80% 902.4K shares	Q2 2023 Held for 2y 5m
10 Sun Communities SUI	REIT - Residential Real Estate	$30.3M	5.56%	+$5.3M Bought	0.19% 234.8K shares	Q4 2021 Held for 3y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Land & Buildings Investment Management, LLC's latest filing

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Market Value

$544.9M

Prior: $501.1M

Q/Q Change

+8.75%

+$43.8M

Net Flows % of MV

-10.63%

Turnover Ratio

23.62%

New Purchases

1 stocks

$7.8M

Added To

8 stocks

+$52.0M

Sold Out Of

5 stocks

$79.3M

Reduced Holdings

8 stocks

-$38.4M

Increased Positions

Position	Shares Δ	Change
1 Empire State Realty Trust ESRT	New	0 → 1.0M +$7.8M
2 Centerspace CSR	+96.37%	305.2K → 599.3K +$17.3M
3 Simon Property Group SPG	+43.17%	144.0K → 206.2K +$11.7M
4 American Homes 4 Rent AMH	+24.19%	789.9K → 981.0K +$6.4M
5 Tanger SKT	+22.54%	736.4K → 902.4K +$5.6M

Decreased Positions

Position	Shares Δ	Change
1 Rexford Industrial Realty REXR	Sold	561.1K → 0 −$20.0M
2 Kite Realty Group KRG	Sold	806.9K → 0 −$18.3M
3 D.R. Horton DHI	Sold	139.2K → 0 −$17.9M
4 American Tower AMT	Sold	78.5K → 0 −$17.4M
5 Equity Residential EQR	Sold	85.7K → 0 −$5.8M