Jonathan Litt - L&B

$SPG #REIT #RealEstate #DavidSimon L&B has a position in SPG.

But what I'll remember most is the person. David was personable and direct in a way that few at his level are, inspirational inside SPG and across the industry. He is survived by his wife Jackie, five children, and seven grandchildren. Rest in peace, David. A giant.

Huge loss for the REIT industry today. David Simon passed away yesterday at 64, and I don't think the real estate world has fully absorbed what that means yet. He was, simply put, one of the greatest REIT CEOs of all time.

L&B has a position in FR.

The insular, entrenchment-oriented culture on this Board is the single greatest obstacle to closing the valuation gap. Their removal would clear the path for actions we believe are necessary to close the NAV discount and maximize value for all shareholders.

Land & Buildings intends to vote AGAINST the re-election of Chairman Matthew Dominski and Director H. Patrick Hackett, Jr., at the $FR 2026 annual meeting, and we strongly encourage all shareholders to do the same. Letter: landandbuildings.com/wp-content/upl…

Well done. L&B has a position in PSA.

As a significant shareholder that privately engaged with NSA’s management on maximizing shareholder value, this transaction captures value of the ongoing turnaround. NSA holders will now participate in further upside from one of the strongest balance sheets in the REIT universe.

Land & Buildings is pleased to see the $NSA Board deliver real value for shareholders with Monday’s announced acquisition by $PSA at a ~35% premium.

That's the judgment leading FR's board, in our view. $FR could unlock $15/share in value, over 20% upside, with a refreshed board and enhanced capital allocation but instead is entrenching itself, ignoring shareholders, and boosting executive pay. L&B has a position in FR.

Matt Dominski has been on the board for 16 years and simultaneously served as Lead Independent Director of CBL & Associates while it marched into Chapter 11 bankruptcy.

Given First Industrial’s continued refusal to address its governance discount, Land & Buildings is voting against long-tenured directors Dominski and Hackett. Press Release: landandbuildings.com/wp-content/upl… SEC Legend: landandbuildings.com/wp-content/upl…

Every 1-turn increase of the company's EBITDA multiple is over 50% upside to the stock price. L&B has a position in FUN.

Today’s announcement of the sale of 7 underperforming parks to a REIT at 7.4x EBITDA demonstrates this embedded real estate value. On average we believe the remain assets would sell for more than 11x EBITDA.

Don’t stop here with Six Flags' $FUN real estate value realization: We have long argued that Six Flags' real estate is worth more than where the whole stock trades. investors.sixflags.com/news/press-rel…