Land & Buildings
- Company typePrivate
- Founded2008
- HeadquartersStamford, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Land & Buildings does
Land & Buildings is a privately held activist hedge fund founded in 2008 by Jonathan Litt that specializes in publicly traded real estate and real estate-related securities. The firm, operating as Land & Buildings Investment Management LLC, builds significant equity stakes in undervalued public REITs and engages directly with management and boards through public letters, white papers, proxy contests, and media campaigns to drive governance reforms, strategic alternatives, and value-unlocking transactions. Its core product is a liquid real estate investment management strategy targeted at institutional and high-net-worth investors, generating revenue through standard hedge fund management and performance fees. The firm is described as the only dedicated public real estate activist hedge fund and has a documented 15-year track record of campaigns at companies including BRE Properties, Associated Estates, MGM Resorts, Hudson's Bay, Aimco, Healthcare Realty, Ventas, Six Flags, and most recently First Industrial Realty Trust, Welltower, and National Storage Affiliates Trust.
The business is founder-led, with Litt serving as Founder and Chief Investment Officer supported by a lean team of approximately 9 professionals sourced from top-tier institutions including Citigroup, Elliott Associates, and KPMG. Competitive advantages rest on Litt's reputation as the former #1-ranked Institutional Investor real estate analyst, deep fundamental analysis of public real estate companies, and an established media presence across CNBC, the Wall Street Journal, and Bloomberg. The firm's marketing and distribution are built around thought leadership — proprietary white papers, investor letters, and shareholder engagement — rather than traditional sales channels, and capital is raised directly from institutional and high-net-worth investors. There are no disclosed technology products, AI/ML systems, or geographic expansions beyond the United States, and the firm is headquartered in Stamford, Connecticut (with the firm noting its U.S. public REIT focus).
Land & Buildings firmographics
Firmographics- Name
- Land & Buildings
- Legal name
- Land & Buildings Investment Management LLC
- Website
- https://landandbuildings.com
- Company type
- Private
- Founded year
- 2008
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
Land & Buildings industry classification
Industry- Product category
- Activist Hedge Fund Management
- NAICS
- Other Activities Related to Real Estate (531390)
- SIC
- Investors, Nec (6799), Investment Advice (6282)
- akta.pro primary industry
- Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)
Keywords
Where Land & Buildings is headquartered
LocationHeadquarters
- HQ city
- Stamford
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Land & Buildings business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Hedge Fund Management: Generates returns through activist investments in undervalued public REITs. Revenue derived from management fees and performance fees (carried interest) charged to fund investors.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Land & Buildings product offering
Product offeringCore offering
Land & Buildings is a private activist hedge fund that manages capital for institutional and high-net-worth investors by investing in publicly traded REITs and real estate-related securities. The firm combines deep fundamental analysis with select shareholder activism—issuing public letters, white papers, proxy contest campaigns, and board nominations—to unlock value trapped by governance failures, underperforming management, or NAV discounts at target public real estate companies.
Product overview
Land & Buildings is an activist hedge fund operating as a single unified investment management platform rather than a modular product architecture. The firm's core offering is its investment management services, complemented by corporate engagement campaigns targeting underperforming REIT companies and proprietary white paper research. The fund, founded in 2008 by Jonathan Litt, specializes in activist investing in public real estate securities, utilizing fundamental analysis to identify and unlock trapped value in discounted real estate portfolios through shareholder advocacy, governance reforms, and strategic alternatives.
Differentiator
Problem solved
Functional benefit
Products and services
- Land & Buildings Investment Management Activist hedge fund providing institutional-quality liquid real estate investment strategy, utilizing deep fundamental analysis and select activism to find and unlock value in discounted real estate in the public markets. Targeted at institutional and high-net-worth investors.
- Corporate Engagement Services Shareholder engagement services targeting public real estate companies to drive governance reforms, value enhancement, and strategic alternatives including asset dispositions, board changes, and strategic reviews.
- White Papers and Research Reports Proprietary research publications covering REIT valuation analysis, executive compensation critique, and market outlook on publicly traded real estate securities.
Quantifiable outcome
- Successfully affected change at numerous public real estate companies including BRE Properties, Associated Estates, and MGM Resorts
- +1 more outcomes
Companies that use Land & Buildings
Customer profileSegments1 record
Ideal customer profiles1 record
Land & Buildings technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Land & Buildings partnerships and signals
Strategic signalScale indicators4 records
Recent moves5 records
Expansion highlights4 records
Land & Buildings competitors and assessment
Company assessmentBroad incumbents
- Heitman: Global real estate investment manager with public and private real estate strategies. Comparable as a sector-specialized investment manager; not an activist, but a competitor for institutional allocations to real estate alpha strategies.
- Cohen & Steers: Public real estate asset manager specializing in REIT securities and real assets. Direct competitor in the US-listed REIT securities space, though operating as a traditional long-only asset manager rather than an activist; this is L&B's closest pure sector peer.
- Greenlight Capital: Value-oriented activist fund that builds concentrated stakes in underperforming public companies. Similar in approach (fundamental research-led, public engagement when needed) but across industries rather than concentrated in REITs.
- Third Point: Activist hedge fund led by Daniel Loeb with a similar playbook of public letters, board pressure, and strategic alternatives demands. Comparable activist GTM across multiple sectors; not specifically REIT-focused.
- Elliott Investment Management: Larger multi-strategy activist where Land & Buildings Principal Corey Lorinsky previously worked. Comparable because it pursues activist campaigns across public companies including real estate names, though operating at significantly greater scale and capital base than L&B.
- Pershing Square Capital Management: High-profile activist run by Bill Ackman, executing concentrated positions with public advocacy at underperforming companies. Comparable strategy profile — large concentrated stakes, public engagement, governance-driven value unlocking — but diversified across sectors.
- Starboard Value: Established US-focused activist fund engaging public companies through board nominations and strategic pushback. Comparable in GTM (public activism, white papers, proxy contests) though Starboard operates across sectors rather than specializing in REITs.
Direct peers
- CenterSquare Investment Management: Real estate-focused investment manager running publicly traded REIT strategies. Most direct sector peer to L&B's liquid real estate strategy, with institutional distribution overlap and similar real-estate-specific fundamental research orientation.
- Anavon Property Group: Real estate investment manager using fundamental analysis to identify value in REITs and real estate securities. Closest direct peer in combining REIT-sector focus with active, research-driven positioning — though without the explicit public activist posture of L&B.
Emerging players
- Anchor Capital Advisors: Real estate securities manager running value-oriented strategies in publicly listed REITs. Direct sector comparable to L&B, smaller in scale and operating as a traditional long-only manager rather than activist.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Land & Buildings social profiles
Digital presenceLand & Buildings financial estimates
Financial estimateRevenue estimate
Valuation estimate
Land & Buildings leadership team
Management profileNumber of profiles
Profiles8 records
Land & Buildings funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Land & Buildings M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Land & Buildings
What does Land & Buildings do?
Land & Buildings is a private activist hedge fund that manages capital for institutional and high-net-worth investors by investing in publicly traded REITs and real estate-related securities. The firm combines deep fundamental analysis with select shareholder activism—issuing public letters, white papers, proxy contest campaigns, and board nominations—to unlock value trapped by governance failures, underperforming management, or NAV discounts at target public real estate companies.
Is Land & Buildings a public or private company?
Land & Buildings is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Land & Buildings founded?
Land & Buildings was founded in 2008. It employs 11 to 50 people.
Where is Land & Buildings based?
Land & Buildings is headquartered in Stamford, United States, in the North America region.
How does Land & Buildings make money?
One revenue line is on record: hedge Fund Management.
Who are Land & Buildings's main competitors?
Broad incumbents on record are Heitman, Cohen & Steers, Greenlight Capital, Third Point, Elliott Investment Management, Pershing Square Capital Management and Starboard Value. Direct peers are CenterSquare Investment Management and Anavon Property Group. Anchor Capital Advisors is listed as an emerging player.
Does Land & Buildings have an API?
No public API is recorded for Land & Buildings.
What industry is Land & Buildings in?
Land & Buildings's product category is Activist Hedge Fund Management. Its primary akta.pro industry code is FSAAAKAA, Core Real Estate (Stabilized/Core-Plus). Its NAICS code is 531390 and its SIC code is 6799.