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Posted

Curious if anyone has any interesting or successful REIT activist campaigns that are worth studying. 

Given the REIT structure my understanding has been that it can be difficult for activists to take stakes past a certain size but i could be wrong. Additionally the external management seems to cause complications. Are there other reasons why it doesn't typically work.

GGP came to mind but curious if there are others.

 

 

tagging a few folks who may know.

@Gregmal

@thepupil

@BG2008

@Dinar

 

Posted
50 minutes ago, Gregmal said:

Total waste of time if youre doing it for economic reasons. Great marketing though if you use the Jon Litt strategy. 

Care to expand on that? Agree on Litt prefer cash to noise.
 

Posted
6 minutes ago, hasilp89 said:

Care to expand on that? Agree on Litt prefer cash to noise.
 

REITS are awful when it comes to incorporation/shareholder rights being in Maryland(go figure) and when things get hostile management can fuck everyone badly. 

 

Litt is skeezy but his play is great marketing. Monish would be proud. Basically take an immaterial position in a low vol or super cheap liquid company and then go on a publicity tour with mega saber rattling while ultimately settling for minor governance changes which allow him to say "see! look at how good I am"....

Posted
44 minutes ago, Gregmal said:

REITS are awful when it comes to incorporation/shareholder rights being in Maryland(go figure) and when things get hostile management can fuck everyone badly. 

Gotcha, that is what I was figuring. Upsetting that is the case given the mismanaged reits out there.

 

 

@Dinar thank you for that recommendation. Was not familiar with it but a great example.

Posted

It happens in Canada...those that come to mind are Sandpiper with Artis REIT, George Armoyan with Slate Office REIT, Rai Sahi with a whole bunch of them over the years.

  • 3 weeks later...
Posted
On 2/21/2024 at 8:11 PM, Gregmal said:

Litt is skeezy but his play is great marketing.

lol going after EQC. Telling them to liquidate.

 

Posted
9 minutes ago, hasilp89 said:

lol going after EQC. Telling them to liquidate.

 

Yea, goes after a low beta snoozeCo and then starts doing his "look at me" marketing antics. Thats the formula.

Posted
12 minutes ago, hasilp89 said:

lol going after EQC. Telling them to liquidate.

 

 

as someone whose parents IRA owns a slug of $EQC bought w/i last year at a total loss of ~2% when the position was bought at nice discount to NAV and some of which bought for less than t-bills on b/s, I don't entirely mind his presence. 

 

I think $EQC is quite reasonable risk/reward here. 

https://x.com/thepupil11/status/1757430588745650685?s=20

 

 

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