What Jonathan Litt's Latest Buys Tell Us About Real Estate

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Every cycle has its bellwethers. In the world of publicly traded real estate, the clearest bellwether is Jonathan Litt and Land and Buildings Investment Management. Whenever Litt puts capital to work, he is not making a passive sector call. He is identifying specific mispricing, specific asset value, and specific opportunities that he believes public markets have gotten wrong. His actions in the third quarter of 2025 offer one of the most revealing windows into where a smart, real estate focused investor sees the next wave of opportunity.

Land and Buildings is not a traditional REIT firm. It is a specialist investment operation built on the belief that real estate in the public markets often trades far from the value of the underlying physical assets. Sometimes that gap is justified by poor management or excessive leverage. Often it is a product of fear, index driven selling, or governance failures that the market simply overlooks. Litt built Land and Buildings to find these dislocations and convert them into returns through deep sector work, valuation discipline, and shareholder engagement.

The firm was founded in 2008 at the height of the global financial crisis when real estate was in free fall and the public markets had thrown out entire REIT sectors without making any distinction between good and bad assets. Litt saw that moment as an opportunity to build a firm centered on identifying mispriced, misunderstood, or mismanaged real estate platforms. His tagline says it clearly. Shareholder engagement. Real estate expertise. Value enhancement. It is not advertising language. It is the literal playbook.

Before launching the firm, Litt was one of the most respected property analysts on Wall Street. He studied economics at Columbia University and earned an MBA in finance from NYU Stern. His career began in 1988 in real estate investing and by the time he reached Citigroup Global Markets, he led a forty four person global research team covering twenty five countries. He was ranked number one by Institutional Investor for real estate analysts eight times and top five for thirteen straight years. In a field where knowledge, pattern recognition, and credibility matter more than anything else, Litt brought all three to the table.

Today Land and Buildings is a reflection of his worldview. Real estate is about asset value and operational value, but it is also about governance, capital allocation, and strategy. When those elements line up well, the stock price eventually follows. When they do not, Litt is willing to push boards, challenge management, and engage publicly if that is what it takes to close the gap between intrinsic value and market price.

Land and Buildings has a long record of stepping in when it believes shareholders are being ignored or misled. The firm has engaged with MGM Resorts, National Health Investors, American Campus Communities, Six Flags, and various other companies where Litt saw value being left on the table. His criticisms are often pointed. He has repeatedly argued that REIT boards use inappropriate peer groups to justify large CEO pay packages while producing poor results. He is equally quick to highlight capital allocation mistakes or strategic errors that impair long term value.

This activism is not a publicity play. It is a methodical part of how the firm unlocks value. Litt views governance as both a risk factor and an opportunity. When misalignment between management and shareholders becomes too large, he does not wait for someone else to act.

Now we can turn to the most important part of the story. The purchases Land and Buildings made in the third quarter of 2025. Their new and expanded positions show exactly where they believe real estate is mispriced and where the next stage of value realization is most likely to occur. The list spans logistics, telecommunications infrastructure, multifamily housing, outlet retail, manufactured housing, single family rentals, and even out of favor office and leisure assets:

Prologis $PLD ( ▼ 1.13% ) is the global leader in logistics and industrial real estate with unmatched scale and exposure to modern supply chains. Its assets sit in strategic markets that support e commerce, global trade, and last mile distribution and provide stable occupancy and pricing power. Land and Buildings built a new position because they believe logistics demand and private market valuations remain strong and that Prologis is undervalued relative to its long term fundamentals.

Crown Castle $CCI ( ▲ 0.01% ) owns wireless towers and fiber networks that form the backbone of national 5G expansion. Its revenue base is anchored by long term leases with investment grade tenants which gives the company stability and visibility that few real estate platforms can match. Land and Buildings initiated this position because they see both the defensive strength of the assets and the potential for value creation through better capital allocation or strategic actions.

$ESRT ( ▼ 1.89% ) combines New York City office buildings with the iconic Empire State Building Observatory which generates tourism based cash flow. The company has invested heavily in energy efficient upgrades and amenities that help attract better tenants in a challenging market. Land and Buildings added this name as a classic contrarian trade because they believe the discount applied to New York office is too severe given ESRT’s improving fundamentals and the strength of its observatory business.

AvalonBay $AVB ( ▼ 0.25% ) is one of the top apartment REITs in the United States with a focus on coastal markets where supply is constrained and demand is persistent. The company’s development machine and operating expertise allow it to generate steady NOI growth even in slower periods. Land and Buildings started a position because high quality apartment assets are trading at discounts that do not reflect private market demand or replacement cost economics.

$UDR ( ▲ 0.23% ) operates a diversified portfolio of Class A apartments across major metropolitan areas and has a strong track record of maintaining occupancy and revenue management. The firm’s operating platform gives it consistent pricing power and stable demand. Land and Buildings purchased UDR based on the belief that multifamily valuations are too compressed relative to long term rental fundamentals.

Six Flags $FUN ( ▼ 3.43% ) is not a REIT but it owns a collection of real estate intensive theme parks that represent significant underlying asset value. Management is undertaking a strategic shift focused on pricing optimization and operational efficiency which aligns closely with what Litt looks for in a value opportunity. Land and Buildings made a large new investment because they believe the parks are underappreciated assets with earnings and strategic potential the market is ignoring.

Simon $SPG ( ▼ 0.99% ) is the standard bearer for Class A malls and outlet centers and consistently produces strong sales per square foot and high occupancy. It benefits from a roster of high quality tenants and a redevelopment engine that continually enhances asset value. Land and Buildings increased their position because Simon’s assets remain among the best in retail and continue to outperform in a challenging environment.

$AMH ( ▼ 0.88% ) is a dominant player in the single family rental sector with a strong presence in the Sunbelt and a significant internal development pipeline. The demographic foundation for single family rentals remains solid as families continue to seek affordable, high quality rental housing. Land and Buildings added to this position because they see a long runway for rent growth and believe the underlying real estate is trading at a discount.

Sun Communities $SUI ( ▲ 0.06% ) is a leader in manufactured housing, RV parks, and marinas and generates stable recurring income with very little new supply competition. Its business model is built on high retention rates and predictable long term revenue streams. Land and Buildings increased their stake because SUI offers defensive income, strong demographics, and high visibility of future cash flow.

Tanger $SKT ( ▼ 1.72% ) operates open air outlet centers that serve value oriented consumers and benefit from retailers seeking experiential and cost effective locations. Traffic and re leasing spreads have held up remarkably well in recent years. Land and Buildings expanded their position because they believe Tanger is undervalued relative to its actual operating performance and private market benchmarks.

Centerspace $CSR ( ▲ 0.34% ) owns multifamily properties in the Upper Midwest where demand is stable and affordability remains strong. The company has successfully repositioned its portfolio and strengthened operations. Land and Buildings nearly doubled their stake because they believe the market is not paying attention to the progress Centerspace has made or to the resilience of its markets.

Taken as a group, these investments deliver a very clear message. Real estate remains deeply undervalued in the public markets compared to private market valuations. High quality assets across logistics, towers, apartments, single family rentals, manufactured housing, outlet retail, and even contrarian office and leisure real estate are being priced as if long term fundamentals no longer apply. Litt is betting that they do. And he is betting on management teams that can either unlock value themselves or be encouraged to do so with the right engagement.

When Litt buys, he is identifying value that the market is missing. And when Land and Buildings concentrates capital across this diverse list of assets, it is a sign that selective real estate is preparing for a powerful rerating as rates stabilize and fundamentals reassert themselves.

Land and Buildings remains one of the most analytically driven and activist aware real estate investors in the market. Their Q3 2025 purchases provide a detailed map of where they see the best opportunities for value realization. For investors who care about asset value, governance, and strategic positioning, their activity is a guide to the parts of real estate where mispricing is greatest and where the next leg of returns is most likely to come from.