Land & Buildings adds Aimco to investment portfolio in Q2

Multifamily-focused Aimco marked the latest addition to Land & Buildings Investment Management LLC's investment portfolio, according to the activist investor's most recent Form 13F filing.

Buying into Aimco

Land & Buildings purchased more than 7 million shares of Aimco during the second quarter, an investment worth roughly $45.2 million at quarter-end, the firm's second-largest holding by market value.

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The investment firm also purchased $27.4 million worth of industrial REIT Duke Realty Corp., which announced its planned acquisition by Prologis Inc. on May 10, as well as 653,470 shares in healthcare REIT Healthcare Realty Trust Inc., which completed its merger with Healthcare Trust of America Inc. July 20.

The firm's other initiations during the quarter included SmartRent Inc., a software company that provides integrated smart home operating systems for residential properties, as well as gaming company Caesars Entertainment Inc., a stock the investment firm has been in and out of since the third quarter of 2020.

In addition, Land & Buildings upped its stake in hotel REIT Ryman Hospitality Properties Inc. by 47.8% to 323,200 shares at quarter-end, a position valued at $24.6 million.

Other position increases included single-family rental REIT American Homes 4 Rent and shopping center-focused Retail Opportunity Investments Corp. with share count increases of 39.0% and 31.5%, respectively.

Selling out of American Campus Communities, LXP Industrial Trust

Land & Buildings sold its stake in student housing REIT American Campus Communities Inc., which was acquired by units of Blackstone Inc. on Aug. 9. It also exited its stakes in industrial REITs LXP Industrial Trust and Rexford Industrial Realty Inc.

The investment firm sold two-thirds of its share count in homebuilder D.R. Horton Inc., as well as roughly a quarter of its stake in healthcare REIT Ventas Inc.

Largest exposure remains residential REITs

Residential REITs continued to be the firm's largest exposure by property sector at quarter-end, at $179.8 million in aggregate.

Multifamily REIT Apartment Income REIT Corp. marked the firm's largest holding at quarter-end by market value, at $45.7 million, followed by Aimco and American Homes 4 Rent at $45.2 million and $44.6 million, respectively.

The healthcare sector followed next at $51.8 million, followed by the self-storage sector at $39.6 million.