Land & Buildings buys into National Storage Affiliates in Q4 2025

Activist investor Land & Buildings Investment Management LLC added two new real estate investment trust positions to its portfolio during the fourth quarter of 2025 and sold out of five REIT holdings.

The firm's largest new holding was a stake in self-storage REIT National Storage Affiliates Trust amounting to more than 1.3 million shares and valued at $37.1 million as of Dec. 31, 2025, according to its latest Form 13F filing.

Land & Buildings also took a small $5.0 million stake in retail REIT Curbline Properties Corp.

Position increases

Land & Buildings increased share count in nine existing holdings.

The firm nearly doubled its stake in hotel REIT Ryman Hospitality Properties Inc., closing the year with 203,643 shares owned, a position valued at $19.3 million.

Share count in data center REIT Equinix Inc. grew 81.7% during the fourth quarter, lifting it to the firm's fourth-largest holding by market value at $44.4 million.

The investment firm enlarged its stake in multifamily REIT Centerspace by 38.2%, bringing it to the firm's largest position by market value at $55.3 million.

The firm's share count in industrial REIT First Industrial Realty Trust Inc. increased 28.4% during the quarter. On Dec. 4, 2025, the activist investor issued a presentation claiming that First Industrial's portfolio is underappreciated by many investors relative to the quality it provides and that the stock trades at a substantial discount to its net asset value (NAV). As part of the investor's presentation, Land & Buildings urged First Industrial to take actions to close its discount to NAV, including exploring selling assets and returning capital to shareholders. Should the discount persist, Land & Buildings recommended evaluating strategic alternatives, believing that the industrial REIT would be highly sought after by buyers.

Other positions boosted by Land & Buildings during the quarter included casino REIT Gaming & Leisure Properties Inc., manufactured home REIT Sun Communities Inc., single-family rental REIT American Homes 4 Rent and amusement park operator Six Flags Entertainment Corp.

Position decreases

Land & Buildings sold out of five REIT positions during the fourth quarter.

Self-storage REIT Extra Space Storage Inc. marked the firm's largest exit, a position valued at roughly $19.4 million the quarter prior.

Land & Buildings also sold out of communications REIT Crown Castle Inc., a position valued at $12.5 million in the previous quarter.

Other REIT stocks that the firm sold out of in the fourth quarter were office REIT Empire State Realty Trust Inc., as well as multifamily REITs AvalonBay Communities Inc. and UDR Inc.

Among the firm's other positions, Land & Buildings cut its stake in industrial REIT Prologis Inc. by 36.3% and reduced its share count in regional mall REIT Simon Property Group Inc. by 18.8%.

Land & Buildings trimmed its share count in hotel operator Marriott International Inc. by 14.1% and in real estate services firm CBRE Group Inc. by 10.4%.

Other reduced REIT positions included outlet center REIT Tanger Inc. along with healthcare REITs American Healthcare REIT Inc., National Health Investors Inc. and Ventas Inc.

Holdings by sector

By property sector, Land & Buildings' holdings in residential REITs totaled $125.3 million in market value as of year-end.

The firm's healthcare REIT holdings aggregated to $120.2 million in market value, while holdings in industrial REITs totaled $69.3 million.