Land & Buildings exits stake in National Health Investors in Q2

Activist investor Land & Buildings Investment Management LLC sold its stake in healthcare real estate investment trust National Health Investors Inc. in the second quarter of 2026, according to the company's latest Form 13F filing.

Land & Buildings owned 587,247 shares in National Health Investors in the first quarter, valued at $47.5 million on March 31, making it the company's fourth-largest holding at the time.

Land & Buildings had previously pushed for changes to the healthcare REIT's board composition ahead of the 2024 and 2025 annual shareholder meetings, claiming potential conflicts of interest among several directors with dual loyalties between National Health Investors and National HealthCare Corp., one of National Health Investors' major tenants. National HealthCare Corp. represented about 13% of the REIT's annual rental revenue at the time, and its lease agreement was set to expire in 2026.

While Land & Buildings' nominees to National Health Investors' board did not get a board seat, the company acknowledged that the REIT has made improvements in direct response to its engagement. National Health Investors recently sold its portfolio of 32 skilled nursing facilities and three independent living facilities leased to National HealthCare Corp. for $560 million.

Position decreases, exits

In addition to its exit in National Health Investors, Land & Buildings exited four other positions in the second quarter.

Land & Buildings sold a 168,836-share stake in industrial REIT Prologis Inc., valued at approximately $22.3 million as of March 31, and a 444,623-share stake in casino REIT Gaming & Leisure Properties Inc., valued at $19.7 million.

Land & Buildings also sold its stake in Six Flags Entertainment Corp., valued at $11.4 million as of March 31, and its shares in SBA Communications Corp., valued at $10.3 million.

Additionally, Land & Buildings reduced its share count in 10 other holdings during the quarter, including about half of its stake in hotel REIT Ryman Hospitality Properties Inc., just over one-third of its shares in data center REIT Equinix Inc., and more than 25% of its shares in single-family rental REIT Invitation Homes Inc.

Other holdings that were trimmed included advertising REITs OUTFRONT Media Inc. and Lamar Advertising Co., industrial REIT First Industrial Realty Trust Inc., hotel operator Marriott International Inc., retail REITs Simon Property Group Inc. and Tanger Inc., as well as 26 shares of real estate services company CBRE Group Inc.

Position increases, new stakes

Land & Buildings added four new positions in the second quarter. The largest was a nearly 2.2 million share stake in data center REIT Blackstone Digital Infrastructure Trust Inc., marking the firm's fourth-largest holding by market value at $47.4 million as of June 30.

Blackstone Digital Infrastructure Trust completed an IPO on the New York Stock Exchange on May 13.

Land & Buildings also bought back into homebuilder D.R. Horton Inc. during the quarter after exiting the stock in the third quarter of 2025. As of June 30, Land & Buildings owned 113,257 shares in D.R. Horton, valued at $18.4 million at quarter-end.

Other new stakes in the activist investor's portfolio included casino REIT VICI Properties Inc., valued on June 30 at $5.5 million, and office REIT Douglas Emmett Inc., valued at $1.8 million.

Land & Buildings increased its stake in healthcare REIT Ventas Inc. by 43.7% to 527,994 shares, valued at $46.9 million as of June 30, making it the firm's fifth-largest position.

The company also increased its share count in retail-focused Curbline Properties Corp. by 20.9%, data center REIT Digital Realty Trust Inc. by 18.6%, manufactured home REIT Sun Communities Inc. by 12.5% and healthcare-focused American Healthcare REIT Inc. by 8.9%.

Top holdings

American Healthcare REIT, Land & Buildings' third-largest holding in the previous quarter, became the company's largest holding by market value at $57.4 million on June 30.

The firm's second-largest holding was Simon Property Group, valued at $48.4 million at quarter-end, followed by First Industrial Realty Trust, valued at $47.9 million.

Land & Buildings pushed for changes to First Industrial Realty Trust's board ahead of its April 30 annual shareholders meeting, claiming the REIT traded at a much lower valuation than other high-quality industrial REITs such as Prologis and EastGroup Properties Inc. In the report, Land & Buildings urged First Industrial to explore several initiatives to improve shareholder value, including selling between $500 million and $1 billion of assets and returning proceeds to shareholders, scheduling property tours for investors, and refreshing the REIT's board with new directors experienced in capital allocation and REIT value creation.

In response, First Industrial claimed Land & Buildings repeatedly made misleading statements about the REIT's strategy and governance, and stated that it delivered superior total shareholder returns relative to its proxy and industrial peers on a one-, three- and five-year basis. To further drive shareholder valuation, First Industrial announced the appointment of Frank E. Schmitz as an independent director, effective June 1, and a new $250 million share repurchase program. Since Land & Buildings' campaign against First Industrial Realty Trust began in December 2025, the REIT has also increased its monthly dividend by 12.4% and scheduled property tours in Southern California and New Jersey.

Shareholders reelected each of the REIT's incumbent directors, bringing the total to seven directors, six of whom are independent.

By sector, Land & Buildings held the highest exposure to retail REITs, at $113.0 million in aggregate.

The firm also held $104.3 million each in healthcare and data center REITs, followed by $79.6 million in residential REITs.