Real estate investment trust activist and investment manager Land & Buildings Investment Management LLC added four holdings to its portfolio during the third quarter and disposed of its positions in four, according to the firm's recent 13F filing. Land & Buildings also increased its share count in two positions in the quarter, while decreasing its exposure in seven.

As of Sept. 30, Land & Buildings held stakes in 14 publicly traded real estate companies, valued at $463.7 million in total. Taubman Centers Inc., a regional mall REIT, continued to top the list as the asset manager's largest holding, with a stake valued at $66.7 million, the only position with a share count that remained unchanged from the preceding quarter.

Land & Buildings' largest initiation during the quarter was in industrial REIT Liberty Property Trust, valued at $36.6 million. According to The Wall Street Journal, the investment manager is pressing Liberty to consider selling itself.

During the recent quarter, Land & Buildings further increased its stake in office REIT Mack-Cali Realty Corp. to 2.22% of outstanding shares after quadrupling its share count in the REIT the prior quarter.

Led by Jonathan Litt, the activist investor is pushing for changes at Mack-Cali, including a partial or full sale of the REIT, according to Bloomberg News. After learning in late September that Mack-Cali may have dismissed a potential bid from an unnamed party to acquire the office REIT "at a significant premium," Litt said he was prepared to nominate a list of directors for the REIT's board should the company not entertain offers it has received, Bloomberg News reported.

Land & Buildings also upped its share count in global entertainment company MGM Resorts International by 81.7%, bringing the manager's stake in the company to 0.43%.

The firm disposed of its stakes in four companies during the quarter, including regional mall REIT Macerich Co., hotel operator Hilton Worldwide Holdings Inc. and casino and gaming operator Wynn Resorts Ltd. The firm's sale of its stake in self-storage REIT Life Storage Inc. was its largest exit by market value; the position was valued at $37.8 million on June 30.

Did you enjoy this analysis? Click here to set email alerts for future Data Dispatch articles. Click here to view more information on Land and Buildings's current common stock holdings. Company filings including the 13F can be found through the filings archive tab on a company's briefing book page.