Activist investor Jonathan Litt is at it again.
The activist investor, specializing in real estate investment trusts, started his firm, Land & Buildings, in 2008 and has been battling real estate investment trust (REIT) boards to improve returns for himself and other investors ever since.
Litt has waged several successful campaigns at BRE Properties, Associated Estates, and MGM Resorts International (MGM). His campaign at campus housing REIT American Campus Communities (ACC) ended earlier this year with Blackstone Inc. (BX) buying the REIT for $3 billion, giving Litt and his fellow investors a huge win.
This time, Litt is battling with Apartment Investment and Management Co. (AIV) – better known as Aimco. He started fighting with the company in 2020, when the multifamily housing REIT announced a spin-off of 99 apartment communities into a newly formed REIT, Apartment Income REIT Corp. (AIRC), without a shareholder vote.
Litt lost that battle, and the spin was completed in December 2020.
But now…
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