Jonathan Litt - L&B

Official account of Jonathan Litt, founder and CIO of investment management firm Land & Buildings. Former sell-side analyst.

[Jonathan Litt - L&B @JonLitt]

$UMH CEO Samuel A. Landy took home $2.9 million in 2025, while shareholders suffered -19%, -12%, and -24% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years.

Persistent underperformance should not be rewarded with multi-million dollar pay packages.

Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (Jeffrey A. Carus, William E. Mitchell, Angela D. Pruitt-Marriott, Kenneth K. Quigley, Jr.), in our view.

Annual meeting is May 27, 2026.

#ProxyVote #REIT #CorporateGovernance #ShareholderValue

$AAT $AHH $BNL $CHCT $CIO $CSR $CTRE $ELME $EPRT $IRT $LTC $NHI $TRNO

[Jonathan Litt - L&B @JonLitt]

$FCPT CEO William H. Lenehan took home $5.7 million in 2025, while shareholders suffered -16%, -21%, and -15% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years.

Persistent underperformance should not be rewarded with multi-million dollar pay packages.

Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (Douglas B. Hansen, Charles L. Jemley, Toni Steele), in our view.

Annual meeting is June 4, 2026.

#ProxyVote #REIT #CorporateGovernance #ShareholderValue

$AKR $ADC $AAT $BNL $CSR $EPR $EPRT $GTY $LXP $NTST $OLP $BFS $STAG

[Jonathan Litt - L&B @JonLitt]

$EQR CEO Mark J. Parrell took home $12.8 million in 2025, while shareholders suffered -37%, -25%, and -13% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years.

Persistent underperformance should not be rewarded with multi-million dollar pay packages.

Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (Mary Kay Haben, Ann C. Hoff, Tahsinul Zia Huque, Mark S. Shapiro, Stephen E. Sterrett), in our view.

Annual meeting is June 18, 2026. L&B has a position in EQR.

#ProxyVote #REIT #CorporateGovernance #ShareholderValue

$PLD $WELL $SPG $EQIX $DLR $PSA $VTR $EXR $AVB $BXP $INVH $ESS $MAA $SUI $UDR $CPT

[Jonathan Litt - L&B @JonLitt]

$MPT CEO Edward K. Aldag, Jr. took home $15.9 million in 2025, while shareholders suffered -53%, -45%, and -3% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years.

CEO Aldag's total compensation is 42% above the peer group average of $11.2 million, despite persistent underperformance across every trailing period.

Persistent underperformance should not be rewarded with multi-million dollar pay packages.

Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (C. Reynolds Thompson, III, Emily W. Murphy, D. Paul Sparks, Jr.), in our view.

Annual meeting is May 28, 2026.

#ProxyVote #REIT #CorporateGovernance #ShareholderValue

$ARE $BXP $DEI $GLPI $HR $DOC $HPP $JBGS $KRC $OHI $SLG $VTR $VNO $WPC

[Jonathan Litt - L&B @JonLitt]

$SBAC CEO Brendan T. Cavanagh took home $11.4 million in 2025, while shareholders suffered -73%, -74%, and -44% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years.

Persistent underperformance should not be rewarded with multi-million dollar pay packages.

Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (Kevin L. Beebe, Laurie Bowen, Mary S. Chan, Jack Langer), in our view.

Annual meeting is May 22, 2026.

#ProxyVote #REIT #CorporateGovernance #ShareholderValue

$AMT $AVB $CPT $CCI $DLR $EQIX $EQR $ESS $EXR $DOC $IRM $LAMR $OUT $PLD $PSA $O $UNIT $VTR $VSAT $WELL

[Jonathan Litt - L&B @JonLitt]

$BXP CEO Owen D. Thomas took home $23.0 million in 2025, while shareholders suffered -57%, -32%, and -15% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years.

CEO Thomas's total compensation is 74% above the peer group average of $13.3 million, despite persistent underperformance across every trailing period.

Persistent underperformance should not be rewarded with multi-million dollar pay packages.

Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (Timothy J. Naughton, Bruce W. Duncan, William H. Walton, III, Derek Anthony (Tony) West), in our view.

Annual meeting is May 21, 2026.

#ProxyVote #REIT #CorporateGovernance #ShareholderValue

$ARE $AMT $AVB $DLR $DEI $ESS $HST $KRC $PLD $REG $SPG $SLG $UDR $VTR $VNO $WELL

[Jonathan Litt - L&B @JonLitt]

$AMT CEO Steven O. Vondran took home $14.9 million in 2025, while shareholders suffered -23%, -60%, and -82% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years.

Persistent underperformance should not be rewarded with multi-million dollar pay packages.

Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (Lieblein, Chambliss, Ray, and Reilly), in our view.

Annual meeting is May 20, 2026.

#ProxyVote #REIT #CorporateGovernance #ShareholderValue

$ADBE $BKNG $AVGO $BXP $CCI $DLR $EQIX $EQR $FIS $INTU $LHX $MA $MSI $NEE $PLD $PSA $CRM $SBAC $SPG $TXN $VTR $WELL

[Jonathan Litt - L&B @JonLitt]

$CCI CEO Christian H. Hillabrant took home $14.2 million in 2025, while shareholders suffered -20%, -71%, and -115% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years.

Persistent underperformance should not be rewarded with multi-million dollar pay packages.

Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (Thornton, Goldsmith, Kabat, Motlagh, and Stephens), in our view.

Annual meeting is May 20, 2026.

#ProxyVote #REIT #CorporateGovernance #ShareholderValue

$ARE $AMT $AVB $ANET $DLR $EQIX $EQR $EXR $INVH $IRM $MAA $MSI $PLD $PSA $SBAC $SPG $VTR $WELL $WY

[Jonathan Litt - L&B @JonLitt]

$AVB CEO Benjamin W. Schall took home $9.7 million in 2025, while shareholders suffered -17%, -29%, and -29% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years.

Persistent underperformance should not be rewarded with multi-million dollar pay packages.

Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (Hills, Brown, Lieb, and Swanezy), in our view.

Annual meeting is May 20, 2026.

#ProxyVote #REIT #CorporateGovernance #ShareholderValue

$AMH $BXP $DLR $ESS $EQR $EXR $INVH $MAA $PSA $SPG $SUI $UDR $VTR $WELL

[Jonathan Litt - L&B @JonLitt]

$REXR Co-CEOs Howard Schwimmer and Michael S. Frankel took home a combined $51.8 million in 2025, while shareholders suffered -2%, -50%, and -21% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years.

REXR's combined Co-CEO compensation is 456% above the peer group average of $9.3 million, despite persistent underperformance across every trailing period.

Persistent underperformance should not be rewarded with multi-million dollar pay packages.

Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (Antin, Morris, and Kleiman), in our view.

Annual meeting is May 19, 2026.

#ProxyVote #REIT #CorporateGovernance #ShareholderValue

$BXP $COLD $DEI $EGP $FR $KIM $KRC $PEAK $STAG $UDR $VNO $WPC

[Jonathan Litt - L&B @JonLitt]

$MAA CEO A. Bradley Hill took home $5.5 million in 2025, while shareholders suffered -12%, -14%, and -5% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years.

Persistent underperformance should not be rewarded with multi-million dollar pay packages.

Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (Deborah H. Caplan, John P. Case, Sheila K. McGrath, Claude B. Nielsen), in our view.

Annual meeting is May 19, 2026. L&B has a position in MAA.

#ProxyVote #REIT #CorporateGovernance #ShareholderValue

$AMH $AVB $BXP $CPT $ELS $EQR $ESS $EXR $INVH $KIM $PSA $SUI $UDR

[Jonathan Litt - L&B @JonLitt]

$COLD CEO Robert S. Chambers took home $3.5 million in 2025, while shareholders suffered -47%, -92%, and -129% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years.

Persistent underperformance should not be rewarded with multi-million dollar pay packages.

Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (Antonio F. Fernandez, Kelly H. Barrett, Pamela K. Kohn, David J. Neithercut), in our view.

Annual meeting is May 18, 2026. L&B has a position in COLD.

#ProxyVote #REIT #CorporateGovernance #ShareholderValue

$BJ $CHRW $CAG $CUBE $EXR $FR $FDP $GO $GXO $IRM $LW $LINE $PSMT $PSA $R $SPTN $SFM $STAG $GEO $UNFI

[Jonathan Litt - L&B @JonLitt]

$UDR CEO Thomas W. Toomey took home $9.9 million in 2025, while shareholders suffered -13%, -15%, and -15% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years.

Persistent underperformance should not be rewarded with multi-million dollar pay packages.

Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (Robert A. McNamara, Jon A. Grove, Mary Ann King, Mark R. Patterson), in our view.

Annual meeting is May 21, 2026.

#ProxyVote #REIT #CorporateGovernance #ShareholderValue

$AMH $AVB $BXP $CUBE $ESS $EXR $DOC $HST $KIM $REG

[Jonathan Litt - L&B @JonLitt]

Excited to have been a guest on CNBC last night with Melissa Lee and the Fast Money traders.

We had a lively exchange, including discussing the 35% downside in Welltower $WELL share price to trade at valuations consistent with their peers Ventas $VTR and American Healthcare REIT $AHR and concern that the compensation plan that could pay out $3 billion to the CEO is not aligned with maximizing value with shareholders, but rather a transfer of wealth from shareholders to the CEO.

VTR and AHR have comparable growth outlooks in the fast growing senior housing business, a better alignment of interest between CEO pay and shareholders, and a substantially lower valuation.

L&B has positions in WELL, VTR and AHR.

[Jonathan Litt - L&B @JonLitt]

Compensation Plan Hubris: Why Welltower’s Ten-Year Executive Program Is Likely to Lead to Inferior Shareholder Returns

Link to L&B white paper: https://t.co/80FfgSwVZR

A Detailed White Paper on the Analysis of Misalignment, Misleading Disclosure, and the Transfer of Wealth from Shareholders to Management

KEY FINDINGS
• CEO’s Potential $3.04 Billion Payout Dwarfs Career Earnings of Most Accomplished CEOs in REIT History
• Firing CEO for Poor Performance Triggers ~$500M+ in Immediate LTIP Acceleration: Board Cannot Change Leadership Without Enriching the Executive It Is Removing
• Welltower Shares Trade at 144% Premium to NAV and 33x FFO: Investors Switching to Ventas or AHR Receive 50% More Asset Value Per Dollar
• Estimates Shares Could See ~35%-60% Downside From Current Levels to Match Peer Valuations
• Performance Hurdles Already Largely Met Six Months in With CEO’s Estimated Award If Plan Ended Today ~$1 Billion

L&B has a position in $WELL, $AHR, $VTR.

[Jonathan Litt - L&B @JonLitt]

L&B's 2026 Executive Compensation Halftime Report identified 21 REIT CEOs have consistently underperformed their proxy peers, yet their executive compensation was rarely adjusted

Executive compensation should be tied to performance. When it is not, shareholders bear the cost

Shareholders can best express their frustration by voting against the compensation committee members and say on pay at upcoming annual meetings

Link to L&B's 2026 Executive Compensation Halftime Report : https://t.co/lyEuHxTfhN

[Jonathan Litt - L&B @JonLitt]

$CUBE CEO Christopher P. Marr took home $9.2 million in 2025, while shareholders suffered -1%, -20%, and -1% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years.

Persistent underperformance should not be rewarded with multi-million dollar pay packages.

Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (Dorothy Dowling, Piero Bussani, John F. Remondi, Jeffrey F. Rogatz), in our view.

Annual meeting is May 19, 2026.

#ProxyVote #REIT #CorporateGovernance #ShareholderValue

$AMH $COLD $AIRC $BRX $CPT $CHH $CDP $ELS $EXR $FRT $HIW $MAA $NSA $PSA $SUI $SKT $UDR

[Jonathan Litt - L&B @JonLitt]

$WY CEO Devin W. Stockfish took home $14.0 million in 2025, while shareholders suffered -15%, -35%, and -50% underperformance to proxy compensation peers over the trailing 1, 3, and 5 years.

Persistent underperformance should not be rewarded with multi-million dollar pay packages.

Shareholders frustrated by excessive compensation and poor returns can vote against the compensation committee (Rick R. Holley, Rick Beckwitt, Mark A. Emmert, Al Monaco, James C. O'Rourke, Nicole W. Piasecki), in our view.

Annual meeting is May 15, 2026. L&B has a position in WY.

#ProxyVote #REIT #CorporateGovernance #ShareholderValue

$APD $AVB $BALL $BLDR $BXP $CCI $EMN $EQIX $EQR $IP $IRM $NTR $PKG $PPG $PSA $SPG $MOS $VTR

[Jonathan Litt - L&B @JonLitt]

Believes FR’s Own Letter Reinforces L&B’s Core Thesis: A High-Quality Portfolio Trades at a Persistent Discount Due to Governance Failures

Notes That FR’s Updated TSR Tables Now Include the Activism Premium Generated by L&B’s Campaign, Undermining the Board’s Claims of Organic Outperformance

Highlights That Every Concession FR Has Made Since December 2025 – Buyback, Dividend Increase, New Director, Property Tours – Occurred Only After L&B’s Public Pressure

Calls on Fellow Shareholders to Vote Against the Reelection of Chairman Matt Dominski and Director H. Patrick Hackett, Jr. – the Two Longest-Tenured Directors on the Board – at the Upcoming Annual Meeting

Link to today’s L&B press release: https://t.co/BrHSv8Ig3j

L&B has a position in $FR