Land & Buildings Investment Management's Q2 Moves: New Positions in GLPI and REXR, Exits AIV and VICI

Land & Buildings Investment Management, an activist investor, took new positions in Gaming and Leisure Properties, Rexford Industrial Realty, and Centerspace in Q2. The firm exited Apartment Investment and Management and VICI Properties. The summary focuses on the principal points of the article, highlighting the activist investor's Q2 moves.

Land & Buildings Investment Management, an activist investor, made significant moves in the real estate sector during Q2 2025. The firm initiated new positions in Gaming and Leisure Properties Inc. (GLPI), Rexford Industrial Realty Inc. (REXR), and Centerspace, while exiting Apartment Investment and Management Co. (AIV) and VICI Properties Inc. (VICI) [1].

New Positions:
1. Gaming and Leisure Properties Inc. (GLPI): Land & Buildings entered GLPI with a $25.2 million stake. This investment reflects the firm's optimism in the gaming and leisure sector, which has shown resilience and growth in recent years.
2. Rexford Industrial Realty Inc. (REXR): The firm took a new position in REXR with a $20 million investment. This move indicates confidence in the industrial real estate market, which has seen increased demand due to e-commerce growth and supply chain disruptions.
3. Centerspace: Although the exact amount and details of the investment are not provided, the firm's entry into Centerspace signals a focus on flexible office spaces and co-working environments, which have gained traction in the post-pandemic era.

Exits:
1. Apartment Investment and Management Co. (AIV): Land & Buildings exited AIV with a $27.2 million position. This move suggests a strategic shift away from the apartment investment sector, possibly due to market conditions or the firm's evolving investment strategy.
2. VICI Properties Inc. (VICI): The firm also exited VICI with an unspecified amount. VICI is a hospitality real estate investment trust, and the exit could indicate a reassessment of the hospitality sector's prospects or a focus on other real estate segments.

These Q2 2025 moves by Land & Buildings highlight the firm's strategic focus on high-growth sectors within the real estate industry. The firm's entry into GLPI and REXR, along with its potential investment in Centerspace, reflects optimism in the gaming, industrial, and flexible office spaces sectors. The exits from AIV and VICI suggest a strategic realignment of the firm's portfolio.

Investors should closely monitor these moves, as activist involvement often signals potential operational improvements or strategic shifts in the targeted companies. Understanding the rationale behind these moves can provide valuable insights into the firm's investment strategy and the broader real estate market trends.

References:
[1] https://www.boardroomalpha.com/activist-investors-shake-up-portfolios-q2-2025-13f-highlights/