Activist investment manager Land & Buildings is again using pressure in an attempt to gain control of a real estate portfolio—this time that of S&P 500 member Ventas.
In a press release that includes a letter the company is sending to other shareholders, Land & Buildings claimed that "total shareholder returns and earnings growth have significantly underperformed its closest peer over the past 10, 5, 3 and 1-year periods" and further said it "believes Ventas' bad faith engagement with Land & Buildings underscores the need for change at the board level."
Land & Buildings previously had proposed adding its founder and chief investment officer, Jonathan Litt, to the Ventas board, as the Wall Street Journal reported.
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