Land & Buildings Investment Management is a real estate value investor. Their latest Form ADV shows $577 million in AUM as of December 31, 2018. Land & Buildings is most well known for REIT activism, although they ran a regular real estate focused fund for several years before switching the emphasis to activism. Their performance has been good recently. Forbes noted in 2016 that their activist positions returned over 35% on a gross annualized basis between 2012 and 2016. Overall, their fund has reported annual returns in the high teens, consisting of a mix