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LBIM

Land & Buildings Investment Management Portfolio holdings

AUM $591M
1-Year Est. Return 10.19%
This Fund
S&P 500
This Quarter Est. Return
-15.48%
1 Year Est. Return
+10.19%
3 Year Est. Return
+42.74%
5 Year Est. Return
+59.01%
10 Year Est. Return
+203.53%
AUM
$361M
AUM Growth
-$103M
Cap. Flow
-$36.7M
Cap. Flow %
-10.16%
Top 10 Hldgs %
82.07%
Holding
18
New
4
Increased
3
Reduced
7
Closed
3

Top Buys

Rank Stock Value
1
CWK icon
Cushman & Wakefield Ltd
CWK
+$26.2M
2
HLT icon
Hilton Worldwide
HLT
+$22.5M
3
CZR icon
Caesars Entertainment
CZR
+$17M
4
DHI icon
D.R. Horton
DHI
+$15.1M
5
TIER
TIER REIT, Inc.
TIER
+$14.4M

Top Sells

Rank Stock Value
1
VRE
Veris Residential
VRE
+$28.7M
2
LEN icon
Lennar Class A
LEN
+$28.5M
3
LPT
Liberty Property Trust
LPT
+$20M
4
MGM icon
MGM Resorts International
MGM
+$16.3M
5
BKD icon
Brookdale Senior Living
BKD
+$16.2M

Sector Composition

Rank Sector Weight
1 Real Estate 41.17%
2 Consumer Discretionary 32.23%
3 Healthcare 7.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TCO
1
DELISTED
Taubman Centers Inc.
TCO
$50.7M 14.06%
1,114,947
– –
QTS
2
DELISTED
QTS REALTY TRUST, INC.
QTS
$47.2M 13.09%
1,275,247
-92,840
-7% -$3.68M
MGM icon
3
MGM Resorts International
MGM
$11.2B
$40.3M 11.18%
1,663,200
-625,482
-27% -$16.3M
BKD icon
4
Brookdale Senior Living
BKD
$3.4B
$28.4M 7.87%
4,239,031
-1,929,890
-31% -$16.2M
DHI icon
5
D.R. Horton
DHI
$42.3B
$27.8M 7.69%
801,044
+414,244
+107% +$15.1M
TIER
6
DELISTED
TIER REIT, Inc.
TIER
$23.4M 6.49%
1,134,630
+643,330
+131% +$14.4M
CWK icon
7
Cushman & Wakefield Ltd
CWK
$3.25B
$22.7M 6.29%
+1,569,600
New +$26.2M
HLT icon
8
Hilton Worldwide
HLT
$71.5B
$22.3M 6.19%
+311,200
New +$22.5M
LPT
9
DELISTED
Liberty Property Trust
LPT
$16.9M 4.68%
403,193
-464,137
-54% -$20M
PLD icon
10
Prologis
PLD
$133B
$16.3M 4.52%
277,914
+93,927
+51% +$6.09M
CZR icon
11
Caesars Entertainment
CZR
$6.14B
$15.5M 4.3%
+428,600
New +$17M
SBAC icon
12
SBA Communications
SBAC
$19.5B
$14.4M 3.98%
88,785
-30,800
-26% -$5.01M
EQR icon
13
Equity Residential
EQR
$25.1B
$12.7M 3.53%
+193,100
New +$13M
VRE
14
DELISTED
Veris Residential
VRE
$11.7M 3.25%
599,532
-1,404,248
-70% -$28.7M
MAR icon
15
Marriott International
MAR
$92.3B
$10.3M 2.86%
94,990
-88,910
-48% -$10.2M
INVH icon
16
Invitation Homes
INVH
$18B
– –
-359,832
Closed -$8.2M
LEN icon
17
Lennar Class A
LEN
$21.2B
– –
-630,956
Closed -$28.5M
RVI
18
DELISTED
Retail Value Inc. Common Shares
RVI
– –
-4,667,331
Closed -$14M

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BBL
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CFM
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Land & Buildings Investment Management's Q4 2018 Portfolio in Review

As of Q4 2018, Land & Buildings Investment Management held 18 positions worth $361M, down 22% from $464M the previous quarter. Its ten largest holdings account for 82% of the portfolio.

Land & Buildings Investment Management withdrew a net $36.7M in Q4 2018, closing 3 positions and reducing 7 holdings. Its most notable exit was Lennar Class A, an estimated $28.5M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 41% of assets, up from 36% a quarter earlier, followed by Consumer Discretionary and Healthcare.

Against the trend, Land & Buildings Investment Management opened a new position in Cushman & Wakefield Ltd worth $22.7M.

  • Land & Buildings Investment Management's largest Q4 2018 buy was Cushman & Wakefield Ltd: 1,569,600 shares worth $22.7M.
  • Land & Buildings Investment Management added most to D.R. Horton in Q4 2018, an estimated $15.1M increase.
  • Land & Buildings Investment Management's biggest Q4 2018 reduction was Veris Residential, cutting an estimated $28.7M.
  • Land & Buildings Investment Management fully exited Lennar Class A in Q4 2018, selling an estimated $28.5M.
  • Land & Buildings Investment Management's ten largest holdings make up 82% of its $361M portfolio in Q4 2018.
  • Land & Buildings Investment Management opened 4 new positions and closed 3 in Q4 2018.
  • Land & Buildings Investment Management's portfolio value fell 22% quarter-over-quarter to $361M.

Based on Land & Buildings Investment Management's 13F filing for Q4 2018, filed 14 Feb 2019.