WhaleCreep

Land & Buildings Investment Management, LLC 13F holdings, Q4 2025

Hedge fundSEC filingsCompare with another fundHoldings as of 2025-12-31, filed 2026-02-17

Land & Buildings Investment Management, LLC disclosed 19 US equity positions worth $601.6m in its Q4 2025 13F filing. Its largest position is CSR at 9.2% of the reported book, followed by FR and AHR. Versus Q3 2025 it opened 2 new positions, added to 9, reduced 8 and exited 5.

$602m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
19
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.2%
Largest position
The largest single position as a share of the reported equity book.
68.2%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
16
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
59
Quarters on file since Q4 2011
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q3 2025: 2 new, 9 added, 8 reduced, 5 exited

19 rows
CSR CENTERSPACEReal Estate9.2%$55.3m828,398+38%added
FR FIRST INDL RLTY TR INCReal Estate8.7%$52.3m912,517+28%added
AHR AMERICAN HEALTHCARE REIT INCReal Estate8.2%$49.6m1.05m−8.6%reduced
EQIX EQUINIX INCReal Estate7.4%$44.4m57,912+82%added
VTR VENTAS INCReal Estate6.5%$39.1m505,225−3.2%reduced
NSA* NATIONAL STORAGE AFFILIATES–6.2%$37.1m1.31m–new
SUI SUN CMNTYS INCReal Estate5.9%$35.4m285,481+22%added
AMH AMERICAN HOMES 4 RENTReal Estate5.8%$34.7m1.08m+10%added
NHI NATIONAL HEALTH INVS INCReal Estate5.2%$31.6m413,133−5.2%reduced
SPG SIMON PPTY GROUP INC NEWReal Estate5.2%$31.0m167,517−19%reduced
OUT OUTFRONT MEDIA INCReal Estate5.0%$29.9m1.24m+31%added
SKT TANGER INCReal Estate4.6%$27.6m826,822−8.4%reduced
FUN SIX FLAGS ENTERTAINMENT CORPConsumer Cyclical4.4%$26.7m1.74m+9.9%added
GLPI GAMING & LEISURE PReal Estate4.2%$25.5m570,099+29%added
CBRE CBRE GROUP INCReal Estate3.4%$20.5m127,512−10%reduced
MAR MARRIOTT INTL INC NEWConsumer Cyclical3.3%$19.7m63,655−14%reduced
RHP RYMAN HOSPITALITY PPTYS INCReal Estate3.2%$19.3m203,643+91%added
PLD PROLOGIS INC.Real Estate2.8%$17.1m133,713−36%reduced
CURB CURBLINE PPTYS CORPReal Estate0.8%$5.0m217,464–new

Exited since Q3 2025

5 rows
EXR EXTRA SPACE STORAGE INC3.6%$19.4m
CCI CROWN CASTLE INC2.3%$12.5m
ESRT EMPIRE ST RLTY TR INC1.4%$7.8m
AVBC AVALONBAY CMNTYS INC0.7%$3.7m
UDR UDR INC0.7%$3.6m

Sector mix

  • Real Estate86.1%
  • Consumer Cyclical7.7%
  • Unclassified6.2%

Book over time

Every quarter on file (59)
QuarterPositionsEquity book
Q2 202619$583m
Q1 202620$591m
Q4 202519$602m
Q3 202522$545m
Q2 202521$501m
Q1 202520$473m
Q4 202420$494m
Q3 202419$489m
Q2 202419$425m
Q1 202418$457m
Q4 202316$435m
Q3 202318$455m
Q2 202318$475m
Q1 202323$432m
Q4 202219$464m
Q3 202221$454m
Q2 202218$438m
Q1 202219$620m
Q4 202117$619m
Q3 202118$596m
Q2 202120$534m
Q1 202120$471m
Q4 202021$456m
Q3 202022$577m
Q2 202022$408m
Q1 202015$248m
Q4 201919$543m
Q3 201917$453m
Q2 201916$404m
Q1 201915$408m
Q4 201815$361m
Q3 201814$464m
Q2 201814$500m
Q1 201818$513m
Q4 201714$500m
Q3 201712$407m
Q2 201712$388m
Q1 201711$382m
Q4 201613$407m
Q3 201617$391m
Q2 201618$185m
Q1 201616$220m
Q4 201517$255m
Q3 201516$194m
Q2 201518$154m
Q1 201537$283m
Q4 201417$125m
Q3 201416$102m
Q2 201417$125m
Q1 201424$103m
Q4 201327$114m
Q3 201325$103m
Q2 201327$106m
Q1 201325$99.3m
Q4 201229$101m
Q3 201228$83.7m
Q2 201231$82.8m
Q1 201227$58.3m
Q4 201128$55.8m

Where Land & Buildings Investment Management, LLC was early

35 rows
BXP BOSTON PROPERTIES INCQ1 20121 of 1132.6%4.4%4Exited by Q2 2013−3.7%
DRH DIAMONDROCK HOSPITALITY COQ1 20121 of 824.9%7.4%11Exited by Q3 2020−46%
PEB PEBBLEBROOK HOTEL TRQ1 20121 of 1004.4%5.4%3Exited by Q1 2014+36%
WCN WASTE CONNECTIONS INCQ1 20122 of 1304.5%4.5%3Exited by Q1 2013+3.9%
HST HOST HOTELS & RESORTS INCQ1 20123 of 1270.5%10.0%10Exited by Q3 2023+2.5%
CBRE CBRE GROUP, INC. CLASS AQ1 20126 of 1582.6%6.5%22Held at last filing, Q2 2026+575%
H HYATT HOTELS CORPQ2 20121 of 1482.2%3.6%2Exited by Q4 2012+8.1%
KIM KIMCO RLTY CORPQ2 20121 of 1050.8%4.2%3Exited by Q4 2013+6.0%
PLD PROLOGIS INC.Q2 20121 of 1364.6%10.4%20Exited by Q2 2026+298%
WYNN WYNN RESORTS LTDQ2 20125 of 1823.6%4.0%7Exited by Q3 2024−14%
LVS LAS VEGAS SANDS CORP.Q2 20126 of 1884.2%11.1%9Exited by Q2 2024+19%
JLL JONES LANG LASALLE INCQ4 20123 of 1333.9%5.7%18Exited by Q2 2022+185%
PHM PULTE GROUP INCQ4 20127 of 1505.0%5.9%3Exited by Q4 2016+10%
MTH MERITAGE HOMES CORPQ1 20132 of 1203.7%4.8%4Exited by Q1 2014+2.4%
MLCO MELCO RESORTS AND ENTMNT LTDQ1 20136 of 1082.1%5.3%5Exited by Q3 2021−29%
BKD BROOKDALE SR LIVING INCQ2 20132 of 1504.3%14.6%22Exited by Q1 2021−83%
FR FIRST INDUSTRIAL REALTY TRUST, INC.Q4 20132 of 1014.5%11.7%20Held at last filing, Q2 2026+251%
DHI D.R. HORTON, INC.Q1 20144 of 2015.1%7.7%24Held at last filing, Q2 2026+652%
AMH AMERICAN HOMES 4 RENTQ1 20148 of 1274.3%10.2%25Exited by Q1 2026+92%
MGM MGM RESORTS INTERNATIONALQ1 20148 of 2127.0%22.2%29Exited by Q3 2021+65%
LEN LENNAR CORPQ2 20147 of 1993.9%7.6%10Exited by Q3 2020+49%
HLT HILTON WORLDWIDE HLDGS INCQ3 201412 of 2253.7%6.2%13Exited by Q3 2024+332%
BYD BOYD GAMING CORPQ3 20157 of 1412.6%5.6%7Exited by Q4 2021+288%
QTS QTS RLTY TR INCQ4 20151 of 774.3%13.1%22Exited by Q2 2021+38%
MTN VAIL RESORTS INCQ3 201611 of 1703.3%5.7%6Exited by Q4 2021+113%
RLJ RLJ LODGING TRQ3 20171 of 8518.9%18.9%3Exited by Q2 2018−12%
INVH INVITATION HOMES INC.Q4 20175 of 1363.9%8.6%16Held at last filing, Q2 2026+28%
CWK CUSHMAN WAKEFIELD PLCQ4 20182 of 866.3%7.2%5Exited by Q1 2020+41%
OUT OUTFRONT MEDIA INC.Q3 20199 of 1426.1%6.3%20Held at last filing, Q2 2026+15%
DOC HEALTHPEAK PROPERTIES INCQ4 20193 of 1095.1%5.1%2Exited by Q3 2020−20%
ARE ALEXANDRIA REAL ESTATE EQ INQ1 20207 of 11010.2%10.2%6Exited by Q2 2023−8.4%
PCH POTLATCHDELTIC CORPORATIONQ3 20202 of 832.3%3.0%2Exited by Q1 2021+19%
CZR CAESARS ENTERTAINMENT INCQ3 202013 of 2453.2%3.8%9Exited by Q4 2023−17%
AIV APARTMENT INVESTMENT AND MANAGEMENT COMPANYQ2 20224 of 9410.3%16.8%10Exited by Q2 2025+38%
AHR AMERICAN HEALTHCARE REIT INCQ1 20241 of 924.9%9.8%10Held at last filing, Q2 2026+254%

Concentration and tenure

12.3%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
74.9%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
2
Median completed holding, quarters