Top 5 Real Estate Stocks to Buy According to Land & Buildings Investment Management

3. Apartment Income REIT Corp. (NYSE:AIRC)

Land & Buildings Investment Management sold off 36% of its former stake in Apartment Income REIT Corp (NYSE:AIRC) during the September quarter, leaving it with 897,592 AIRC shares valued at $43.81 million. 17 hedge funds were shareholders of AIRC in Q4 2020 following its spinoff from Aimco and after dipping slightly in the first half of 2021, that figure returned to 17 in Q3.

Jonathan Litt tried and failed to stop that spinoff from taking place without a shareholder vote being conducted first, which Aimco refused. Litt was particularly concerned about the potential tax implications of the split on some of Aimco’s shareholders, who may have been hit for as much as $8 per share. He also argued that the two separated companies were unlikely to approach the underlying value of Aimco’s assets, which the company had estimated at $59. Litt was slightly off on that prediction, as the two stocks now trade for a combined $62.84.