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Activist investor Land & Buildings Investment Management is pushing office building owner Equity Commonwealth (NYSE:EQC) to sell his properties or face a proxy fight. EQC increased by 1.7% in after-hours trading.
Land & Buildings has amassed a 3% stake in Equity Commonwealth (EQC) and is considering a proxy fight in the form of a so-called withhold campaign, which encourages incumbents not to vote for some or all candidates, according to a WSJ report Tuesday, which cited a letter the activist sent to the council.
Land & Buildings head Jonathan Litt said the office building owner has substantially underperformed other real estate investment trusts in recent years, according to the letter. Litt believes the value of office assets has no imminent recovery and that the best option for Equity Commonwealth (EQC) is to sell the properties now, according to the WSJ, which cited the letter.
Senior Living REIT Ventas (VTR) agreed a mutual cooperation pact with activist Land & Buildings earlier this month.