News
This Hedge Fund Manager Gained 24.7% In 2015 Through REITs
January 12, 2016
Despite the REIT industry at large having been impacted by the Fed's rate hike, Jonathan Litt, founder of activist fund Land & Buildings, posted a whopping 24.7% returns in net fees in 2015, Forbes reports.
Jonathan, a former senior global real estate analyst at Citigroup, built his success on a wave of REIT mergers by identifying companies that would sell themselves or unlocking the value of their assets.
Check out some of the highlights from Litt's gains in 2015:
- In early 2015, Associated Estates Realty sold to Brookfield Asset Management in a $1.66B buyout. The deal generated investment gains of over 60% in less than one year.
- MGM Resorts International announced its plans to put its properties in a REIT, unlocking value (and tax savings).
- In early December, American Homes 4 Rent penned a deal to acquire rival American Residential Properties in a $1.5B merger.
REITs took a hit in mid-2015 as rumors ran rampant about a pending hike, making the gains all the more impressive. [Forbes]
