Land and Buildings Comments on Merger Between American Residential Properties and American Homes 4 Rent

STAMFORD, Conn.–(BUSINESS WIRE)–Land and Buildings today issued the following statement regarding the announced merger of American Residential Properties, Inc. (NYSE: ARPI) (“the Company”) and American Homes 4 Rent (NYSE: AMH).

Jonathan Litt, Founder and Chief Investment Officer of Land and Buildings, stated:

Michael Mauboussin: Here’s what active managers can do

michael mauboussin, Credit Suisse, valuation and portfolio positioning, capital markets theory, competitive strategy analysis, decision making, skill versus luck, value investing, Legg Mason, The Success Equation, Think Twice: Harnessing the Power of Counterintuition, analysts, behavioral finance, More Than You Know: Finding Financial Wisdom in Unconventional Places, academics , valuewalkThe debate over active versus passive management continues as trends show the ongoing shift from active into passive funds. Q2 2020 hedge fund letters, conferences and more At the Morningstar Investment Conference, Michael Mauboussin of Counterpoint Global argued that the rise of index funds has made it more difficult to be an active manager. Drawing Read More


“We are pleased the Board of American Residential Properties has chosen to move forward with a transaction, a path which we believe represents a positive outcome for all shareholders. As we have publicly stated, ARPI has traded below its intrinsic value for some time and it was clear that a new path was needed to unlock the value imbedded in the Company.”

“We are also encouraged that this is a stock transaction, as we believe the synergies between the two companies and quality of ARPI’s portfolio could result in the deal being highly accretive to AMH’s net asset value (NAV) and earnings. This would allow ARPI shareholders to take part in any future upside in the stock and increase the likelihood of ultimately realizing value levels closer to the true NAV of ARPI’s portfolio.”

About Land and Buildings:

Land and Buildings is a registered investment manager specializing in publicly traded real estate and real estate related securities. Land and Buildings seeks to deliver attractive risk adjusted returns by opportunistically investing in securities of global real estate and real estate related companies, leveraging its investment professionals’ deep experience, research expertise and industry relationships.

Contacts

Media:
Sloane & Company
Elliot Sloane / Dan Zacchei
212-486-9500
[email protected]
[email protected]

 Land and Buildings