{"id":1004081123,"date":"2013-08-01T06:02:44","date_gmt":"2013-08-01T14:02:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004081123"},"modified":"2022-12-08T18:43:00","modified_gmt":"2022-12-09T02:43:00","slug":"land-buildings-calls-upon-bres-board-of-directors-to-pursue-sale-of-company","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/land-buildings-calls-upon-bres-board-of-directors-to-pursue-sale-of-company\/","title":{"rendered":"Land & Buildings Calls Upon BRE’s Board of Directors to Pursue Sale of Company"},"content":{"rendered":"

By Gail Kalinoski, Contributing Editor<\/i><\/p>\n

\"Jonathan<\/a>

Jonathan Litt, founder & CEO of Land and Buildings<\/p><\/div>\n

An investors group, led by a Greenwich, Conn., hedge fund, wants to buy BRE Properties, Inc., a San Francisco-based multi-family REIT, for about $4.6 billion, but BRE said late Wednesday it doesn\u2019t consider the proposal a viable option.<\/p>\n

Jonathan Litt, founder & CEO of Land and Buildings, an investment firm specializing in publicly traded real estate and real estate securities, sent a letter Wednesday morning to the chairman of BRE\u2019s board of directors saying his group was disappointed that BRE senior management \u201chas not seriously considered our June offer.\u201d The consortium offered to purchase BRE for $60 per share. Litt described BRE shareholders as \u201cfrustrated\u201d by an \u201cunderperforming\u201d REIT. The stock price for BRE, which trades on the NYSE, has ranged from $45.76 to $55.76 over the past year. On Wednesday, BRE stock was trading between $51.55 and $55.76 per share.<\/p>\n

In the letter addressed to Irving Lyons, Litt contends management has failed to address \u201cthe significant and persistent undervaluation of the company\u2019s assets\u201d and should explore strategic alternatives, as a sale to the Land and Buildings group.<\/p>\n

\u201cWe strongly disagree with management\u2019s response that they believe it is better to remain independent rather than pursue a sale of the Company. As such, we request that you form an independent committee of the Board to pursue a sale of the Company, and give serious consideration to our proposal. The Company\u2019s consistent underperformance and persistent discount to net asset value is best resolved through strategic alternatives,\u201d Litt wrote in the letter.<\/p>\n

During a Wednesday morning conference call about BRE\u2019s second-quarter earnings report, CEO Constance Moore said the company \u201cwill consider any legitimate proposals it receives.\u201d She said she could not comment further but added, \u201cWe have a very clear strategy. We\u2019re executing on that strategy. That\u2019s not to say that the door is bolted shut. As I said, we would consider any legitimate proposal.\u201d<\/p>\n

Later in the day, BRE issued a brief press release acknowledging it had received the letter. It added that Land and Buildings has \u201cinformally expressed an interest in BRE in mid-June, at which time BRE requested information about its capital sources. We have not received any response to those requests.\u201d<\/p>\n

\u201cAs we understand it, Land and Buildings operates an investment fund with less than $200 million in total assets under management, which has neither the capital capacity nor demonstrated transaction experience to execute an acquisition of BRE,\u201d the release stated. Accordingly, Land and Building\u2019s proposal received today does not evidence a viable opportunity for the Company to consider.\u201d<\/p>\n

Litt could not be reached for comment Wednesday to respond to BRE\u2019s statements.<\/p>\n

In the letter from his investors group, he states that there had been \u201cnumerous conversations\u201d with Moore and other members of the management team during the past year. Bloomberg News reported Litt met with Moore in March and was told BRE would not start negotiations at less than $60 per share. Litt told Bloomberg he put together the consortium and by mid-June made an offer for BRE at $60 per share. Land and Buildings owns 169,686 shares of BRE, according to the Bloomberg News article.<\/p>\n

\u201cWe consider ourselves involved shareholders, not activists, and as such we seek, whenever possible, to work constructively with management and we regularly conduct significant analysis and due diligence on a company and its underlying assets,\u201d wrote Litt, who was a managing director & real estate analyst at Citigroup for eight years and at Paine Webber for four years before founding Land and Buildings in July 2008.<\/p>\n

BRE is an owner, operator and developer of high-quality apartment communities in the major metropolitan markets of California and Seattle. The REIT owns 74 multi-family communities with more than 21,000 homes and has a joint venture interest in an additional apartment community with 252 homes.<\/p>\n

\u201cWe are pleased with the progress achieved in executing our strategic initiatives in 2013. During the second quarter, we achieved internal growth near the high end of our expectations, completed the disposition of $53 million of interests in non-core communities and delivered our Aviara development as planned,\u201d Moore stated in a news release Tuesday about the firm\u2019s second-quarter earnings.<\/p>\n

She added that REIT\u2019s key initiatives were to maximize the portfolio\u2019s operating performance and continue to execute development and strategic disposition programs.<\/p>\n

\u201cOver time, we believe these efforts will improve our portfolio quality while preserving our balance sheet strength, which should position BRE to generate above-average returns in the coming year,\u201d Moore said in the earnings release.<\/p>\n

Litt has been calling for BRE to consider selling for nearly a year. In October, Land and Buildings included BRE as a M&A candidate in its report, \u201cProfit from Housing Shortage: Buy Coast Apartment REITS Aimco and BRE for 50% + Upside.\u201d<\/p>\n

In December, he again called on Moore to put the REIT up for sale to the highest bidder. Analysts covering BRE have also identified BRE as a potential takeover target during the past year.<\/p>\n","protected":false},"excerpt":{"rendered":"

An investor group led by a Greenwich, Conn., hedge fund, wants to buy multi-family REIT BRE Properties for about $5 billion, but BRE said late Wednesday it doesn\u2019t consider the proposal a viable option. <\/p>\n","protected":false},"author":952,"featured_media":1004081126,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004081123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"\nLand & Buildings Calls Upon BRE's Board of Directors to Pursue Sale of Company - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/land-buildings-calls-upon-bres-board-of-directors-to-pursue-sale-of-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Land & Buildings Calls Upon BRE's Board of Directors to Pursue Sale of Company\" \/>\n<meta property=\"og:description\" content=\"An investor group led by a Greenwich, Conn., hedge fund, wants to buy multi-family REIT BRE Properties for about $5 billion, but BRE said late Wednesday it doesn\u2019t consider the proposal a viable option.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/land-buildings-calls-upon-bres-board-of-directors-to-pursue-sale-of-company\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-08-01T14:02:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:43:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/jonathan_litt.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"238\" \/>\n\t<meta property=\"og:image:height\" content=\"208\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/land-buildings-calls-upon-bres-board-of-directors-to-pursue-sale-of-company\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/land-buildings-calls-upon-bres-board-of-directors-to-pursue-sale-of-company\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"Land & Buildings Calls Upon BRE’s Board of Directors to Pursue Sale of Company\",\"datePublished\":\"2013-08-01T14:02:44+00:00\",\"dateModified\":\"2022-12-09T02:43:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/land-buildings-calls-upon-bres-board-of-directors-to-pursue-sale-of-company\\\/\"},\"wordCount\":855,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/land-buildings-calls-upon-bres-board-of-directors-to-pursue-sale-of-company\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/08\\\/jonathan_litt.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/land-buildings-calls-upon-bres-board-of-directors-to-pursue-sale-of-company\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/land-buildings-calls-upon-bres-board-of-directors-to-pursue-sale-of-company\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/land-buildings-calls-upon-bres-board-of-directors-to-pursue-sale-of-company\\\/\",\"name\":\"Land & Buildings Calls Upon BRE's Board of Directors to Pursue Sale of Company - 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