Land & Buildings Investment Management, LLC Quant / Systematic

CIK: 0001536520 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $601,607 (100.0% shares, 0.0% debt)

Holdings (19)

New Positions (2)

NSA NATIONAL STORAGE AFFILIATES 6.2%

Value ($000) $37,081 Shares 1,314,463 Est. Cost $28.21 Unrealized —

CURB CURBLINE PPTYS CORP 0.8%

Value ($000) $5,047 Shares 217,464 Est. Cost $23.21 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NSA	NATIONAL STORAGE AFFILIATES	1,314,463	$37,081	6.2%	$28.21	—	COM SHS BEN IN	637870106
CURB	CURBLINE PPTYS CORP	217,464	$5,047	0.8%	$23.21	—	COM	23128Q101

Increased Positions (9)

CSR CENTERSPACE 9.2%

Value ($000) $55,271 (+56.6%) Shares 828,398 (+38.2%) Est. Cost $61.54 Unrealized —

EQIX EQUINIX INC 7.4%

Value ($000) $44,370 (+77.8%) Shares 57,912 (+81.7%) Est. Cost $778.37 Unrealized +0.4%

FR FIRST INDL RLTY TR INC 8.7%

Value ($000) $52,260 (+42.9%) Shares 912,517 (+28.4%) Est. Cost $50.76 Unrealized —

OUT OUTFRONT MEDIA INC 5.0%

Value ($000) $29,928 (+71.8%) Shares 1,241,837 (+30.6%) Est. Cost $18.04 Unrealized —

RHP RYMAN HOSPITALITY PPTYS INC 3.2%

Value ($000) $19,269 (+101.4%) Shares 203,643 (+90.7%) Est. Cost $96.55 Unrealized —

FUN SIX FLAGS ENTERTAINMENT CORP 4.4%

Value ($000) $26,739 (-25.8%) Shares 1,743,077 (+9.9%) Est. Cost $25.79 Unrealized -29.9%

SUI SUN CMNTYS INC 5.9%

Value ($000) $35,374 (+16.8%) Shares 285,481 (+21.6%) Est. Cost $138.22 Unrealized —

GLPI GAMING & LEISURE PPTYS INC 4.2%

Value ($000) $25,478 (+23.7%) Shares 570,099 (+29.0%) Est. Cost $46.23 Unrealized —

AMH AMERICAN HOMES 4 RENT 5.8%

Value ($000) $34,661 (+6.3%) Shares 1,079,778 (+10.1%) Est. Cost $36.24 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CSR	CENTERSPACE	828,398 (+38.2%)	$55,271 (+56.6%)	9.2%	$61.54	—	COM	15202L107
EQIX	EQUINIX INC	57,912 (+81.7%)	$44,370 (+77.8%)	7.4%	$778.37	+0.4%	COM	29444U700
FR	FIRST INDL RLTY TR INC	912,517 (+28.4%)	$52,260 (+42.9%)	8.7%	$50.76	—	COM	32054K103
OUT	OUTFRONT MEDIA INC	1,241,837 (+30.6%)	$29,928 (+71.8%)	5.0%	$18.04	—	COM NEW	69007J304
RHP	RYMAN HOSPITALITY PPTYS INC	203,643 (+90.7%)	$19,269 (+101.4%)	3.2%	$96.55	—	COM	78377T107
FUN	SIX FLAGS ENTERTAINMENT CORP	1,743,077 (+9.9%)	$26,739 (-25.8%)	4.4%	$25.79	-29.9%	COM	83001C108
SUI	SUN CMNTYS INC	285,481 (+21.6%)	$35,374 (+16.8%)	5.9%	$138.22	—	COM	866674104
GLPI	GAMING & LEISURE PPTYS INC	570,099 (+29.0%)	$25,478 (+23.7%)	4.2%	$46.23	—	COM	36467J108
AMH	AMERICAN HOMES 4 RENT	1,079,778 (+10.1%)	$34,661 (+6.3%)	5.8%	$36.24	—	CL A	02665T306

Exited Positions (5)

EXR EXTRA SPACE STORAGE INC 3.2%

Value ($000) $19,388 Shares 137,562 Est. Cost $145.24 Unrealized -7.0%

CCI CROWN CASTLE INC 2.1%

Value ($000) $12,524 Shares 129,800 Est. Cost $99.10 Unrealized -8.1%

ESRT EMPIRE ST RLTY TR INC 1.3%

Value ($000) $7,772 Shares 1,014,676 Est. Cost $7.66 Unrealized —

AVB AVALONBAY CMNTYS INC 0.6%

Value ($000) $3,718 Shares 19,248 Est. Cost $191.17 Unrealized -6.0%

UDR UDR INC 0.6%

Value ($000) $3,573 Shares 95,892 Est. Cost $38.50 Unrealized -7.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EXR	EXTRA SPACE STORAGE INC	137,562	$19,388	3.2%	$145.24	-7.0%	—	30225T102
CCI	CROWN CASTLE INC	129,800	$12,524	2.1%	$99.10	-8.1%	—	22822V101
ESRT	EMPIRE ST RLTY TR INC	1,014,676	$7,772	1.3%	$7.66	—	—	292104106
AVB	AVALONBAY CMNTYS INC	19,248	$3,718	0.6%	$191.17	-6.0%	—	053484101
UDR	UDR INC	95,892	$3,573	0.6%	$38.50	-7.7%	—	902653104

Decreased Positions (8)

SPG SIMON PPTY GROUP INC NEW 5.2%

Value ($000) $31,009 (-19.9%) Shares 167,517 (-18.8%) Est. Cost $161.51 Unrealized +11.4%

PLD PROLOGIS INC. 2.8%

Value ($000) $17,070 (-29.0%) Shares 133,713 (-36.3%) Est. Cost $108.29 Unrealized +14.4%

NHI NATIONAL HEALTH INVS INC 5.2%

Value ($000) $31,551 (-8.9%) Shares 413,133 (-5.2%) Est. Cost $64.42 Unrealized —

SKT TANGER INC 4.6%

Value ($000) $27,591 (-9.6%) Shares 826,822 (-8.4%) Est. Cost $26.77 Unrealized —

VTR VENTAS INC 6.5%

Value ($000) $39,094 (+7.0%) Shares 505,225 (-3.2%) Est. Cost $52.31 Unrealized +43.3%

CBRE CBRE GROUP INC 3.4%

Value ($000) $20,503 (-8.6%) Shares 127,512 (-10.4%) Est. Cost $97.06 Unrealized +62.0%

AHR AMERICAN HEALTHCARE REIT INC 8.2%

Value ($000) $49,564 (+2.4%) Shares 1,053,206 (-8.6%) Est. Cost $16.73 Unrealized —

MAR MARRIOTT INTL INC NEW 3.3%

Value ($000) $19,748 (+2.4%) Shares 63,655 (-14.1%) Est. Cost $245.29 Unrealized +16.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPG	SIMON PPTY GROUP INC NEW	167,517 (-18.8%)	$31,009 (-19.9%)	5.2%	$161.51	+11.4%	COM	828806109
PLD	PROLOGIS INC.	133,713 (-36.3%)	$17,070 (-29.0%)	2.8%	$108.29	+14.4%	COM	74340W103
NHI	NATIONAL HEALTH INVS INC	413,133 (-5.2%)	$31,551 (-8.9%)	5.2%	$64.42	—	COM	63633D104
SKT	TANGER INC	826,822 (-8.4%)	$27,591 (-9.6%)	4.6%	$26.77	—	COM	875465106
VTR	VENTAS INC	505,225 (-3.2%)	$39,094 (+7.0%)	6.5%	$52.31	+43.3%	COM	92276F100
CBRE	CBRE GROUP INC	127,512 (-10.4%)	$20,503 (-8.6%)	3.4%	$97.06	+62.0%	CL A	12504L109
AHR	AMERICAN HEALTHCARE REIT INC	1,053,206 (-8.6%)	$49,564 (+2.4%)	8.2%	$16.73	—	COM SHS	398182303
MAR	MARRIOTT INTL INC NEW	63,655 (-14.1%)	$19,748 (+2.4%)	3.3%	$245.29	+16.3%	CL A	571903202