Land & Buildings withdraws director nominations in American Homes 4 Rent Board
M.Cap: $8.5 billion | American Homes 4 Rent (NYSE: AMH) is a leader in the single-family home rental industry and "American Homes 4 Rent" is fast becoming a nationally recognized brand for rental homes, known for high-quality, good value and tenant satisfaction.
On February 11, 2020, Jonathan Litt of Land & Buildings issued the following message on Twitter:
"$AMH is substantially undervalued vs $INVH, in our view. We expect AMH will add new board members, but will that be enough to turn the tide with investors? At INVH's cap rate, AMH upside is 35%+. AMH is one of L&B's largest investments."
On March 10, 2020, Land & Buildings issued a press release announcing its nomination of a director candidate for election to the AMH Board of Trustees. It stated its belief that the company is undervalued, has drastically underperformed peers and has failed to capitalize on its significant potential.
On March 23, 2020, Land & Buildings announced that it withdrew its nominations for the 2020 annual meeting in light of COVID pandemic. Further, it stated that it will not will not hesitate to run a proxy contest next year if it do not see continued improvement in the areas it has highlighted. Source
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