Land & Buildings Investment Management, LLC disclosed a 7.4% ownership in ARPI.
The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.
The Reporting Persons believe that the Issuer is trading at a significant discount to its net asset value largely as a result of poor operational performance, an insufficient scale and the lack of a clear strategic plan. Further, the Reporting Persons believe management missteps and a lack of effective oversight by the Issuer’s board of directors (the “Board”) are at the root of the inferior operating performance, inadequate strategic plan and poor total shareholder returns. Accordingly, if the Issuer fails to provide a clear path to improving operational and financial performance, then the Reporting Persons anticipate nominating director candidates to the Board.