According to conventional definition, an activist shareholder is one using an equity stake in a corporation to put public pressure on its management. The goals of activist shareholders range from financial (increase of shareholder value through changes in corporate policy, financing structure, cost cutting, etc.) to non-financial (disinvestment from particular countries, adoption of environmentally friendly policies, etc.).
Adding to their tool kit, activists have become increasingly focused on real estate, most recently, and aggressively, pressing retail companies such as Sears and Macy's to unlock their real estate values. Gaming companies have also been targets for activists who claim that spinning out real estate into a REIT or other structures will reward shareholders with significant unlocked value.
In many cases the activists make a fair point, but they are not real estate experts. I contend that the company—be it a retailer, a gaming company or other real estate-rich enterprise—should bring the best real estate expertise to the table to address the real estate "opportunity" in the context of what is also good for the long term health of their core business, and not just a quick "jolt."
Sponsored Job:
EMPIRE STATE REALTY TRUST
Assistant Property Manager
(NEW YORK, NY) Position will establish and maintain procedures to properly administer all purchase orders processing, payroll administration, accounts payable, accounts receivable, and related correspondence. (Sponsored)
WALTON DEVLOPMENT & MANAGEMENT
Financial Analyst – PreDev
(NEW YORK, NY) Analyst will provide analysis and information to the Executive team and act as the focal point for inquiries on all matters pertaining to financial returns regarding pre-development real estate projects.
CBRE
VP, Strategy and Business Information
(PHILADELPHIA, PA) Projects require leading cross-functional teams across lines of business and geographies to apply strategic frameworks, business process redesign, enabling technologies, information and analytics, to reconfigure CBRE business operations (both internal and client-facing).
GENENTECH
Director of Scenario & Space Management
(SOUTH SAN FRANCICSO, CA) Director of Scenario & Space management will lead the WE Center of Excellence (COE) for Space and Scenario Development for the entire South San Francisco (SSF) campus. This includes setting the overall strategy and plans for Business Unit presence of the campus and informing the 10-year master plan.
BENTALL KENNEDY
Vice President, Valuations
(BETHESDA, MD) Position will assist the SVP, Valuations & Real Estate Services in determining final market value of real estate assets in the Multi-Employer Property Trust (MEPT) Fund on a quarterly basis.
KIMCO REALTY CORPORATION
Property Manager
(NEW HYDE PARK, NY) Manager will be responsible for the overall performance and phases of property management for a portfolio in the Northeast. Supported by a property management assistant, the Property Manager will oversee the preparation and implementation of operating budgets. (Sponsored Job)
GENERAL GROWTH PROPERTIES
Operations Manager
(TALLAHASSEE, FL) Operations Manager will have overall accountability for the operations of one shopping center and will operate the center in accordance with GGP policies and standards to maximize profitability.
ANGELO GORDON & CO
Analyst, Asset Management
(NEW YORK, NY) The Asset Management Analyst will work with the Net Lease team to assist in the management of real estate portfolios.
Duties include: execution, implementation and compliance with asset management policies and procedures as it relates to the administration of real estate portfolios.
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