Land And Buildings Issues Letter To American Residential Properties CEO

(RTTNews) - Land and Buildings Investment Management, LLC, which holds a 7.4 percent stake in American Residential Properties Inc. (ARPI), said it has issued a letter to American Residential Properties' Chairman and CEO Stephen Schmitz.

In the letter, Land and Buildings noted that ARPI has consistently traded at a steep discount to its net asset value since its initial public offering in 2013 and believes American Residential Properties has about 45% upside to its NAV.

Land and Buildings also said that its numerous discussions with Schmitz, American Residential's management team and members of the board of directors have not yielded satisfactory results to date. The investment manager said it anticipates nominating director candidates to ARPI Board if a clear path to NAV realization is not outlined or achieved.