Activist investor Jonathan Litt has resigned from the board of directors of New Jersey office landlord Mack-Cali Realty Corporation.
“We thank Jonathan for his two plus years of service to the Company. During his tenure with Mack-Cali, the board of directors helped create and guide a new executive leadership team and formulate our new three-year strategic plan,” said Michael J. DeMarco, Mack-Cali’s president.
Litt, who specializes in rattling REIT boardrooms, was appointed to Mack-Cali’s board after collecting a 0.5 percent stake. Mitchell Hersch, Mack-Cali’s CEO at the time, stepped down shortly after.
Litt is the founder and CIO of Land and Buildings, a hedge fund based in Stamford, Connecticut. Aside from Mack-Cali, his firm targeted REITS such as American Residential Properties and Associated Estates. According to Forbes, Land and Buildings has generated 17.2 percent in annual returns in its first three years, outperforming the S&P 500 by 4.4 points.
Mack-Cali was vague about the reason for Litt’s departure. “Mr. Litt’s resignation is not related to any disagreement with the company’s operations, policies and practices,” a company statement read. Litt resignation became official on August 18.
