L
and & Buildings, holding a 2% stake in Six Flags, has intensified its campaign to separate or sell the park’s real‑estate holdings, arguing the operator trades at a too‑low multiple and that its properties could unlock up to $6 billion. The activist released a letter outlining a plan to spin off the operating arm, monetize the real‑estate via sale or a REIT, and use the proceeds to reprice the shares. The proposal lifted Six Flags’ stock about 4 percent.

    This is not the first time L&B has pushed structural change in real‑estate‑heavy firms. Jonathan Litt’s firm has staged proxy fights, nominated board candidates, and pursued asset‑optimization drives, including its campaign against National Health Investors to secure better lease terms and governance reforms.

    L&B’s strategy relies on financial pressure and public proposals to unlock value in under‑used property portfolios. The move signals that real‑estate is now a strategic lever, not a passive asset, especially amid market volatility and low operating multiples. If more pressure mounts on similar companies, we can expect a surge in PropCo/OpCo separations, where real‑estate assets are spun off from the core business.