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Branded with Land and Buildings logo on page 1.", "kpisCited": [ { "detail": "More than $1.5 billion in market value added since March 17, 2015, as of market close on 3/19/15", "metric": "shareholder value created post-presentation" } ], "closingAsk": "Shareholders should take steps with their custodial banks, unwind swap arrangements, and move margin-held shares into cash accounts before the March 30 record date so they can vote at MGM's 2015 Annual Meeting.", "extraction": { "at": "2026-04-22 18:31:57+00", "model": "unknown-legacy", "runId": null, "seconds": 54.303474, "promptVersion": null }, "scqaReward": "More than $1.5 billion of shareholder value has already been created since the March 17 presentation, evidence that adopting L&B's real-estate-unlock plan can drive further upside.", "thesisTypes": [ "governance_board", "breakup_spinoff", "undervaluation" ], "top3Reasons": [ "MGM board rejected L&B's four nominees without any dialogue", "Market created $1.5bn in value after L&B's March 17 presentation", "Substantial discount to real estate value needs to be unlocked" ], "scqaSituation": "MGM Resorts International is a casino and hospitality operator whose underlying real estate Land and Buildings believes trades at a substantial discount to its intrinsic value within the public equity.", "thesisSummary": "Land and Buildings, led by Jonathan Litt, announces it will file its own proxy statement at MGM Resorts International after the company excluded its four nominees (Matthew J. Hart, Richard Kincaid, Marc A. Weisman, and Jonathan Litt) from the MGM proxy without engaging in dialogue. L&B argues that the more than $1.5 billion of shareholder value created since the release of its March 17 presentation on MGM's undervaluation and embedded real estate value demonstrates broad shareholder support for its plan. The release reminds holders that the record date for MGM's 2015 Annual Meeting is March 30 and instructs them to unwind swap arrangements and move margin-held shares into cash accounts to preserve voting rights, signaling the transition from engagement to a contested proxy campaign.", "primaryDemands": [ "Elect Land and Buildings' four nominees (Matthew J. Hart, Richard Kincaid, Marc A. Weisman, and Jonathan Litt) to the MGM board", "Unlock the substantial discount to real estate value embedded in MGM shares", "Engage constructively with Land and Buildings rather than pursue a contested election" ], "scqaResolution": "Land and Buildings will file its own proxy statement, asks shareholders to prepare to vote their shares by the March 30 record date, and urges the board to adopt its plan.", "thesisOneLiner": "Land and Buildings will file its own proxy at MGM after the board rejected its four nominees, arguing a $1.5bn post-pitch rally proves shareholders back its real-estate-unlock plan.", "precedentsCited": [], "scqaComplication": "MGM's board excluded Land and Buildings' four qualified nominees from its proxy without any dialogue, signaling it prefers a contested fight to collaborative engagement on unlocking real estate value.", "narrativeInterest": 2, "notableSlidePages": [ 1 ], "peerCompaniesCited": [], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 1 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "appendix", "title": "Image file not available at expected path /tmp/legacy-images/f6889e446f94/slides/001.jpg; unable to inspect contents.", "function": "other", "imagePath": "https://imgproxy.kitesheet.com/TxK5LDQPd6cmXy_mSbx3xS86ZEylVQtC02yqE5hlw6U/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mNjg4OWU0NDZmOTQvcDAwMS5qcGc", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 0, "componentCount": null, "textChars": null, "nDataPoints": 0, "notes": "Image file not available at expected path /tmp/legacy-images/f6889e446f94/slides/001.jpg; unable to inspect contents.", "elementsJson": null, "confidence": 0.1, "extraction": { "model": "claude-cli", "runId": null, "at": "2026-05-03 03:42:33.599+00", "seconds": null, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dd-8e46774a317c/1", "deck": "/decks/019dd923-622b-71dc-a6dd-8e46774a317c", "deckAnchor": "/decks/019dd923-622b-71dc-a6dd-8e46774a317c#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6dd-8e46774a317c.json" }, "components": [], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 1, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "f218e7fa-2395-48dd-9e53-0cb0dcec2473", "matchId": "8c63b438-88a5-4539-82c7-400ac3358388", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document begins with a general statement", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. 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HART, RICHARD KINCAID AND MARC A. WEISMAN (TOGETHER WITH LAND & BUILDINGS, THE \"PARTICIPANTS\") INTEND TO FILE WITH THE SECURITIES AND EXCHANGE COMMISSION (THE \"SEC\") A DEFINITIVE PROXY STATEMENT AND ACCOMPANYING FORM OF PROXY CARD TO BE USED IN CONNECTION WITH THE PARTICIPANTS' SOLICITATION OF PROXIES FROM THE STOCKHOLDERS OF MGM RESORTS INTERNATIONAL (THE \"COMPANY\") FOR USE AT THE COMPANY'S 2015 ANNUAL MEETING OF STOCKHOLDERS (THE \"PROXY SOLICITATION\"). ALL STOCKHOLDERS OF THE COMPANY ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE PROXY SOLICITATION, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS. WHEN COMPLETED, THE DEFINITIVE PROXY STATEMENT AND AN ACCOMPANYING PROXY CARD WILL BE FURNISHED TO SOME OR ALL OF THE COMPANY'S STOCKHOLDERS AND WILL BE, ALONG WITH OTHER RELEVANT DOCUMENTS, AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV/. IN ADDITION, INNISFREE M&A INCORPORATED, LAND & BUILDING'S PROXY SOLICITOR, WILL PROVIDE COPIES OF THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING PROXY CARD, WHEN AVAILABLE, WITHOUT CHARGE UPON REQUEST.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:56.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "763e26a0-c765-445f-b94c-cec192aaebb2", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.35, "x": 0.11, "y": 0.35 }, "kind": "list", "text": "Media Contact: Elliot Sloane / Dan Zacchei, Sloane & Company, 212-486-9500, Esloane@sloanepr.com or Dzacchei@sloanepr.com", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:56.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "adc5e23e-71f9-40c1-b8da-8baec01df39e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.11, "y": 0.28 }, "kind": "list", "text": "Investor Contact: Scott Winter / Jonathan Salzberger, Innisfree M&A Incorporated, 212-750-5833", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:56.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6a3772c-5cd6-41f6-8d21-c84b9f732ed5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.19 }, "kind": "paragraph", "text": "Land and Buildings is a registered investment manager specializing in publicly traded real estate and real estate related securities. Land and Buildings seeks to deliver attractive risk adjusted returns by opportunistically investing in securities of global real estate and real estate related companies, leveraging its investment professionals' deep experience, research expertise and industry relationships.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:56.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73901e23-d1a4-44c2-ba64-abd0c2c9c46b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Land and Buildings’ presentation on MGM Resorts International is available at www.landandbuildings.com.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:56.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5e9986d-823f-40cf-9ac7-0b899f132d74", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.11, "y": 0.16 }, "kind": "title", "text": "About Land and Buildings:", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:56.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9a71a79-0eec-4c30-940f-d2b9b51471f5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 2, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 2, "name": "Evidence & Proof", "beatId": "44d817b8-400e-4cc5-bdcd-2afde0e88d32", "matchId": "8c63b438-88a5-4539-82c7-400ac3358388", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The appendix disclosure provides supporting information", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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THIS DOCUMENT CAN BE OBTAINED FREE OF CHARGE FROM THE SOURCES INDICATED ABOVE.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:55.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81c3fa40-9b88-4753-97b9-8f6573cc0140", "parentComponentId": null }, { "bbox": { "h": 0.455, "w": 0.764, "x": 0.118, "y": 0.204 }, "kind": "paragraph", "text": "This communication contains “forward-looking statements” that involve numerous risks and uncertainties. The statements contained in this communication that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements included in this document are based on information available to Land and Buildings on the date hereof. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “seek,” “should,” “could,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Such statements are not guarantees of future performance or activities. Due to various risks, uncertainties and assumptions, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. The opinions of Land and Buildings are for general informational purposes only and do not have regard to the specific investment objective, financial situation, suitability or particular need of any specific person, and should not be taken as advice on the merits of any investment decision. This material does not recommend the purchase or sale of any security. Land and Buildings reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Land and Buildings disclaims any obligation to update the information contained herein. Land and Buildings and/or one or more of the investment funds it manages may purchase additional MGM Resorts International shares or sell all or a portion of their shares or trade in securities relating to such shares.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:55.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd0aaecd-fcc2-4f6c-ad0b-d0c79dcbd75e", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.455, "x": 0.118, "y": 0.177 }, "kind": "title", "text": "Cautionary Statement Regarding Forward-Looking Statements", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:55.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58d14260-a5a2-43e8-821e-63f6bf342f5f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 3, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Impact & Next Steps", "beatId": "5ecad172-c173-4889-8f43-0542a0b56c2c", "matchId": "8c63b438-88a5-4539-82c7-400ac3358388", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The disclaimer mentions future filings with the SEC", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. 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