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  "documentTitle": "Six Flags Entertainment Corp. (SIX)",
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  "authorName": "Land & Buildings",
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  "presentationDate": "2022-12-01 00:00:00",
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      "text": "L&B believes the combination of a monetization of SIX real estate and optimization of the repositioning plan could see the share price double in the next 18 months",
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      "text": "Land & Buildings is a significant shareholder of Six Flags and believes the Company is materially undervalued, as the real estate is worth more than the implied equity value of the Company based on today’s share price",
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      "text": "VICI Properties (NYSE: VICI), an experiential $50 billion REIT, has expressed a strong interest in acquiring real estate related to theme parks and has the liquidity and cost of capital to acquire Six Flags’ real estate at a favorable valuation for SIX shareholders; Gaming and Leisure Properties (Nasdaq: GLPI), Realty Income (NYSE: O), EPR Properties (NYSE: EPR), and Blackstone, as well as numerous private equity funds, are likely interested and capable buyers as well",
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      "text": "SIX’s new CEO has pursued an aggressive repositioning of the Company’s parks, which should drive long-term benefits but adversely impacted attendance in 2022, resulting in recent EBITDA results being depressed. Conversely, amusement park peers have seen meaningful attendance improvement and recovery of EBITDA to pre-pandemic levels",
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      "text": "L&B recently met with SIX senior management, including CEO Selim Bassoul, at the Company’s headquarters and believes: 1. The Company will seriously evaluate the monetization of its real estate in whole or in part; 2. SIX is working hard to optimize the repositioning put in place in 2022 to drive higher attendance and EBITDA in 2023, and L&B is increasingly optimistic about a successful turnaround; 3. The dialogue with the Company should remain constructive",
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      "kind": "title",
      "text": "AN OPPORTUNITY TO UNLOCK SUBSTANTIAL REAL ESTATE VALUE",
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      "text": "CONCLUSION",
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