Benzinga - Six Flags Entertainment Corporation (NYSE: SIX) shares are trading higher Wednesday after Land & Buildings (L&B), a 3% shareholder of Six Flags, issued a presentation highlighting an opportunity to unlock substantial value.
L&B believes the company could unlock substantial value by executing a strategy to monetize its real estate while driving an operational turnaround.
Some main points from the presentation include:
- L&B believes Six Flags could add $11 per share today by unlocking its real estate value
- Believes the company is poised for an operational rebound
- Says there are clear precedents for monetizing Six Flags’ real estate
- Believes there are attractive partners for sale-leaseback transactions
- L&B is optimistic that discussions with management can remain constructive
Land & Buildings Founder and Chief Investment Officer, Jonathan Litt states that: "It is the ideal time to take action to monetize Six Flags' uniquely valuable real estate portfolio given the high multiples similar assets are trading at in the public and private markets.”
Six Flags Entertainment Corp owns and operates theme parks worldwide. The company operates 26 theme parks and waterparks in the United States, Mexico, and Canada.
According to data from Benzinga Pro, the stock was trading approximately 12% higher at $23.38 per share at the time of publication. The stock has a 52-week high of $47.24 and a 52-week low of $16.83.
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