Description of the Advisory Firm. Land & Buildings Investment Management, LLC is a Delaware limited liability company formed in June 2008. Land & Buildings Investment Management, LLC and its affiliated investment adviser, LBIM LLC (defined below and collectively with Land & Buildings Investment Management, LLC referred to as “Land & Buildings,” “Adviser,” “we,” “us,” or “our”) provide discretionary investment management services to pooled investment vehicles and separately managed accounts. LBIM LLC (the “Relying Adviser”) commenced operations in July 2018 and is included in the Adviser’s Form ADV Part 1A as a relying adviser that is registered under the Investment Advisers Act of 1940 pursuant to the umbrella registration of Land & Buildings Investment Management, LLC, the filing adviser. This Brochure also describes the business practices of the Relying Adviser which operates as a single advisory business together with Land & Buildings. Jonathan Litt is the Managing Principal and principal owner of Land & Buildings and the Relying Adviser. The pooled investment vehicles sponsored and managed by Land & Buildings, include Land & Buildings Capital Growth Fund LP, (“L&B Capital Growth”) a Delaware limited partnership, L&B Onshore Fund LP, (“L&B Onshore”) a Delaware limited partnership, L&B Offshore Fund Ltd, (“L&B Offshore”) a Cayman Islands based company, and L&B Opportunity Fund, LLC, a limited liability company (“L&B Opportunity”) (collectively referred to as the “Funds”). In addition, Land & Buildings provides advisory services to separately managed accounts (collectively referred to as the “SMAs”). The Funds, together with the SMAs, collectively are referred to as “Clients” whereas limited partners and/or shareholders in the Funds are referred to as “Fund Investors.” L&B GP LP (the “General Partner”), a Delaware limited partnership, which is controlled by Mr. Litt, serves as the general partner to the Funds organized as Delaware limited partnerships. Description of Advisory Services. Land & Buildings provides portfolio management services for the Funds and SMAs. Land & Buildings manages the portfolios of the Funds and SMAs on a discretionary basis according to the investment objectives and investment strategies described in the Funds’ offering documents and the agreements entered into with the SMAs. Additional information about Land and Buildings investment strategies and associated risks can be found in greater detail below in Item 8, Methods of Analysis, Investment Strategies and Risk of Loss. Client Tailored Services and Client Imposed Restrictions. Land & Buildings generally does not tailor its portfolio management services to the individual needs of investors in the Funds. Land & Buildings’ portfolio management services to the SMAs are provided pursuant to the agreed upon investment guideline terms set forth in the investment management agreement. Unlike investors in the Funds, SMA Clients may impose reasonable mandates, guidelines, or restrictions relating to investments. For example, SMA Clients may impose limits on concentration, risk, exposure, and liquidity that may be different from those in the Funds. An SMA directly owns the positions in its account; therefore, the SMA account owner will typically have full, real-time transparency to all transactions

and holdings in such account and may be better able to assess the prospects of a portfolio that is substantially similar to the portfolios of the Funds. The account owner in an SMA may have the right to withdraw all or a portion of their capital from such managed account on shorter notice and/or with more frequency than the terms applicable to an investment in the Funds or in private funds that the Adviser may advise in the future. In addition, Land & Buildings may advise other SMAs in the future. The Adviser or the Funds may enter into, deliver and perform side letters or other written agreements ("Side Letter Agreements") with Fund Investors or SMA account owners, establishing rights under, or supplementing or altering the terms of, its investment, to the extent permitted by applicable law. Such waivers or modifications may grant special or more favorable rights, including, (i) greater transparency into the Fund's portfolio, (ii) different or more favorable withdrawal rights, such as more frequent withdrawals or shorter withdrawal notice periods, (iii) greater information than may be provided to other Fund Investors, (iv) different fee or incentive compensation terms, (v) more favorable transfer rights and (vi) key-person notifications. Although certain investors or SMAs may invest with different material terms, Land and Buildings generally will only offer such terms if they believe other Fund Investors or SMAs will not be materially disadvantaged. Wrap Fee Programs. Land & Buildings does not participate in wrap fee programs. Assets Under Management. As of December 31, 2023, Land & Buildings managed $650,763,002 in regulatory assets under management. These assets were managed entirely on a discretionary basis. Land & Buildings does not manage any Client assets on a non-discretionary basis. Land & Buildings may from time to time identify investment opportunities where it feels it is appropriate to take an active role in effectuating corporate change in a target either working alone or in conjunction with other investors. These activist methods include working with management or other more aggressive steps such as acquiring substantial publicly disclosed stakes in issuers, proposing a restructuring, recapitalization, sale, or other change in strategic direction, seeking potential acquirers, engaging in proxy contests, making tender offers, changing management and other related activities. These investment opportunities often require locked-up capital so that Land & Buildings can exert the proper amount of influence on the target without the pressure of having to liquidate securities of the target company in the event of withdrawals. Accordingly, the General Partner or Land & Buildings may elect, in its sole discretion, to create separate "side pockets" within the Funds or SMAs each of which will participate in these investment opportunities [(“Special Investments”) typically alongside the main Fund class. Participating investors will only participate in Special Investments for which they contribute capital (and will not participate in the rest of the Fund's portfolio unless they have made a separate investment in the main Fund class).