Arlington, Texas, Friday, 26 September 2025.
Last Thursday activist investor Land & Buildings, holding roughly a 2% stake in Six Flags, publicly urged the operator to monetize “trapped” U.S. real estate—estimating the portfolio could command up to $6 billion—and argued a separation could unlock 75–130% upside depending on 2026 EBITDA recovery. The firm outlines sale‑leasebacks, a dedicated REIT spin‑out or selective disposals as routes to de‑leverage the balance sheet, generate cash for modernization or M&A, and address a trough EBITDA multiple near 7x. The proposal spotlights the practical tradeoffs for retail and leisure operators: immediate capital efficiency versus recurring lease expense, park‑level operating constraints, tax and zoning complexity across jurisdictions, and reputational risk with local stakeholders. Having engaged Six Flags previously and framed the weakness as largely transitory, Land & Buildings’ letter—and the board’s response—could set a sector precedent for asset recycling and reshape capital allocation thinking across theme‑park portfolios.