Land & Buildings, self-described as an activist hedge fund in public real estate, said it delivered a letter to Apartment Investment & Management shareholders stating its belief that the real estate investment trust will continue to trade at a significant discount to net asset value until “meaningful steps” are taken to its corporate governance and to win shareholders’ trust, according to a regulatory filing.

The activist hedge fund’s letter, dated Oct. 28, said it sought to collaborate with Apartment Investment & Management’s board and management to address its concerns but that the company made it clear they have “zero interest in working together” to address the change Land & Buildings believes is weighing on the company.

As a result, Land & Buildings said it’s nominating two people, Michelle Applebaum, previously a president at Corp Research Inc., and James Sullivan, most recently senior advisor of research at Green Street Advisors LLC, to be considered for election to the board at the company’s upcoming annual shareholder meeting in December.

Write to Denny Jacob at denny.jacob@wsj.com