Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (52 quarters reported)
$3.84B in Q2 2013 → $1.67B now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Welltower Inc | 15.7% | Added 8.5% | 1,153,905 | $262M |
| Prologis Inc. | 8.6% | Added 8.2% | 1,065,766 | $144M |
| Equinix Inc | 7.4% | Added 8.0% | 119,595 | $125M |
| AC Avalonbay Cmntys Inc | 6.4% | Added 7.6% | 565,293 | $107M |
| SP Simon Ppty Group Inc New | 5.6% | Added 8.2% | 417,753 | $93.4M |
| EP Essex Ppty Tr Inc | 5.5% | Added 5.0% | 313,787 | $91.5M |
| Cubesmart | 5.4% | Added 8.1% | 2,292,708 | $91.2M |
| DR Digital Rlty Tr Inc | 5.3% | Added 8.3% | 497,583 | $89.4M |
| BP Brixmor Ppty Group Inc | 4.5% | Added 8.0% | 2,387,114 | $75.3M |
| HP Highwoods Pptys Inc | 4.3% | Added 7.7% | 2,399,904 | $72.4M |
| Broadstone Net Lease Inc | 4.0% | Added 8.0% | 3,261,571 | $67.4M |
| VP Vici Pptys Inc | 3.8% | Added 8.1% | 2,397,300 | $63.6M |
| CP Curbline Pptys Corp | 3.5% | Added 8.0% | 1,913,410 | $58.2M |
| Realty Income Corp | 3.1% | Trimmed 17% | 844,785 | $52.3M |
| American Homes 4 Rent | 3.0% | Trimmed 8.9% | 1,512,889 | $50.7M |
| BD Blackstone Digital Infrastru | 2.8% | New | 2,171,724 | $47M |
| Lxp Industrial Trust | 2.5% | Added 8.3% | 789,859 | $42.6M |
| Public Storage | 2.3% | Added 7.1% | 118,941 | $37.9M |
| PH Pebblebrook Hotel Tr | 2.0% | Added 8.0% | 1,725,789 | $33.5M |
| ER Equity Residential | 0.7% | Trimmed 0.1% | 179,384 | $12.2M |
| Invitation Homes Inc | 0.6% | Added 2.9% | 342,241 | $10.3M |
| MA Mid-amer Apt Cmntys Inc | 0.6% | Added 26% | 70,045 | $9.73M |
| SC Sun Cmntys Inc | 0.6% | Added 16% | 77,917 | $9.34M |
| CP Camden Ppty Tr | 0.4% | Added 16% | 57,459 | $6.58M |
| Equity Lifestyle Properties | 0.4% | Added 22% | 99,710 | $6.43M |
| Ventas Inc | 0.3% | Added 18% | 60,329 | $5.36M |
| Udr Inc | 0.3% | Trimmed 22% | 124,740 | $4.98M |
| IR Independence Rlty Tr Inc | 0.1% | Trimmed 69% | 76,840 | $1.28M |
| Janus Living Inc | 0.0% | Added 1.1% | 19,618 | $564K |
| VR Vornado Rlty Tr | 0.0% | Added 3.1% | 13,566 | $533K |
| Kilroy Realty Corp | 0.0% | Added 98% | 13,953 | $523K |
| EP Eastgroup Pptys Inc | 0.0% | Trimmed 18% | 2,191 | $444K |
| IM Iron Mtn Inc Del | 0.0% | New | 3,100 | $392K |
| American Tower Corp | 0.0% | Trimmed 16% | 1,990 | $326K |
| RI Rexford Indl Rlty Inc | 0.0% | Trimmed 98% | 6,441 | $216K |
| Tanger Inc | 0.0% | Added 27% | 2,362 | $93.2K |
| Stag Industrial Inc | 0.0% | Added 26% | 1,952 | $74.3K |
| PH Pebblebrook Hotel Tr | 0.0% | Trimmed 16% | 2,960 | $57.7K |
| American Healthcare REIT Inc | 0.0% | Added 20% | 600 | $31.3K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 04, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BD Blackstone Digital Infrastru | New | +2,171,724 | +$47M | 2.8% |
| Welltower Inc | Added | +90,000 | +$20.4M | 15.7% |
| RI Rexford Indl Rlty Inc | Trimmed | −392,768 | −$13.2M | — |
| Prologis Inc. | Added | +81,191 | +$11M | 8.6% |
| Realty Income Corp | Trimmed | −175,529 | −$10.9M | 3.1% |
| Equinix Inc | Added | +8,869 | +$9.24M | 7.4% |
| AC Avalonbay Cmntys Inc | Added | +39,950 | +$7.54M | 6.4% |
| SP Simon Ppty Group Inc New | Added | +31,578 | +$7.06M | 5.6% |
| DR Digital Rlty Tr Inc | Added | +38,268 | +$6.87M | 5.3% |
| Cubesmart | Added | +170,983 | +$6.8M | 5.4% |
Showing the 10 largest of 42 changes.
quarter ended March 31, 2026 · filed April 28, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cubesmart | Added | +2,103,145 | +$77.1M | 5.6% |
| EP Essex Ppty Tr Inc | Added | +270,274 | +$65.4M | 5.2% |
| VP Vici Pptys Inc | New | +2,216,645 | +$60.6M | 4.4% |
| PS Public Storage Oper Co | Trimmed | −222,476 | −$60.3M | 2.2% |
| MA Mid-amer Apt Cmntys Inc | Trimmed | −428,387 | −$52.3M | 0.5% |
| Realty Income Corp | Trimmed | −849,319 | −$52M | 4.5% |
| Caretrust REIT Inc | Exited | −701,884 | −$25.4M | — |
| Lxp Industrial Trust | Trimmed | −440,571 | −$20.4M | 2.4% |
| PH Pebblebrook Hotel Tr | New | +1,598,340 | +$20.2M | 1.5% |
| RH Ryman Hospitality Pptys Inc | Exited | −205,590 | −$19.5M | — |
Showing the 10 largest of 42 changes.
quarter ended December 31, 2025 · filed February 06, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Lxp Industrial Trust | Exited | −9,135,734 | −$81.9M | — |
| Lxp Industrial Trust | New | +1,169,582 | +$58M | 4.2% |
| Welltower Inc | Trimmed | −231,824 | −$43M | 13.1% |
| IM Iron Mtn Inc Del | Exited | −315,257 | −$32.1M | — |
| Equinix Inc | Trimmed | −36,286 | −$27.8M | 6.7% |
| AC Avalonbay Cmntys Inc | Trimmed | −127,576 | −$23.1M | 7.3% |
| PS Public Storage Oper Co | Trimmed | −78,774 | −$20.4M | 6.3% |
| MA Mid-amer Apt Cmntys Inc | Trimmed | −133,382 | −$18.5M | 4.9% |
| Prologis Inc. | Trimmed | −138,775 | −$17.7M | 9.0% |
| SP Simon Ppty Group Inc New | Trimmed | −91,188 | −$16.9M | 5.9% |
Showing the 10 largest of 45 changes.
quarter ended September 30, 2025 · filed November 10, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Prologis Inc. | Trimmed | −590,040 | −$67.6M | 7.1% |
| SP Simon Ppty Group Inc New | Added | +252,510 | +$47.4M | 5.5% |
| Ventas Inc | Trimmed | −661,586 | −$46.3M | 0.4% |
| Realty Income Corp | Added | +658,910 | +$40.1M | 7.2% |
| HP Highwoods Pptys Inc | Added | +1,144,991 | +$36.4M | 4.2% |
| BP Brixmor Ppty Group Inc | Added | +1,241,326 | +$34.4M | 4.4% |
| AC Avalonbay Cmntys Inc | Added | +171,950 | +$33.2M | 7.4% |
| Lxp Industrial Trust | Added | +3,465,123 | +$31M | 4.6% |
| IM Iron Mtn Inc Del | Trimmed | −304,420 | −$31M | 1.8% |
| G& Gaming & Leisure Pptys Inc | Trimmed | −631,520 | −$29.4M | 0.5% |
Showing the 10 largest of 49 changes.
quarter ended June 30, 2025 · filed August 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cubesmart | Added | +658,340 | +$28M | 1.5% |
| Equinix Inc | Trimmed | −28,430 | −$22.6M | 7.7% |
| MA Mid-amer Apt Cmntys Inc | Trimmed | −118,550 | −$17.5M | 4.0% |
| Welltower Inc | Trimmed | −92,588 | −$14.2M | 10.4% |
| AC Avalonbay Cmntys Inc | Trimmed | −47,248 | −$9.61M | 5.5% |
| DR Digital Rlty Tr Inc | Trimmed | −51,530 | −$8.98M | 7.2% |
| Broadstone Net Lease Inc | Trimmed | −544,330 | −$8.74M | 2.1% |
| Udr Inc | Added | +213,420 | +$8.71M | 1.0% |
| Prologis Inc. | Trimmed | −80,248 | −$8.44M | 9.4% |
| Ventas Inc | Trimmed | −123,830 | −$7.82M | 2.6% |
Showing the 10 largest of 45 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AI Apartment Invt & Mgmt Co | New | +1,987,570 | +$17.5M | 0.9% |
| Equinix Inc | Trimmed | −16,290 | −$13.3M | 8.5% |
| American Homes 4 Rent | Trimmed | −270,660 | −$10.2M | 2.6% |
| SP Simon Ppty Group Inc New | Added | +47,730 | +$7.93M | 2.3% |
| Ventas Inc | Trimmed | −92,150 | −$6.34M | 3.0% |
| DR Digital Rlty Tr Inc | Added | +42,960 | +$6.16M | 5.8% |
| G& Gaming & Leisure Pptys Inc | Added | +111,670 | +$5.68M | 2.2% |
| Prologis Inc. | Trimmed | −44,850 | −$5.01M | 9.7% |
| Welltower Inc | Trimmed | −32,610 | −$5M | 10.3% |
| CP Curbline Pptys Corp | Added | +179,630 | +$4.35M | 0.9% |
Showing the 10 largest of 40 changes.
quarter ended December 31, 2024 · filed February 05, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Udr Inc | Trimmed | −1,939,823 | −$84.2M | 0.5% |
| MA Mid-amer Apt Cmntys Inc | Added | +528,608 | +$81.7M | 4.7% |
| PS Public Storage Oper Co | Added | +228,740 | +$68.5M | 6.4% |
| Extra Space Storage Inc | Trimmed | −432,308 | −$64.7M | 1.1% |
| Healthpeak Properties Inc | Trimmed | −2,613,920 | −$53M | 0.1% |
| VP Vici Pptys Inc | Trimmed | −1,795,903 | −$52.5M | 0.3% |
| AT American Tower Corp New | Exited | −203,452 | −$47.3M | — |
| RC Regency Ctrs Corp | Trimmed | −632,522 | −$46.8M | — |
| Bxp Inc | Exited | −498,060 | −$40.1M | — |
| Americold Realty Trust Inc | Exited | −1,313,779 | −$37.1M | — |
Showing the 10 largest of 51 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RC Regency Ctrs Corp | Trimmed | −479,596 | −$34.6M | 2.0% |
| Lxp Industrial Trust | Added | +3,029,047 | +$30.4M | 1.5% |
| Ventas Inc | Added | +452,500 | +$29M | 2.0% |
| EP Essential Pptys Rlty Tr Inc | Exited | −1,029,004 | −$28.5M | — |
| RH Ryman Hospitality Pptys Inc | Trimmed | −229,878 | −$24.7M | 1.6% |
| BP Brixmor Ppty Group Inc | Added | +876,240 | +$24.4M | 2.5% |
| CP Camden Ppty Tr | Trimmed | −190,150 | −$23.5M | 0.7% |
| IM Iron Mtn Inc Del | Trimmed | −152,503 | −$18.1M | 2.2% |
| AC Avalonbay Cmntys Inc | Trimmed | −79,183 | −$17.8M | 4.9% |
| Tanger Inc | New | +527,290 | +$17.5M | 0.8% |
Showing the 10 largest of 45 changes.
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