Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (8 quarters reported)
$210M in Q4 2015 → $104M now. Hover for any quarter.
As reported for the quarter ended September 30, 2017. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| BS Brookdale Sr Living Inc | 8.2% | Added 52% | 809,476 | $8.58M |
| FC Forest City Rlty Tr Inc | 8.1% | Trimmed 34% | 331,549 | $8.46M |
| DR Duke Realty Corp | 7.6% | New | 272,779 | $7.86M |
| American Homes 4 Rent | 7.1% | New | 338,462 | $7.35M |
| HP Hudson Pac Pptys Inc | 6.3% | New | 195,328 | $6.55M |
| DI Dct Industrial Trust Inc | 6.1% | New | 110,314 | $6.39M |
| SC Sun Cmntys Inc | 6.1% | Trimmed 57% | 73,894 | $6.33M |
| D Ddr Corp | 6.0% | New | 683,363 | $6.26M |
| G Ggp Inc Call | 5.4% | Unchanged | 270,000 | $5.61M |
| KR Kilroy Rlty Corp | 5.3% | Trimmed 20% | 77,896 | $5.54M |
| GG Geo Group Inc New | 5.2% | New | 201,795 | $5.43M |
| HT Healthcare Tr Amer Inc | 4.9% | New | 170,480 | $5.08M |
| Equinix Inc | 4.3% | Trimmed 51% | 10,120 | $4.52M |
| G Ggp Inc | 4.1% | Trimmed 35% | 204,462 | $4.25M |
| AI Apartment Invt & Mgmt Co | 3.8% | Trimmed 61% | 89,056 | $3.91M |
| Cubesmart | 3.7% | New | 149,000 | $3.87M |
| I Istar Inc | 3.6% | Trimmed 54% | 314,830 | $3.72M |
| SI Stag Indl Inc | 2.1% | Trimmed 82% | 78,818 | $2.17M |
| RP Ramco-gershenson Pptys Tr | 2.1% | Trimmed 53% | 166,336 | $2.16M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 7 quarters.
quarter ended September 30, 2017 · filed November 14, 2017
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −200,000 | −$28.2M | — |
| SS SPDR S&P 500 ETF Tr | Exited | −100,000 | −$24.2M | — |
| AR Alexandria Real Estate Eq In | Exited | −141,369 | −$17M | — |
| PR Physicians Rlty Tr | Exited | −532,000 | −$10.7M | — |
| SI Stag Indl Inc | Trimmed | −360,885 | −$9.91M | 2.1% |
| SG Sl Green Rlty Corp | Exited | −86,045 | −$9.1M | — |
| GP Gramercy Ppty Tr | Exited | −301,000 | −$8.94M | — |
| AT American Tower Corp New | Exited | −63,300 | −$8.38M | — |
| SC Sun Cmntys Inc | Trimmed | −96,733 | −$8.29M | 6.1% |
| DR Duke Realty Corp | New | +272,779 | +$7.86M | 7.6% |
Showing the 10 largest of 38 changes.
quarter ended June 30, 2017 · filed August 11, 2017
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Added | +80,000 | +$19.3M | 8.8% |
| MA Mid Amer Apt Cmntys Inc | Exited | −132,200 | −$13.5M | — |
| FC Forest City Rlty Tr Inc | New | +501,890 | +$12.1M | 4.4% |
| IT Ishares Tr | Added | +85,000 | +$12M | 10.3% |
| FC Four Corners Ppty Tr Inc | Exited | −509,250 | −$11.6M | — |
| American Homes 4 Rent | Exited | −481,800 | −$11.1M | — |
| PR Physicians Rlty Tr | New | +532,000 | +$10.7M | 3.9% |
| Macerich Co | Exited | −157,251 | −$10.1M | — |
| GP Gramercy Ppty Tr | New | +301,000 | +$8.94M | 3.3% |
| LC Lowes Cos Inc | Exited | −103,550 | −$8.51M | — |
Showing the 10 largest of 44 changes.
quarter ended March 31, 2017 · filed May 15, 2017
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Trimmed | −110,000 | −$25.9M | 1.9% |
| HP Hudson Pac Pptys Inc | Exited | −472,600 | −$16.4M | — |
| IT Ishares Tr | New | +115,000 | +$15.8M | 6.2% |
| MA Mid Amer Apt Cmntys Inc | New | +132,200 | +$13.5M | 5.3% |
| G Ggp Inc | New | +570,472 | +$13.2M | 5.2% |
| American Homes 4 Rent | New | +481,800 | +$11.1M | 4.4% |
| Macerich Co | New | +157,251 | +$10.1M | 4.0% |
| AC Avalonbay Cmntys Inc | Exited | −52,000 | −$9.21M | — |
| LC Lowes Cos Inc | New | +103,550 | +$8.51M | 3.4% |
| Toll Brothers Inc | New | +196,150 | +$7.08M | 2.8% |
Showing the 10 largest of 42 changes.
quarter ended December 31, 2016 · filed May 11, 2017
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AR Alexandria Real Estate Eq In | New | +124,500 | +$13.8M | 6.4% |
| HP Hudson Pac Pptys Inc | Added | +361,600 | +$12.6M | 7.7% |
| SR Spirit Rlty Cap Inc New | Exited | −842,960 | −$11.2M | — |
| SG Sl Green Rlty Corp | Added | +94,200 | +$10.1M | 7.6% |
| AC Avalonbay Cmntys Inc | New | +52,000 | +$9.21M | 4.3% |
| Lennar Corp | Exited | −200,300 | −$8.48M | — |
| FR Federal Realty Invt Tr | New | +45,500 | +$6.47M | 3.0% |
| Paramount Group Inc | Exited | −367,400 | −$6.02M | — |
| RP Retail Pptys Amer Inc | New | +380,000 | +$5.83M | 2.7% |
| BP Brixmor Ppty Group Inc | Exited | −195,000 | −$5.42M | — |
Showing the 10 largest of 46 changes.
quarter ended September 30, 2016 · filed May 11, 2017
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | New | +125,000 | +$27M | 12.8% |
| SC Sun Cmntys Inc | New | +224,500 | +$17.6M | 8.3% |
| GG Geo Group Inc New | Exited | −338,829 | −$11.6M | — |
| SC Store Cap Corp | Exited | −305,000 | −$8.98M | — |
| NS National Storage Affiliates | Exited | −390,000 | −$8.12M | — |
| Cubesmart | Added | +242,065 | +$6.6M | 4.2% |
| Lennar Corp | Added | +142,300 | +$6.03M | 4.0% |
| Paramount Group Inc | New | +367,400 | +$6.02M | 2.8% |
| BP Brixmor Ppty Group Inc | New | +195,000 | +$5.42M | 2.6% |
| KR Kilroy Rlty Corp | New | +77,000 | +$5.34M | 2.5% |
Showing the 10 largest of 53 changes.
quarter ended June 30, 2016 · filed August 15, 2016
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NS National Storage Affiliates | New | +390,000 | +$8.12M | 4.7% |
| GG Geo Group Inc New | Added | +226,995 | +$7.76M | 6.8% |
| AC American Campus Cmntys Inc | Exited | −134,950 | −$6.36M | — |
| CG Calatlantic Group Inc | Exited | −178,720 | −$5.97M | — |
| HW Hilton Worldwide Hldgs Inc | Exited | −263,370 | −$5.93M | — |
| GG General Growth Pptys Inc New | Added | +188,000 | +$5.61M | 5.6% |
| Douglas Emmett Inc | Exited | −185,560 | −$5.59M | — |
| FC Forest City Rlty Tr Inc | Exited | −258,793 | −$5.46M | — |
| RI Rexford Indl Rlty Inc | New | +252,829 | +$5.33M | 3.1% |
| PR Physicians Rlty Tr | New | +235,000 | +$4.94M | 2.9% |
Showing the 10 largest of 56 changes.
quarter ended March 31, 2016 · filed May 16, 2016
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| GG Geo Group Inc New | Trimmed | −274,093 | −$9.5M | 2.4% |
| AI Apartment Invt & Mgmt Co | New | +225,300 | +$9.42M | 5.9% |
| EP Essex Ppty Tr Inc | Exited | −37,538 | −$8.99M | — |
| FC Forest City Enterprises Inc | Exited | −393,870 | −$8.64M | — |
| BS Brookdale Sr Living Inc | Exited | −451,000 | −$8.33M | — |
| TC Taubman Ctrs Inc | Exited | −93,620 | −$7.18M | — |
| AC Avalonbay Cmntys Inc | Exited | −37,430 | −$6.89M | — |
| SR Spirit Rlty Cap Inc New | Added | +603,619 | +$6.79M | 5.9% |
| ER Equity Residential | Exited | −81,710 | −$6.67M | — |
| AC American Campus Cmntys Inc | New | +134,950 | +$6.36M | 4.0% |
Showing the 10 largest of 52 changes.
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