Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (35 quarters reported)
$4.24B in Q2 2013 → $774K now. Hover for any quarter.
As reported for the quarter ended December 31, 2021. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| AR Alexandria Real Estate | 11.6% | Trimmed 98% | 403 | $90K |
| MA Mid Amer Apt Cmntys Inc 8.5 Pfd Ser I | 8.9% | Trimmed 91% | 1,100 | $69K |
| RR Rpt Realty 7.25 Pfd D | 7.6% | Trimmed 94% | 1,000 | $59K |
| DG Digitalbridge Group Inc 7.15 Pfd I | 6.7% | Trimmed 94% | 2,000 | $52K |
| AR Arbor Realty Trust Inc Cum Conv 6.25 Pfd E | 6.6% | Trimmed 80% | 2,000 | $51K |
| LR Lexington Realty Trust 6.5 Cum Conv Pfd Series C | 6.5% | Unchanged | 800 | $50K |
| AF American Finance Trust 7.375 Pfd C | 6.2% | Trimmed 93% | 1,800 | $48K |
| C6 Centerspace 6.625 Preferred C | 6.1% | Trimmed 91% | 1,800 | $47K |
| HT Healthcare Trust Inc 7.375 Cum Conv Pfd A | 5.9% | Trimmed 93% | 1,800 | $46K |
| RL Rlj Lodging Trust Usd 1.95 Conv Pfd A | 5.6% | Trimmed 94% | 1,500 | $43K |
| LF Lument Finance Company 7.875 Pfd A | 5.2% | Trimmed 90% | 1,500 | $40K |
| UP Umh Properties Inc 6.75 Pfd C | 5.0% | Trimmed 94% | 1,500 | $39K |
| IF Istar Financial Inc 7 1/2 Pfd Shs Series I | 4.7% | Unchanged | 1,400 | $36K |
| AH Armada Hoffler Properties Inc 6.75 Cum Pfd A | 4.5% | Trimmed 95% | 1,285 | $35K |
| SR Spirit Realty Capital Pfd A 6 | 4.5% | Unchanged | 1,350 | $35K |
| EP Epr Properties 5.75 Pfd Ser G | 4.4% | Trimmed 92% | 1,350 | $34K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended December 31, 2021 · filed January 21, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PC Prologis Inc Com | Exited | −103,896 | −$13M | — |
| Equinix Inc | Exited | −11,433 | −$9.03M | — |
| SP Simon Ppty Group Inc New Com | Exited | −53,320 | −$6.93M | — |
| Welltower Inc | Exited | −75,300 | −$6.21M | — |
| AC Avalonbay Cmntys Inc Com | Exited | −26,806 | −$5.94M | — |
| ER Equity Residential Sh Ben In | Exited | −71,910 | −$5.82M | — |
| PS Public Storage Com | Exited | −19,568 | −$5.81M | — |
| Digital Realty Trust Inc | Exited | −33,516 | −$4.84M | — |
| Extra Space Storage Inc | Exited | −26,671 | −$4.48M | — |
| AR Alexandria Real Estate | Trimmed | −19,902 | −$4.44M | 11.6% |
Showing the 10 largest of 184 changes.
quarter ended September 30, 2021 · filed October 18, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Equinix Inc | Added | +5,365 | +$4.24M | 4.3% |
| BP Brookfield Properties REIT Inc 6.375 Pfd A | Exited | −59,600 | −$1.5M | — |
| PC Prologis Inc Com | Trimmed | −6,115 | −$767K | 6.2% |
| QR Qts Realty Trust Inc-cl A | Exited | −6,670 | −$516K | — |
| V6 Vereit Inc 6.70 Pfd Ser F | Exited | −19,850 | −$502K | — |
| KR Kimco Rlty Corp Com | Added | +22,112 | +$459K | 1.2% |
| WR Weingarten Rlty Invs Sh Ben Int | Exited | −12,519 | −$401K | — |
| Welltower Inc | Trimmed | −4,806 | −$396K | 2.9% |
| RP Retail Pptys Amer Inc Cl A | Trimmed | −29,855 | −$384K | 0.2% |
| RI Rexford Indl Rlty Inc 5.875 Pfd Ser A | Exited | −14,787 | −$372K | — |
Showing the 10 largest of 114 changes.
quarter ended June 30, 2021 · filed July 23, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Equinix Inc | New | +6,068 | +$4.87M | 2.3% |
| DG Digitalbridge Group Inc 7.15 Pfd I | New | +36,000 | +$923K | 0.4% |
| CC Colony Capital Inc 7.15 Cum Conv Perp Pfd I | Exited | −33,000 | −$832K | — |
| Coresite Realty Corp | New | +5,605 | +$754K | 0.4% |
| HT Healthcare Trust Inc 7.375 Cum Conv Pfd A | New | +26,800 | +$681K | 0.3% |
| ER Equity Residential Sh Ben In | Trimmed | −7,892 | −$608K | 2.6% |
| Digital Realty Trust Inc | Trimmed | −3,929 | −$591K | 2.5% |
| Digitalbridge Group Inc | New | +65,648 | +$519K | 0.2% |
| DG Digitalbridge Group Inc 7.125 Pfd J | New | +17,866 | +$468K | 0.2% |
| SP Simon Ppty Group Inc New Com | Trimmed | −3,450 | −$450K | 3.3% |
Showing the 10 largest of 141 changes.
quarter ended March 31, 2021 · filed April 29, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TC Taubman Ctrs Inc Pfd-j | Exited | −40,728 | −$1.02M | — |
| LS Life Storage Inc Com | Added | +10,460 | +$899K | 1.4% |
| TC Taubman Ctrs Inc Pfd Ser K | Exited | −33,100 | −$828K | — |
| ER Equity Residential Sh Ben In | Added | +9,616 | +$689K | 3.0% |
| Welltower Inc | Added | +8,831 | +$633K | 3.1% |
| AC Avalonbay Cmntys Inc Com | Added | +3,397 | +$627K | 2.8% |
| SI Stag Industrial Inc 6 7/8 Cum Red Pfd Shs Series | Exited | −20,000 | −$507K | — |
| Invitation Homes Inc | Trimmed | −14,565 | −$466K | 1.6% |
| DR Duke Realty Corp | Trimmed | −10,996 | −$461K | 1.2% |
| MA Mid Amer Apt Comm | Trimmed | −3,014 | −$435K | 1.7% |
Showing the 10 largest of 139 changes.
quarter ended December 31, 2020 · filed February 03, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| V Vereit Inc | New | +30,060 | +$1.14M | 0.6% |
| V Vereit Inc | Exited | −152,430 | −$991K | — |
| SG Sl Green Rlty Corp Com | New | +16,478 | +$982K | 0.6% |
| Apartment Income REIT Corp | New | +22,371 | +$859K | 0.5% |
| SG Sl Green Rlty Corp Com | Exited | −16,686 | −$774K | — |
| Digital Realty Trust Inc | Trimmed | −5,424 | −$757K | 2.8% |
| AI Apartment Invt And Mgmt Co | Exited | −21,737 | −$733K | — |
| Welltower Inc | Trimmed | −8,892 | −$575K | 2.7% |
| IR Investors Real Estate Trust 6.625 Cum Red Perp P | Exited | −20,363 | −$539K | — |
| C6 Centerspace 6.625 Preferred C | New | +20,363 | +$529K | 0.3% |
Showing the 10 largest of 139 changes.
quarter ended September 30, 2020 · filed October 22, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PC Prologis Inc Com | Trimmed | −8,437 | −$849K | 6.8% |
| Weyerhaeuser Company | Trimmed | −29,746 | −$847K | 0.2% |
| WC Wp Carey Inc | Added | +10,812 | +$705K | 1.5% |
| UP Umh Properties Inc 6.75 Pfd C | Added | +25,000 | +$629K | 0.4% |
| ER Equity Residential Sh Ben In | Trimmed | −12,069 | −$620K | 2.2% |
| AC Avalonbay Cmntys Inc Com | Trimmed | −2,544 | −$380K | 2.1% |
| CC Crown Castle International Corp 6.875 Cum Conv R | Exited | −250 | −$371K | — |
| CC Crown Castle Intl Corp | New | +2,201 | +$366K | 0.2% |
| UC Udr Inc Com | Added | +10,837 | +$353K | 0.9% |
| SP Simon Ppty Group Inc New Com | Trimmed | −5,417 | −$350K | 2.1% |
Showing the 10 largest of 139 changes.
quarter ended June 30, 2020 · filed July 22, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TC Taubman Ctrs Inc Pfd-j | Trimmed | −64,100 | −$1.38M | 0.6% |
| MR Monmouth Real Estate Invt Corp Pfd Ser C | Trimmed | −40,000 | −$979K | 0.5% |
| IR Investors Real Estate Trust 6.625 Cum Red Perp P | Trimmed | −37,000 | −$954K | 0.3% |
| SG Sl Green Rlty Corp Pfd Ser I | Trimmed | −34,775 | −$867K | 0.5% |
| SR Spirit Realty Capital Pfd A 6 | Trimmed | −35,000 | −$856K | — |
| Equinix Inc | Trimmed | −1,175 | −$826K | 0.1% |
| CC Colony Capital Inc 7.15 Cum Conv Red Perp Pfd Re | Trimmed | −50,000 | −$791K | 0.3% |
| MA Mid Amer Apt Cmntys Inc Pfd Ser I 8.5 | Trimmed | −12,276 | −$767K | 0.5% |
| AR Alexandria Real Estate | Trimmed | −4,690 | −$761K | 2.4% |
| UP Umh Properties Inc 6.75 Pfd C | Trimmed | −32,000 | −$747K | — |
Showing the 10 largest of 146 changes.
quarter ended March 31, 2020 · filed May 20, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| LP Liberty Ppty Tr | Exited | −24,273 | −$1.46M | — |
| PS Public Storage Com | Added | +5,180 | +$1.03M | 2.6% |
| PC Prologis Inc Com | Added | +11,856 | +$953K | 6.2% |
| AC Avalonbay Cmntys Inc Com | Added | +6,222 | +$916K | 2.3% |
| DR Duke Realty Corp | Added | +18,719 | +$606K | 1.6% |
| ER Equity Residential Sh Ben In | Added | +9,636 | +$595K | 3.2% |
| AR Alexandria Real Estate | Added | +4,026 | +$552K | 2.5% |
| Extra Space Storage Inc | Added | +4,841 | +$464K | 1.7% |
| SP Simon Ppty Group Inc New Com | Added | +7,156 | +$393K | 1.9% |
| BP Boston Properties Inc Com | Added | +3,898 | +$360K | 1.6% |
Showing the 10 largest of 96 changes.
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