Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (14 quarters reported)
$148M in Q2 2013 → $34.4M now. Hover for any quarter.
As reported for the quarter ended September 30, 2016. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| SP Simon Ppty Group Inc New | 8.2% | Added 16% | 13,622 | $2.82M |
| AT American Tower Corp New | 6.6% | Added 14% | 19,900 | $2.26M |
| Welltower Inc | 4.5% | Added 16% | 20,569 | $1.54M |
| Prologis Inc | 4.3% | Added 34% | 27,967 | $1.5M |
| Equinix Inc | 4.3% | Added 18% | 4,106 | $1.48M |
| AC Avalonbay Cmntys Inc | 4.3% | New | 8,226 | $1.46M |
| EP Essex Ppty Tr Inc | 4.1% | Added 9.2% | 6,330 | $1.41M |
| BP Boston Properties Inc | 3.2% | Added 6.7% | 8,003 | $1.09M |
| SG Sl Green Rlty Corp | 2.8% | Added 8.4% | 9,027 | $976K |
| Extra Space Storage Inc | 2.7% | Trimmed 1.6% | 11,533 | $916K |
| GG General Growth Pptys Inc New | 2.7% | Added 18% | 33,189 | $916K |
| Macerich Co | 2.5% | Trimmed 9.5% | 10,492 | $848K |
| SR Spirit Rlty Cap Inc New | 2.4% | Added 40% | 63,230 | $843K |
| LS Life Storage Inc | 2.4% | New | 9,101 | $809K |
| AR Acadia Rlty Tr | 2.3% | Added 16% | 21,824 | $791K |
| HT Healthcare Tr Amer Inc | 2.2% | Trimmed 6.0% | 23,565 | $769K |
| WR Weingarten Rlty Invs | 2.1% | Added 22% | 18,956 | $739K |
| NR National Retail Pptys Inc | 2.1% | Trimmed 1.5% | 14,396 | $732K |
| PR Physicians Rlty Tr | 2.1% | Added 79% | 32,938 | $709K |
| DR Duke Realty Corp | 2.0% | Trimmed 21% | 25,260 | $690K |
| AR Alexandria Real Estate Eq In | 2.0% | Added 5.8% | 6,284 | $684K |
| LH Lasalle Hotel Pptys | 1.7% | Added 27% | 24,252 | $579K |
| C Cyrusone Inc | 1.6% | Added 23% | 11,283 | $537K |
| HP Hudson Pac Pptys Inc | 1.6% | Added 20% | 16,281 | $535K |
| SC Sun Cmntys Inc | 1.5% | New | 6,792 | $533K |
| HP Highwoods Pptys Inc | 1.5% | Added 10% | 10,053 | $524K |
| CS Communications SALES&LEAS In | 1.5% | Added 33% | 16,264 | $511K |
| Las Vegas Sands Corp | 1.5% | Added 12% | 8,867 | $510K |
| RO Retail Opportunity Invts Cor | 1.5% | Trimmed 16% | 22,889 | $503K |
| SC Store Cap Corp | 1.5% | Added 33% | 16,981 | $500K |
| MI Marriott Intl Inc New | 1.4% | Added 27% | 7,059 | $475K |
| American Homes 4 Rent | 1.4% | New | 21,899 | $474K |
| PP Post Pptys Inc | 1.4% | Trimmed 14% | 7,045 | $466K |
| ER Education Rlty Tr Inc | 1.3% | New | 10,322 | $445K |
| NH National Health Invs Inc | 1.3% | Added 7.9% | 5,597 | $439K |
| EP Eastgroup Ppty Inc | 1.3% | Added 36% | 5,868 | $432K |
| KR Kite Rlty Group Tr | 1.2% | Added 45% | 15,448 | $428K |
| TR Terreno Rlty Corp | 1.2% | Added 12% | 14,446 | $397K |
| Agree Realty Corp | 1.1% | Added 11% | 7,943 | $393K |
| Caretrust REIT Inc | 1.1% | Added 11% | 25,071 | $371K |
| CL Chesapeake Lodging Tr | 1.1% | New | 16,063 | $368K |
| CR Cedar Realty Trust Inc | 1.1% | Added 75% | 50,298 | $362K |
| QR Qts Rlty Tr Inc | 1.0% | Added 18% | 6,276 | $332K |
| NS National Storage Affiliates | 1.0% | Trimmed 1.1% | 15,671 | $328K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2016 · filed November 14, 2016
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ER Equity Residential | Exited | −21,665 | −$1.49M | — |
| AC Avalonbay Cmntys Inc | New | +8,226 | +$1.46M | 4.3% |
| LS Life Storage Inc | New | +9,101 | +$809K | 2.4% |
| Udr Inc | Exited | −19,245 | −$711K | — |
| SS Sovran Self Storage Inc | Exited | −6,522 | −$684K | — |
| SC Sun Cmntys Inc | New | +6,792 | +$533K | 1.5% |
| AI Apartment Invt & Mgmt Co | Exited | −11,999 | −$530K | — |
| American Homes 4 Rent | New | +21,899 | +$474K | 1.4% |
| ER Education Rlty Tr Inc | New | +10,322 | +$445K | 1.3% |
| PH Pebblebrook Hotel Tr | Exited | −16,742 | −$439K | — |
Showing the 10 largest of 49 changes.
quarter ended June 30, 2016 · filed August 15, 2016
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AC Avalonbay Cmntys Inc | Exited | −11,306 | −$2.15M | — |
| ER Equity Residential | New | +21,665 | +$1.49M | 4.9% |
| SP Simon Ppty Group Inc New | Trimmed | −6,688 | −$1.45M | 8.3% |
| AT American Tower Corp New | Trimmed | −9,876 | −$1.12M | 6.4% |
| Equinix Inc | Trimmed | −2,274 | −$881K | 4.4% |
| CP Camden Ppty Tr | Exited | −10,143 | −$853K | — |
| MA Mid-amer Apt Cmntys Inc | Exited | −7,945 | −$812K | — |
| C Cyrusone Inc | Trimmed | −14,557 | −$810K | 1.7% |
| OH Omega Healthcare Invs Inc | Exited | −21,763 | −$768K | — |
| Udr Inc | New | +19,245 | +$711K | 2.3% |
Showing the 10 largest of 49 changes.
quarter ended March 31, 2016 · filed May 16, 2016
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Equinix Inc | Added | +2,514 | +$831K | 4.4% |
| HT Healthcare Tr Amer Inc | New | +28,186 | +$829K | 1.9% |
| DR Digital Rlty Tr Inc | Exited | −10,192 | −$771K | — |
| SH Starwood HOTELS&RESORTS Wrld | Exited | −9,049 | −$627K | — |
| AT American Tower Corp New | Added | +5,937 | +$608K | 6.5% |
| SP Simon Ppty Group Inc New | Added | +2,683 | +$557K | 8.9% |
| LH Lasalle Hotel Pptys | New | +19,300 | +$488K | 1.1% |
| NH National Health Invs Inc | New | +7,097 | +$472K | 1.1% |
| AC Avalonbay Cmntys Inc | Added | +2,403 | +$457K | 5.0% |
| ES Empire St Rlty Tr Inc | Exited | −23,765 | −$429K | — |
Showing the 10 largest of 45 changes.
quarter ended December 31, 2015 · filed February 16, 2016
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Udr Inc | Exited | −31,507 | −$1.09M | — |
| GG General Growth Pptys Inc New | New | +38,815 | +$1.06M | 2.9% |
| KR Kimco Rlty Corp | Exited | −38,948 | −$951K | — |
| AI Apartment Invt & Mgmt Co | New | +20,175 | +$808K | 2.3% |
| WR Weingarten Rlty Invs | New | +22,568 | +$780K | 2.2% |
| DR Digital Rlty Tr Inc | New | +10,192 | +$771K | 2.2% |
| SH Strategic Hotels & Resorts I | Exited | −49,333 | −$680K | — |
| AR Alexandria Real Estate Eq In | New | +7,069 | +$639K | 1.8% |
| SH Starwood HOTELS&RESORTS Wrld | New | +9,049 | +$627K | 1.7% |
| BP Boston Properties Inc | Trimmed | −4,684 | −$597K | 3.3% |
Showing the 10 largest of 45 changes.
quarter ended September 30, 2015 · filed November 16, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SP Simon Ppty Group Inc New | Trimmed | −103,546 | −$19M | 10.0% |
| AT American Tower Corp New | Trimmed | −132,037 | −$11.6M | 6.2% |
| Ventas Inc | Exited | −183,661 | −$11.4M | — |
| BP Boston Properties Inc | Trimmed | −84,322 | −$9.98M | 4.8% |
| EP Essex Ppty Tr Inc | Trimmed | −43,508 | −$9.72M | 4.2% |
| Udr Inc | Trimmed | −270,623 | −$9.33M | 3.2% |
| SG Sl Green Rlty Corp | Trimmed | −78,568 | −$8.5M | 4.1% |
| SI Stag Indl Inc | Exited | −380,655 | −$7.61M | — |
| OH Omega Healthcare Invs Inc | Trimmed | −190,858 | −$6.71M | 3.8% |
| Extra Space Storage Inc | Trimmed | −81,037 | −$6.25M | 3.2% |
Showing the 10 largest of 35 changes.
quarter ended June 30, 2015 · filed August 12, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ER Equity Residential | Exited | −178,861 | −$13.9M | — |
| VR Vornado Rlty Tr | Exited | −92,282 | −$10.3M | — |
| Weyerhaeuser Co | Exited | −287,296 | −$9.52M | — |
| Equinix Inc | New | +27,672 | +$7.03M | 3.3% |
| Prologis Inc | New | +181,184 | +$6.72M | 3.2% |
| BR Biomed Realty Trust Inc | Exited | −273,667 | −$6.2M | — |
| CP Camden Ppty Tr | New | +80,870 | +$6.01M | 2.8% |
| MA Mid-amer Apt Cmntys Inc | New | +78,763 | +$5.74M | 2.7% |
| TC Taubman Ctrs Inc | Exited | −71,846 | −$5.54M | — |
| PH Pebblebrook Hotel Tr | New | +106,542 | +$4.57M | 2.2% |
Showing the 10 largest of 39 changes.
quarter ended March 31, 2015 · filed May 08, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ER Equity Residential | New | +178,861 | +$13.9M | 5.1% |
| CP Camden Ppty Tr | Exited | −176,068 | −$13M | — |
| MA Mid-amer Apt Cmntys Inc | Exited | −152,675 | −$11.4M | — |
| EP Essex Ppty Tr Inc | New | +49,528 | +$11.4M | 4.2% |
| Prologis Inc | Exited | −259,344 | −$11.2M | — |
| VR Vornado Rlty Tr | New | +92,282 | +$10.3M | 3.8% |
| SP Simon Ppty Group Inc New | Trimmed | −47,459 | −$9.28M | 7.2% |
| H Hcp Inc | Exited | −200,285 | −$8.82M | — |
| OH Omega Healthcare Invs Inc | New | +214,142 | +$8.69M | 3.2% |
| Macerich Co | New | +96,594 | +$8.15M | 3.0% |
Showing the 10 largest of 46 changes.
quarter ended December 31, 2014 · filed February 11, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AT American Tower Corp New | New | +173,078 | +$17.1M | 6.5% |
| CC Crown Castle Intl Corp | Exited | −201,445 | −$16.2M | — |
| CP Camden Ppty Tr | Added | +163,668 | +$12.1M | 4.9% |
| EP Essex Ppty Tr Inc | Exited | −61,674 | −$11M | — |
| W P Carey Inc | Exited | −158,670 | −$10.1M | — |
| H Hcp Inc | New | +200,285 | +$8.82M | 3.3% |
| Realty Income Corp | New | +163,749 | +$7.81M | 3.0% |
| NR National Retail Pptys Inc | New | +170,267 | +$6.7M | 2.5% |
| Sabra Health Care REIT Inc | Exited | −263,250 | −$6.4M | — |
| LP Liberty Ppty Tr | Exited | −155,416 | −$5.17M | — |
Showing the 10 largest of 39 changes.
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