Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$6.47B in Q2 2013 → $2.81B 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 |
|---|---|---|---|---|
| Equinix Inc | 11.7% | Trimmed 3.3% | 314,999 | $328M |
| Welltower Inc | 10.2% | Added 4.4% | 1,265,520 | $287M |
| Prologis Inc | 5.5% | Trimmed 9.3% | 1,142,538 | $155M |
| Public Storage | 5.2% | Trimmed 4.4% | 463,395 | $148M |
| Simon Property Group Inc | 4.4% | Trimmed 1.7% | 557,363 | $125M |
| American Homes 4 Rent | 4.3% | Trimmed 0.8% | 3,604,114 | $121M |
| American Tower Corp | 4.0% | Added 7.3% | 695,301 | $114M |
| GA Gaming And Leisure Prop Inc | 3.7% | Added 17% | 2,309,247 | $103M |
| ER Equity Residential | 3.6% | Added 4.6% | 1,508,797 | $102M |
| Rexford Industrial Realty Inc | 3.5% | Added 195% | 2,897,201 | $97.1M |
| Cubesmart | 3.3% | Added 81% | 2,343,438 | $93.2M |
| Outfront Media Inc | 3.1% | Trimmed 16% | 2,637,699 | $86.4M |
| SH Sabra Healthcare REIT Inc | 3.0% | Added 12% | 4,278,884 | $83.5M |
| Americold Realty Trust | 2.9% | Trimmed 26% | 5,170,246 | $81.3M |
| Empire State Realty Trust Inc | 2.5% | Added 45% | 13,105,447 | $70.9M |
| Four Corners Property Trust | 2.5% | Added 10% | 2,834,942 | $69.6M |
| Agree Realty Corp | 2.5% | Added 27% | 915,004 | $69.3M |
| Avalonbay Communities Inc | 2.4% | Added 5.5% | 363,590 | $68.6M |
| Equity Lifestyle Properties Inc | 2.3% | Added 36% | 1,002,286 | $64.6M |
| Ventas Inc | 2.2% | Trimmed 27% | 704,366 | $62.5M |
| Kimco Realty Corp | 2.0% | New | 2,259,243 | $57.3M |
| Vici Properties Inc | 1.8% | Added 19% | 1,924,930 | $51.1M |
| National Healthcare Properties Inc | 1.7% | New | 3,351,644 | $49.1M |
| Udr Inc | 1.6% | Trimmed 16% | 1,144,865 | $45.7M |
| Lxp Industrial Trust | 1.6% | Trimmed 55% | 827,272 | $44.6M |
| Bxp Inc | 1.1% | Trimmed 4.9% | 462,991 | $30.7M |
| Host Hotels & Resorts Inc | 1.0% | Trimmed 40% | 1,217,417 | $28.9M |
| Digital Realty Trust Inc | 1.0% | Added 3.3% | 148,822 | $26.7M |
| Regency Centers Corp | 0.9% | Added 957% | 300,484 | $24M |
| Nnn REIT Inc | 0.8% | Trimmed 31% | 512,634 | $23.9M |
| Alexandria Real Estate Equities Inc | 0.8% | Trimmed 73% | 407,553 | $21.5M |
| Invitation Homes Inc | 0.7% | Unchanged | 668,065 | $20.2M |
| Kite Realty Group Trust | 0.5% | Trimmed 81% | 460,663 | $13.1M |
| Healthpeak Properties Inc | 0.4% | Unchanged | 533,956 | $11.4M |
| Sun Communities Inc | 0.4% | Added 76% | 93,665 | $11.2M |
| Realty Income Corp | 0.3% | Added 9.4% | 153,881 | $9.53M |
| Essex Property Trust Inc | 0.2% | Unchanged | 23,605 | $6.88M |
| Federal Realty Investment Trust | 0.1% | Trimmed 96% | 15,464 | $1.91M |
| Sba Communications Corp | 0.0% | Trimmed 2.1% | 7,899 | $1.39M |
| Kilroy Realty Corp | 0.0% | Unchanged | 35,300 | $1.32M |
| Weyerhaeuser Co | 0.0% | Trimmed 1.9% | 30,975 | $742K |
| CC Crown Castle Intl Corp | 0.0% | Trimmed 66% | 1,248 | $94.5K |
| Lineage Inc | 0.0% | Trimmed 59% | 1,469 | $63.5K |
| Cousins Properties Inc | 0.0% | Trimmed 15% | 791 | $23.7K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Rexford Industrial Realty Inc | Added | +1,916,529 | +$64.2M | 3.5% |
| Alexandria Real Estate Equities Inc | Trimmed | −1,103,720 | −$58.3M | 0.8% |
| Kimco Realty Corp | New | +2,259,243 | +$57.3M | 2.0% |
| Kite Realty Group Trust | Trimmed | −1,909,191 | −$54.2M | 0.5% |
| Lxp Industrial Trust | Trimmed | −1,001,256 | −$53.9M | 1.6% |
| National Healthcare Properties Inc | New | +3,351,644 | +$49.1M | 1.7% |
| Cubesmart | Added | +1,052,226 | +$41.8M | 3.3% |
| Federal Realty Investment Trust | Trimmed | −337,730 | −$41.7M | 0.1% |
| Americold Realty Trust | Trimmed | −1,792,337 | −$28.2M | 2.9% |
| Ventas Inc | Trimmed | −258,985 | −$23M | 2.2% |
Showing the 10 largest of 46 changes.
quarter ended March 31, 2026 · filed May 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Digital Realty Trust Inc | Trimmed | −259,413 | −$46.7M | 1.0% |
| First Industrial Realty Trust Inc | Trimmed | −784,605 | −$45.4M | — |
| Realty Income Corp | Trimmed | −600,415 | −$36.7M | 0.3% |
| Ventas Inc | Trimmed | −430,319 | −$35.2M | 3.1% |
| Rexford Industrial Realty Inc | New | +980,672 | +$32.1M | 1.3% |
| Four Corners Property Trust | Added | +1,139,493 | +$26.9M | 2.4% |
| American Tower Corp | Added | +120,641 | +$20.8M | 4.4% |
| Empire State Realty Trust Inc | Added | +3,534,376 | +$18.4M | 1.9% |
| Kite Realty Group Trust | Trimmed | −710,524 | −$17.4M | 2.3% |
| American Homes 4 Rent | Added | +577,750 | +$16.1M | 4.0% |
Showing the 10 largest of 45 changes.
quarter ended December 31, 2025 · filed February 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Lxp Industrial Trust | Exited | −9,756,056 | −$87.4M | — |
| Lxp Industrial Trust | New | +1,710,791 | +$84.8M | 3.4% |
| Omega Healthcare Investors Inc | Exited | −1,691,009 | −$71.4M | — |
| SH Sabra Healthcare REIT Inc | New | +3,534,217 | +$66.9M | 2.7% |
| Realty Income Corp | Trimmed | −710,422 | −$40M | 1.7% |
| Four Corners Property Trust | New | +1,426,241 | +$32.9M | 1.3% |
| Netstreit Corp | Exited | −1,606,352 | −$29M | — |
| Empire State Realty Trust Inc | Added | +4,007,189 | +$26.1M | 1.4% |
| Alexandria Real Estate Equities Inc | Added | +515,649 | +$25.2M | 3.3% |
| Nnn REIT Inc | New | +603,176 | +$23.9M | 1.0% |
Showing the 10 largest of 45 changes.
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ventas Inc | Added | +1,427,151 | +$99.9M | 4.3% |
| Sun Communities Inc | Trimmed | −693,298 | −$89.4M | 0.3% |
| Equity Lifestyle Properties Inc | New | +837,066 | +$50.8M | 2.0% |
| American Homes 4 Rent | Added | +1,248,131 | +$41.5M | 3.8% |
| Welltower Inc | Trimmed | −229,212 | −$40.8M | 8.3% |
| Netstreit Corp | Trimmed | −2,230,213 | −$40.3M | 1.1% |
| Kite Realty Group Trust | Added | +1,799,866 | +$40.1M | 2.5% |
| National Health Investors Inc | Exited | −552,453 | −$38.7M | — |
| Realty Income Corp | Trimmed | −601,774 | −$36.6M | 3.5% |
| Public Storage | Added | +108,593 | +$31.4M | 5.7% |
Showing the 10 largest of 42 changes.
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Omega Healthcare Investors Inc | Added | +1,441,692 | +$52.8M | 3.5% |
| Americold Realty Trust | Added | +2,726,809 | +$45.3M | 4.2% |
| Alexandria Real Estate Equities Inc | Added | +554,236 | +$40.3M | 3.5% |
| Equinix Inc | Added | +45,335 | +$36.1M | 9.7% |
| Kimco Realty Corp | Trimmed | −1,355,369 | −$28.5M | 0.2% |
| Federal Realty Investment Trust | Added | +280,928 | +$26.7M | 1.2% |
| Lxp Industrial Trust | Added | +2,822,835 | +$23.3M | 3.1% |
| Sun Communities Inc | Added | +161,589 | +$20.4M | 3.9% |
| Welltower Inc | Added | +121,884 | +$18.7M | 8.9% |
| Ventas Inc | Trimmed | −278,939 | −$17.6M | 0.3% |
Showing the 10 largest of 44 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Invitation Homes Inc | Trimmed | −2,221,009 | −$77.4M | 0.6% |
| American Homes 4 Rent | New | +1,657,807 | +$62.7M | 2.7% |
| American Tower Corp | Trimmed | −186,259 | −$40.5M | 4.5% |
| First Industrial Realty Trust Inc | Trimmed | −721,112 | −$38.9M | 1.5% |
| Omega Healthcare Investors Inc | New | +871,199 | +$33.2M | 1.5% |
| Healthcare Realty Trust Inc | Trimmed | −1,852,240 | −$31.3M | — |
| Cubesmart | Added | +722,075 | +$30.8M | 1.5% |
| Kite Realty Group Trust | New | +1,344,593 | +$30.1M | 1.3% |
| Lxp Industrial Trust | Added | +3,450,090 | +$29.8M | 2.4% |
| Digital Realty Trust Inc | Trimmed | −176,783 | −$25.3M | 3.4% |
Showing the 10 largest of 43 changes.
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Healthpeak Properties Inc | Trimmed | −3,062,026 | −$62.1M | 0.4% |
| Outfront Media Inc | Exited | −3,082,481 | −$56.7M | — |
| Outfront Media Inc | New | +3,146,553 | +$55.8M | 2.4% |
| Avalonbay Communities Inc | Trimmed | −197,881 | −$43.5M | 2.9% |
| ER Equity Residential | Added | +512,723 | +$36.8M | 3.5% |
| Americold Realty Trust | Added | +1,654,650 | +$35.4M | 3.2% |
| Digital Realty Trust Inc | Trimmed | −190,143 | −$33.7M | 5.4% |
| Healthcare Realty Trust Inc | New | +1,852,412 | +$31.4M | 1.3% |
| Retail Opportunity Investments Corp | Exited | −1,811,064 | −$28.5M | — |
| Sun Communities Inc | Added | +209,811 | +$25.8M | 3.3% |
Showing the 10 largest of 44 changes.
quarter ended September 30, 2024 · filed November 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Agree Realty Corp | Trimmed | −729,970 | −$55M | 0.5% |
| Welltower Inc | Added | +402,263 | +$51.5M | 6.6% |
| Netstreit Corp | New | +2,637,597 | +$43.6M | 1.7% |
| Retail Opportunity Investments Corp | Trimmed | −2,266,421 | −$35.7M | 1.1% |
| Equinix Inc | Added | +34,892 | +$31M | 9.5% |
| Public Storage | Trimmed | −65,086 | −$23.7M | 6.6% |
| Cubesmart | Trimmed | −419,910 | −$22.6M | 0.2% |
| American Healthcare REIT Inc | Exited | −1,376,021 | −$20.1M | — |
| Cousins Properties Inc | New | +641,882 | +$18.9M | 0.7% |
| Prologis Inc | Trimmed | −129,315 | −$16.3M | 6.9% |
Showing the 10 largest of 43 changes.
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