Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (35 quarters reported)
$411M in Q2 2013 → $167M 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 |
|---|---|---|---|---|
| KW Kennedy Wilson Hldgs | 5.5% | Trimmed 6.8% | 382,300 | $9.13M |
| Brandywine Realty Trust | 5.3% | Trimmed 1.0% | 659,700 | $8.85M |
| HT Healthcare Trust Of America | 5.3% | Trimmed 19% | 263,900 | $8.81M |
| Brixmor Property Group Inc. | 4.8% | Trimmed 1.1% | 316,700 | $8.05M |
| Apartment Income REIT | 4.5% | Trimmed 8.0% | 137,000 | $7.49M |
| Umh Properties, Inc | 4.3% | Trimmed 5.6% | 263,800 | $7.21M |
| Stag Industrial | 4.3% | Trimmed 2.2% | 150,300 | $7.21M |
| Healthpeak Properties Inc. | 4.2% | Trimmed 4.6% | 193,900 | $7M |
| CT Catchmark Timber Trust | 4.1% | Added 24% | 779,400 | $6.79M |
| Spirit Realty Capital Inc. | 3.9% | Added 7.6% | 133,800 | $6.45M |
| RC Regency Center | 3.8% | Trimmed 12% | 83,000 | $6.25M |
| AC American Campus | 3.7% | Added 42% | 108,600 | $6.22M |
| Urban Edge Properties | 3.0% | Added 5.8% | 260,700 | $4.95M |
| Phillips Edison & Co | 3.0% | Added 1.0% | 149,282 | $4.93M |
| Alexander & Baldwin, Inc. | 2.8% | Trimmed 0.9% | 182,636 | $4.58M |
| Vornado Realty Trust | 2.6% | Unchanged | 102,700 | $4.3M |
| A Alexanders Inc. | 2.3% | Unchanged | 14,676 | $3.82M |
| IP Irt Property Co. | 2.3% | Trimmed 27% | 146,400 | $3.78M |
| BR Bsr REIT | 2.2% | Unchanged | 209,200 | $3.71M |
| City Office REIT Inc. | 2.2% | Trimmed 21% | 187,010 | $3.69M |
| HH Hersha Hospitality | 2.2% | Added 1.2% | 398,228 | $3.65M |
| Veris Residential Inc. | 2.2% | Trimmed 1.3% | 198,000 | $3.64M |
| RH Ryman Hospitality | 2.1% | Trimmed 6.9% | 38,900 | $3.58M |
| HH Howard Hughes Co. | 2.1% | Trimmed 17% | 34,690 | $3.53M |
| RR Rpt Realty Pr D Conv | 2.1% | Trimmed 1.7% | 58,085 | $3.42M |
| Digitalbridge Group Inc | 1.8% | Trimmed 28% | 368,200 | $3.07M |
| RS R.e. Select Sector SPDR | 1.8% | Trimmed 8.7% | 59,000 | $3.06M |
| Century Communities | 1.8% | Trimmed 16% | 37,100 | $3.03M |
| AB Avalon Bay | 1.8% | Trimmed 16% | 11,870 | $3M |
| I Istar Inc. | 1.8% | Trimmed 8.2% | 113,600 | $2.93M |
| SP Starwood Property Trust | 1.7% | New | 113,700 | $2.76M |
| Forestar Group Inc | 1.6% | Trimmed 18% | 125,902 | $2.74M |
| LR Lexington Realty Pr C | 0.8% | Trimmed 6.5% | 20,174 | $1.26M |
| RL Rlj Lodging Trust Pr A | 0.7% | Unchanged | 39,700 | $1.14M |
| IP Inventrust Property | 0.5% | New | 30,800 | $840K |
| PR Physicians Realty Trust | 0.5% | Added 26% | 42,300 | $797K |
| RL Rlj Lodging Trust Pr A | 0.3% | Unchanged | 17,600 | $506K |
| CP Cousins Property | 0.2% | Added 11% | 8,400 | $338K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended December 31, 2021 · filed January 13, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WI Wpt Industrial | Exited | −271,000 | −$5.88M | — |
| SP Starwood Property Trust | New | +113,700 | +$2.76M | 1.7% |
| HT Healthcare Trust Of America | Trimmed | −63,400 | −$2.12M | 5.3% |
| AC American Campus | Added | +32,200 | +$1.84M | 3.7% |
| IP Irt Property Co. | Trimmed | −54,600 | −$1.41M | 2.3% |
| CT Catchmark Timber Trust | Added | +152,000 | +$1.32M | 4.1% |
| Digitalbridge Group Inc | Trimmed | −143,800 | −$1.2M | 1.8% |
| City Office REIT Inc. | Trimmed | −50,800 | −$1M | 2.2% |
| RC Regency Center | Trimmed | −11,500 | −$867K | 3.8% |
| IP Inventrust Property | New | +30,800 | +$840K | 0.5% |
Showing the 10 largest of 34 changes.
quarter ended September 30, 2021 · filed October 12, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Phillips Edison & Co | New | +147,812 | +$4.54M | 2.8% |
| V Vereit Inc | Exited | −68,120 | −$3.13M | — |
| WI Wpt Industrial | Trimmed | −125,500 | −$2.72M | 3.6% |
| City Office REIT Inc. | Added | +109,811 | +$1.96M | 2.6% |
| I Istar Inc. | Trimmed | −74,400 | −$1.87M | 1.9% |
| BR Bsr REIT | Added | +102,200 | +$1.61M | 2.0% |
| Brandywine Realty Trust | Added | +112,000 | +$1.5M | 5.5% |
| Alexander & Baldwin, Inc. | Trimmed | −54,824 | −$1.29M | 2.7% |
| Urban Edge Properties | Added | +67,500 | +$1.24M | 2.8% |
| Vornado Realty Trust | Added | +29,200 | +$1.23M | 2.7% |
Showing the 10 largest of 35 changes.
quarter ended June 30, 2021 · filed July 20, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Apartment Income REIT | New | +161,100 | +$7.64M | 4.7% |
| V Vereit Inc | Trimmed | −118,840 | −$5.46M | 1.9% |
| Brandywine Realty Trust | Added | +353,700 | +$4.85M | 4.7% |
| IP Irt Property Co. | Trimmed | −249,300 | −$4.54M | 2.7% |
| CC Colony Capital Inc. | Exited | −649,500 | −$4.21M | — |
| RH Ryman Hospitality | New | +50,500 | +$3.99M | 2.5% |
| Digitalbridge Group Inc | New | +478,400 | +$3.78M | 2.3% |
| Urban Edge Properties | New | +178,900 | +$3.42M | 2.1% |
| AC American Campus | Added | +71,200 | +$3.33M | 2.2% |
| MA Mid-america Apartment | Exited | −16,170 | −$2.33M | — |
Showing the 10 largest of 40 changes.
quarter ended March 31, 2021 · filed April 20, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Umh Properties, Inc | New | +303,200 | +$5.81M | 4.1% |
| RC Regency Center | Added | +69,900 | +$3.96M | 4.0% |
| AB Avalon Bay | New | +20,950 | +$3.87M | 2.7% |
| CC Colony Capital Inc. | Added | +452,300 | +$2.93M | 2.9% |
| Vornado Realty Trust | New | +54,100 | +$2.46M | 1.7% |
| Pebblebrook Hotel Trust | Exited | −103,800 | −$1.95M | — |
| WR Weingarten Realty | Trimmed | −48,500 | −$1.3M | 1.4% |
| A Alexanders Inc. | Trimmed | −4,350 | −$1.21M | 2.1% |
| Alexander & Baldwin, Inc. | Added | +67,197 | +$1.13M | 2.1% |
| Brandywine Realty Trust | Trimmed | −86,200 | −$1.11M | 1.8% |
Showing the 10 largest of 36 changes.
quarter ended December 31, 2020 · filed January 27, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| V Vereit Inc | New | +202,980 | +$7.67M | 6.4% |
| V Vereit Inc | Exited | −1,174,400 | −$7.63M | — |
| WR Weingarten Realty | Trimmed | −197,200 | −$4.27M | 2.2% |
| Brandywine Realty Trust | Trimmed | −258,900 | −$3.08M | 2.8% |
| MR Mgm Resorts Int'l | Trimmed | −78,180 | −$2.46M | 1.4% |
| Pebblebrook Hotel Trust | Trimmed | −111,200 | −$2.09M | 1.6% |
| Alexander & Baldwin, Inc. | New | +113,713 | +$1.95M | 1.6% |
| HH Howard Hughes Co. | Trimmed | −24,095 | −$1.9M | 2.7% |
| HH Hersha Hospitality | Trimmed | −190,200 | −$1.5M | 1.6% |
| RC Regency Center | New | +30,700 | +$1.4M | 1.2% |
Showing the 10 largest of 34 changes.
quarter ended September 30, 2020 · filed October 27, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MA Mid-america Apartment | New | +25,105 | +$2.91M | 2.4% |
| IP Irt Property Co. | Added | +244,200 | +$2.83M | 5.4% |
| HT Healthcare Trust Of America | Added | +94,400 | +$2.45M | 6.9% |
| KW Kennedy Wilson Hldgs | Added | +148,700 | +$2.16M | 6.1% |
| American Homes 4 Rent | Trimmed | −54,500 | −$1.55M | 1.4% |
| VS Vanguard Specialized REIT | Trimmed | −15,900 | −$1.26M | 1.1% |
| Pebblebrook Hotel Trust | Added | +99,400 | +$1.25M | 2.2% |
| Brixmor Property Group Inc. | Added | +105,500 | +$1.23M | 4.1% |
| Stag Industrial | Trimmed | −37,400 | −$1.14M | 5.4% |
| V Vereit Inc | Added | +166,000 | +$1.08M | 6.3% |
Showing the 10 largest of 31 changes.
quarter ended June 30, 2020 · filed July 29, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| HT Healthcare Trust Of America | Added | +176,975 | +$4.69M | 5.5% |
| IP Irt Property Co. | Added | +259,400 | +$2.98M | 3.4% |
| Century Communities | Trimmed | −72,600 | −$2.23M | 3.0% |
| Brixmor Property Group Inc. | Trimmed | −168,700 | −$2.16M | 3.8% |
| Equinix Inc | Exited | −2,805 | −$1.75M | — |
| Pebblebrook Hotel Trust | New | +115,600 | +$1.58M | 1.4% |
| Spirit Realty Capital Inc. | Trimmed | −43,260 | −$1.51M | 3.4% |
| HH Howard Hughes Co. | Added | +27,490 | +$1.43M | 3.0% |
| G& Gaming & Leisure Properties | Exited | −45,900 | −$1.27M | — |
| City Office REIT Inc. | Exited | −170,811 | −$1.24M | — |
Showing the 10 largest of 28 changes.
quarter ended March 31, 2020 · filed April 21, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Equinix Inc | Trimmed | −4,905 | −$3.06M | 1.9% |
| A Alexanders Inc. | New | +10,900 | +$3.01M | 3.3% |
| RS R.e. Select Sector SPDR | New | +92,400 | +$2.86M | 3.1% |
| JC Jernigan Capital Inc. | Exited | −123,500 | −$2.36M | — |
| WI Wpt Industrial | Added | +183,500 | +$1.69M | 6.2% |
| HT Healthcare Trust Of America | New | +51,725 | +$1.26M | 1.4% |
| I Istar Inc. | Trimmed | −117,300 | −$1.24M | 2.8% |
| HH Hersha Hospitality | Trimmed | −264,000 | −$945K | 0.9% |
| LP Liberty Property Trust | Exited | −12,900 | −$775K | — |
| CT Catchmark Timber Trust | Trimmed | −102,500 | −$740K | 4.7% |
Showing the 10 largest of 32 changes.
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