Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (79 quarters reported)
$157M in Q4 2006 → $5.44B 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 |
|---|---|---|---|---|
| Welltower Inc | 14.1% | Trimmed 6.3% | 3,377,659 | $767M |
| Equinix Inc | 11.2% | Trimmed 10% | 582,867 | $608M |
| FR Federal Rlty Invt Tr New | 7.2% | Trimmed 13% | 3,167,773 | $391M |
| VR Vornado Rlty Tr | 6.8% | Added 26% | 9,389,365 | $369M |
| Ventas Inc | 6.5% | Trimmed 4.8% | 3,988,965 | $354M |
| DR Digital Rlty Tr Inc | 6.0% | Trimmed 7.2% | 1,828,047 | $328M |
| EP Essex Ppty Tr Inc | 5.5% | Added 53% | 1,027,680 | $300M |
| SP Simon Ppty Group Inc New | 5.4% | Trimmed 34% | 1,310,049 | $293M |
| Extra Space Storage Inc | 5.0% | Added 31% | 1,881,956 | $273M |
| HR Healthcare Rlty Tr | 4.5% | Trimmed 14% | 12,135,370 | $245M |
| Prologis Inc. | 4.5% | Trimmed 24% | 1,788,986 | $242M |
| ER Equity Residential | 4.4% | Added 72% | 3,511,740 | $239M |
| Equity Lifestyle Properties | 3.0% | Added 33% | 2,508,699 | $162M |
| Macerich Co | 2.5% | Added 24% | 5,439,786 | $137M |
| UE Urban Edge Pptys | 1.8% | Added 6.3% | 4,190,823 | $95.9M |
| CP Camden Ppty Tr | 1.4% | New | 668,008 | $76.5M |
| Kilroy Realty Corp | 1.3% | New | 1,882,628 | $70.5M |
| Invitation Homes Inc | 1.2% | Trimmed 3.7% | 2,220,680 | $67.1M |
| TR Terreno Rlty Corp | 1.2% | Trimmed 40% | 979,865 | $63.5M |
| Janus Living Inc | 1.1% | Added 203% | 2,047,988 | $58.9M |
| Kimco Realty Corp | 0.9% | Trimmed 27% | 1,958,089 | $49.6M |
| Host Hotels & Resorts Inc | 0.6% | Trimmed 30% | 1,478,055 | $35M |
| H2o America | 0.6% | Added 6.9% | 515,795 | $31.3M |
| EN Entergy Corp New | 0.4% | Added 16% | 202,101 | $23.2M |
| KM Kinder Morgan Inc Del | 0.4% | Added 30% | 704,972 | $22.5M |
| Black Hills Corp | 0.4% | Added 50% | 257,983 | $19.2M |
| Nisource Inc | 0.3% | Added 78% | 393,485 | $18.7M |
| Ameren Corp | 0.3% | Added 54% | 127,769 | $14.4M |
| Alliant Energy Corp | 0.3% | Added 24% | 184,569 | $14.1M |
| WC Williams Cos Inc | 0.3% | Added 41% | 183,893 | $13.7M |
| PW Pinnacle West Cap Corp | 0.2% | Added 130% | 104,931 | $11.2M |
| UP Union Pac Corp | 0.2% | Added 37% | 38,949 | $10.6M |
| Xcel Energy Inc | 0.2% | Added 36% | 110,891 | $8.9M |
| Spire Inc | 0.2% | Trimmed 35% | 104,875 | $8.19M |
| Constellation Energy Corp | 0.1% | Added 11% | 22,312 | $5.54M |
| Oge Energy Corp | 0.1% | Trimmed 50% | 88,253 | $4.29M |
| Centerpoint Energy Inc | 0.1% | Added 122% | 93,536 | $4.12M |
| American Tower Corp | 0.0% | Added 89% | 12,867 | $2.1M |
| PG&E Corp | 0.0% | Added 32% | 98,728 | $1.66M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SP Simon Ppty Group Inc New | Trimmed | −688,362 | −$154M | 5.4% |
| EP Essex Ppty Tr Inc | Added | +354,660 | +$103M | 5.5% |
| ER Equity Residential | Added | +1,467,045 | +$99.7M | 4.4% |
| Prologis Inc. | Trimmed | −569,273 | −$77.1M | 4.5% |
| CP Camden Ppty Tr | New | +668,008 | +$76.5M | 1.4% |
| VR Vornado Rlty Tr | Added | +1,929,384 | +$75.8M | 6.8% |
| Kilroy Realty Corp | New | +1,882,628 | +$70.5M | 1.3% |
| Equinix Inc | Trimmed | −64,781 | −$67.5M | 11.2% |
| Extra Space Storage Inc | Added | +448,144 | +$65.1M | 5.0% |
| FR Federal Rlty Invt Tr New | Trimmed | −476,802 | −$58.9M | 7.2% |
Showing the 10 largest of 42 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| HR Healthcare Rlty Tr | Added | +5,892,501 | +$100M | 5.0% |
| Prologis Inc. | Trimmed | −736,910 | −$97.4M | 6.6% |
| Equinix Inc | Added | +85,847 | +$84.2M | 13.3% |
| Ventas Inc | Trimmed | −1,022,758 | −$83.6M | 7.2% |
| Extra Space Storage Inc | Trimmed | −628,191 | −$82.4M | 4.0% |
| CP Cousins Pptys Inc | Trimmed | −2,571,383 | −$58M | 0.2% |
| Macerich Co | Added | +2,941,909 | +$55.6M | 1.7% |
| AC Avalonbay Cmntys Inc | Exited | −289,587 | −$52.5M | — |
| VR Vornado Rlty Tr | Added | +1,895,846 | +$49.3M | 4.1% |
| FR Federal Rlty Invt Tr New | Added | +340,524 | +$36.2M | 8.1% |
Showing the 10 largest of 43 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| DR Digital Rlty Tr Inc | Trimmed | −940,258 | −$145M | 6.8% |
| Welltower Inc | Trimmed | −631,706 | −$117M | 14.7% |
| KR Kimco Rlty Corp | Trimmed | −5,278,276 | −$107M | 1.0% |
| Ventas Inc | Trimmed | −1,358,825 | −$105M | 8.9% |
| SP Simon Ppty Group Inc New | Added | +543,969 | +$101M | 8.3% |
| Extra Space Storage Inc | Trimmed | −761,466 | −$99.2M | 5.9% |
| Invitation Homes Inc | Trimmed | −2,556,968 | −$71.1M | 1.9% |
| ER Equity Residential | Trimmed | −1,108,292 | −$69.9M | 2.9% |
| Prologis Inc. | Added | +504,054 | +$64.3M | 8.7% |
| AC Avalonbay Cmntys Inc | New | +289,587 | +$52.5M | 1.2% |
Showing the 10 largest of 42 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VR Vornado Rlty Tr | Added | +4,084,815 | +$166M | 4.2% |
| Welltower Inc | Trimmed | −881,544 | −$157M | 14.6% |
| ER Equity Residential | Trimmed | −1,917,695 | −$124M | 4.0% |
| Extra Space Storage Inc | Added | +872,627 | +$123M | 7.7% |
| HR Healthcare Rlty Tr | New | +6,402,102 | +$115M | 2.2% |
| KR Kimco Rlty Corp | Trimmed | −3,112,854 | −$68M | 3.2% |
| AT American Tower Corp New | Trimmed | −346,874 | −$66.7M | — |
| Healthpeak Properties Inc | Exited | −3,537,527 | −$61.9M | — |
| EP Essex Ppty Tr Inc | Trimmed | −214,031 | −$57.3M | 3.3% |
| CP Cousins Pptys Inc | Trimmed | −1,353,393 | −$39.2M | 2.6% |
Showing the 10 largest of 43 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Extra Space Storage Inc | Added | +1,048,685 | +$155M | 5.7% |
| KR Kimco Rlty Corp | Trimmed | −5,471,204 | −$115M | 4.4% |
| DR Digital Rlty Tr Inc | Added | +596,420 | +$104M | 10.3% |
| SP Simon Ppty Group Inc New | Trimmed | −504,987 | −$81.2M | 4.1% |
| Healthpeak Properties Inc | Trimmed | −3,811,782 | −$66.7M | 1.2% |
| Ventas Inc | Trimmed | −919,920 | −$58.1M | 8.7% |
| VR Vornado Rlty Tr | New | +1,296,163 | +$49.6M | 1.0% |
| ES Empire St Rlty Tr Inc | New | +5,402,508 | +$43.7M | 0.9% |
| AR Agree Rlty Corp | Trimmed | −572,835 | −$41.9M | 0.5% |
| FR Federal Rlty Invt Tr New | Added | +344,189 | +$32.7M | 6.2% |
Showing the 10 largest of 46 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Welltower Inc | Trimmed | −862,394 | −$132M | 14.6% |
| DR Digital Rlty Tr Inc | Trimmed | −908,787 | −$130M | 6.6% |
| Cubesmart | Exited | −3,008,124 | −$129M | — |
| KR Kilroy Rlty Corp | Trimmed | −3,792,242 | −$124M | 0.4% |
| Extra Space Storage Inc | Added | +650,957 | +$96.7M | 2.6% |
| SP Simon Ppty Group Inc New | Added | +565,084 | +$93.8M | 5.8% |
| EP Essex Ppty Tr Inc | Added | +304,936 | +$93.5M | 4.9% |
| AT American Tower Corp New | New | +334,127 | +$72.7M | 1.4% |
| SC Sun Cmntys Inc | Trimmed | −510,331 | −$65.6M | 0.6% |
| Equinix Inc | Trimmed | −79,420 | −$64.8M | 8.9% |
Showing the 10 largest of 48 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Realty Income Corp | Exited | −5,430,425 | −$344M | — |
| SP Simon Ppty Group Inc New | New | +1,234,490 | +$213M | 3.8% |
| CP Cousins Pptys Inc | New | +4,409,089 | +$135M | 2.4% |
| Healthpeak Properties Inc | New | +6,057,961 | +$123M | 2.2% |
| Ventas Inc | Trimmed | −2,016,629 | −$119M | 7.6% |
| Invitation Homes Inc | Trimmed | −2,861,129 | −$91.5M | 3.0% |
| DR Digital Rlty Tr Inc | Added | +434,039 | +$77M | 10.5% |
| Cubesmart | Trimmed | −1,556,112 | −$66.7M | 2.3% |
| RI Rexford Indl Rlty Inc | New | +1,345,700 | +$52M | 0.9% |
| KR Kimco Rlty Corp | Added | +1,992,550 | +$46.7M | 7.0% |
Showing the 10 largest of 48 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| KR Kimco Rlty Corp | Added | +9,686,894 | +$225M | 5.8% |
| ER Equity Residential | Trimmed | −2,364,081 | −$176M | 7.0% |
| Ventas Inc | Added | +2,094,637 | +$134M | 10.1% |
| Prologis Inc. | Trimmed | −885,472 | −$112M | 5.2% |
| Invitation Homes Inc | Trimmed | −3,041,852 | −$107M | 4.9% |
| Realty Income Corp | Added | +1,636,619 | +$104M | 5.9% |
| Welltower Inc | Trimmed | −716,744 | −$91.8M | 13.4% |
| Equinix Inc | Trimmed | −73,996 | −$65.7M | 10.3% |
| Extra Space Storage Inc | Exited | −416,862 | −$64.8M | — |
| AR Alexandria Real Estate Eq In | Exited | −502,869 | −$58.8M | — |
Showing the 10 largest of 45 changes.
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