Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (18 quarters reported)
$167M in Q4 2017 → $117M now. Hover for any quarter.
As reported for the quarter ended March 31, 2022. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| DR Duke Realty Corp | 7.9% | Added 357% | 160,000 | $9.29M |
| PO Piedmont Office Realty Tr In | 7.7% | Added 75% | 525,000 | $9.04M |
| KR Kite Rlty Group Tr | 7.5% | Trimmed 14% | 384,900 | $8.76M |
| MG Mgm Growth Pptys LLC | 6.7% | Trimmed 19% | 202,500 | $7.84M |
| SR Spirit Rlty Cap Inc New | 5.9% | Trimmed 21% | 150,000 | $6.9M |
| Apartment Income REIT Corp | 5.7% | Unchanged | 125,000 | $6.68M |
| Rpt Realty | 4.7% | Trimmed 27% | 400,000 | $5.51M |
| AR Alexandria Real Estate Eq In | 4.2% | New | 24,500 | $4.93M |
| SC Sun Cmntys Inc | 4.1% | Added 10% | 27,500 | $4.82M |
| MP Medical Pptys Trust Inc | 3.3% | Added 5.7% | 185,000 | $3.91M |
| LS Life Storage Inc | 3.0% | New | 25,000 | $3.51M |
| Ventas Inc | 2.9% | Trimmed 21% | 55,000 | $3.4M |
| RC Regency Ctrs Corp | 2.9% | New | 47,500 | $3.39M |
| SS SPDR S&P 500 ETF Tr | 2.5% | Added 1200% | 6,500 | $2.94M |
| EL Equity Lifestyle Pptys Inc | 2.5% | Trimmed 25% | 37,850 | $2.9M |
| IR Independence Rlty Tr Inc | 2.4% | New | 107,500 | $2.84M |
| Netstreit Corp | 2.4% | Trimmed 17% | 125,000 | $2.81M |
| HP Highwoods Pptys Inc | 2.2% | Trimmed 43% | 57,500 | $2.63M |
| Udr Inc | 1.8% | Added 2.7% | 37,500 | $2.15M |
| HP Hudson Pac Pptys Inc | 1.8% | Trimmed 40% | 75,000 | $2.08M |
| DR Digital Rlty Tr Inc | 1.7% | Trimmed 17% | 14,500 | $2.06M |
| KR Kilroy Rlty Corp | 1.7% | Trimmed 60% | 26,500 | $2.03M |
| ER Equity Residential | 1.7% | Trimmed 31% | 22,500 | $2.02M |
| AT American Tower Corp New | 1.6% | Trimmed 25% | 7,500 | $1.88M |
| RI Rexford Indl Rlty Inc | 1.5% | Added 37% | 24,000 | $1.79M |
| Caretrust REIT Inc | 1.5% | New | 90,000 | $1.74M |
| FI First Indl Rlty Tr Inc | 1.3% | Trimmed 32% | 25,000 | $1.55M |
| SC Sba Communications Corp New | 1.3% | Added 200% | 4,500 | $1.55M |
| CP Camden Ppty Tr | 1.3% | New | 9,000 | $1.5M |
| CO Corporate Office Pptys Tr | 1.2% | Trimmed 50% | 50,000 | $1.43M |
| SG Sl Green Rlty Corp | 1.2% | New | 17,500 | $1.42M |
| Douglas Emmett Inc | 0.9% | New | 30,000 | $1M |
| PH Pebblebrook Hotel Tr | 0.3% | New | 15,000 | $367K |
| Diamondrock Hospitality Co | 0.3% | New | 35,000 | $354K |
| Park Hotels & Resorts Inc | 0.2% | New | 15,000 | $293K |
| Host Hotels & Resorts Inc | 0.2% | New | 10,000 | $194K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended March 31, 2022 · filed May 13, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Lxp Industrial Trust | Exited | −50,000 | −$9.8M | — |
| DR Duke Realty Corp | Added | +125,000 | +$7.26M | 7.9% |
| AR Alexandria Real Estate Eq In | New | +24,500 | +$4.93M | 4.2% |
| PO Piedmont Office Realty Tr In | Added | +225,000 | +$3.87M | 7.7% |
| LS Life Storage Inc | New | +25,000 | +$3.51M | 3.0% |
| RC Regency Ctrs Corp | New | +47,500 | +$3.39M | 2.9% |
| KR Kilroy Rlty Corp | Trimmed | −40,500 | −$3.09M | 1.7% |
| Invitation Homes Inc | Exited | −85,000 | −$3.09M | — |
| IR Independence Rlty Tr Inc | New | +107,500 | +$2.84M | 2.4% |
| SS SPDR S&P 500 ETF Tr | Added | +6,000 | +$2.71M | 2.5% |
Showing the 10 largest of 40 changes.
quarter ended December 31, 2021 · filed February 11, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Lxp Industrial Trust | Trimmed | −125,000 | −$24.5M | 8.5% |
| Udr Inc | Trimmed | −98,500 | −$14.2M | 4.6% |
| MP Medical Pptys Trust Inc | Trimmed | −185,000 | −$10.8M | 8.9% |
| HR Healthcare Rlty Tr | Exited | −192,500 | −$5.73M | — |
| V Vereit Inc | Exited | −115,000 | −$5.2M | — |
| ER Equity Residential | New | +32,500 | +$4.43M | 3.9% |
| RI Rexford Indl Rlty Inc | Trimmed | −10,000 | −$4.17M | 6.3% |
| CP Columbia Ppty Tr Inc | Exited | −201,000 | −$3.82M | — |
| SC Sun Cmntys Inc | Added | +10,000 | +$3.66M | 8.0% |
| DR Duke Realty Corp | Trimmed | −40,000 | −$3.54M | 2.7% |
Showing the 10 largest of 43 changes.
quarter ended September 30, 2021 · filed November 12, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Apartment Income REIT Corp | New | +180,000 | +$8.79M | 6.3% |
| MP Medical Pptys Trust Inc | New | +360,000 | +$7.23M | 5.2% |
| NR National Retail Properties I | Exited | −77,500 | −$3.63M | — |
| IT Ishares Tr | Exited | −35,500 | −$3.62M | — |
| SG Sl Green Rlty Corp | New | +43,500 | +$3.08M | 2.2% |
| AA American Assets Tr Inc | Exited | −75,000 | −$2.8M | — |
| HT Healthcare Tr Amer Inc | Exited | −100,000 | −$2.67M | — |
| HP Highwoods Pptys Inc | Added | +58,500 | +$2.57M | 4.2% |
| KR Kite Rlty Group Tr | New | +125,000 | +$2.55M | 1.8% |
| Healthpeak Properties Inc | Added | +75,000 | +$2.51M | 3.8% |
Showing the 10 largest of 52 changes.
quarter ended June 30, 2021 · filed August 13, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WR Weingarten Rlty Invs | Exited | −250,000 | −$6.73M | — |
| Caretrust REIT Inc | New | +210,000 | +$4.88M | 4.1% |
| EL Equity Lifestyle Pptys Inc | Trimmed | −54,500 | −$4.05M | 1.9% |
| AR Agree Rlty Corp | Trimmed | −52,000 | −$3.66M | 1.6% |
| NR National Retail Properties I | New | +77,500 | +$3.63M | 3.0% |
| IT Ishares Tr | New | +35,500 | +$3.62M | 3.0% |
| VP Vici Pptys Inc | Exited | −125,000 | −$3.53M | — |
| Udr Inc | Trimmed | −70,000 | −$3.43M | 5.5% |
| Welltower Inc | Trimmed | −41,000 | −$3.41M | 1.3% |
| Invitation Homes Inc | Trimmed | −90,000 | −$3.36M | 6.2% |
Showing the 10 largest of 50 changes.
quarter ended March 31, 2021 · filed May 14, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WR Weingarten Rlty Invs | Trimmed | −200,000 | −$5.38M | 5.2% |
| V Vereit Inc | New | +136,500 | +$5.27M | 4.1% |
| RC Regency Ctrs Corp | New | +87,500 | +$4.96M | 3.8% |
| EP Essential Pptys Rlty Tr Inc | Exited | −200,000 | −$4.24M | — |
| VP Vici Pptys Inc | New | +125,000 | +$3.53M | 2.7% |
| KR Kimco Rlty Corp | Exited | −225,000 | −$3.38M | — |
| SC Sun Cmntys Inc | Added | +18,500 | +$2.78M | 3.9% |
| AR Alexandria Real Estate Eq In | New | +16,500 | +$2.71M | 2.1% |
| CO Corporate Office Pptys Tr | Exited | −100,000 | −$2.61M | — |
| EL Equity Lifestyle Pptys Inc | Trimmed | −40,000 | −$2.55M | 4.2% |
Showing the 10 largest of 37 changes.
quarter ended December 31, 2020 · filed February 12, 2021
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| HT Healthcare Tr Amer Inc | Trimmed | −275,000 | −$7.58M | 1.7% |
| Invitation Homes Inc | Added | +200,000 | +$5.94M | 6.3% |
| WR Weingarten Rlty Invs | Added | +240,000 | +$5.2M | 8.2% |
| MG Mgm Growth Pptys LLC | Trimmed | −160,000 | −$5.01M | 1.1% |
| Rpt Realty | New | +550,000 | +$4.76M | 4.0% |
| AR Americold Rlty Tr | New | +125,100 | +$4.67M | 3.9% |
| ER Equity Residential | New | +74,000 | +$4.39M | 3.7% |
| FI First Indl Rlty Tr Inc | New | +100,000 | +$4.21M | 3.6% |
| Agree Realty Corp | Added | +60,000 | +$3.99M | 5.6% |
| OH Omega Healthcare Invs Inc | Exited | −115,000 | −$3.44M | — |
Showing the 10 largest of 44 changes.
quarter ended September 30, 2020 · filed November 13, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| HT Healthcare Tr Amer Inc | Added | +257,500 | +$6.7M | 8.5% |
| Udr Inc | New | +200,000 | +$6.52M | 6.1% |
| Healthpeak Properties Inc | Added | +215,000 | +$5.84M | 6.4% |
| MG Mgm Growth Pptys LLC | New | +200,000 | +$5.6M | 5.2% |
| EL Equity Lifestyle Pptys Inc | Added | +72,500 | +$4.44M | 5.7% |
| G& Gaming & Leisure Pptys Inc | New | +110,000 | +$4.06M | 3.8% |
| HP Highwoods Pptys Inc | New | +121,000 | +$4.06M | 3.8% |
| EP Essential Pptys Rlty Tr Inc | Added | +215,000 | +$3.94M | 4.3% |
| PI Plymouth Indl REIT Inc | New | +305,000 | +$3.76M | 3.5% |
| PO Piedmont Office Realty Tr In | Added | +265,000 | +$3.6M | 4.1% |
Showing the 10 largest of 46 changes.
quarter ended June 30, 2020 · filed August 10, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| HT Healthcare Tr Amer Inc | New | +92,500 | +$2.45M | 9.9% |
| OH Omega Healthcare Invs Inc | New | +65,000 | +$1.93M | 7.8% |
| EL Equity Lifestyle Pptys Inc | New | +27,500 | +$1.72M | 6.9% |
| WR Weingarten Rlty Invs | Added | +79,500 | +$1.5M | 7.6% |
| LS Life Storage Inc | New | +15,500 | +$1.47M | 5.9% |
| Welltower Inc | New | +27,500 | +$1.42M | 5.7% |
| RI Rexford Indl Rlty Inc | Added | +32,500 | +$1.35M | 6.7% |
| SR Spirit Rlty Cap Inc New | Added | +37,500 | +$1.31M | 6.3% |
| PO Piedmont Office Realty Tr In | New | +60,000 | +$997K | 4.0% |
| CP Cousins Pptys Inc | New | +30,000 | +$895K | 3.6% |
Showing the 10 largest of 31 changes.
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