LASALLE INVESTMENT MANAGEMENT SECURITIES LLC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
PLD	Sell	PROLOGIS INC	$176,054,685	+91068.6%	1,568,975	-0.4%	7.87%	+2.9%
DLR	Sell	DIGITAL REALTY TRUST INC	$144,553,671	+102644.8%	1,194,461	-3.3%	6.46%	+16.0%
AMT	Buy	AMERICAN TOWER CORP	$108,086,736	+92507.4%	657,262	+9.2%	4.83%	+4.6%
EQIX	Sell	EQUINIX INC	$107,007,148	+81631.6%	147,340	-11.8%	4.78%	-7.7%
INVH	Sell	INVITATION HOMES INC	$106,656,339	+87043.9%	3,365,615	-5.4%	4.77%	-1.6%
PSA	Sell	PUBLIC STORAGE	$105,336,059	+71900.5%	399,727	-20.3%	4.71%	-18.7%
AVB	Sell	AVALONBAY COMMUNITIES INC	$100,351,460	+88950.9%	584,322	-1.9%	4.48%	+0.5%
EXR	New	EXTRA SPACE STORAGE INC	$98,850,011	–	813,045	–	4.42%	–
O	Sell	REALTY INCOME CORP	$86,285,883	+73620.9%	1,727,791	-11.7%	3.86%	-16.8%
VICI	Sell	VICI PROPERTIES INC	$84,332,207	+83064.6%	2,898,014	-10.2%	3.77%	-6.1%
REXR	Buy	REXFORD INDUSTRIAL REALTY INC	$82,862,006	+95256.6%	1,679,068	+0.9%	3.70%	+7.7%
SPG	Sell	SIMON PROPERTY GROUP INC	$71,488,961	+88955.1%	661,751	-4.8%	3.20%	+0.6%
ADC	Buy	AGREE REALTY CORP	$64,353,274	+86053.6%	1,164,976	+2.0%	2.88%	-2.7%
ESS	Sell	ESSEX PROPERTY TRUST INC	$62,118,192	+56479.6%	292,886	-37.5%	2.78%	-36.1%
GLPI	Sell	GAMING AND LEISURE PROP INC	$60,709,177	+88176.0%	1,332,803	-6.1%	2.71%	-0.3%
WELL	Sell	WELLTOWER INC	$57,314,263	+64155.8%	699,637	-36.6%	2.56%	-27.5%
FR	Buy	FIRST INDUSTRIAL REALTY TRUST INC	$51,927,447	+91586.3%	1,091,142	+1.4%	2.32%	+3.5%
AIRC	Buy	APARTMENT INCOME REIT CORP	$47,739,851	+251387.4%	1,555,044	+195.6%	2.13%	+184.0%
VTR	Sell	VENTAS INC	$47,079,685	+83079.7%	1,117,486	-6.7%	2.10%	-6.1%
CUBE	Sell	CUBESMART	$44,391,556	+48900.0%	1,164,216	-42.6%	1.98%	-44.7%
NNN	New	NNN REIT INC	$44,277,451	–	1,252,899	–	1.98%	–
	Buy	HEALTHCARE REALTY TRUST INC	$39,936,486	+108308.2%	2,615,356	+33.9%	1.78%	+22.4%
ARE	Buy	ALEXANDRIA REAL ESTATE EQUITIES INC	$38,730,292	+94687.8%	386,916	+7.5%	1.73%	+7.1%
PEAK	Buy	HEALTHPEAK PROPERTIES INC	$38,206,022	+792063.0%	2,080,938	+767.3%	1.71%	+793.7%
SUI	Buy	SUN COMMUNITIES INC	$33,829,264	+609656.0%	285,865	+572.2%	1.51%	+587.3%
AMH	Sell	AMERICAN HOMES 4 RENT	$29,616,273	+68286.8%	879,082	-28.0%	1.32%	-22.8%
KIM	New	KIMCO REALTY CORP	$28,849,060	–	1,640,083	–	1.29%	–
OUT	Buy	OUTFRONT MEDIA INC	$28,779,435	+116096.0%	2,849,449	+80.9%	1.29%	+31.2%
HST	Sell	HOST HOTELS & RESORTS INC	$27,754,192	+92253.9%	1,727,081	-3.3%	1.24%	+4.3%
MPW	Buy	MEDICAL PROPERTIES TRUST INC	$27,608,850	+87963.7%	5,065,844	+49.6%	1.23%	-0.6%
ROIC	Sell	RETAIL OPPORTUNITY INVESTMENTS CORP	$27,389,723	+66727.0%	2,212,417	-27.1%	1.22%	-24.5%
KRC	Sell	KILROY REALTY CORP	$25,109,814	+91328.1%	794,363	-13.0%	1.12%	+3.2%
NHI	Sell	NATIONAL HEALTH INVESTORS INC	$25,109,442	+85338.2%	488,891	-12.8%	1.12%	-3.5%
SBRA	Sell	SABRA HEALTHCARE REIT INC	$24,314,678	+76578.3%	1,744,238	-35.3%	1.09%	-13.4%
REG	Sell	REGENCY CENTERS CORP	$21,163,969	+89094.1%	356,056	-7.3%	0.95%	+0.7%
PK	Sell	PARK HOTELS & RESORTS INC	$16,987,481	+88704.9%	1,378,854	-7.6%	0.76%	+0.3%
DEI	New	DOUGLAS EMMETT INC	$13,647,624	–	1,069,563	–	0.61%	–
CCI	Sell	CROWN CASTLE INTL CORP	$13,315,821	+78677.9%	144,690	-2.5%	0.60%	-11.1%
CPT	Sell	CAMDEN PROPERTY TRUST	$7,504,545	+83478.9%	79,346	-3.8%	0.34%	-5.6%
ELS	Sell	EQUITY LIFESTYLE PROPERTIES INC	$5,747,470	+10801.5%	90,213	-88.6%	0.26%	-87.7%
SBAC	Buy	SBA COMMUNICATIONS CORP	$3,489,964	+94684.5%	17,435	+9.7%	0.16%	+6.8%
SRC	Sell	SPIRIT REALTY CAPITAL INC	$931,899	+3661.0%	27,793	-95.6%	0.04%	-95.7%
UE	Sell	URBAN EDGE PROPERTIES	$850,028	+2715.4%	55,703	-97.2%	0.04%	-96.8%
WY	Buy	WEYERHAEUSER CO	$653,579	+94484.5%	21,317	+3.3%	0.03%	+7.4%
HIW	Exit	HIGHWOODS PROPERTIES INC	$0	–	-432,618	–	-0.41%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-1,058,900	–	-0.76%	–
LSI	Exit	LIFE STORAGE INC	$0	–	-365,140	–	-1.92%	–

Q2 2023

			Value		Shares		↓ Weighting
PLD	New	PROLOGIS INC	$193,109	–	1,574,725	–	7.64%	–
PSA	New	PUBLIC STORAGE	$146,299	–	501,231	–	5.79%	–
DLR	New	DIGITAL REALTY TRUST INC	$140,692	–	1,235,548	–	5.57%	–
EQIX	New	EQUINIX INC	$130,925	–	167,009	–	5.18%	–
INVH	New	INVITATION HOMES INC	$122,391	–	3,557,891	–	4.84%	–
O	New	REALTY INCOME CORP	$117,044	–	1,957,593	–	4.63%	–
AMT	New	AMERICAN TOWER CORP	$116,715	–	601,810	–	4.62%	–
AVB	New	AVALONBAY COMMUNITIES INC	$112,690	–	595,392	–	4.46%	–
ESS	New	ESSEX PROPERTY TRUST INC	$109,789	–	468,586	–	4.34%	–
VICI	New	VICI PROPERTIES INC	$101,404	–	3,226,340	–	4.01%	–
CUBE	New	CUBESMART	$90,595	–	2,028,561	–	3.58%	–
WELL	New	WELLTOWER INC	$89,197	–	1,102,698	–	3.53%	–
REXR	New	REXFORD INDUSTRIAL REALTY INC	$86,897	–	1,664,056	–	3.44%	–
SPG	New	SIMON PROPERTY GROUP INC	$80,275	–	695,144	–	3.18%	–
ADC	New	AGREE REALTY CORP	$74,696	–	1,142,322	–	2.96%	–
GLPI	New	GAMING AND LEISURE PROP INC	$68,772	–	1,419,145	–	2.72%	–
FR	New	FIRST INDUSTRIAL REALTY TRUST INC	$56,636	–	1,075,914	–	2.24%	–
VTR	New	VENTAS INC	$56,600	–	1,197,383	–	2.24%	–
ELS	New	EQUITY LIFESTYLE PROPERTIES INC	$52,722	–	788,190	–	2.09%	–
LSI	New	LIFE STORAGE INC	$48,549	–	365,140	–	1.92%	–
AMH	New	AMERICAN HOMES 4 RENT	$43,307	–	1,221,625	–	1.71%	–
ROIC	New	RETAIL OPPORTUNITY INVESTMENTS CORP	$40,986	–	3,033,722	–	1.62%	–
ARE	New	ALEXANDRIA REAL ESTATE EQUITIES INC	$40,860	–	360,031	–	1.62%	–
	New	HEALTHCARE REALTY TRUST INC	$36,839	–	1,953,309	–	1.46%	–
SBRA	New	SABRA HEALTHCARE REIT INC	$31,710	–	2,694,134	–	1.26%	–
MPW	New	MEDICAL PROPERTIES TRUST INC	$31,351	–	3,385,644	–	1.24%	–
UE	New	URBAN EDGE PROPERTIES	$30,192	–	1,956,700	–	1.20%	–
HST	New	HOST HOTELS & RESORTS INC	$30,052	–	1,785,638	–	1.19%	–
NHI	New	NATIONAL HEALTH INVESTORS INC	$29,389	–	560,646	–	1.16%	–
KRC	New	KILROY REALTY CORP	$27,464	–	912,736	–	1.09%	–
SRC	New	SPIRIT REALTY CAPITAL INC	$24,778	–	629,206	–	0.98%	–
OUT	New	OUTFRONT MEDIA INC	$24,768	–	1,575,571	–	0.98%	–
REG	New	REGENCY CENTERS CORP	$23,728	–	384,134	–	0.94%	–
VNO	New	VORNADO REALTY TRUST	$19,208	–	1,058,900	–	0.76%	–
PK	New	PARK HOTELS & RESORTS INC	$19,129	–	1,492,095	–	0.76%	–
AIRC	New	APARTMENT INCOME REIT CORP	$18,983	–	525,990	–	0.75%	–
CCI	New	CROWN CASTLE INTL CORP	$16,903	–	148,350	–	0.67%	–
HIW	New	HIGHWOODS PROPERTIES INC	$10,344	–	432,618	–	0.41%	–
CPT	New	CAMDEN PROPERTY TRUST	$8,979	–	82,477	–	0.36%	–
EQR	New	EQUITY RESIDENTIAL	$5,713	–	86,600	–	0.23%	–
SUI	New	SUN COMMUNITIES INC	$5,548	–	42,525	–	0.22%	–
PEAK	New	HEALTHPEAK PROPERTIES INC	$4,823	–	239,939	–	0.19%	–
SBAC	New	SBA COMMUNICATIONS CORP	$3,682	–	15,887	–	0.15%	–
	New	FEDERAL REALTY INVESTMENT TRUST	$1,496	–	15,464	–	0.06%	–
WY	New	WEYERHAEUSER CO	$691	–	20,629	–	0.03%	–

Q4 2022

			Value		Shares		↓ Weighting
TRNO	Exit	TERRENO REALTY CORP	$0	–	-8,699	–	-0.02%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-18,981	–	-0.02%	–
	Exit	FEDERAL REALTY INVESTMENT TRUST	$0	–	-15,464	–	-0.06%	–
OFC	Exit	CORPORATE OFFICE PROPERTIES TRUST	$0	–	-187,386	–	-0.19%	–
SUI	Exit	SUN COMMUNITIES INC	$0	–	-43,033	–	-0.25%	–
EQR	Exit	EQUITY RESIDENTIAL	$0	–	-103,586	–	-0.30%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-30,026	–	-0.37%	–
COLD	Exit	AMERICOLD REALTY TRUST	$0	–	-409,397	–	-0.43%	–
VTR	Exit	VENTAS INC	$0	–	-286,272	–	-0.50%	–
ROIC	Exit	RETAIL OPPORTUNITY INVESTMENTS CORP	$0	–	-891,514	–	-0.53%	–
HIW	Exit	HIGHWOODS PROPERTIES INC	$0	–	-561,299	–	-0.65%	–
	Exit	HEALTHCARE REALTY TRUST INC	$0	–	-765,029	–	-0.69%	–
CPT	Exit	CAMDEN PROPERTY TRUST	$0	–	-137,905	–	-0.71%	–
NHI	Exit	NATIONAL HEALTH INVESTORS INC	$0	–	-298,373	–	-0.73%	–
CCI	Exit	CROWN CASTLE INTL CORP	$0	–	-119,875	–	-0.75%	–
SITC	Exit	SITE CENTERS CORP	$0	–	-1,650,750	–	-0.76%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-1,190,988	–	-0.92%	–
SBRA	Exit	SABRA HEALTHCARE REIT INC	$0	–	-1,824,475	–	-1.03%	–
AIRC	Exit	APARTMENT INCOME REIT CORP	$0	–	-689,712	–	-1.15%	–
PEAK	Exit	HEALTHPEAK PROPERTIES INC	$0	–	-1,406,105	–	-1.39%	–
KRC	Exit	KILROY REALTY CORP	$0	–	-782,825	–	-1.42%	–
PK	Exit	PARK HOTELS & RESORTS INC	$0	–	-3,107,101	–	-1.51%	–
REG	Exit	REGENCY CENTERS CORP	$0	–	-651,397	–	-1.51%	–
AMH	Exit	AMERICAN HOMES 4 RENT	$0	–	-1,086,748	–	-1.53%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-2,363,322	–	-1.62%	–
ADC	Exit	AGREE REALTY CORP	$0	–	-583,374	–	-1.70%	–
UE	Exit	URBAN EDGE PROPERTIES	$0	–	-3,345,060	–	-1.92%	–
MPW	Exit	MEDICAL PROPERTIES TRUST INC	$0	–	-3,832,820	–	-1.96%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-212,575	–	-1.96%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQUITIES INC	$0	–	-328,403	–	-1.98%	–
FR	Exit	FIRST INDUSTRIAL REALTY TRUST INC	$0	–	-1,027,632	–	-1.98%	–
OUT	Exit	OUTFRONT MEDIA INC	$0	–	-3,276,878	–	-2.14%	–
NNN	Exit	NATIONAL RETAIL PROPERTIES INC	$0	–	-1,262,220	–	-2.16%	–
ELS	Exit	EQUITY LIFESTYLE PROPERTIES INC	$0	–	-884,222	–	-2.39%	–
GLPI	Exit	GAMING AND LEISURE PROP INC	$0	–	-1,478,587	–	-2.82%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-1,382,614	–	-2.87%	–
REXR	Exit	REXFORD INDUSTRIAL REALTY INC	$0	–	-1,377,210	–	-3.08%	–
SPG	Exit	SIMON PROPERTY GROUP INC	$0	–	-809,048	–	-3.12%	–
DLR	Exit	DIGITAL REALTY TRUST INC	$0	–	-811,301	–	-3.46%	–
O	Exit	REALTY INCOME CORP	$0	–	-1,491,424	–	-3.74%	–
VICI	Exit	VICI PROPERTIES INC	$0	–	-3,001,826	–	-3.86%	–
WELL	Exit	WELLTOWER INC	$0	–	-1,407,970	–	-3.90%	–
CUBE	Exit	CUBESMART	$0	–	-2,517,229	–	-4.34%	–
PLD	Exit	PROLOGIS INC	$0	–	-1,008,465	–	-4.41%	–
ESS	Exit	ESSEX PROPERTY TRUST INC	$0	–	-440,516	–	-4.59%	–
AVB	Exit	AVALONBAY COMMUNITIES INC	$0	–	-585,269	–	-4.64%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-3,394,657	–	-4.93%	–
EQIX	Exit	EQUINIX INC	$0	–	-264,379	–	-6.47%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-521,230	–	-6.57%	–

Q3 2022

			Value		Shares		↓ Weighting
PSA	Sell	PUBLIC STORAGE	$152,621,000	-16.1%	521,230	-10.4%	6.57%	-3.4%
EQIX	Sell	EQUINIX INC	$150,389,000	-18.1%	264,379	-5.4%	6.47%	-5.7%
INVH	Sell	INVITATION HOMES INC	$114,638,000	-13.2%	3,394,657	-8.5%	4.93%	-0.0%
AVB	Sell	AVALONBAY COMMUNITIES INC	$107,801,000	-22.2%	585,269	-17.9%	4.64%	-10.4%
ESS	Buy	ESSEX PROPERTY TRUST INC	$106,707,000	+21.4%	440,516	+31.0%	4.59%	+39.7%
PLD	Sell	PROLOGIS INC	$102,460,000	-13.9%	1,008,465	-0.3%	4.41%	-0.8%
CUBE	Sell	CUBESMART	$100,840,000	-7.6%	2,517,229	-1.5%	4.34%	+6.4%
WELL	Buy	WELLTOWER INC	$90,561,000	-10.2%	1,407,970	+15.0%	3.90%	+3.4%
VICI	Sell	VICI PROPERTIES INC	$89,605,000	-26.0%	3,001,826	-26.2%	3.86%	-14.8%
O	Buy	REALTY INCOME CORP	$86,801,000	+7.1%	1,491,424	+25.6%	3.74%	+23.3%
DLR	Buy	DIGITAL REALTY TRUST INC	$80,465,000	+15.0%	811,301	+50.6%	3.46%	+32.5%
SPG	Buy	SIMON PROPERTY GROUP INC	$72,612,000	-1.5%	809,048	+4.2%	3.12%	+13.4%
REXR	Buy	REXFORD INDUSTRIAL REALTY INC	$71,615,000	-3.2%	1,377,210	+7.2%	3.08%	+11.5%
DRE	Sell	DUKE REALTY CORP	$66,642,000	-19.1%	1,382,614	-7.8%	2.87%	-6.9%
GLPI	Buy	GAMING AND LEISURE PROP INC	$65,413,000	+173.4%	1,478,587	+183.4%	2.82%	+214.9%
ELS	Sell	EQUITY LIFESTYLE PROPERTIES INC	$55,565,000	-17.5%	884,222	-7.5%	2.39%	-5.0%
NNN	Sell	NATIONAL RETAIL PROPERTIES INC	$50,312,000	-13.9%	1,262,220	-7.2%	2.16%	-0.9%
OUT	Sell	OUTFRONT MEDIA INC	$49,776,000	-23.7%	3,276,878	-14.9%	2.14%	-12.2%
FR	Buy	FIRST INDUSTRIAL REALTY TRUST INC	$46,048,000	+12.8%	1,027,632	+19.5%	1.98%	+29.9%
ARE	Sell	ALEXANDRIA REAL ESTATE EQUITIES INC	$46,039,000	-7.2%	328,403	-4.0%	1.98%	+6.8%
AMT	Sell	AMERICAN TOWER CORP	$45,640,000	-16.6%	212,575	-0.7%	1.96%	-4.0%
MPW	Buy	MEDICAL PROPERTIES TRUST INC	$45,457,000	+9.0%	3,832,820	+40.4%	1.96%	+25.5%
UE	Sell	URBAN EDGE PROPERTIES	$44,623,000	-12.4%	3,345,060	-0.1%	1.92%	+0.9%
ADC	Sell	AGREE REALTY CORP	$39,424,000	-41.9%	583,374	-37.9%	1.70%	-33.0%
HST	Buy	HOST HOTELS & RESORTS INC	$37,530,000	+21.3%	2,363,322	+19.8%	1.62%	+39.7%
AMH	Sell	AMERICAN HOMES 4 RENT	$35,656,000	-11.5%	1,086,748	-4.4%	1.53%	+1.9%
REG	Buy	REGENCY CENTERS CORP	$35,078,000	+1302.0%	651,397	+1444.1%	1.51%	+1506.4%
PK	Buy	PARK HOTELS & RESORTS INC	$34,986,000	+2.9%	3,107,101	+24.0%	1.51%	+18.5%
KRC	Buy	KILROY REALTY CORP	$32,965,000	-12.7%	782,825	+8.5%	1.42%	+0.6%
PEAK	Buy	HEALTHPEAK PROPERTIES INC	$32,228,000	+754.2%	1,406,105	+865.7%	1.39%	+883.7%
AIRC	Sell	APARTMENT INCOME REIT CORP	$26,637,000	-28.2%	689,712	-22.7%	1.15%	-17.4%
SBRA	Sell	SABRA HEALTHCARE REIT INC	$23,937,000	-7.9%	1,824,475	-1.9%	1.03%	+6.1%
DEI	Buy	DOUGLAS EMMETT INC	$21,354,000	+54.8%	1,190,988	+93.2%	0.92%	+78.1%
SITC	Sell	SITE CENTERS CORP	$17,680,000	-37.1%	1,650,750	-20.9%	0.76%	-27.6%
CCI	Buy	CROWN CASTLE INTL CORP	$17,328,000	-13.6%	119,875	+0.7%	0.75%	-0.4%
NHI	Sell	NATIONAL HEALTH INVESTORS INC	$16,867,000	-66.2%	298,373	-63.7%	0.73%	-61.0%
CPT	Sell	CAMDEN PROPERTY TRUST	$16,473,000	-34.0%	137,905	-25.7%	0.71%	-24.0%
	Sell	HEALTHCARE REALTY TRUST INC	$15,951,000	-26.1%	765,029	-1.1%	0.69%	-14.9%
HIW	Buy	HIGHWOODS PROPERTIES INC	$15,133,000	-14.3%	561,299	+8.7%	0.65%	-1.4%
ROIC	Sell	RETAIL OPPORTUNITY INVESTMENTS CORP	$12,267,000	-55.8%	891,514	-49.3%	0.53%	-49.0%
VTR	Sell	VENTAS INC	$11,500,000	-24.8%	286,272	-3.7%	0.50%	-13.5%
COLD	Sell	AMERICOLD REALTY TRUST	$10,071,000	-68.2%	409,397	-61.2%	0.43%	-63.4%
SBAC	Sell	SBA COMMUNICATIONS CORP	$8,547,000	-62.3%	30,026	-57.6%	0.37%	-56.6%
EQR	Buy	EQUITY RESIDENTIAL	$6,963,000	-6.0%	103,586	+1.0%	0.30%	+8.3%
SUI	Sell	SUN COMMUNITIES INC	$5,824,000	-67.1%	43,033	-61.3%	0.25%	-62.1%
OFC	Sell	CORPORATE OFFICE PROPERTIES TRUST	$4,353,000	-77.1%	187,386	-74.2%	0.19%	-73.7%
WY	Sell	WEYERHAEUSER CO	$542,000	-17.6%	18,981	-4.5%	0.02%	-8.0%
TRNO	Sell	TERRENO REALTY CORP	$461,000	-6.1%	8,699	-1.2%	0.02%	+11.1%
RLJ	Exit	RLJ LODGING TRUST	$0	–	-18,717	–	-0.01%	–
CTRE	Exit	CARETRUST REIT INC	$0	–	-36,222	–	-0.02%	–
OHI	Exit	OMEGA HEALTHCARE INVESTORS INC	$0	–	-945,633	–	-1.00%	–
STOR	Exit	STORE CAPITAL CORP	$0	–	-1,532,564	–	-1.49%	–

Q2 2022

			Value		Shares		↓ Weighting
EQIX	New	EQUINIX INC	$183,629,000	–	279,488	–	6.86%	–
PSA	New	PUBLIC STORAGE	$181,942,000	–	581,899	–	6.80%	–
AVB	New	AVALONBAY COMMUNITIES INC	$138,513,000	–	713,067	–	5.18%	–
INVH	New	INVITATION HOMES INC	$132,022,000	–	3,710,559	–	4.93%	–
VICI	New	VICI PROPERTIES INC	$121,134,000	–	4,066,293	–	4.53%	–
PLD	New	PROLOGIS INC	$118,963,000	–	1,011,161	–	4.45%	–
CUBE	New	CUBESMART	$109,126,000	–	2,554,438	–	4.08%	–
WELL	New	WELLTOWER INC	$100,865,000	–	1,224,834	–	3.77%	–
ESS	New	ESSEX PROPERTY TRUST INC	$87,920,000	–	336,203	–	3.29%	–
DRE	New	DUKE REALTY CORP	$82,386,000	–	1,499,282	–	3.08%	–
O	New	REALTY INCOME CORP	$81,078,000	–	1,187,775	–	3.03%	–
REXR	New	REXFORD INDUSTRIAL REALTY INC	$73,995,000	–	1,284,856	–	2.76%	–
SPG	New	SIMON PROPERTY GROUP INC	$73,709,000	–	776,539	–	2.76%	–
DLR	New	DIGITAL REALTY TRUST INC	$69,959,000	–	538,851	–	2.61%	–
ADC	New	AGREE REALTY CORP	$67,800,000	–	939,973	–	2.53%	–
ELS	New	EQUITY LIFESTYLE PROPERTIES INC	$67,338,000	–	955,551	–	2.52%	–
OUT	New	OUTFRONT MEDIA INC	$65,269,000	–	3,850,707	–	2.44%	–
NNN	New	NATIONAL RETAIL PROPERTIES INC	$58,459,000	–	1,359,505	–	2.18%	–
AMT	New	AMERICAN TOWER CORP	$54,720,000	–	214,093	–	2.04%	–
UE	New	URBAN EDGE PROPERTIES	$50,926,000	–	3,348,176	–	1.90%	–
NHI	New	NATIONAL HEALTH INVESTORS INC	$49,837,000	–	822,245	–	1.86%	–
ARE	New	ALEXANDRIA REAL ESTATE EQUITIES INC	$49,633,000	–	342,227	–	1.86%	–
MPW	New	MEDICAL PROPERTIES TRUST INC	$41,699,000	–	2,730,773	–	1.56%	–
FR	New	FIRST INDUSTRIAL REALTY TRUST INC	$40,834,000	–	860,030	–	1.53%	–
AMH	New	AMERICAN HOMES 4 RENT	$40,298,000	–	1,137,070	–	1.51%	–
STOR	New	STORE CAPITAL CORP	$39,969,000	–	1,532,564	–	1.49%	–
KRC	New	KILROY REALTY CORP	$37,741,000	–	721,216	–	1.41%	–
AIRC	New	APARTMENT INCOME REIT CORP	$37,106,000	–	891,972	–	1.39%	–
PK	New	PARK HOTELS & RESORTS INC	$34,009,000	–	2,506,182	–	1.27%	–
COLD	New	AMERICOLD REALTY TRUST	$31,678,000	–	1,054,520	–	1.18%	–
HST	New	HOST HOTELS & RESORTS INC	$30,929,000	–	1,972,541	–	1.16%	–
SITC	New	SITE CENTERS CORP	$28,127,000	–	2,088,105	–	1.05%	–
ROIC	New	RETAIL OPPORTUNITY INVESTMENTS CORP	$27,725,000	–	1,756,948	–	1.04%	–
OHI	New	OMEGA HEALTHCARE INVESTORS INC	$26,657,000	–	945,633	–	1.00%	–
SBRA	New	SABRA HEALTHCARE REIT INC	$25,979,000	–	1,859,658	–	0.97%	–
CPT	New	CAMDEN PROPERTY TRUST	$24,954,000	–	185,556	–	0.93%	–
GLPI	New	GAMING AND LEISURE PROP INC	$23,928,000	–	521,762	–	0.89%	–
SBAC	New	SBA COMMUNICATIONS CORP	$22,663,000	–	70,810	–	0.85%	–
	New	HEALTHCARE REALTY TRUST INC	$21,579,000	–	773,149	–	0.81%	–
CCI	New	CROWN CASTLE INTL CORP	$20,046,000	–	119,054	–	0.75%	–
OFC	New	CORPORATE OFFICE PROPERTIES TRUST	$19,002,000	–	725,551	–	0.71%	–
SUI	New	SUN COMMUNITIES INC	$17,727,000	–	111,241	–	0.66%	–
HIW	New	HIGHWOODS PROPERTIES INC	$17,663,000	–	516,611	–	0.66%	–
VTR	New	VENTAS INC	$15,293,000	–	297,349	–	0.57%	–
DEI	New	DOUGLAS EMMETT INC	$13,796,000	–	616,462	–	0.52%	–
EQR	New	EQUITY RESIDENTIAL	$7,405,000	–	102,531	–	0.28%	–
PEAK	New	HEALTHPEAK PROPERTIES INC	$3,773,000	–	145,609	–	0.14%	–
REG	New	REGENCY CENTERS CORP	$2,502,000	–	42,185	–	0.09%	–
	New	FEDERAL REALTY INVESTMENT TRUST	$1,481,000	–	15,464	–	0.06%	–
CTRE	New	CARETRUST REIT INC	$668,000	–	36,222	–	0.02%	–
WY	New	WEYERHAEUSER CO	$658,000	–	19,876	–	0.02%	–
TRNO	New	TERRENO REALTY CORP	$491,000	–	8,807	–	0.02%	–
RLJ	New	RLJ LODGING TRUST	$206,000	–	18,717	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
CTRE	Exit	CARETRUST REIT INC	$0	–	-83	–	0.00%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-37,927	–	-0.01%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-21,780	–	-0.02%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-50,630	–	-0.05%	–
FRT	Exit	FEDERAL REALTY INVESTMENT TRUST	$0	–	-15,464	–	-0.06%	–
KRC	Exit	KILROY REALTY CORP	$0	–	-35,300	–	-0.08%	–
REG	Exit	REGENCY CENTERS CORP	$0	–	-37,006	–	-0.08%	–
KRG	Exit	KITE REALTY GROUP TRUST	$0	–	-320,273	–	-0.21%	–
EQR	Exit	EQUITY RESIDENTIAL	$0	–	-88,846	–	-0.23%	–
ESS	Exit	ESSEX PROPERTY TRUST INC	$0	–	-23,605	–	-0.24%	–
PEAK	Exit	HEALTHPEAK PROPERTIES INC	$0	–	-276,776	–	-0.30%	–
RPAI	Exit	RETAIL PROPERTIES OF AMERICA	$0	–	-897,735	–	-0.38%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQUITIES INC	$0	–	-95,020	–	-0.59%	–
CCI	Exit	CROWN CASTLE INTL CORP	$0	–	-123,040	–	-0.69%	–
TRNO	Exit	TERRENO REALTY CORP	$0	–	-454,878	–	-0.93%	–
NHI	Exit	NATIONAL HEALTH INVESTORS INC	$0	–	-565,996	–	-0.98%	–
OFC	Exit	CORPORATE OFFICE PROPERTIES TRUST	$0	–	-1,386,044	–	-1.21%	–
HIW	Exit	HIGHWOODS PROPERTIES INC	$0	–	-915,800	–	-1.30%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-122,597	–	-1.32%	–
NNN	Exit	NATIONAL RETAIL PROPERTIES INC	$0	–	-977,475	–	-1.37%	–
SBRA	Exit	SABRA HEALTHCARE REIT INC	$0	–	-3,012,330	–	-1.44%	–
ROIC	Exit	RETAIL OPPORTUNITY INVESTMENTS CORP	$0	–	-2,632,234	–	-1.49%	–
REXR	Exit	REXFORD INDUSTRIAL REALTY INC	$0	–	-817,709	–	-1.51%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-1,264,126	–	-1.72%	–
CONE	Exit	CYRUSONE INC	$0	–	-701,087	–	-1.76%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-209,554	–	-1.81%	–
SPG	Exit	SIMON PROPERTY GROUP INC	$0	–	-452,009	–	-1.91%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-1,235,413	–	-1.92%	–
VER	Exit	VEREIT INC	$0	–	-1,407,115	–	-2.07%	–
WELL	Exit	WELLTOWER INC	$0	–	-792,716	–	-2.12%	–
O	Exit	REALTY INCOME CORP	$0	–	-1,009,616	–	-2.13%	–
FR	Exit	FIRST INDUSTRIAL REALTY TRUST INC	$0	–	-1,259,867	–	-2.13%	–
UE	Exit	URBAN EDGE PROPERTIES	$0	–	-3,815,580	–	-2.27%	–
HTA	Exit	HEALTHCARE TRUST OF AMERICA	$0	–	-2,387,516	–	-2.30%	–
ADC	Exit	AGREE REALTY CORP	$0	–	-1,081,952	–	-2.33%	–
ACC	Exit	AMERICAN CAMPUS COMMUNITIES INC	$0	–	-1,503,635	–	-2.36%	–
MGP	Exit	MGM GROWTH PROPERTIES LLC	$0	–	-2,119,966	–	-2.64%	–
VICI	Exit	VICI PROPERTIES INC	$0	–	-2,873,549	–	-2.65%	–
CPT	Exit	CAMDEN PROPERTY TRUST	$0	–	-588,357	–	-2.82%	–
OUT	Exit	OUTFRONT MEDIA INC	$0	–	-3,682,121	–	-3.01%	–
CUBE	Exit	CUBESMART	$0	–	-1,981,640	–	-3.12%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-6,505,496	–	-3.45%	–
AIRC	Exit	APARTMENT INCOME REIT CORP	$0	–	-2,267,212	–	-3.59%	–
VTR	Exit	VENTAS INC	$0	–	-2,067,071	–	-3.70%	–
DLR	Exit	DIGITAL REALTY TRUST INC	$0	–	-846,568	–	-3.97%	–
ELS	Exit	EQUITY LIFESTYLE PROPERTIES INC	$0	–	-1,640,034	–	-4.16%	–
AVB	Exit	AVALONBAY COMMUNITIES INC	$0	–	-618,024	–	-4.45%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-482,297	–	-4.65%	–
PLD	Exit	PROLOGIS INC	$0	–	-1,220,891	–	-4.97%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-4,401,063	–	-5.48%	–
EQIX	Exit	EQUINIX INC	$0	–	-234,786	–	-6.02%	–

Q3 2021

			Value		Shares		↓ Weighting
EQIX	Sell	EQUINIX INC	$185,511,000	-25.0%	234,786	-23.8%	6.02%	-21.9%
INVH	Sell	INVITATION HOMES INC	$168,693,000	-17.4%	4,401,063	-19.7%	5.48%	-14.0%
PLD	Sell	PROLOGIS INC	$153,136,000	-0.7%	1,220,891	-5.3%	4.97%	+3.5%
PSA	Sell	PUBLIC STORAGE	$143,290,000	-19.1%	482,297	-18.1%	4.65%	-15.8%
AVB	Sell	AVALONBAY COMMUNITIES INC	$136,979,000	-11.5%	618,024	-16.6%	4.45%	-7.8%
ELS	Sell	EQUITY LIFESTYLE PROPERTIES INC	$128,087,000	-19.7%	1,640,034	-23.6%	4.16%	-16.4%
DLR	Sell	DIGITAL REALTY TRUST INC	$122,287,000	-22.0%	846,568	-18.7%	3.97%	-18.7%
VTR	Buy	VENTAS INC	$114,123,000	+32.2%	2,067,071	+36.7%	3.70%	+37.6%
AIRC	Buy	APARTMENT INCOME REIT CORP	$110,663,000	+65.0%	2,267,212	+60.4%	3.59%	+71.9%
HST	Sell	HOST HOTELS & RESORTS INC	$106,235,000	-8.5%	6,505,496	-4.2%	3.45%	-4.7%
CUBE	Buy	CUBESMART	$96,010,000	+38.9%	1,981,640	+32.8%	3.12%	+44.7%
OUT	Buy	OUTFRONT MEDIA INC	$92,789,000	+22.2%	3,682,121	+16.5%	3.01%	+27.2%
CPT	Sell	CAMDEN PROPERTY TRUST	$86,765,000	-11.1%	588,357	-20.0%	2.82%	-7.4%
VICI	Buy	VICI PROPERTIES INC	$81,638,000	+5.8%	2,873,549	+15.5%	2.65%	+10.2%
MGP	Sell	MGM GROWTH PROPERTIES LLC	$81,195,000	-5.9%	2,119,966	-10.0%	2.64%	-2.0%
ACC	Sell	AMERICAN CAMPUS COMMUNITIES INC	$72,851,000	-2.9%	1,503,635	-6.4%	2.36%	+1.1%
ADC	Sell	AGREE REALTY CORP	$71,658,000	-11.4%	1,081,952	-5.7%	2.33%	-7.7%
HTA	Sell	HEALTHCARE TRUST OF AMERICA	$70,814,000	-1.4%	2,387,516	-11.2%	2.30%	+2.7%
UE	Buy	URBAN EDGE PROPERTIES	$69,863,000	+42.1%	3,815,580	+48.2%	2.27%	+47.9%
FR	Sell	FIRST INDUSTRIAL REALTY TRUST INC	$65,614,000	-33.7%	1,259,867	-33.5%	2.13%	-31.0%
O	Buy	REALTY INCOME CORP	$65,484,000	+8.5%	1,009,616	+11.6%	2.13%	+13.0%
WELL	Sell	WELLTOWER INC	$65,320,000	-1.9%	792,716	-1.1%	2.12%	+2.1%
VER	Sell	VEREIT INC	$63,644,000	-4.0%	1,407,115	-2.5%	2.07%	-0.0%
DRE	Sell	DUKE REALTY CORP	$59,139,000	-13.9%	1,235,413	-14.8%	1.92%	-10.3%
SPG	Sell	SIMON PROPERTY GROUP INC	$58,748,000	-10.4%	452,009	-10.0%	1.91%	-6.7%
AMT	Buy	AMERICAN TOWER CORP	$55,618,000	+2.9%	209,554	+4.7%	1.81%	+7.2%
CONE	New	CYRUSONE INC	$54,271,000	–	701,087	–	1.76%	–
VNO	New	VORNADO REALTY TRUST	$53,106,000	–	1,264,126	–	1.72%	–
REXR	Buy	REXFORD INDUSTRIAL REALTY INC	$46,405,000	+49.4%	817,709	+49.9%	1.51%	+55.6%
ROIC	Buy	RETAIL OPPORTUNITY INVESTMENTS CORP	$45,854,000	+16.9%	2,632,234	+18.5%	1.49%	+21.7%
SBRA	Buy	SABRA HEALTHCARE REIT INC	$44,341,000	-11.3%	3,012,330	+9.7%	1.44%	-7.7%
NNN	Sell	NATIONAL RETAIL PROPERTIES INC	$42,217,000	-8.2%	977,475	-0.3%	1.37%	-4.4%
SBAC	Sell	SBA COMMUNICATIONS CORP	$40,527,000	-59.7%	122,597	-61.1%	1.32%	-58.0%
HIW	New	HIGHWOODS PROPERTIES INC	$40,167,000	–	915,800	–	1.30%	–
OFC	Sell	CORPORATE OFFICE PROPERTIES TRUST	$37,395,000	-23.1%	1,386,044	-20.2%	1.21%	-19.9%
NHI	Buy	NATIONAL HEALTH INVESTORS INC	$30,281,000	+39.2%	565,996	+74.4%	0.98%	+45.0%
TRNO	New	TERRENO REALTY CORP	$28,762,000	–	454,878	–	0.93%	–
CCI	Buy	CROWN CASTLE INTL CORP	$21,325,000	+25.8%	123,040	+41.6%	0.69%	+30.8%
ARE	Buy	ALEXANDRIA REAL ESTATE EQUITIES INC	$18,155,000	+16.8%	95,020	+11.2%	0.59%	+21.4%
RPAI	Sell	RETAIL PROPERTIES OF AMERICA	$11,563,000	-78.1%	897,735	-80.6%	0.38%	-77.2%
PEAK	Sell	HEALTHPEAK PROPERTIES INC	$9,266,000	+0.1%	276,776	-0.5%	0.30%	+4.2%
KRG	New	KITE REALTY GROUP TRUST	$6,521,000	–	320,273	–	0.21%	–
REG	Buy	REGENCY CENTERS CORP	$2,492,000	+13.9%	37,006	+8.4%	0.08%	+19.1%
WY	Buy	WEYERHAEUSER CO	$775,000	+5.6%	21,780	+2.1%	0.02%	+8.7%
DRH	Buy	DIAMONDROCK HOSPITALITY CO	$358,000	+17.4%	37,927	+20.8%	0.01%	+20.0%
CXP	Exit	COLUMBIA PROPERTY TRUST INC	$0	–	-1,308,878	–	-0.71%	–
CUZ	Exit	COUSINS PROPERTIES INC	$0	–	-1,180,162	–	-1.35%	–

Q2 2021

			Value		Shares		↓ Weighting
EQIX	New	EQUINIX INC	$247,402,000	–	308,251	–	7.71%	–
INVH	New	INVITATION HOMES INC	$204,343,000	–	5,479,822	–	6.37%	–
PSA	New	PUBLIC STORAGE	$177,152,000	–	589,152	–	5.52%	–
ELS	New	EQUITY LIFESTYLE PROPERTIES INC	$159,507,000	–	2,146,517	–	4.97%	–
DLR	New	DIGITAL REALTY TRUST INC	$156,710,000	–	1,041,540	–	4.88%	–
AVB	New	AVALONBAY COMMUNITIES INC	$154,727,000	–	741,421	–	4.82%	–
PLD	New	PROLOGIS INC	$154,148,000	–	1,289,615	–	4.80%	–
HST	New	HOST HOTELS & RESORTS INC	$116,113,000	–	6,794,186	–	3.62%	–
SBAC	New	SBA COMMUNICATIONS CORP	$100,456,000	–	315,208	–	3.13%	–
FR	New	FIRST INDUSTRIAL REALTY TRUST INC	$98,955,000	–	1,894,606	–	3.08%	–
CPT	New	CAMDEN PROPERTY TRUST	$97,577,000	–	735,484	–	3.04%	–
VTR	New	VENTAS INC	$86,341,000	–	1,512,102	–	2.69%	–
MGP	New	MGM GROWTH PROPERTIES LLC	$86,254,000	–	2,355,392	–	2.69%	–
ADC	New	AGREE REALTY CORP	$80,865,000	–	1,147,181	–	2.52%	–
VICI	New	VICI PROPERTIES INC	$77,151,000	–	2,487,127	–	2.40%	–
OUT	New	OUTFRONT MEDIA INC	$75,926,000	–	3,159,596	–	2.37%	–
ACC	New	AMERICAN CAMPUS COMMUNITIES INC	$75,030,000	–	1,605,943	–	2.34%	–
HTA	New	HEALTHCARE TRUST OF AMERICA	$71,799,000	–	2,689,110	–	2.24%	–
CUBE	New	CUBESMART	$69,108,000	–	1,491,972	–	2.15%	–
DRE	New	DUKE REALTY CORP	$68,664,000	–	1,450,134	–	2.14%	–
AIRC	New	APARTMENT INCOME REIT CORP	$67,050,000	–	1,413,653	–	2.09%	–
WELL	New	WELLTOWER INC	$66,613,000	–	801,604	–	2.08%	–
VER	New	VEREIT INC	$66,311,000	–	1,443,727	–	2.07%	–
SPG	New	SIMON PROPERTY GROUP INC	$65,550,000	–	502,378	–	2.04%	–
O	New	REALTY INCOME CORP	$60,381,000	–	904,717	–	1.88%	–
AMT	New	AMERICAN TOWER CORP	$54,042,000	–	200,053	–	1.68%	–
RPAI	New	RETAIL PROPERTIES OF AMERICA	$52,866,000	–	4,617,124	–	1.65%	–
SBRA	New	SABRA HEALTHCARE REIT INC	$49,999,000	–	2,747,221	–	1.56%	–
UE	New	URBAN EDGE PROPERTIES	$49,165,000	–	2,574,069	–	1.53%	–
OFC	New	CORPORATE OFFICE PROPERTIES TRUST	$48,632,000	–	1,737,471	–	1.52%	–
NNN	New	NATIONAL RETAIL PROPERTIES INC	$45,981,000	–	980,830	–	1.43%	–
CUZ	New	COUSINS PROPERTIES INC	$43,406,000	–	1,180,162	–	1.35%	–
ROIC	New	RETAIL OPPORTUNITY INVESTMENTS CORP	$39,230,000	–	2,221,393	–	1.22%	–
REXR	New	REXFORD INDUSTRIAL REALTY INC	$31,061,000	–	545,408	–	0.97%	–
CXP	New	COLUMBIA PROPERTY TRUST INC	$22,761,000	–	1,308,878	–	0.71%	–
NHI	New	NATIONAL HEALTH INVESTORS INC	$21,754,000	–	324,449	–	0.68%	–
CCI	New	CROWN CASTLE INTL CORP	$16,956,000	–	86,907	–	0.53%	–
ARE	New	ALEXANDRIA REAL ESTATE EQUITIES INC	$15,543,000	–	85,430	–	0.48%	–
PEAK	New	HEALTHPEAK PROPERTIES INC	$9,259,000	–	278,145	–	0.29%	–
ESS	New	ESSEX PROPERTY TRUST INC	$7,082,000	–	23,605	–	0.22%	–
EQR	New	EQUITY RESIDENTIAL	$6,841,000	–	88,846	–	0.21%	–
KRC	New	KILROY REALTY CORP	$2,458,000	–	35,300	–	0.08%	–
REG	New	REGENCY CENTERS CORP	$2,187,000	–	34,136	–	0.07%	–
FRT	New	FEDERAL REALTY INVESTMENT TRUST	$1,812,000	–	15,464	–	0.06%	–
DEI	New	DOUGLAS EMMETT INC	$1,702,000	–	50,630	–	0.05%	–
WY	New	WEYERHAEUSER CO	$734,000	–	21,328	–	0.02%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$305,000	–	31,395	–	0.01%	–
CTRE	New	CARETRUST REIT INC	$2,000	–	83	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
WY	Exit	WEYERHAEUSER CO	$0	–	-20,431	–	-0.02%	–
AMH	Exit	AMERICAN HOMES 4 RENT	$0	–	-25,420	–	-0.02%	–
FRT	Exit	FEDERAL REALTY INVESTMENT TRUST	$0	–	-15,464	–	-0.04%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-17,287	–	-0.06%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-27,467	–	-0.07%	–
CTRE	Exit	CARETRUST REIT INC	$0	–	-139,673	–	-0.08%	–
IRM	Exit	IRON MOUNTAIN INC	$0	–	-97,243	–	-0.09%	–
PEAK	Exit	HEALTHPEAK PROPERTIES INC	$0	–	-177,927	–	-0.16%	–
PK	Exit	PARK HOTELS & RESORTS INC	$0	–	-827,586	–	-0.28%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQUITIES INC	$0	–	-52,386	–	-0.28%	–
UE	Exit	URBAN EDGE PROPERTIES	$0	–	-967,969	–	-0.31%	–
SBRA	Exit	SABRA HEALTHCARE REIT INC	$0	–	-689,893	–	-0.32%	–
KRC	Exit	KILROY REALTY CORP	$0	–	-217,800	–	-0.38%	–
CCI	Exit	CROWN CASTLE INTL CORP	$0	–	-76,739	–	-0.43%	–
HIW	Exit	HIGHWOODS PROPERTIES INC	$0	–	-505,639	–	-0.56%	–
PEB	Exit	PEBBLEBROOK HOTEL TRUST	$0	–	-1,689,075	–	-0.70%	–
WRI	Exit	WEINGARTEN REALTY INVESTORS	$0	–	-1,474,692	–	-0.83%	–
CPT	Exit	CAMDEN PROPERTY TRUST	$0	–	-284,108	–	-0.84%	–
CUZ	Exit	COUSINS PROPERTIES INC	$0	–	-915,344	–	-0.87%	–
REG	Exit	REGENCY CENTERS CORP	$0	–	-967,803	–	-1.23%	–
NNN	Exit	NATIONAL RETAIL PROPERTIES INC	$0	–	-1,117,164	–	-1.28%	–
SHO	Exit	SUNSTONE HOTEL INVESTORS INC	$0	–	-4,942,705	–	-1.31%	–
ADC	Exit	AGREE REALTY CORP	$0	–	-618,877	–	-1.31%	–
OFC	Exit	CORPORATE OFFICE PROPERTIES TRUST	$0	–	-1,743,574	–	-1.38%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-176,149	–	-1.42%	–
RPAI	Exit	RETAIL PROPERTIES OF AMERICA	$0	–	-8,168,326	–	-1.58%	–
ESRT	Exit	EMPIRE STATE REALTY TRUST INC	$0	–	-7,809,730	–	-1.59%	–
ESS	Exit	ESSEX PROPERTY TRUST INC	$0	–	-268,663	–	-1.80%	–
VICI	Exit	VICI PROPERTIES INC	$0	–	-2,436,540	–	-1.90%	–
CUBE	Exit	CUBESMART	$0	–	-1,773,226	–	-1.91%	–
EQR	Exit	EQUITY RESIDENTIAL	$0	–	-1,182,628	–	-2.02%	–
SPG	Exit	SIMON PROPERTY GROUP INC	$0	–	-954,687	–	-2.06%	–
VER	Exit	VEREIT INC	$0	–	-10,466,741	–	-2.27%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-2,778,982	–	-2.32%	–
ELS	Exit	EQUITY LIFESTYLE PROPERTIES INC	$0	–	-1,189,627	–	-2.43%	–
HTA	Exit	HEALTHCARE TRUST OF AMERICA	$0	–	-2,896,391	–	-2.51%	–
O	Exit	REALTY INCOME CORP	$0	–	-1,257,213	–	-2.54%	–
ACC	Exit	AMERICAN CAMPUS COMMUNITIES INC	$0	–	-2,254,310	–	-2.62%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-281,219	–	-2.98%	–
VTR	Exit	VENTAS INC	$0	–	-2,370,042	–	-3.31%	–
FR	Exit	FIRST INDUSTRIAL REALTY TRUST INC	$0	–	-2,655,930	–	-3.52%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-3,114,251	–	-3.83%	–
PLD	Exit	PROLOGIS INC	$0	–	-1,521,366	–	-5.10%	–
WELL	Exit	WELLTOWER INC	$0	–	-2,919,540	–	-5.36%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-785,510	–	-5.83%	–
DLR	Exit	DIGITAL REALTY TRUST INC	$0	–	-1,238,204	–	-6.05%	–
AVB	Exit	AVALONBAY COMMUNITIES INC	$0	–	-1,231,897	–	-6.13%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-8,004,710	–	-7.46%	–
EQIX	Exit	EQUINIX INC	$0	–	-340,245	–	-8.61%	–

Q3 2020

			Value		Shares		↓ Weighting
EQIX	Sell	EQUINIX INC	$258,630,000	-12.7%	340,245	-19.3%	8.61%	-12.5%
INVH	Sell	INVITATION HOMES INC	$224,052,000	-2.4%	8,004,710	-4.0%	7.46%	-2.2%
AVB	Sell	AVALONBAY COMMUNITIES INC	$183,971,000	-5.1%	1,231,897	-1.8%	6.13%	-4.9%
DLR	Buy	DIGITAL REALTY TRUST INC	$181,719,000	+29.1%	1,238,204	+25.0%	6.05%	+29.4%
PSA	Sell	PUBLIC STORAGE	$174,949,000	-10.2%	785,510	-22.6%	5.83%	-10.0%
WELL	Buy	WELLTOWER INC	$160,837,000	+27.7%	2,919,540	+20.0%	5.36%	+28.0%
PLD	Sell	PROLOGIS INC	$153,080,000	-4.9%	1,521,366	-11.8%	5.10%	-4.7%
DRE	Buy	DUKE REALTY CORP	$114,916,000	+9.6%	3,114,251	+5.1%	3.83%	+9.8%
FR	Buy	FIRST INDUSTRIAL REALTY TRUST INC	$105,706,000	+22.9%	2,655,930	+18.7%	3.52%	+23.2%
VTR	Buy	VENTAS INC	$99,447,000	+18.0%	2,370,042	+3.0%	3.31%	+18.2%
SBAC	Sell	SBA COMMUNICATIONS CORP	$89,563,000	-29.8%	281,219	-34.3%	2.98%	-29.6%
ACC	Buy	AMERICAN CAMPUS COMMUNITIES INC	$78,721,000	+17.0%	2,254,310	+17.2%	2.62%	+17.3%
O	Sell	REALTY INCOME CORP	$76,376,000	-2.1%	1,257,213	-4.1%	2.54%	-1.9%
HTA	Buy	HEALTHCARE TRUST OF AMERICA	$75,306,000	+14.3%	2,896,391	+16.6%	2.51%	+14.5%
ELS	Buy	EQUITY LIFESTYLE PROPERTIES INC	$72,924,000	+37.1%	1,189,627	+39.7%	2.43%	+37.4%
DEI	Buy	DOUGLAS EMMETT INC	$69,752,000	+4.2%	2,778,982	+27.3%	2.32%	+4.4%
VER	Sell	VEREIT INC	$68,034,000	-2.2%	10,466,741	-3.3%	2.27%	-2.0%
SPG	Sell	SIMON PROPERTY GROUP INC	$61,749,000	-7.9%	954,687	-2.6%	2.06%	-7.6%
EQR	Sell	EQUITY RESIDENTIAL	$60,704,000	-16.5%	1,182,628	-4.3%	2.02%	-16.3%
CUBE	Sell	CUBESMART	$57,293,000	-11.7%	1,773,226	-26.3%	1.91%	-11.5%
VICI	Sell	VICI PROPERTIES INC	$56,942,000	+9.2%	2,436,540	-5.6%	1.90%	+9.5%
ESS	Sell	ESSEX PROPERTY TRUST INC	$53,945,000	-18.8%	268,663	-7.3%	1.80%	-18.6%
ESRT	Buy	EMPIRE STATE REALTY TRUST INC	$47,796,000	+102.3%	7,809,730	+131.4%	1.59%	+102.8%
RPAI	Buy	RETAIL PROPERTIES OF AMERICA	$47,458,000	-12.4%	8,168,326	+10.4%	1.58%	-12.2%
AMT	Buy	AMERICAN TOWER CORP	$42,580,000	-3.5%	176,149	+3.2%	1.42%	-3.3%
OFC	Buy	CORPORATE OFFICE PROPERTIES TRUST	$41,358,000	+38.6%	1,743,574	+48.1%	1.38%	+39.0%
ADC	Buy	AGREE REALTY CORP	$39,385,000	+76.8%	618,877	+82.6%	1.31%	+77.3%
SHO	Buy	SUNSTONE HOTEL INVESTORS INC	$39,245,000	+18.6%	4,942,705	+21.7%	1.31%	+18.8%
NNN	Sell	NATIONAL RETAIL PROPERTIES INC	$38,553,000	-34.4%	1,117,164	-32.6%	1.28%	-34.3%
REG	Buy	REGENCY CENTERS CORP	$36,796,000	-13.4%	967,803	+4.6%	1.23%	-13.2%
CUZ	Sell	COUSINS PROPERTIES INC	$26,170,000	-6.3%	915,344	-2.2%	0.87%	-6.0%
CPT	Sell	CAMDEN PROPERTY TRUST	$25,280,000	-6.9%	284,108	-4.5%	0.84%	-6.7%
WRI	Buy	WEINGARTEN REALTY INVESTORS	$25,011,000	-5.6%	1,474,692	+5.3%	0.83%	-5.4%
PEB	Buy	PEBBLEBROOK HOTEL TRUST	$21,164,000	-1.7%	1,689,075	+7.2%	0.70%	-1.4%
HIW	Buy	HIGHWOODS PROPERTIES INC	$16,974,000	+21.9%	505,639	+35.5%	0.56%	+22.0%
CCI	Buy	CROWN CASTLE INTL CORP	$12,777,000	+5.6%	76,739	+6.1%	0.43%	+6.0%
KRC	Sell	KILROY REALTY CORP	$11,317,000	-75.8%	217,800	-72.6%	0.38%	-75.7%
SBRA	Sell	SABRA HEALTHCARE REIT INC	$9,510,000	-23.5%	689,893	-19.9%	0.32%	-23.2%
UE	Buy	URBAN EDGE PROPERTIES	$9,409,000	+71.6%	967,969	+109.5%	0.31%	+72.0%
ARE	Sell	ALEXANDRIA REAL ESTATE EQUITIES INC	$8,382,000	-1.7%	52,386	-0.3%	0.28%	-1.4%
PK	Sell	PARK HOTELS & RESORTS INC	$8,268,000	-45.4%	827,586	-45.9%	0.28%	-45.3%
PEAK	Sell	HEALTHPEAK PROPERTIES INC	$4,831,000	-5.8%	177,927	-4.4%	0.16%	-5.3%
CTRE	Buy	CARETRUST REIT INC	$2,485,000	+11733.3%	139,673	+11164.0%	0.08%	+8200.0%
AMH	Sell	AMERICAN HOMES 4 RENT	$724,000	-6.2%	25,420	-11.5%	0.02%	-7.7%
WY	Buy	WEYERHAEUSER CO	$583,000	+31.3%	20,431	+3.3%	0.02%	+26.7%

Q2 2020

			Value		Shares		↓ Weighting
EQIX	New	EQUINIX INC	$296,095,000	–	421,607	–	9.84%	–
INVH	New	INVITATION HOMES INC	$229,655,000	–	8,341,982	–	7.63%	–
PSA	New	PUBLIC STORAGE	$194,798,000	–	1,015,157	–	6.47%	–
AVB	New	AVALONBAY COMMUNITIES INC	$193,901,000	–	1,253,884	–	6.44%	–
PLD	New	PROLOGIS INC	$160,963,000	–	1,724,663	–	5.35%	–
DLR	New	DIGITAL REALTY TRUST INC	$140,754,000	–	990,458	–	4.68%	–
SBAC	New	SBA COMMUNICATIONS CORP	$127,567,000	–	428,192	–	4.24%	–
WELL	New	WELLTOWER INC	$125,909,000	–	2,433,022	–	4.18%	–
DRE	New	DUKE REALTY CORP	$104,834,000	–	2,962,262	–	3.48%	–
FR	New	FIRST INDUSTRIAL REALTY TRUST INC	$86,026,000	–	2,237,933	–	2.86%	–
VTR	New	VENTAS INC	$84,300,000	–	2,302,032	–	2.80%	–
O	New	REALTY INCOME CORP	$78,025,000	–	1,311,338	–	2.59%	–
EQR	New	EQUITY RESIDENTIAL	$72,724,000	–	1,236,379	–	2.42%	–
VER	New	VEREIT INC	$69,597,000	–	10,823,818	–	2.31%	–
ACC	New	AMERICAN CAMPUS COMMUNITIES INC	$67,260,000	–	1,923,922	–	2.24%	–
SPG	New	SIMON PROPERTY GROUP INC	$67,023,000	–	980,159	–	2.23%	–
DEI	New	DOUGLAS EMMETT INC	$66,947,000	–	2,183,544	–	2.22%	–
ESS	New	ESSEX PROPERTY TRUST INC	$66,448,000	–	289,951	–	2.21%	–
HTA	New	HEALTHCARE TRUST OF AMERICA	$65,887,000	–	2,484,416	–	2.19%	–
CUBE	New	CUBESMART	$64,913,000	–	2,405,089	–	2.16%	–
NNN	New	NATIONAL RETAIL PROPERTIES INC	$58,768,000	–	1,656,360	–	1.95%	–
RPAI	New	RETAIL PROPERTIES OF AMERICA	$54,154,000	–	7,398,120	–	1.80%	–
ELS	New	EQUITY LIFESTYLE PROPERTIES INC	$53,206,000	–	851,567	–	1.77%	–
VICI	New	VICI PROPERTIES INC	$52,129,000	–	2,581,917	–	1.73%	–
KRC	New	KILROY REALTY CORP	$46,711,000	–	795,760	–	1.55%	–
AMT	New	AMERICAN TOWER CORP	$44,115,000	–	170,633	–	1.47%	–
REG	New	REGENCY CENTERS CORP	$42,475,000	–	925,591	–	1.41%	–
SHO	New	SUNSTONE HOTEL INVESTORS INC	$33,088,000	–	4,059,825	–	1.10%	–
OFC	New	CORPORATE OFFICE PROPERTIES TRUST	$29,831,000	–	1,177,232	–	0.99%	–
CUZ	New	COUSINS PROPERTIES INC	$27,915,000	–	935,809	–	0.93%	–
CPT	New	CAMDEN PROPERTY TRUST	$27,140,000	–	297,518	–	0.90%	–
WRI	New	WEINGARTEN REALTY INVESTORS	$26,505,000	–	1,400,156	–	0.88%	–
ESRT	New	EMPIRE STATE REALTY TRUST INC	$23,621,000	–	3,374,358	–	0.78%	–
ADC	New	AGREE REALTY CORP	$22,274,000	–	338,975	–	0.74%	–
PEB	New	PEBBLEBROOK HOTEL TRUST	$21,528,000	–	1,576,000	–	0.72%	–
PK	New	PARK HOTELS & RESORTS INC	$15,132,000	–	1,530,076	–	0.50%	–
HIW	New	HIGHWOODS PROPERTIES INC	$13,929,000	–	373,129	–	0.46%	–
SBRA	New	SABRA HEALTHCARE REIT INC	$12,424,000	–	860,978	–	0.41%	–
CCI	New	CROWN CASTLE INTL CORP	$12,104,000	–	72,328	–	0.40%	–
ARE	New	ALEXANDRIA REAL ESTATE EQUITIES INC	$8,525,000	–	52,545	–	0.28%	–
UE	New	URBAN EDGE PROPERTIES	$5,483,000	–	461,944	–	0.18%	–
PEAK	New	HEALTHPEAK PROPERTIES INC	$5,129,000	–	186,105	–	0.17%	–
IRM	New	IRON MOUNTAIN INC	$2,538,000	–	97,243	–	0.08%	–
BXP	New	BOSTON PROPERTIES INC	$2,482,000	–	27,467	–	0.08%	–
EXR	New	EXTRA SPACE STORAGE INC	$1,597,000	–	17,287	–	0.05%	–
FRT	New	FEDERAL REALTY INVESTMENT TRUST	$1,318,000	–	15,464	–	0.04%	–
AMH	New	AMERICAN HOMES 4 RENT	$772,000	–	28,708	–	0.03%	–
WY	New	WEYERHAEUSER CO	$444,000	–	19,781	–	0.02%	–
CTRE	New	CARETRUST REIT INC	$21,000	–	1,240	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
HPP	Exit	HUDSON PACIFIC PROPERTIES INC	$0	–	-3,070	–	-0.00%	–
PGRE	Exit	PARAMOUNT GROUP INC	$0	–	-10,668	–	-0.00%	–
KRC	Exit	KILROY REALTY CORP	$0	–	-35,300	–	-0.07%	–
IRM	Exit	IRON MOUNTAIN INC	$0	–	-97,243	–	-0.08%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-85,514	–	-0.09%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-38,064	–	-0.11%	–
ELS	Exit	EQUITY LIFESTYLE PROPERTIES INC	$0	–	-47,613	–	-0.16%	–
FRT	Exit	FEDERAL REALTY INVESTMENT TRUST	$0	–	-53,713	–	-0.19%	–
HCP	Exit	HCP INC	$0	–	-219,416	–	-0.20%	–
OHI	Exit	OMEGA HEALTHCARE INVESTORS INC	$0	–	-241,181	–	-0.26%	–
ESS	Exit	ESSEX PROPERTY TRUST INC	$0	–	-31,806	–	-0.27%	–
VTR	Exit	VENTAS INC	$0	–	-201,144	–	-0.38%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-110,298	–	-0.62%	–
CCI	Exit	CROWN CASTLE INTL CORP	$0	–	-233,844	–	-0.83%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-1,284,195	–	-0.91%	–
PK	Exit	PARK HOTELS & RESORTS INC	$0	–	-1,766,681	–	-1.13%	–
CXW	Exit	CORECIVIC INC	$0	–	-2,578,020	–	-1.14%	–
MAC	Exit	MACERICH CO/THE	$0	–	-1,478,284	–	-1.19%	–
O	Exit	REALTY INCOME CORP	$0	–	-618,821	–	-1.21%	–
ADC	Exit	AGREE REALTY CORP	$0	–	-731,555	–	-1.37%	–
TCO	Exit	TAUBMAN CENTERS INC	$0	–	-1,431,031	–	-1.49%	–
SHO	Exit	SUNSTONE HOTEL INVESTORS INC	$0	–	-4,268,246	–	-1.50%	–
WRI	Exit	WEINGARTEN REALTY INVESTORS	$0	–	-2,151,744	–	-1.60%	–
NHI	Exit	NATIONAL HEALTH INVESTORS INC	$0	–	-765,575	–	-1.61%	–
PEB	Exit	PEBBLEBROOK HOTEL TRUST	$0	–	-2,278,151	–	-1.62%	–
HIW	Exit	HIGHWOODS PROPERTIES INC	$0	–	-1,501,964	–	-1.73%	–
NNN	Exit	NATIONAL RETAIL PROPERTIES INC	$0	–	-1,418,430	–	-2.05%	–
SLG	Exit	SL GREEN REALTY CORP	$0	–	-1,168,363	–	-2.44%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-408,022	–	-2.52%	–
PLD	Exit	PROLOGIS INC	$0	–	-1,182,875	–	-2.58%	–
FR	Exit	FIRST INDUSTRIAL REALTY TRUST INC	$0	–	-2,566,587	–	-2.60%	–
VICI	Exit	VICI PROPERTIES INC	$0	–	-5,014,808	–	-2.90%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-1,804,147	–	-2.94%	–
EQIX	Exit	EQUINIX INC	$0	–	-205,720	–	-3.04%	–
HTA	Exit	HEALTHCARE TRUST OF AMERICA	$0	–	-4,086,013	–	-3.07%	–
REG	Exit	REGENCY CENTERS CORP	$0	–	-1,758,139	–	-3.12%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQUITIES INC	$0	–	-815,630	–	-3.21%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-3,714,336	–	-3.23%	–
ACC	Exit	AMERICAN CAMPUS COMMUNITIES INC	$0	–	-2,626,259	–	-3.23%	–
CUBE	Exit	CUBESMART	$0	–	-3,728,157	–	-3.33%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-1,006,212	–	-3.34%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-4,998,117	–	-3.78%	–
DLR	Exit	DIGITAL REALTY TRUST INC	$0	–	-1,343,657	–	-4.46%	–
EQR	Exit	EQUITY RESIDENTIAL	$0	–	-2,202,220	–	-4.86%	–
SPG	Exit	SIMON PROPERTY GROUP INC	$0	–	-1,309,492	–	-5.21%	–
WELL	Exit	WELLTOWER INC	$0	–	-2,392,244	–	-5.55%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-908,128	–	-5.70%	–
AVB	Exit	AVALONBAY COMMUNITIES INC	$0	–	-1,283,660	–	-7.07%	–

Q3 2019

			Value		Shares		↓ Weighting
AVB	Sell	AVALONBAY COMMUNITIES INC	$276,411,000	+3.5%	1,283,660	-2.3%	7.07%	-1.9%
PSA	Sell	PUBLIC STORAGE	$222,737,000	-20.3%	908,128	-22.6%	5.70%	-24.4%
WELL	Sell	WELLTOWER INC	$216,857,000	+4.8%	2,392,244	-5.8%	5.55%	-0.7%
SPG	Sell	SIMON PROPERTY GROUP INC	$203,822,000	-8.5%	1,309,492	-6.1%	5.21%	-13.3%
EQR	Sell	EQUITY RESIDENTIAL	$189,963,000	-17.0%	2,202,220	-26.9%	4.86%	-21.3%
DLR	Buy	DIGITAL REALTY TRUST INC	$174,420,000	+179.6%	1,343,657	+153.7%	4.46%	+165.1%
INVH	Buy	INVITATION HOMES INC	$147,994,000	+34.4%	4,998,117	+21.3%	3.78%	+27.4%
BXP	Sell	BOSTON PROPERTIES INC	$130,465,000	-5.0%	1,006,212	-5.5%	3.34%	-10.0%
CUBE	Buy	CUBESMART	$130,113,000	+8.4%	3,728,157	+3.8%	3.33%	+2.7%
ACC	Buy	AMERICAN CAMPUS COMMUNITIES INC	$126,271,000	+18.0%	2,626,259	+13.3%	3.23%	+11.9%
DRE	Buy	DUKE REALTY CORP	$126,176,000	+54.5%	3,714,336	+43.7%	3.23%	+46.4%
ARE	Sell	ALEXANDRIA REAL ESTATE EQUITIES INC	$125,640,000	+4.2%	815,630	-4.6%	3.21%	-1.3%
REG	Sell	REGENCY CENTERS CORP	$122,173,000	-21.6%	1,758,139	-24.7%	3.12%	-25.7%
HTA	Buy	HEALTHCARE TRUST OF AMERICA	$120,047,000	+28.0%	4,086,013	+19.5%	3.07%	+21.3%
EQIX	Buy	EQUINIX INC	$118,659,000	+511.1%	205,720	+434.3%	3.04%	+479.2%
VNO	Sell	VORNADO REALTY TRUST	$114,870,000	-3.8%	1,804,147	-3.1%	2.94%	-8.8%
VICI	Buy	VICI PROPERTIES INC	$113,585,000	+15.4%	5,014,808	+12.3%	2.90%	+9.3%
FR	Sell	FIRST INDUSTRIAL REALTY TRUST INC	$101,534,000	+7.6%	2,566,587	-0.1%	2.60%	+2.0%
PLD	Sell	PROLOGIS INC	$100,805,000	-4.7%	1,182,875	-10.4%	2.58%	-9.7%
SBAC	Buy	SBA COMMUNICATIONS CORP	$98,395,000	+141.7%	408,022	+125.4%	2.52%	+129.2%
SLG	Sell	SL GREEN REALTY CORP	$95,514,000	-14.6%	1,168,363	-16.1%	2.44%	-19.1%
NNN	Buy	NATIONAL RETAIL PROPERTIES INC	$79,999,000	+19.3%	1,418,430	+12.2%	2.05%	+13.1%
HIW	Buy	HIGHWOODS PROPERTIES INC	$67,498,000	+46.5%	1,501,964	+34.6%	1.73%	+38.7%
PEB	Buy	PEBBLEBROOK HOTEL TRUST	$63,378,000	+0.8%	2,278,151	+2.1%	1.62%	-4.4%
NHI	Sell	NATIONAL HEALTH INVESTORS INC	$63,076,000	+1.4%	765,575	-3.9%	1.61%	-3.9%
WRI	Sell	WEINGARTEN REALTY INVESTORS	$62,680,000	-7.0%	2,151,744	-12.5%	1.60%	-11.9%
SHO	Sell	SUNSTONE HOTEL INVESTORS INC	$58,646,000	-4.7%	4,268,246	-4.9%	1.50%	-9.7%
TCO	Buy	TAUBMAN CENTERS INC	$58,429,000	+0.7%	1,431,031	+0.7%	1.49%	-4.5%
ADC	Buy	AGREE REALTY CORP	$53,513,000	+14.6%	731,555	+0.3%	1.37%	+8.6%
O	Buy	REALTY INCOME CORP	$47,451,000	+1028.4%	618,821	+914.9%	1.21%	+974.3%
MAC	Sell	MACERICH CO/THE	$46,699,000	-7.1%	1,478,284	-1.5%	1.19%	-12.0%
CXW	Buy	CORECIVIC INC	$44,548,000	-1.8%	2,578,020	+18.0%	1.14%	-6.9%
PK	Buy	PARK HOTELS & RESORTS INC	$44,114,000	-4.4%	1,766,681	+5.5%	1.13%	-9.4%
WY	Sell	WEYERHAEUSER CO	$35,572,000	-34.0%	1,284,195	-37.3%	0.91%	-37.5%
CCI	Sell	CROWN CASTLE INTL CORP	$32,507,000	+5.9%	233,844	-0.7%	0.83%	+0.4%
AMT	Buy	AMERICAN TOWER CORP	$24,390,000	+18.6%	110,298	+9.7%	0.62%	+12.4%
VTR	Sell	VENTAS INC	$14,690,000	-3.4%	201,144	-9.6%	0.38%	-8.3%
HCP	Sell	HCP INC	$7,818,000	+10.9%	219,416	-0.5%	0.20%	+5.3%
FRT	Buy	FEDERAL REALTY INVESTMENT TRUST	$7,312,000	+73.6%	53,713	+64.2%	0.19%	+64.0%
IRM	Sell	IRON MOUNTAIN INC	$3,150,000	-11.7%	97,243	-14.7%	0.08%	-15.6%
PGRE	Sell	PARAMOUNT GROUP INC	$142,000	-13.4%	10,668	-8.8%	0.00%	0.0%
HPP	Sell	HUDSON PACIFIC PROPERTIES INC	$103,000	-15.6%	3,070	-16.0%	0.00%	0.0%
BRX	Exit	BRIXMOR PROPERTY GROUP INC	$0	–	-5,268	–	-0.00%	–
AMH	Exit	AMERICAN HOMES 4 RENT	$0	–	-16,306	–	-0.01%	–
OUT	Exit	OUTFRONT MEDIA INC	$0	–	-125,773	–	-0.09%	–
ILPT	Exit	INDUSTRIAL LOGISTICS PPTY TRUST	$0	–	-1,145,648	–	-0.64%	–
COR	Exit	CORESITE REALTY CORP	$0	–	-399,184	–	-1.24%	–
VER	Exit	VEREIT INC	$0	–	-6,810,163	–	-1.66%	–

Q2 2019

			Value		Shares		↓ Weighting
PSA	New	PUBLIC STORAGE	$279,375,000	–	1,173,005	–	7.54%	–
AVB	New	AVALONBAY COMMUNITIES INC	$267,016,000	–	1,314,184	–	7.20%	–
EQR	New	EQUITY RESIDENTIAL	$228,805,000	–	3,013,764	–	6.17%	–
SPG	New	SIMON PROPERTY GROUP INC	$222,875,000	–	1,395,060	–	6.01%	–
WELL	New	WELLTOWER INC	$206,954,000	–	2,538,382	–	5.58%	–
REG	New	REGENCY CENTERS CORP	$155,798,000	–	2,334,402	–	4.20%	–
BXP	New	BOSTON PROPERTIES INC	$137,353,000	–	1,064,751	–	3.71%	–
ARE	New	ALEXANDRIA REAL ESTATE EQUITIES INC	$120,621,000	–	854,922	–	3.26%	–
CUBE	New	CUBESMART	$120,065,000	–	3,590,469	–	3.24%	–
VNO	New	VORNADO REALTY TRUST	$119,360,000	–	1,862,093	–	3.22%	–
SLG	New	SL GREEN REALTY CORP	$111,906,000	–	1,392,390	–	3.02%	–
INVH	New	INVITATION HOMES INC	$110,102,000	–	4,119,052	–	2.97%	–
ACC	New	AMERICAN CAMPUS COMMUNITIES INC	$106,984,000	–	2,317,676	–	2.89%	–
PLD	New	PROLOGIS INC	$105,754,000	–	1,320,271	–	2.85%	–
VICI	New	VICI PROPERTIES INC	$98,456,000	–	4,467,164	–	2.66%	–
FR	New	FIRST INDUSTRIAL REALTY TRUST INC	$94,351,000	–	2,568,074	–	2.55%	–
HTA	New	HEALTHCARE TRUST OF AMERICA	$93,814,000	–	3,420,133	–	2.53%	–
DRE	New	DUKE REALTY CORP	$81,677,000	–	2,583,913	–	2.20%	–
WRI	New	WEINGARTEN REALTY INVESTORS	$67,405,000	–	2,458,240	–	1.82%	–
NNN	New	NATIONAL RETAIL PROPERTIES INC	$67,043,000	–	1,264,718	–	1.81%	–
PEB	New	PEBBLEBROOK HOTEL TRUST	$62,851,000	–	2,230,358	–	1.70%	–
DLR	New	DIGITAL REALTY TRUST INC	$62,379,000	–	529,581	–	1.68%	–
NHI	New	NATIONAL HEALTH INVESTORS INC	$62,191,000	–	797,017	–	1.68%	–
SHO	New	SUNSTONE HOTEL INVESTORS INC	$61,555,000	–	4,489,781	–	1.66%	–
VER	New	VEREIT INC	$61,360,000	–	6,810,163	–	1.66%	–
TCO	New	TAUBMAN CENTERS INC	$57,996,000	–	1,420,431	–	1.56%	–
WY	New	WEYERHAEUSER CO	$53,928,000	–	2,047,374	–	1.46%	–
MAC	New	MACERICH CO/THE	$50,275,000	–	1,501,190	–	1.36%	–
ADC	New	AGREE REALTY CORP	$46,714,000	–	729,329	–	1.26%	–
PK	New	PARK HOTELS & RESORTS INC	$46,136,000	–	1,674,006	–	1.24%	–
HIW	New	HIGHWOODS PROPERTIES INC	$46,084,000	–	1,115,827	–	1.24%	–
COR	New	CORESITE REALTY CORP	$45,974,000	–	399,184	–	1.24%	–
CXW	New	CORECIVIC INC	$45,362,000	–	2,185,059	–	1.22%	–
SBAC	New	SBA COMMUNICATIONS CORP	$40,702,000	–	181,028	–	1.10%	–
CCI	New	CROWN CASTLE INTL CORP	$30,695,000	–	235,478	–	0.83%	–
ILPT	New	INDUSTRIAL LOGISTICS PPTY TRUST	$23,852,000	–	1,145,648	–	0.64%	–
AMT	New	AMERICAN TOWER CORP	$20,558,000	–	100,552	–	0.56%	–
EQIX	New	EQUINIX INC	$19,416,000	–	38,501	–	0.52%	–
VTR	New	VENTAS INC	$15,205,000	–	222,461	–	0.41%	–
ESS	New	ESSEX PROPERTY TRUST INC	$9,285,000	–	31,806	–	0.25%	–
OHI	New	OMEGA HEALTHCARE INVESTORS INC	$8,863,000	–	241,181	–	0.24%	–
HCP	New	HCP INC	$7,049,000	–	220,415	–	0.19%	–
ELS	New	EQUITY LIFESTYLE PROPERTIES INC	$5,777,000	–	47,613	–	0.16%	–
FRT	New	FEDERAL REALTY INVESTMENT TRUST	$4,212,000	–	32,713	–	0.11%	–
O	New	REALTY INCOME CORP	$4,205,000	–	60,972	–	0.11%	–
EXR	New	EXTRA SPACE STORAGE INC	$4,039,000	–	38,064	–	0.11%	–
IRM	New	IRON MOUNTAIN INC	$3,567,000	–	113,962	–	0.10%	–
DEI	New	DOUGLAS EMMETT INC	$3,407,000	–	85,514	–	0.09%	–
OUT	New	OUTFRONT MEDIA INC	$3,244,000	–	125,773	–	0.09%	–
KRC	New	KILROY REALTY CORP	$2,605,000	–	35,300	–	0.07%	–
AMH	New	AMERICAN HOMES 4 RENT	$396,000	–	16,306	–	0.01%	–
PGRE	New	PARAMOUNT GROUP INC	$164,000	–	11,695	–	0.00%	–
BRX	New	BRIXMOR PROPERTY GROUP INC	$94,000	–	5,268	–	0.00%	–
HPP	New	HUDSON PACIFIC PROPERTIES INC	$122,000	–	3,655	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
UBA	Exit	URSTADT BIDDLE PROPERTIES INC	$0	–	-11,850	–	-0.01%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-23,156	–	-0.02%	–
HPP	Exit	HUDSON PACIFIC PROPERTIES INC	$0	–	-21,861	–	-0.02%	–
OFC	Exit	CORPORATE OFFICE PROPERTIES TRUST	$0	–	-26,442	–	-0.02%	–
PGRE	Exit	PARAMOUNT GROUP INC	$0	–	-75,098	–	-0.02%	–
KIM	Exit	KIMCO REALTY CORP	$0	–	-93,700	–	-0.03%	–
KRC	Exit	KILROY REALTY CORP	$0	–	-35,300	–	-0.06%	–
IRM	Exit	IRON MOUNTAIN INC	$0	–	-77,288	–	-0.06%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-85,514	–	-0.07%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-38,064	–	-0.07%	–
OUT	Exit	OUTFRONT MEDIA INC	$0	–	-210,147	–	-0.09%	–
O	Exit	REALTY INCOME CORP	$0	–	-85,042	–	-0.10%	–
HTA	Exit	HEALTHCARE TRUST OF AMERICA	$0	–	-183,909	–	-0.11%	–
FRT	Exit	FEDERAL REALTY INVESTMENT TRUST	$0	–	-41,758	–	-0.12%	–
ESS	Exit	ESSEX PROPERTY TRUST INC	$0	–	-31,806	–	-0.17%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQUITIES INC	$0	–	-84,911	–	-0.23%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-100,462	–	-0.32%	–
VTR	Exit	VENTAS INC	$0	–	-277,122	–	-0.33%	–
EQC	Exit	EQUITY COMMONWEALTH	$0	–	-697,588	–	-0.49%	–
ILPT	Exit	INDUSTRIAL LOGISTICS PPTY TRUST	$0	–	-1,068,067	–	-0.53%	–
FR	Exit	FIRST INDUSTRIAL REALTY TRUST INC	$0	–	-1,341,418	–	-0.92%	–
QTS	Exit	QTS REALTY TRUST INC	$0	–	-1,096,798	–	-1.02%	–
EQIX	Exit	EQUINIX INC	$0	–	-108,199	–	-1.02%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-396,070	–	-1.38%	–
VICI	Exit	VICI PROPERTIES INC	$0	–	-3,343,713	–	-1.57%	–
ELS	Exit	EQUITY LIFESTYLE PROPERTIES INC	$0	–	-755,861	–	-1.58%	–
AMH	Exit	AMERICAN HOMES 4 RENT	$0	–	-3,595,548	–	-1.71%	–
VER	Exit	VEREIT INC	$0	–	-11,818,906	–	-1.86%	–
BRX	Exit	BRIXMOR PROPERTY GROUP INC	$0	–	-5,175,595	–	-1.97%	–
NNN	Exit	NATIONAL RETAIL PROPERTIES INC	$0	–	-2,119,775	–	-2.06%	–
CPT	Exit	CAMDEN PROPERTY TRUST	$0	–	-1,020,552	–	-2.07%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-3,449,859	–	-2.12%	–
TCO	Exit	TAUBMAN CENTERS INC	$0	–	-1,651,407	–	-2.15%	–
DLR	Exit	DIGITAL REALTY TRUST INC	$0	–	-954,962	–	-2.33%	–
PLD	Exit	PROLOGIS INC	$0	–	-1,687,380	–	-2.48%	–
CCI	Exit	CROWN CASTLE INTL CORP	$0	–	-1,040,865	–	-2.52%	–
PK	Exit	PARK HOTELS & RESORTS INC	$0	–	-3,667,065	–	-2.61%	–
SLG	Exit	SL GREEN REALTY CORP	$0	–	-1,277,612	–	-2.71%	–
ACC	Exit	AMERICAN CAMPUS COMMUNITIES INC	$0	–	-3,163,783	–	-2.83%	–
RLJ	Exit	RLJ LODGING TRUST	$0	–	-6,733,602	–	-3.22%	–
CUBE	Exit	CUBESMART	$0	–	-5,407,063	–	-3.35%	–
HCP	Exit	HCP INC	$0	–	-6,497,982	–	-3.71%	–
REG	Exit	REGENCY CENTERS CORP	$0	–	-2,762,398	–	-3.88%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-1,640,273	–	-4.38%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-3,067,190	–	-4.86%	–
EQR	Exit	EQUITY RESIDENTIAL	$0	–	-4,545,610	–	-6.54%	–
WELL	Exit	WELLTOWER INC	$0	–	-4,820,512	–	-6.73%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-1,569,254	–	-6.87%	–
AVB	Exit	AVALONBAY COMMUNITIES INC	$0	–	-1,770,359	–	-6.96%	–
SPG	Exit	SIMON PROPERTY GROUP INC	$0	–	-2,530,889	–	-9.71%	–

Q3 2018

			Value		Shares		↓ Weighting
SPG	Sell	SIMON PROPERTY GROUP INC	$447,335,000	-11.9%	2,530,889	-15.1%	9.71%	-6.9%
AVB	Sell	AVALONBAY COMMUNITIES INC	$320,701,000	-4.1%	1,770,359	-9.0%	6.96%	+1.3%
PSA	Buy	PUBLIC STORAGE	$316,409,000	-6.4%	1,569,254	+5.4%	6.87%	-1.1%
WELL	Sell	WELLTOWER INC	$310,055,000	-5.4%	4,820,512	-7.8%	6.73%	-0.2%
EQR	Sell	EQUITY RESIDENTIAL	$301,192,000	-15.9%	4,545,610	-19.1%	6.54%	-11.2%
VNO	Sell	VORNADO REALTY TRUST	$223,905,000	-8.3%	3,067,190	-7.1%	4.86%	-3.1%
BXP	Sell	BOSTON PROPERTIES INC	$201,901,000	-7.8%	1,640,273	-6.1%	4.38%	-2.7%
REG	Sell	REGENCY CENTERS CORP	$178,644,000	-3.3%	2,762,398	-7.1%	3.88%	+2.1%
HCP	Sell	HCP INC	$171,027,000	-5.5%	6,497,982	-7.3%	3.71%	-0.2%
CUBE	Buy	CUBESMART	$154,264,000	-8.5%	5,407,063	+3.3%	3.35%	-3.5%
RLJ	Buy	RLJ LODGING TRUST	$148,341,000	+14.3%	6,733,602	+14.4%	3.22%	+20.7%
ACC	Sell	AMERICAN CAMPUS COMMUNITIES INC	$130,221,000	-5.3%	3,163,783	-1.3%	2.83%	+0.0%
SLG	Sell	SL GREEN REALTY CORP	$124,605,000	-9.0%	1,277,612	-6.1%	2.71%	-3.9%
PK	Buy	PARK HOTELS & RESORTS INC	$120,353,000	+27.5%	3,667,065	+19.0%	2.61%	+34.7%
CCI	Sell	CROWN CASTLE INTL CORP	$115,880,000	-16.2%	1,040,865	-18.8%	2.52%	-11.5%
PLD	Buy	PROLOGIS INC	$114,387,000	+5.6%	1,687,380	+2.3%	2.48%	+11.5%
DLR	Sell	DIGITAL REALTY TRUST INC	$107,414,000	-9.3%	954,962	-10.0%	2.33%	-4.2%
TCO	Sell	TAUBMAN CENTERS INC	$98,804,000	-21.3%	1,651,407	-22.7%	2.15%	-16.9%
DRE	Sell	DUKE REALTY CORP	$97,872,000	-7.7%	3,449,859	-5.5%	2.12%	-2.5%
CPT	Sell	CAMDEN PROPERTY TRUST	$95,493,000	-7.2%	1,020,552	-9.6%	2.07%	-2.0%
NNN	Sell	NATIONAL RETAIL PROPERTIES INC	$95,008,000	-7.4%	2,119,775	-9.2%	2.06%	-2.3%
BRX	Sell	BRIXMOR PROPERTY GROUP INC	$90,625,000	-10.0%	5,175,595	-10.4%	1.97%	-5.0%
VER	Sell	VEREIT INC	$85,805,000	-8.7%	11,818,906	-6.5%	1.86%	-3.6%
AMH	Sell	AMERICAN HOMES 4 RENT	$78,707,000	-7.8%	3,595,548	-6.6%	1.71%	-2.7%
ELS	Buy	EQUITY LIFESTYLE PROPERTIES INC	$72,903,000	+941.0%	755,861	+891.9%	1.58%	+999.3%
VICI	Buy	VICI PROPERTIES INC	$72,291,000	+59.9%	3,343,713	+52.7%	1.57%	+68.8%
SBAC	New	SBA COMMUNICATIONS CORP	$63,621,000	–	396,070	–	1.38%	–
EQIX	Sell	EQUINIX INC	$46,838,000	-2.8%	108,199	-3.5%	1.02%	+2.6%
QTS	Sell	QTS REALTY TRUST INC	$46,800,000	+1.1%	1,096,798	-6.4%	1.02%	+6.7%
FR	Buy	FIRST INDUSTRIAL REALTY TRUST INC	$42,121,000	-5.6%	1,341,418	+0.2%	0.92%	-0.3%
ILPT	Sell	INDUSTRIAL LOGISTICS PPTY TRUST	$24,576,000	-5.4%	1,068,067	-8.1%	0.53%	0.0%
EQC	New	EQUITY COMMONWEALTH	$22,386,000	–	697,588	–	0.49%	–
VTR	Buy	VENTAS INC	$15,070,000	-3.0%	277,122	+1.6%	0.33%	+2.2%
AMT	Sell	AMERICAN TOWER CORP	$14,597,000	-74.8%	100,462	-75.0%	0.32%	-73.4%
ARE	Buy	ALEXANDRIA REAL ESTATE EQUITIES INC	$10,681,000	+25.3%	84,911	+25.7%	0.23%	+32.6%
FRT	Sell	FEDERAL REALTY INVESTMENT TRUST	$5,281,000	-0.6%	41,758	-0.6%	0.12%	+5.5%
O	Sell	REALTY INCOME CORP	$4,838,000	-0.6%	85,042	-6.0%	0.10%	+5.0%
OUT	Buy	OUTFRONT MEDIA INC	$4,192,000	+28.3%	210,147	+25.1%	0.09%	+35.8%
PGRE	Sell	PARAMOUNT GROUP INC	$1,133,000	-5.1%	75,098	-3.2%	0.02%	0.0%
OFC	Sell	CORPORATE OFFICE PROPERTIES TRUST	$789,000	-1.1%	26,442	-3.9%	0.02%	+6.2%
HPP	Sell	HUDSON PACIFIC PROPERTIES INC	$715,000	-7.7%	21,861	-0.1%	0.02%	0.0%
WY	Buy	WEYERHAEUSER CO	$747,000	-9.8%	23,156	+2.0%	0.02%	-5.9%
CXW	Exit	CORECIVIC INC	$0	–	-808,928	–	-0.40%	–
LHO	Exit	LASALLE HOTEL PROPERTIES	$0	–	-1,618,257	–	-1.14%	–

Q2 2018

			Value		Shares		↓ Weighting
SPG	New	SIMON PROPERTY GROUP INC	$507,523,000	–	2,982,094	–	10.44%	–
EQR	New	EQUITY RESIDENTIAL	$357,975,000	–	5,620,586	–	7.36%	–
PSA	New	PUBLIC STORAGE	$337,884,000	–	1,489,394	–	6.95%	–
AVB	New	AVALONBAY COMMUNITIES INC	$334,346,000	–	1,945,118	–	6.88%	–
WELL	New	WELLTOWER INC	$327,919,000	–	5,230,804	–	6.74%	–
VNO	New	VORNADO REALTY TRUST	$244,052,000	–	3,301,575	–	5.02%	–
BXP	New	BOSTON PROPERTIES INC	$219,059,000	–	1,746,600	–	4.51%	–
REG	New	REGENCY CENTERS CORP	$184,692,000	–	2,975,065	–	3.80%	–
HCP	New	HCP INC	$180,926,000	–	7,007,214	–	3.72%	–
CUBE	New	CUBESMART	$168,683,000	–	5,235,347	–	3.47%	–
CCI	New	CROWN CASTLE INTL CORP	$138,210,000	–	1,281,859	–	2.84%	–
ACC	New	AMERICAN CAMPUS COMMUNITIES INC	$137,465,000	–	3,205,801	–	2.83%	–
SLG	New	SL GREEN REALTY CORP	$136,854,000	–	1,361,325	–	2.82%	–
RLJ	New	RLJ LODGING TRUST	$129,776,000	–	5,885,527	–	2.67%	–
TCO	New	TAUBMAN CENTERS INC	$125,491,000	–	2,135,653	–	2.58%	–
DLR	New	DIGITAL REALTY TRUST INC	$118,445,000	–	1,061,528	–	2.44%	–
PLD	New	PROLOGIS INC	$108,323,000	–	1,649,000	–	2.23%	–
DRE	New	DUKE REALTY CORP	$105,982,000	–	3,650,781	–	2.18%	–
CPT	New	CAMDEN PROPERTY TRUST	$102,933,000	–	1,129,517	–	2.12%	–
NNN	New	NATIONAL RETAIL PROPERTIES INC	$102,635,000	–	2,334,732	–	2.11%	–
BRX	New	BRIXMOR PROPERTY GROUP INC	$100,722,000	–	5,778,635	–	2.07%	–
PK	New	PARK HOTELS & RESORTS INC	$94,364,000	–	3,080,762	–	1.94%	–
VER	New	VEREIT INC	$93,998,000	–	12,634,145	–	1.93%	–
AMH	New	AMERICAN HOMES 4 RENT	$85,351,000	–	3,848,099	–	1.76%	–
AMT	New	AMERICAN TOWER CORP	$58,013,000	–	402,394	–	1.19%	–
LHO	New	LASALLE HOTEL PROPERTIES	$55,393,000	–	1,618,257	–	1.14%	–
EQIX	New	EQUINIX INC	$48,189,000	–	112,095	–	0.99%	–
QTS	New	QTS REALTY TRUST INC	$46,287,000	–	1,171,826	–	0.95%	–
VICI	New	VICI PROPERTIES INC	$45,197,000	–	2,189,762	–	0.93%	–
FR	New	FIRST INDUSTRIAL REALTY TRUST INC	$44,639,000	–	1,338,914	–	0.92%	–
ILPT	New	INDUSTRIAL LOGISTICS PPTY TRUST	$25,971,000	–	1,162,008	–	0.53%	–
CXW	New	CORECIVIC INC	$19,325,000	–	808,928	–	0.40%	–
VTR	New	VENTAS INC	$15,535,000	–	272,775	–	0.32%	–
ARE	New	ALEXANDRIA REAL ESTATE EQUITIES INC	$8,521,000	–	67,532	–	0.18%	–
ESS	New	ESSEX PROPERTY TRUST INC	$7,604,000	–	31,806	–	0.16%	–
ELS	New	EQUITY LIFESTYLE PROPERTIES INC	$7,003,000	–	76,200	–	0.14%	–
FRT	New	FEDERAL REALTY INVESTMENT TRUST	$5,314,000	–	41,995	–	0.11%	–
HTA	New	HEALTHCARE TRUST OF AMERICA	$4,958,000	–	183,909	–	0.10%	–
O	New	REALTY INCOME CORP	$4,865,000	–	90,447	–	0.10%	–
EXR	New	EXTRA SPACE STORAGE INC	$3,799,000	–	38,064	–	0.08%	–
DEI	New	DOUGLAS EMMETT INC	$3,436,000	–	85,514	–	0.07%	–
OUT	New	OUTFRONT MEDIA INC	$3,268,000	–	168,000	–	0.07%	–
IRM	New	IRON MOUNTAIN INC	$2,706,000	–	77,288	–	0.06%	–
KRC	New	KILROY REALTY CORP	$2,670,000	–	35,300	–	0.06%	–
KIM	New	KIMCO REALTY CORP	$1,592,000	–	93,700	–	0.03%	–
PGRE	New	PARAMOUNT GROUP INC	$1,194,000	–	77,559	–	0.02%	–
WY	New	WEYERHAEUSER CO	$828,000	–	22,706	–	0.02%	–
HPP	New	HUDSON PACIFIC PROPERTIES INC	$775,000	–	21,883	–	0.02%	–
OFC	New	CORPORATE OFFICE PROPERTIES TRUST	$798,000	–	27,520	–	0.02%	–
UBA	New	URSTADT BIDDLE PROPERTIES INC	$268,000	–	11,850	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
JBGS	Exit	JBG SMITH PROPERTIES	$0	–	-100	–	0.00%	–
SRC	Exit	SPIRIT REALTY CAPITAL INC	$0	–	-68,606	–	-0.01%	–
UE	Exit	URBAN EDGE PROPERTIES	$0	–	-29,800	–	-0.01%	–
EDR	Exit	EDUCATION REALTY TRUST INC	$0	–	-23,934	–	-0.01%	–
HPP	Exit	HUDSON PACIFIC PROPERTIES INC	$0	–	-28,131	–	-0.01%	–
OFC	Exit	CORPORATE OFFICE PROPERTIES TRUST	$0	–	-32,460	–	-0.02%	–
HCP	Exit	HCP INC	$0	–	-54,400	–	-0.02%	–
KIM	Exit	KIMCO REALTY CORP	$0	–	-93,700	–	-0.03%	–
KRC	Exit	KILROY REALTY CORP	$0	–	-35,300	–	-0.04%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-85,514	–	-0.05%	–
QCP	Exit	QUALITY CARE PROPERTIES INC	$0	–	-318,641	–	-0.08%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-185,948	–	-0.10%	–
ESS	Exit	ESSEX PROPERTY TRUST INC	$0	–	-34,200	–	-0.13%	–
FR	Exit	FIRST INDUSTRIAL REALTY TRUST INC	$0	–	-1,977,752	–	-0.91%	–
AMH	Exit	AMERICAN HOMES 4 RENT	$0	–	-2,861,934	–	-0.95%	–
TCO	Exit	TAUBMAN CENTERS INC	$0	–	-1,729,014	–	-1.31%	–
DLR	Exit	DIGITAL REALTY TRUST INC	$0	–	-729,282	–	-1.32%	–
PGRE	Exit	PARAMOUNT GROUP INC	$0	–	-6,635,772	–	-1.62%	–
PK	Exit	PARK HOTELS & RESORTS INC	$0	–	-3,923,903	–	-1.65%	–
VER	Exit	VEREIT INC	$0	–	-13,417,517	–	-1.70%	–
EQIX	Exit	EQUINIX INC	$0	–	-254,743	–	-1.74%	–
LSI	Exit	LIFE STORAGE INC	$0	–	-1,436,727	–	-1.79%	–
FRT	Exit	FEDERAL REALTY INVESTMENT TRUST	$0	–	-975,412	–	-1.85%	–
NNN	Exit	NATIONAL RETAIL PROPERTIES INC	$0	–	-3,029,571	–	-1.93%	–
RLJ	Exit	RLJ LODGING TRUST	$0	–	-6,006,859	–	-2.02%	–
REG	Exit	REGENCY CENTERS CORP	$0	–	-2,145,699	–	-2.03%	–
PLD	Exit	PROLOGIS INC	$0	–	-2,107,701	–	-2.04%	–
LHO	Exit	LASALLE HOTEL PROPERTIES	$0	–	-4,896,424	–	-2.17%	–
CCI	Exit	CROWN CASTLE INTL CORP	$0	–	-1,464,445	–	-2.24%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-5,106,990	–	-2.25%	–
BRX	Exit	BRIXMOR PROPERTY GROUP INC	$0	–	-8,428,120	–	-2.42%	–
VTR	Exit	VENTAS INC	$0	–	-2,663,832	–	-2.65%	–
ACC	Exit	AMERICAN CAMPUS COMMUNITIES INC	$0	–	-4,081,476	–	-2.75%	–
CPT	Exit	CAMDEN PROPERTY TRUST	$0	–	-2,082,166	–	-2.91%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-1,415,850	–	-2.95%	–
GGP	Exit	GGP INC	$0	–	-9,475,264	–	-3.00%	–
CUBE	Exit	CUBESMART	$0	–	-7,871,602	–	-3.12%	–
SLG	Exit	SL GREEN REALTY CORP	$0	–	-2,036,020	–	-3.15%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-1,269,680	–	-4.15%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-4,378,433	–	-5.14%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-2,755,527	–	-5.17%	–
AVB	Exit	AVALONBAY COMMUNITIES INC	$0	–	-2,308,250	–	-6.29%	–
WELL	Exit	WELLTOWER INC	$0	–	-5,898,008	–	-6.33%	–
EQR	Exit	EQUITY RESIDENTIAL	$0	–	-8,396,232	–	-8.45%	–
SPG	Exit	SIMON PROPERTY GROUP INC	$0	–	-4,687,708	–	-11.52%	–

Q3 2017

			Value		Shares		↓ Weighting
SPG	Sell	SIMON PROPERTY GROUP INC	$754,768,000	-16.7%	4,687,708	-16.3%	11.52%	+0.5%
EQR	Sell	EQUITY RESIDENTIAL	$553,564,000	-15.0%	8,396,232	-15.1%	8.45%	+2.5%
WELL	Sell	WELLTOWER INC	$414,512,000	-18.5%	5,898,008	-13.2%	6.33%	-1.7%
AVB	Sell	AVALONBAY COMMUNITIES INC	$411,838,000	-12.1%	2,308,250	-5.4%	6.29%	+6.0%
BXP	Sell	BOSTON PROPERTIES INC	$338,599,000	-15.1%	2,755,527	-15.0%	5.17%	+2.4%
VNO	Sell	VORNADO REALTY TRUST	$336,614,000	-19.3%	4,378,433	-1.5%	5.14%	-2.7%
PSA	Sell	PUBLIC STORAGE	$271,699,000	-11.1%	1,269,680	-13.4%	4.15%	+7.2%
SLG	Sell	SL GREEN REALTY CORP	$206,290,000	-17.0%	2,036,020	-13.3%	3.15%	+0.1%
CUBE	Sell	CUBESMART	$204,347,000	-17.2%	7,871,602	-23.3%	3.12%	-0.1%
GGP	Sell	GGP INC	$196,801,000	-22.3%	9,475,264	-11.9%	3.00%	-6.4%
AMT	Sell	AMERICAN TOWER CORP	$193,518,000	-30.8%	1,415,850	-33.0%	2.95%	-16.5%
CPT	Sell	CAMDEN PROPERTY TRUST	$190,414,000	-36.3%	2,082,166	-40.5%	2.91%	-23.2%
ACC	Sell	AMERICAN CAMPUS COMMUNITIES INC	$180,197,000	-13.3%	4,081,476	-7.1%	2.75%	+4.5%
VTR	Sell	VENTAS INC	$173,495,000	-21.2%	2,663,832	-16.0%	2.65%	-5.0%
BRX	Sell	BRIXMOR PROPERTY GROUP INC	$158,449,000	-2.9%	8,428,120	-7.6%	2.42%	+17.1%
DRE	Sell	DUKE REALTY CORP	$147,183,000	-16.0%	5,106,990	-18.5%	2.25%	+1.4%
CCI	Sell	CROWN CASTLE INTL CORP	$146,415,000	-29.6%	1,464,445	-29.5%	2.24%	-15.1%
LHO	Sell	LASALLE HOTEL PROPERTIES	$142,094,000	-20.1%	4,896,424	-17.9%	2.17%	-3.6%
PLD	Sell	PROLOGIS INC	$133,755,000	-32.3%	2,107,701	-37.5%	2.04%	-18.4%
REG	Sell	REGENCY CENTERS CORP	$133,119,000	-10.9%	2,145,699	-10.1%	2.03%	+7.4%
RLJ	Sell	RLJ LODGING TRUST	$132,151,000	-8.8%	6,006,859	-17.6%	2.02%	+10.0%
NNN	Buy	NATIONAL RETAIL PROPERTIES INC	$126,212,000	+12648.7%	3,029,571	+11869.9%	1.93%	+14723.1%
FRT	Sell	FEDERAL REALTY INVESTMENT TRUST	$121,156,000	-27.2%	975,412	-25.9%	1.85%	-12.2%
LSI	Sell	LIFE STORAGE INC	$117,539,000	-10.9%	1,436,727	-19.3%	1.79%	+7.4%
EQIX	Sell	EQUINIX INC	$113,692,000	-37.4%	254,743	-39.8%	1.74%	-24.6%
VER	Sell	VEREIT INC	$111,231,000	-10.8%	13,417,517	-12.4%	1.70%	+7.6%
PK	Sell	PARK HOTELS & RESORTS INC	$108,143,000	-12.9%	3,923,903	-14.8%	1.65%	+5.0%
PGRE	Buy	PARAMOUNT GROUP INC	$106,172,000	+0.7%	6,635,772	+0.7%	1.62%	+21.4%
DLR	New	DIGITAL REALTY TRUST INC	$86,296,000	–	729,282	–	1.32%	–
TCO	Sell	TAUBMAN CENTERS INC	$85,932,000	-25.6%	1,729,014	-10.8%	1.31%	-10.2%
AMH	New	AMERICAN HOMES 4 RENT	$62,133,000	–	2,861,934	–	0.95%	–
FR	New	FIRST INDUSTRIAL REALTY TRUST INC	$59,511,000	–	1,977,752	–	0.91%	–
WY	Sell	WEYERHAEUSER CO	$6,328,000	-80.8%	185,948	-81.1%	0.10%	-76.7%
QCP	New	QUALITY CARE PROPERTIES INC	$4,939,000	–	318,641	–	0.08%	–
OFC	Buy	CORPORATE OFFICE PROPERTIES TRUST	$1,066,000	-6.1%	32,460	+0.2%	0.02%	+14.3%
HPP	Sell	HUDSON PACIFIC PROPERTIES INC	$943,000	-5.3%	28,131	-3.5%	0.01%	+7.7%
EDR	Buy	EDUCATION REALTY TRUST INC	$860,000	+18.6%	23,934	+27.9%	0.01%	+44.4%
SRC	Sell	SPIRIT REALTY CAPITAL INC	$588,000	-99.6%	68,606	-99.7%	0.01%	-99.6%
JBGS	New	JBG SMITH PROPERTIES	$3,000	–	100	–	0.00%	–
DFT	Exit	DUPONT FABROS TECHNOLOGY INC	$0	–	-1,652,481	–	-1.28%	–

Q2 2017

			Value		Shares		↓ Weighting
SPG	New	SIMON PROPERTY GROUP INC	$905,790,000	–	5,599,590	–	11.46%	–
EQR	New	EQUITY RESIDENTIAL	$650,992,000	–	9,888,994	–	8.24%	–
WELL	New	WELLTOWER INC	$508,546,000	–	6,794,196	–	6.44%	–
AVB	New	AVALONBAY COMMUNITIES INC	$468,708,000	–	2,439,030	–	5.93%	–
VNO	New	VORNADO REALTY TRUST	$417,230,000	–	4,443,345	–	5.28%	–
BXP	New	BOSTON PROPERTIES INC	$398,912,000	–	3,242,662	–	5.05%	–
PSA	New	PUBLIC STORAGE	$305,606,000	–	1,465,525	–	3.87%	–
CPT	New	CAMDEN PROPERTY TRUST	$299,094,000	–	3,497,772	–	3.79%	–
AMT	New	AMERICAN TOWER CORP	$279,600,000	–	2,113,060	–	3.54%	–
GGP	New	GGP INC	$253,418,000	–	10,756,262	–	3.21%	–
SLG	New	SL GREEN REALTY CORP	$248,597,000	–	2,349,685	–	3.15%	–
CUBE	New	CUBESMART	$246,762,000	–	10,264,646	–	3.12%	–
VTR	New	VENTAS INC	$220,255,000	–	3,170,053	–	2.79%	–
CCI	New	CROWN CASTLE INTL CORP	$208,104,000	–	2,077,303	–	2.63%	–
ACC	New	AMERICAN CAMPUS COMMUNITIES INC	$207,909,000	–	4,395,546	–	2.63%	–
PLD	New	PROLOGIS INC	$197,670,000	–	3,370,904	–	2.50%	–
EQIX	New	EQUINIX INC	$181,695,000	–	423,373	–	2.30%	–
LHO	New	LASALLE HOTEL PROPERTIES	$177,766,000	–	5,965,312	–	2.25%	–
DRE	New	DUKE REALTY CORP	$175,183,000	–	6,267,729	–	2.22%	–
SRC	New	SPIRIT REALTY CAPITAL INC	$166,587,000	–	22,481,416	–	2.11%	–
FRT	New	FEDERAL REALTY INVESTMENT TRUST	$166,378,000	–	1,316,389	–	2.11%	–
BRX	New	BRIXMOR PROPERTY GROUP INC	$163,169,000	–	9,125,790	–	2.06%	–
REG	New	REGENCY CENTERS CORP	$149,443,000	–	2,385,738	–	1.89%	–
RLJ	New	RLJ LODGING TRUST	$144,836,000	–	7,289,174	–	1.83%	–
LSI	New	LIFE STORAGE INC	$131,928,000	–	1,780,403	–	1.67%	–
VER	New	VEREIT INC	$124,688,000	–	15,317,991	–	1.58%	–
PK	New	PARK HOTELS & RESORTS INC	$124,218,000	–	4,607,476	–	1.57%	–
TCO	New	TAUBMAN CENTERS INC	$115,451,000	–	1,938,728	–	1.46%	–
PGRE	New	PARAMOUNT GROUP INC	$105,467,000	–	6,591,716	–	1.34%	–
DFT	New	DUPONT FABROS TECHNOLOGY INC	$101,066,000	–	1,652,481	–	1.28%	–
WY	New	WEYERHAEUSER CO	$32,931,000	–	983,003	–	0.42%	–
ESS	New	ESSEX PROPERTY TRUST INC	$8,799,000	–	34,200	–	0.11%	–
DEI	New	DOUGLAS EMMETT INC	$3,267,000	–	85,514	–	0.04%	–
KRC	New	KILROY REALTY CORP	$2,653,000	–	35,300	–	0.03%	–
HCP	New	HCP INC	$1,739,000	–	54,400	–	0.02%	–
KIM	New	KIMCO REALTY CORP	$1,719,000	–	93,700	–	0.02%	–
OFC	New	CORPORATE OFFICE PROPERTIES TRUST	$1,135,000	–	32,409	–	0.01%	–
HPP	New	HUDSON PACIFIC PROPERTIES INC	$996,000	–	29,140	–	0.01%	–
NNN	New	NATIONAL RETAIL PROPERTIES INC	$990,000	–	25,310	–	0.01%	–
UE	New	URBAN EDGE PROPERTIES	$707,000	–	29,800	–	0.01%	–
EDR	New	EDUCATION REALTY TRUST INC	$725,000	–	18,712	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
APLE	Exit	APPLE HOSPITALITY REIT INC	$0	–	-18,669	–	-0.00%	–
EDR	Exit	EDUCATION REALTY TRUST INC	$0	–	-13,123	–	-0.01%	–
UE	Exit	URBAN EDGE PROPERTIES	$0	–	-29,800	–	-0.01%	–
PPS	Exit	POST PROPERTIES INC	$0	–	-15,324	–	-0.01%	–
NNN	Exit	NATIONAL RETAIL PROPERTIES INC	$0	–	-28,327	–	-0.01%	–
HCP	Exit	HCP INC	$0	–	-54,400	–	-0.02%	–
KRC	Exit	KILROY REALTY CORP	$0	–	-35,300	–	-0.02%	–
KIM	Exit	KIMCO REALTY CORP	$0	–	-93,700	–	-0.03%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-85,514	–	-0.03%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-125,000	–	-0.03%	–
REG	Exit	REGENCY CENTERS CORP	$0	–	-90,492	–	-0.07%	–
ESS	Exit	ESSEX PROPERTY TRUST INC	$0	–	-34,200	–	-0.07%	–
VTR	Exit	VENTAS INC	$0	–	-140,108	–	-0.10%	–
CXP	Exit	COLUMBIA PROPERTY TRUST INC	$0	–	-1,377,519	–	-0.30%	–
AAT	Exit	AMERICAN ASSETS TRUST INC	$0	–	-728,278	–	-0.30%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-1,254,078	–	-0.38%	–
ACC	Exit	AMERICAN CAMPUS COMMUNITIES INC	$0	–	-816,785	–	-0.40%	–
CUZ	Exit	COUSINS PROPERTIES INC	$0	–	-4,854,016	–	-0.48%	–
EGP	Exit	EASTGROUP PROPERTIES INC	$0	–	-817,240	–	-0.57%	–
AKR	Exit	ACADIA REALTY TRUST	$0	–	-1,995,248	–	-0.69%	–
HTA	Exit	HEALTHCARE TRUST OF AMERICA	$0	–	-2,572,814	–	-0.80%	–
FRT	Exit	FEDERAL REALTY INVESTMENT TRUST	$0	–	-639,632	–	-0.94%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-6,678,992	–	-0.99%	–
VER	Exit	VEREIT INC	$0	–	-10,120,594	–	-1.00%	–
CCI	Exit	CROWN CASTLE INTL CORP	$0	–	-1,299,628	–	-1.17%	–
SNH	Exit	SENIOR HOUSING PROPERTIES TRUST	$0	–	-5,555,929	–	-1.21%	–
PGRE	Exit	PARAMOUNT GROUP INC	$0	–	-7,718,462	–	-1.21%	–
DFT	Exit	DUPONT FABROS TECHNOLOGY INC	$0	–	-3,232,172	–	-1.27%	–
EQIX	Exit	EQUINIX INC	$0	–	-386,969	–	-1.33%	–
HPP	Exit	HUDSON PACIFIC PROPERTIES INC	$0	–	-4,493,668	–	-1.41%	–
RPAI	Exit	RETAIL PROPERTIES OF AMERICA	$0	–	-8,812,895	–	-1.42%	–
OFC	Exit	CORPORATE OFFICE PROPERTIES TRUST	$0	–	-5,364,972	–	-1.45%	–
SHO	Exit	SUNSTONE HOTEL INVESTORS INC	$0	–	-11,912,105	–	-1.46%	–
RLJ	Exit	RLJ LODGING TRUST	$0	–	-7,415,285	–	-1.49%	–
LHO	Exit	LASALLE HOTEL PROPERTIES	$0	–	-6,845,321	–	-1.56%	–
LSI	Exit	LIFE STORAGE INC	$0	–	-2,220,162	–	-1.89%	–
TCO	Exit	TAUBMAN CENTERS INC	$0	–	-2,689,284	–	-1.91%	–
SRC	Exit	SPIRIT REALTY CAPITAL INC	$0	–	-15,365,841	–	-1.96%	–
BRX	Exit	BRIXMOR PROPERTY GROUP INC	$0	–	-8,427,309	–	-2.24%	–
SLG	Exit	SL GREEN REALTY CORP	$0	–	-2,265,893	–	-2.34%	–
GGP	Exit	GENERAL GROWTH PROPERTIES INC	$0	–	-10,681,344	–	-2.82%	–
CUBE	Exit	CUBESMART	$0	–	-10,927,325	–	-2.85%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-1,589,661	–	-3.39%	–
CPT	Exit	CAMDEN PROPERTY TRUST	$0	–	-5,178,579	–	-4.14%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-3,955,781	–	-4.28%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-4,679,112	–	-4.52%	–
PLD	Exit	PROLOGIS INC	$0	–	-9,592,122	–	-4.91%	–
AVB	Exit	AVALONBAY COMMUNITIES INC	$0	–	-3,295,146	–	-5.60%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-4,429,799	–	-5.77%	–
WELL	Exit	WELLTOWER INC	$0	–	-10,129,221	–	-7.24%	–
EQR	Exit	EQUITY RESIDENTIAL	$0	–	-13,838,671	–	-8.51%	–
SPG	Exit	SIMON PROPERTY GROUP INC	$0	–	-6,772,759	–	-13.40%	–

Q3 2016

			Value		Shares		↓ Weighting
SPG	Buy	SIMON PROPERTY GROUP INC	$1,402,029,000	-4.0%	6,772,759	+0.6%	13.40%	-2.5%
EQR	Buy	EQUITY RESIDENTIAL	$890,242,000	-3.1%	13,838,671	+3.8%	8.51%	-1.6%
WELL	Buy	WELLTOWER INC	$757,362,000	+3.2%	10,129,221	+5.2%	7.24%	+4.9%
BXP	Sell	BOSTON PROPERTIES INC	$603,737,000	+1.7%	4,429,799	-1.6%	5.77%	+3.2%
AVB	Buy	AVALONBAY COMMUNITIES INC	$586,009,000	+0.7%	3,295,146	+2.1%	5.60%	+2.2%
PLD	Sell	PROLOGIS INC	$513,562,000	+3.5%	9,592,122	-5.2%	4.91%	+5.1%
VNO	Buy	VORNADO REALTY TRUST	$473,573,000	+10.6%	4,679,112	+9.4%	4.52%	+12.4%
AMT	Sell	AMERICAN TOWER CORP	$448,309,000	-2.1%	3,955,781	-1.8%	4.28%	-0.6%
CPT	Sell	CAMDEN PROPERTY TRUST	$433,654,000	-11.1%	5,178,579	-6.2%	4.14%	-9.8%
PSA	Buy	PUBLIC STORAGE	$354,717,000	+1.3%	1,589,661	+16.1%	3.39%	+2.9%
CUBE	Buy	CUBESMART	$297,879,000	-0.1%	10,927,325	+13.1%	2.85%	+1.4%
GGP	Buy	GENERAL GROWTH PROPERTIES INC	$294,805,000	+47.2%	10,681,344	+59.1%	2.82%	+49.5%
SLG	Buy	SL GREEN REALTY CORP	$244,943,000	+16.1%	2,265,893	+14.3%	2.34%	+17.9%
BRX	Buy	BRIXMOR PROPERTY GROUP INC	$234,195,000	+42.1%	8,427,309	+35.3%	2.24%	+44.4%
SRC	Sell	SPIRIT REALTY CAPITAL INC	$204,827,000	-0.4%	15,365,841	-4.6%	1.96%	+1.2%
TCO	Sell	TAUBMAN CENTERS INC	$200,110,000	-21.0%	2,689,284	-21.3%	1.91%	-19.8%
LSI	New	LIFE STORAGE INC	$197,461,000	–	2,220,162	–	1.89%	–
LHO	Buy	LASALLE HOTEL PROPERTIES	$163,398,000	+4.9%	6,845,321	+3.6%	1.56%	+6.5%
RLJ	Buy	RLJ LODGING TRUST	$155,943,000	+17.5%	7,415,285	+19.8%	1.49%	+19.3%
SHO	Sell	SUNSTONE HOTEL INVESTORS INC	$152,356,000	+4.1%	11,912,105	-1.7%	1.46%	+5.7%
OFC	Buy	CORPORATE OFFICE PROPERTIES TRUST	$152,097,000	-3.6%	5,364,972	+0.5%	1.45%	-2.2%
RPAI	Buy	RETAIL PROPERTIES OF AMERICA	$148,057,000	+5.5%	8,812,895	+6.2%	1.42%	+7.2%
HPP	Sell	HUDSON PACIFIC PROPERTIES INC	$147,707,000	+9.7%	4,493,668	-2.6%	1.41%	+11.4%
EQIX	New	EQUINIX INC	$139,406,000	–	386,969	–	1.33%	–
DFT	Buy	DUPONT FABROS TECHNOLOGY INC	$133,327,000	-1.9%	3,232,172	+13.1%	1.27%	-0.4%
PGRE	Buy	PARAMOUNT GROUP INC	$126,506,000	+4.8%	7,718,462	+1.9%	1.21%	+6.4%
SNH	Sell	SENIOR HOUSING PROPERTIES TRUST	$126,175,000	+6.2%	5,555,929	-2.6%	1.21%	+7.9%
CCI	Buy	CROWN CASTLE INTL CORP	$122,438,000	+16.9%	1,299,628	+25.9%	1.17%	+18.8%
VER	New	VEREIT INC	$104,951,000	–	10,120,594	–	1.00%	–
HST	Sell	HOST HOTELS & RESORTS INC	$103,992,000	-43.8%	6,678,992	-41.4%	0.99%	-42.9%
FRT	Buy	FEDERAL REALTY INVESTMENT TRUST	$98,459,000	+1454.2%	639,632	+1571.6%	0.94%	+1468.3%
HTA	New	HEALTHCARE TRUST OF AMERICA	$83,925,000	–	2,572,814	–	0.80%	–
AKR	New	ACADIA REALTY TRUST	$72,308,000	–	1,995,248	–	0.69%	–
EGP	Buy	EASTGROUP PROPERTIES INC	$60,116,000	+7.7%	817,240	+0.9%	0.57%	+9.3%
CUZ	Sell	COUSINS PROPERTIES INC	$50,676,000	-38.2%	4,854,016	-38.4%	0.48%	-37.2%
ACC	Buy	AMERICAN CAMPUS COMMUNITIES INC	$41,550,000	+4013.9%	816,785	+4176.1%	0.40%	+3870.0%
WY	Sell	WEYERHAEUSER CO	$40,055,000	+6.0%	1,254,078	-1.2%	0.38%	+7.6%
AAT	Sell	AMERICAN ASSETS TRUST INC	$31,593,000	-7.6%	728,278	-9.6%	0.30%	-6.2%
CXP	Sell	COLUMBIA PROPERTY TRUST INC	$30,843,000	-57.5%	1,377,519	-59.4%	0.30%	-56.8%
VTR	Sell	VENTAS INC	$9,896,000	-95.7%	140,108	-95.5%	0.10%	-95.6%
REG	Buy	REGENCY CENTERS CORP	$7,012,000	+4.5%	90,492	+12.9%	0.07%	+6.3%
DRE	Sell	DUKE REALTY CORP	$3,416,000	-96.3%	125,000	-96.4%	0.03%	-96.2%
KRC	Sell	KILROY REALTY CORP	$2,448,000	-97.9%	35,300	-98.0%	0.02%	-97.9%
NNN	Buy	NATIONAL RETAIL PROPERTIES INC	$1,440,000	+13.8%	28,327	+15.8%	0.01%	+16.7%
PPS	Sell	POST PROPERTIES INC	$1,013,000	-8.6%	15,324	-15.6%	0.01%	0.0%
EDR	New	EDUCATION REALTY TRUST INC	$566,000	–	13,123	–	0.01%	–
APLE	New	APPLE HOSPITALITY REIT INC	$346,000	–	18,669	–	0.00%	–
DEA	Exit	EASTERLY GOVERNMENT PPTYS INC	$0	–	-6,263	–	-0.00%	–
SRG	Exit	SERITAGE GROWTH PROPERTIES	$0	–	-9,800	–	-0.01%	–
NYRT	Exit	NEW YORK REIT INC	$0	–	-3,097,397	–	-0.27%	–
CBLAQ	Exit	CBL & ASSOCIATES PROPERTIES INC	$0	–	-4,136,771	–	-0.36%	–
RPT	Exit	RAMCO-GERSHENSON PROPERTIES TRUST	$0	–	-4,593,698	–	-0.85%	–
DDR	Exit	DDR CORP	$0	–	-8,250,573	–	-1.41%	–
SSS	Exit	SOVRAN SELF STORAGE INC	$0	–	-1,824,290	–	-1.80%	–

Q2 2016

			Value		Shares		↓ Weighting
SPG	New	SIMON PROPERTY GROUP INC	$1,459,881,000	–	6,730,665	–	13.74%	–
EQR	New	EQUITY RESIDENTIAL	$918,720,000	–	13,337,985	–	8.64%	–
WELL	New	WELLTOWER INC	$733,608,000	–	9,631,189	–	6.90%	–
BXP	New	BOSTON PROPERTIES INC	$593,864,000	–	4,502,381	–	5.59%	–
AVB	New	AVALONBAY COMMUNITIES INC	$582,113,000	–	3,226,972	–	5.48%	–
PLD	New	PROLOGIS INC	$496,216,000	–	10,118,600	–	4.67%	–
CPT	New	CAMDEN PROPERTY TRUST	$488,052,000	–	5,519,707	–	4.59%	–
AMT	New	AMERICAN TOWER CORP	$457,884,000	–	4,030,312	–	4.31%	–
VNO	New	VORNADO REALTY TRUST	$428,056,000	–	4,275,430	–	4.03%	–
PSA	New	PUBLIC STORAGE	$350,078,000	–	1,369,686	–	3.29%	–
CUBE	New	CUBESMART	$298,225,000	–	9,657,551	–	2.81%	–
TCO	New	TAUBMAN CENTERS INC	$253,414,000	–	3,415,284	–	2.38%	–
VTR	New	VENTAS INC	$228,434,000	–	3,136,972	–	2.15%	–
SLG	New	SL GREEN REALTY CORP	$211,013,000	–	1,981,905	–	1.98%	–
SRC	New	SPIRIT REALTY CAPITAL INC	$205,585,000	–	16,099,023	–	1.93%	–
GGP	New	GENERAL GROWTH PROPERTIES INC	$200,245,000	–	6,715,135	–	1.88%	–
SSS	New	SOVRAN SELF STORAGE INC	$191,405,000	–	1,824,290	–	1.80%	–
HST	New	HOST HOTELS & RESORTS INC	$184,902,000	–	11,406,632	–	1.74%	–
BRX	New	BRIXMOR PROPERTY GROUP INC	$164,777,000	–	6,227,396	–	1.55%	–
OFC	New	CORPORATE OFFICE PROPERTIES TRUST	$157,827,000	–	5,337,400	–	1.48%	–
LHO	New	LASALLE HOTEL PROPERTIES	$155,808,000	–	6,607,619	–	1.47%	–
DDR	New	DDR CORP	$149,665,000	–	8,250,573	–	1.41%	–
SHO	New	SUNSTONE HOTEL INVESTORS INC	$146,313,000	–	12,122,002	–	1.38%	–
RPAI	New	RETAIL PROPERTIES OF AMERICA	$140,309,000	–	8,302,302	–	1.32%	–
DFT	New	DUPONT FABROS TECHNOLOGY INC	$135,904,000	–	2,858,729	–	1.28%	–
HPP	New	HUDSON PACIFIC PROPERTIES INC	$134,671,000	–	4,615,193	–	1.27%	–
RLJ	New	RLJ LODGING TRUST	$132,727,000	–	6,187,742	–	1.25%	–
PGRE	New	PARAMOUNT GROUP INC	$120,689,000	–	7,571,429	–	1.14%	–
SNH	New	SENIOR HOUSING PROPERTIES TRUST	$118,829,000	–	5,704,698	–	1.12%	–
KRC	New	KILROY REALTY CORP	$118,746,000	–	1,791,304	–	1.12%	–
CCI	New	CROWN CASTLE INTL CORP	$104,718,000	–	1,032,416	–	0.98%	–
DRE	New	DUKE REALTY CORP	$92,459,000	–	3,468,094	–	0.87%	–
RPT	New	RAMCO-GERSHENSON PROPERTIES TRUST	$90,082,000	–	4,593,698	–	0.85%	–
CUZ	New	COUSINS PROPERTIES INC	$81,981,000	–	7,882,761	–	0.77%	–
CXP	New	COLUMBIA PROPERTY TRUST INC	$72,642,000	–	3,394,491	–	0.68%	–
EGP	New	EASTGROUP PROPERTIES INC	$55,803,000	–	809,685	–	0.52%	–
CBLAQ	New	CBL & ASSOCIATES PROPERTIES INC	$38,513,000	–	4,136,771	–	0.36%	–
WY	New	WEYERHAEUSER CO	$37,798,000	–	1,269,659	–	0.36%	–
AAT	New	AMERICAN ASSETS TRUST INC	$34,181,000	–	805,401	–	0.32%	–
NYRT	New	NEW YORK REIT INC	$28,651,000	–	3,097,397	–	0.27%	–
ESS	New	ESSEX PROPERTY TRUST INC	$7,801,000	–	34,200	–	0.07%	–
REG	New	REGENCY CENTERS CORP	$6,712,000	–	80,165	–	0.06%	–
FRT	New	FEDERAL REALTY INVESTMENT TRUST	$6,335,000	–	38,264	–	0.06%	–
DEI	New	DOUGLAS EMMETT INC	$3,037,000	–	85,514	–	0.03%	–
KIM	New	KIMCO REALTY CORP	$2,940,000	–	93,700	–	0.03%	–
HCP	New	HCP INC	$1,925,000	–	54,400	–	0.02%	–
NNN	New	NATIONAL RETAIL PROPERTIES INC	$1,265,000	–	24,463	–	0.01%	–
PPS	New	POST PROPERTIES INC	$1,108,000	–	18,153	–	0.01%	–
ACC	New	AMERICAN CAMPUS COMMUNITIES INC	$1,010,000	–	19,101	–	0.01%	–
UE	New	URBAN EDGE PROPERTIES	$890,000	–	29,800	–	0.01%	–
SRG	New	SERITAGE GROWTH PROPERTIES	$488,000	–	9,800	–	0.01%	–
DEA	New	EASTERLY GOVERNMENT PPTYS INC	$124,000	–	6,263	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
DOC	Exit	PHYICIANS REALTY TRUST	$0	–	-13,144	–	-0.00%	–
NNN	Exit	NATIONAL RETAIL PROPERTIES INC	$0	–	-10,027	–	-0.00%	–
EQY	Exit	EQUITY ONE INC	$0	–	-18,237	–	-0.01%	–
DEA	Exit	EASTERLY GOVERNMENT PPTYS INC	$0	–	-25,941	–	-0.01%	–
JOE	Exit	ST JOE CO	$0	–	-21,833	–	-0.01%	–
UE	Exit	URBAN EDGE PROPERTIES	$0	–	-29,800	–	-0.01%	–
PPS	Exit	POST PROPERTIES	$0	–	-17,320	–	-0.01%	–
HR	Exit	HEALTHCARE REALTY TRUST	$0	–	-45,350	–	-0.01%	–
HTA	Exit	HEALTHCARE TRUST OF AMERICA	$0	–	-62,322	–	-0.02%	–
WRE	Exit	WASHINGTON REAL ESTATE INVESTMENT TRUST	$0	–	-70,377	–	-0.02%	–
SKT	Exit	TANGER FACTORY OUTLET CENTERS	$0	–	-53,900	–	-0.02%	–
HCP	Exit	HCP INC	$0	–	-54,407	–	-0.02%	–
KIM	Exit	KIMCO REALTY CORP	$0	–	-93,700	–	-0.03%	–
KRC	Exit	KILROY REALTY CORP	$0	–	-35,300	–	-0.03%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-85,514	–	-0.03%	–
REG	Exit	REGENCY CENTERS CORP	$0	–	-60,900	–	-0.04%	–
FRT	Exit	FEDERAL REALTY INVESTMENT TRUST	$0	–	-52,962	–	-0.08%	–
ESS	Exit	ESSEX PROPERTY TRUST INC	$0	–	-34,200	–	-0.09%	–
TRNO	Exit	TERRENO REALTY CORP	$0	–	-594,711	–	-0.14%	–
CLI	Exit	MACK-CALI REALTY CORP	$0	–	-894,774	–	-0.20%	–
CXP	Exit	COLUMBIA PROPERTY TRUST INC	$0	–	-1,011,404	–	-0.28%	–
AAT	Exit	AMERICAN ASSETS TRUST	$0	–	-741,960	–	-0.36%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-1,225,369	–	-0.39%	–
EGP	Exit	EASTGROUP PROPERTIES INC	$0	–	-752,573	–	-0.48%	–
DFT	Exit	DUPONT FABROS TECHNOLOGY INC	$0	–	-1,581,722	–	-0.48%	–
NHI	Exit	NATIONAL HEALTH INVESTORS INC	$0	–	-779,309	–	-0.53%	–
AKR	Exit	ACADIA REALTY TRUST	$0	–	-1,531,251	–	-0.54%	–
RPT	Exit	RAMCO-GERSHENSON PROPERTIES TRUST	$0	–	-4,324,046	–	-0.76%	–
MPW	Exit	MEDICAL PROPERTIES TRUST INC	$0	–	-5,961,063	–	-0.78%	–
NYRT	Exit	NEW YORK REIT INC	$0	–	-7,626,709	–	-0.90%	–
CCP	Exit	CARE CAPITAL PROPERTIES INC	$0	–	-2,419,645	–	-0.94%	–
SNH	Exit	SENIOR HOUSING PROPERTIES TRUST	$0	–	-5,278,505	–	-1.01%	–
SRC	Exit	SPIRIT REALTY CAPITAL INC	$0	–	-9,867,467	–	-1.06%	–
RPAI	Exit	RETAIL PROPERTIES OF AMERICA	$0	–	-6,503,404	–	-1.08%	–
BMR	Exit	BIOMED REALTY TRUST INC	$0	–	-4,634,434	–	-1.09%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-6,238,172	–	-1.16%	–
PGRE	Exit	PARAMOUNT GROUP INC	$0	–	-5,920,752	–	-1.17%	–
HPP	Exit	HUDSON PACIFIC PROPERTIES INC	$0	–	-3,770,685	–	-1.28%	–
BRX	Exit	BRIXMOR PROPERTY GROUP INC	$0	–	-4,758,249	–	-1.31%	–
CUBE	Exit	CUBESMART	$0	–	-4,221,401	–	-1.35%	–
OFC	Exit	CORPORATE OFFICE PROPERTIES	$0	–	-5,474,743	–	-1.35%	–
DDR	Exit	DDR CORP	$0	–	-7,864,518	–	-1.42%	–
RLJ	Exit	RLJ LODGING TRUST	$0	–	-5,028,917	–	-1.50%	–
SLG	Exit	SL GREEN REALTY CORP	$0	–	-1,183,232	–	-1.51%	–
CBLAQ	Exit	CBL & ASSOCIATES PROPERTIES INC	$0	–	-10,490,311	–	-1.70%	–
GGP	Exit	GENERAL GROWTH PROPERTIES INC	$0	–	-5,804,238	–	-1.77%	–
SHO	Exit	SUNSTONE HOTEL INVESTORS INC	$0	–	-11,508,335	–	-1.79%	–
ACC	Exit	AMERICAN CAMPUS COMMUNITIES INC	$0	–	-4,348,882	–	-1.85%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-10,152,191	–	-2.28%	–
LHO	Exit	LASALLE HOTEL PROPERTIES	$0	–	-6,830,025	–	-2.28%	–
WELL	Exit	WELLTOWER INC	$0	–	-3,273,546	–	-2.61%	–
TCO	Exit	TAUBMAN CENTERS	$0	–	-3,296,371	–	-2.68%	–
VTR	Exit	VENTAS INC	$0	–	-5,224,868	–	-3.45%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-3,543,528	–	-3.67%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-3,517,985	–	-3.74%	–
PLD	Exit	PROLOGIS INC	$0	–	-10,005,571	–	-4.58%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-3,302,120	–	-4.60%	–
CPT	Exit	CAMDEN PROPERTY TRUST	$0	–	-5,312,683	–	-4.62%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-2,270,015	–	-5.65%	–
AVB	Exit	AVALONBAY COMMUNITIES INC	$0	–	-2,954,413	–	-6.08%	–
EQR	Exit	EQUITY RESIDENTIAL	$0	–	-10,686,378	–	-9.44%	–
SPG	Exit	SIMON PROPERTY GROUP INC	$0	–	-6,347,904	–	-13.72%	–

Q3 2015

			Value		Shares		↓ Weighting
SPG	Sell	SIMON PROPERTY GROUP INC	$1,166,237,000	-1.4%	6,347,904	-7.1%	13.72%	-4.1%
EQR	Buy	EQUITY RESIDENTIAL	$802,761,000	+17.2%	10,686,378	+9.5%	9.44%	+13.9%
AVB	Sell	AVALONBAY COMMUNITIES INC	$516,490,000	-11.7%	2,954,413	-19.2%	6.08%	-14.2%
PSA	Sell	PUBLIC STORAGE	$480,403,000	-5.7%	2,270,015	-17.8%	5.65%	-8.4%
CPT	Sell	CAMDEN PROPERTY TRUST	$392,607,000	-2.9%	5,312,683	-2.4%	4.62%	-5.6%
BXP	Buy	BOSTON PROPERTIES INC	$390,971,000	+2.9%	3,302,120	+5.2%	4.60%	+0.0%
PLD	Buy	PROLOGIS INC	$389,217,000	+14.7%	10,005,571	+9.4%	4.58%	+11.4%
VNO	Buy	VORNADO REALTY TRUST	$318,096,000	-0.0%	3,517,985	+5.0%	3.74%	-2.9%
AMT	Buy	AMERICAN TOWER CORP	$311,760,000	-2.8%	3,543,528	+3.1%	3.67%	-5.5%
VTR	Sell	VENTAS INC	$292,906,000	-32.1%	5,224,868	-24.8%	3.45%	-34.1%
TCO	Buy	TAUBMAN CENTERS	$227,713,000	+4.4%	3,296,371	+5.0%	2.68%	+1.4%
WELL	New	WELLTOWER INC	$221,685,000	–	3,273,546	–	2.61%	–
LHO	Buy	LASALLE HOTEL PROPERTIES	$193,904,000	-11.7%	6,830,025	+10.3%	2.28%	-14.2%
DRE	Buy	DUKE REALTY CORP	$193,399,000	+22.5%	10,152,191	+19.4%	2.28%	+19.0%
ACC	Buy	AMERICAN CAMPUS COMMUNITIES INC	$157,603,000	+17708.2%	4,348,882	+18428.7%	1.85%	+16754.5%
SHO	Buy	SUNSTONE HOTEL INVESTORS INC	$152,255,000	-0.8%	11,508,335	+12.5%	1.79%	-3.7%
GGP	Sell	GENERAL GROWTH PROPERTIES INC	$150,736,000	-23.0%	5,804,238	-23.9%	1.77%	-25.2%
CBLAQ	Buy	CBL & ASSOCIATES PROPERTIES INC	$144,242,000	-9.6%	10,490,311	+6.5%	1.70%	-12.2%
SLG	Buy	SL GREEN REALTY CORP	$127,978,000	+1.1%	1,183,232	+2.7%	1.51%	-1.8%
RLJ	Sell	RLJ LODGING TRUST	$127,081,000	-25.7%	5,028,917	-12.5%	1.50%	-27.8%
DDR	New	DDR CORP	$120,956,000	–	7,864,518	–	1.42%	–
OFC	Buy	CORPORATE OFFICE PROPERTIES	$115,134,000	+54.6%	5,474,743	+73.1%	1.35%	+50.3%
CUBE	Buy	CUBESMART	$114,864,000	+6445.0%	4,221,401	+5470.5%	1.35%	+6333.3%
BRX	Buy	BRIXMOR PROPERTY GROUP INC	$111,724,000	+2.7%	4,758,249	+1.2%	1.31%	-0.2%
HPP	Sell	HUDSON PACIFIC PROPERTIES INC	$108,558,000	+0.6%	3,770,685	-0.9%	1.28%	-2.3%
PGRE	Buy	PARAMOUNT GROUP INC	$99,469,000	+3.7%	5,920,752	+5.9%	1.17%	+0.8%
HST	New	HOST HOTELS & RESORTS INC	$98,625,000	–	6,238,172	–	1.16%	–
BMR	Sell	BIOMED REALTY TRUST INC	$92,596,000	-29.7%	4,634,434	-31.9%	1.09%	-31.7%
RPAI	Buy	RETAIL PROPERTIES OF AMERICA	$91,633,000	+19.1%	6,503,404	+17.8%	1.08%	+15.8%
SRC	Buy	SPIRIT REALTY CAPITAL INC	$90,189,000	+1.0%	9,867,467	+6.8%	1.06%	-1.9%
SNH	Buy	SENIOR HOUSING PROPERTIES TRUST	$85,512,000	+0.1%	5,278,505	+8.4%	1.01%	-2.8%
CCP	New	CARE CAPITAL PROPERTIES INC	$79,679,000	–	2,419,645	–	0.94%	–
NYRT	Buy	NEW YORK REIT INC	$76,725,000	+1.2%	7,626,709	+0.1%	0.90%	-1.6%
MPW	New	MEDICAL PROPERTIES TRUST INC	$65,929,000	–	5,961,063	–	0.78%	–
RPT	Buy	RAMCO-GERSHENSON PROPERTIES TRUST	$64,904,000	-0.1%	4,324,046	+8.7%	0.76%	-2.8%
AKR	Buy	ACADIA REALTY TRUST	$46,045,000	+38921.2%	1,531,251	+37671.4%	0.54%	+54100.0%
NHI	New	NATIONAL HEALTH INVESTORS INC	$44,802,000	–	779,309	–	0.53%	–
DFT	New	DUPONT FABROS TECHNOLOGY INC	$40,935,000	–	1,581,722	–	0.48%	–
EGP	Buy	EASTGROUP PROPERTIES INC	$40,774,000	-3.3%	752,573	+0.3%	0.48%	-6.1%
WY	Buy	WEYERHAEUSER CO	$33,502,000	-12.0%	1,225,369	+1.3%	0.39%	-14.5%
AAT	New	AMERICAN ASSETS TRUST	$30,316,000	–	741,960	–	0.36%	–
CXP	New	COLUMBIA PROPERTY TRUST INC	$23,465,000	–	1,011,404	–	0.28%	–
CLI	Sell	MACK-CALI REALTY CORP	$16,893,000	-45.2%	894,774	-46.5%	0.20%	-46.6%
TRNO	Sell	TERRENO REALTY CORP	$11,680,000	-46.1%	594,711	-46.0%	0.14%	-47.9%
FRT	Sell	FEDERAL REALTY INVESTMENT TRUST	$7,227,000	-97.5%	52,962	-97.6%	0.08%	-97.5%
HCP	Sell	HCP INC	$2,027,000	-97.1%	54,407	-97.1%	0.02%	-97.1%
WRE	Sell	WASHINGTON REAL ESTATE INVESTMENT TRUST	$1,754,000	-29.6%	70,377	-26.7%	0.02%	-30.0%
HTA	New	HEALTHCARE TRUST OF AMERICA	$1,528,000	–	62,322	–	0.02%	–
PPS	Sell	POST PROPERTIES	$1,010,000	+2.9%	17,320	-4.1%	0.01%	0.0%
JOE	New	ST JOE CO	$418,000	–	21,833	–	0.01%	–
EQY	Sell	EQUITY ONE INC	$444,000	+1.1%	18,237	-3.0%	0.01%	0.0%
NNN	New	NATIONAL RETAIL PROPERTIES INC	$364,000	–	10,027	–	0.00%	–
DOC	New	PHYICIANS REALTY TRUST	$198,000	–	13,144	–	0.00%	–
AMH	Exit	AMERICAN HOMES 4 RENT	$0	–	-29,971	–	-0.01%	–
MAC	Exit	MACERICH CO/THE	$0	–	-10,416	–	-0.01%	–
HTA	Exit	HEALTHCARE TRUST OF AMERICA	$0	–	-68,922	–	-0.02%	–
DLR	Exit	DIGITAL REALTY TRUST INC	$0	–	-1,628,523	–	-1.32%	–
HCN	Exit	HEALTH CARE REIT INC	$0	–	-2,478,727	–	-1.97%	–

Q2 2015

			Value		Shares		↓ Weighting
SPG	New	SIMON PROPERTY GROUP INC	$1,182,197,000	–	6,832,721	–	14.31%	–
EQR	New	EQUITY RESIDENTIAL	$684,974,000	–	9,761,642	–	8.29%	–
AVB	New	AVALONBAY COMMUNITIES INC	$584,838,000	–	3,658,209	–	7.08%	–
PSA	New	PUBLIC STORAGE	$509,443,000	–	2,763,153	–	6.17%	–
VTR	New	VENTAS INC	$431,685,000	–	6,952,575	–	5.23%	–
CPT	New	CAMDEN PROPERTY TRUST	$404,289,000	–	5,442,774	–	4.90%	–
BXP	New	BOSTON PROPERTIES INC	$379,794,000	–	3,137,756	–	4.60%	–
PLD	New	PROLOGIS INC	$339,460,000	–	9,149,873	–	4.11%	–
AMT	New	AMERICAN TOWER CORP	$320,679,000	–	3,437,443	–	3.88%	–
VNO	New	VORNADO REALTY TRUST	$318,187,000	–	3,351,812	–	3.85%	–
FRT	New	FEDERAL REALTY INVESTMENT TRUST	$285,906,000	–	2,232,071	–	3.46%	–
LHO	New	LASALLE HOTEL PROPERTIES	$219,628,000	–	6,193,675	–	2.66%	–
TCO	New	TAUBMAN CENTERS	$218,138,000	–	3,138,682	–	2.64%	–
GGP	New	GENERAL GROWTH PROPERTIES INC	$195,777,000	–	7,629,643	–	2.37%	–
RLJ	New	RLJ LODGING TRUST	$171,125,000	–	5,746,309	–	2.07%	–
HCN	New	HEALTH CARE REIT INC	$162,679,000	–	2,478,727	–	1.97%	–
CBLAQ	New	CBL & ASSOCIATES PROPERTIES INC	$159,570,000	–	9,850,009	–	1.93%	–
DRE	New	DUKE REALTY CORP	$157,927,000	–	8,504,393	–	1.91%	–
SHO	New	SUNSTONE HOTEL INVESTORS INC	$153,552,000	–	10,229,983	–	1.86%	–
BMR	New	BIOMED REALTY TRUST INC	$131,666,000	–	6,807,967	–	1.59%	–
SLG	New	SL GREEN REALTY CORP	$126,600,000	–	1,152,062	–	1.53%	–
BRX	New	BRIXMOR PROPERTY GROUP INC	$108,770,000	–	4,702,560	–	1.32%	–
DLR	New	DIGITAL REALTY TRUST INC	$108,590,000	–	1,628,523	–	1.32%	–
HPP	New	HUDSON PACIFIC PROPERTIES INC	$107,909,000	–	3,803,640	–	1.31%	–
PGRE	New	PARAMOUNT GROUP INC	$95,896,000	–	5,588,328	–	1.16%	–
SRC	New	SPIRIT REALTY CAPITAL INC	$89,313,000	–	9,236,082	–	1.08%	–
SNH	New	SENIOR HOUSING PROPERTIES TRUST	$85,455,000	–	4,869,236	–	1.04%	–
RPAI	New	RETAIL PROPERTIES OF AMERICA	$76,925,000	–	5,522,262	–	0.93%	–
NYRT	New	NEW YORK REIT INC	$75,846,000	–	7,622,674	–	0.92%	–
OFC	New	CORPORATE OFFICE PROPERTIES	$74,452,000	–	3,162,785	–	0.90%	–
HCP	New	HCP INC	$69,203,000	–	1,897,545	–	0.84%	–
RPT	New	RAMCO-GERSHENSON PROPERTIES TRUST	$64,937,000	–	3,978,977	–	0.79%	–
EGP	New	EASTGROUP PROPERTIES INC	$42,175,000	–	750,040	–	0.51%	–
WY	New	WEYERHAEUSER CO	$38,090,000	–	1,209,194	–	0.46%	–
CLI	New	MACK-CALI REALTY CORP	$30,816,000	–	1,672,067	–	0.37%	–
TRNO	New	TERRENO REALTY CORP	$21,686,000	–	1,100,828	–	0.26%	–
ESS	New	ESSEX PROPERTY TRUST INC	$7,268,000	–	34,200	–	0.09%	–
REG	New	REGENCY CENTERS CORP	$3,592,000	–	60,900	–	0.04%	–
WRE	New	WASHINGTON REAL ESTATE INVESTMENT TRUST	$2,490,000	–	95,963	–	0.03%	–
KRC	New	KILROY REALTY CORP	$2,370,000	–	35,300	–	0.03%	–
DEI	New	DOUGLAS EMMETT INC	$2,304,000	–	85,514	–	0.03%	–
KIM	New	KIMCO REALTY CORP	$2,112,000	–	93,700	–	0.03%	–
SKT	New	TANGER FACTORY OUTLET CENTERS	$1,709,000	–	53,900	–	0.02%	–
CUBE	New	CUBESMART	$1,755,000	–	75,782	–	0.02%	–
HTA	New	HEALTHCARE TRUST OF AMERICA	$1,651,000	–	68,922	–	0.02%	–
HR	New	HEALTHCARE REALTY TRUST	$1,055,000	–	45,350	–	0.01%	–
PPS	New	POST PROPERTIES	$982,000	–	18,062	–	0.01%	–
ACC	New	AMERICAN CAMPUS COMMUNITIES INC	$885,000	–	23,471	–	0.01%	–
MAC	New	MACERICH CO/THE	$777,000	–	10,416	–	0.01%	–
UE	New	URBAN EDGE PROPERTIES	$619,000	–	29,800	–	0.01%	–
AMH	New	AMERICAN HOMES 4 RENT	$481,000	–	29,971	–	0.01%	–
EQY	New	EQUITY ONE INC	$439,000	–	18,792	–	0.01%	–
DEA	New	EASTERLY GOVERNMENT PPTYS INC	$413,000	–	25,941	–	0.01%	–
AKR	New	ACADIA REALTY TRUST	$118,000	–	4,054	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
EQY	Exit	EQUITY ONE INC	$0	–	-12,741	–	-0.00%	–
ACC	Exit	AMERICAN CAMPUS COMMUNITIES INC	$0	–	-14,889	–	-0.01%	–
MAC	Exit	MACERICH CO/THE	$0	–	-9,926	–	-0.01%	–
AMH	Exit	AMERICAN HOMES 4 RENT	$0	–	-59,345	–	-0.01%	–
EGP	Exit	EASTGROUP PROPERTIES INC	$0	–	-20,356	–	-0.02%	–
WRE	Exit	WASHINGTON REAL ESTATE INVESTMENT TRUST	$0	–	-65,798	–	-0.02%	–
SKT	Exit	TANGER FACTORY OUTLET CENTERS	$0	–	-53,900	–	-0.02%	–
HTA	Exit	HEALTHCARE TRUST OF AMERICA	$0	–	-159,367	–	-0.03%	–
KIM	Exit	KIMCO REALTY CORP	$0	–	-93,700	–	-0.03%	–
KRC	Exit	KILROY REALTY CORP	$0	–	-35,300	–	-0.03%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-85,514	–	-0.03%	–
REG	Exit	REGENCY CENTERS CORP	$0	–	-60,900	–	-0.05%	–
ESS	Exit	ESSEX PROPERTY TRUST INC	$0	–	-34,200	–	-0.09%	–
WRI	Exit	WEINGARTEN REALTY INVESTORS	$0	–	-253,784	–	-0.11%	–
RYN	Exit	RAYONIER INC	$0	–	-280,992	–	-0.12%	–
TRNO	Exit	TERRENO REALTY CORP	$0	–	-970,553	–	-0.26%	–
RPT	Exit	RAMCO-GERSHENSON PROPERTIES TRUST	$0	–	-1,583,036	–	-0.37%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-1,218,209	–	-0.55%	–
SNH	Exit	SENIOR HOUSING PROPERTIES TRUST	$0	–	-2,433,175	–	-0.72%	–
AKR	Exit	ACADIA REALTY TRUST	$0	–	-1,869,338	–	-0.73%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-5,768,788	–	-1.04%	–
BMR	Exit	BIOMED REALTY TRUST INC	$0	–	-3,782,181	–	-1.09%	–
CUBE	Exit	CUBESMART	$0	–	-4,664,542	–	-1.19%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQUITIES INC	$0	–	-1,375,519	–	-1.44%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-6,292,544	–	-1.54%	–
DDR	Exit	DDR CORP	$0	–	-6,951,329	–	-1.66%	–
CBLAQ	Exit	CBL & ASSOCIATES PROPERTIES INC	$0	–	-7,999,203	–	-2.04%	–
RLJ	Exit	RLJ LODGING TRUST	$0	–	-5,530,514	–	-2.24%	–
GGP	Exit	GENERAL GROWTH PROPERTIES INC	$0	–	-6,751,070	–	-2.26%	–
TCO	Exit	TAUBMAN CENTERS	$0	–	-2,678,607	–	-2.78%	–
LHO	Exit	LASALLE HOTEL PROPERTIES	$0	–	-6,252,972	–	-3.05%	–
PLD	Exit	PROLOGIS INC	$0	–	-6,202,002	–	-3.33%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-2,625,885	–	-3.50%	–
CPT	Exit	CAMDEN PROPERTY TRUST	$0	–	-3,668,085	–	-3.58%	–
FRT	Exit	FEDERAL REALTY INVESTMENT TRUST	$0	–	-2,335,177	–	-3.94%	–
HCP	Exit	HCP INC	$0	–	-8,976,914	–	-5.07%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-3,591,506	–	-5.11%	–
VTR	Exit	VENTAS INC	$0	–	-6,211,550	–	-5.48%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-2,571,778	–	-6.07%	–
EQR	Exit	EQUITY RESIDENTIAL	$0	–	-8,977,289	–	-7.87%	–
AVB	Exit	AVALONBAY COMMUNITIES INC	$0	–	-4,357,375	–	-8.74%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-5,327,321	–	-8.78%	–
SPG	Exit	SIMON PROPERTY GROUP INC	$0	–	-6,411,780	–	-15.00%	–

Q3 2014

			Value		Shares		↓ Weighting
SPG	Buy	SIMON PROPERTY GROUP INC	$1,054,225,000	+6.6%	6,411,780	+7.8%	15.00%	+0.2%
BXP	Buy	BOSTON PROPERTIES INC	$616,691,000	+11.0%	5,327,321	+13.3%	8.78%	+4.4%
AVB	Buy	AVALONBAY COMMUNITIES INC	$614,259,000	+1.6%	4,357,375	+2.5%	8.74%	-4.4%
EQR	Buy	EQUITY RESIDENTIAL	$552,821,000	+2.0%	8,977,289	+4.4%	7.87%	-4.1%
PSA	Buy	PUBLIC STORAGE	$426,504,000	+6.9%	2,571,778	+10.4%	6.07%	+0.5%
VTR	Buy	VENTAS INC	$384,806,000	+13.4%	6,211,550	+17.3%	5.48%	+6.6%
VNO	Buy	VORNADO REALTY TRUST	$359,007,000	+16.5%	3,591,506	+24.4%	5.11%	+9.6%
HCP	Buy	HCP INC	$356,473,000	+5.8%	8,976,914	+10.2%	5.07%	-0.5%
FRT	Buy	FEDERAL REALTY INVESTMENT TRUST	$276,625,000	+20.2%	2,335,177	+22.7%	3.94%	+13.0%
CPT	Buy	CAMDEN PROPERTY TRUST	$251,374,000	+1.4%	3,668,085	+5.3%	3.58%	-4.6%
AMT	Buy	AMERICAN TOWER CORP	$245,862,000	+7.1%	2,625,885	+2.9%	3.50%	+0.7%
PLD	Buy	PROLOGIS INC	$233,815,000	+6.7%	6,202,002	+16.3%	3.33%	+0.3%
LHO	Buy	LASALLE HOTEL PROPERTIES	$214,102,000	+3.1%	6,252,972	+6.3%	3.05%	-3.1%
TCO	Buy	TAUBMAN CENTERS	$195,538,000	+53.5%	2,678,607	+59.4%	2.78%	+44.3%
GGP	Sell	GENERAL GROWTH PROPERTIES INC	$158,988,000	-28.1%	6,751,070	-28.0%	2.26%	-32.4%
RLJ	Buy	RLJ LODGING TRUST	$157,454,000	+6.9%	5,530,514	+8.5%	2.24%	+0.5%
CBLAQ	Buy	CBL & ASSOCIATES PROPERTIES INC	$143,186,000	+33.2%	7,999,203	+41.4%	2.04%	+25.3%
DDR	Buy	DDR CORP	$116,296,000	+7.4%	6,951,329	+13.2%	1.66%	+1.0%
DRE	Buy	DUKE REALTY CORP	$108,106,000	-2.3%	6,292,544	+3.3%	1.54%	-8.1%
ARE	Buy	ALEXANDRIA REAL ESTATE EQUITIES INC	$101,444,000	+4.6%	1,375,519	+10.1%	1.44%	-1.6%
CUBE	Buy	CUBESMART	$83,868,000	+82.0%	4,664,542	+85.4%	1.19%	+71.2%
BMR	Buy	BIOMED REALTY TRUST INC	$76,400,000	+4.3%	3,782,181	+12.7%	1.09%	-1.9%
DRH	Buy	DIAMONDROCK HOSPITALITY CO	$73,148,000	+2.5%	5,768,788	+3.6%	1.04%	-3.6%
AKR	New	ACADIA REALTY TRUST	$51,556,000	–	1,869,338	–	0.73%	–
SNH	Buy	SENIOR HOUSING PROPERTIES TRUST	$50,902,000	-8.6%	2,433,175	+6.1%	0.72%	-14.1%
WY	Buy	WEYERHAEUSER CO	$38,812,000	-1.8%	1,218,209	+2.0%	0.55%	-7.7%
RPT	New	RAMCO-GERSHENSON PROPERTIES TRUST	$25,724,000	–	1,583,036	–	0.37%	–
TRNO	Buy	TERRENO REALTY CORP	$18,276,000	-2.2%	970,553	+0.4%	0.26%	-8.1%
RYN	Buy	RAYONIER INC	$8,750,000	-12.4%	280,992	+0.0%	0.12%	-17.2%
WRI	Sell	WEINGARTEN REALTY INVESTORS	$7,994,000	-87.4%	253,784	-86.9%	0.11%	-88.1%
HTA	Buy	HEALTHCARE TRUST OF AMERICA	$1,849,000	+18.2%	159,367	+22.7%	0.03%	+8.3%
WRE	Sell	WASHINGTON REAL ESTATE INVESTMENT TRUST	$1,670,000	-2.3%	65,798	-0.0%	0.02%	-7.7%
EGP	Buy	EASTGROUP PROPERTIES INC	$1,233,000	-1.4%	20,356	+4.5%	0.02%	-5.3%
AMH	Buy	AMERICAN HOMES 4 RENT	$1,002,000	+29.8%	59,345	+36.6%	0.01%	+16.7%
MAC	Buy	MACERICH CO/THE	$634,000	+5.8%	9,926	+10.6%	0.01%	0.0%
ACC	Buy	AMERICAN CAMPUS COMMUNITIES INC	$543,000	+6.3%	14,889	+11.4%	0.01%	0.0%
EQY	Buy	EQUITY ONE INC	$276,000	+4.2%	12,741	+13.5%	0.00%	0.0%
RYAM	Exit	RAYONIER ADVANCED MATERIALS INC.	$0	–	-550	–	0.00%	–
RPAI	Exit	RETAIL PROPERTIES OF AMERICA	$0	–	-2,493,059	–	-0.58%	–
OFC	Exit	CORPORATE OFFICE PROPERTIES TRUST	$0	–	-1,385,314	–	-0.58%	–

Q2 2014

			Value		Shares		↓ Weighting
SPG	New	SIMON PROPERTY GROUP INC	$989,390,000	–	5,950,144	–	14.97%	–
AVB	New	AVALONBAY COMMUNITIES INC	$604,525,000	–	4,251,532	–	9.15%	–
BXP	New	BOSTON PROPERTIES INC	$555,696,000	–	4,702,116	–	8.41%	–
EQR	New	EQUITY RESIDENTIAL	$541,815,000	–	8,600,232	–	8.20%	–
PSA	New	PUBLIC STORAGE	$399,060,000	–	2,328,919	–	6.04%	–
VTR	New	VENTAS INC	$339,472,000	–	5,295,979	–	5.14%	–
HCP	New	HCP INC	$337,038,000	–	8,144,946	–	5.10%	–
VNO	New	VORNADO REALTY TRUST	$308,101,000	–	2,886,737	–	4.66%	–
CPT	New	CAMDEN PROPERTY TRUST	$247,826,000	–	3,483,155	–	3.75%	–
FRT	New	FEDERAL REALTY INVESTMENT TRUST	$230,163,000	–	1,903,429	–	3.48%	–
AMT	New	AMERICAN TOWER CORP	$229,563,000	–	2,551,268	–	3.47%	–
GGP	New	GENERAL GROWTH PROPERTIES INC	$221,041,000	–	9,382,028	–	3.34%	–
PLD	New	PROLOGIS INC	$219,195,000	–	5,334,503	–	3.32%	–
LHO	New	LASALLE HOTEL PROPERTIES	$207,681,000	–	5,884,994	–	3.14%	–
RLJ	New	RLJ LODGING TRUST	$147,288,000	–	5,098,234	–	2.23%	–
TCO	New	TAUBMAN CENTERS	$127,398,000	–	1,680,485	–	1.93%	–
DRE	New	DUKE REALTY CORP	$110,645,000	–	6,092,798	–	1.67%	–
DDR	New	DDR CORP	$108,247,000	–	6,139,932	–	1.64%	–
CBLAQ	New	CBL & ASSOCIATES PROPERTIES INC	$107,470,000	–	5,656,298	–	1.63%	–
ARE	New	ALEXANDRIA REAL ESTATE EQUITIES INC	$96,957,000	–	1,248,808	–	1.47%	–
BMR	New	BIOMED REALTY TRUST INC	$73,245,000	–	3,355,239	–	1.11%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$71,354,000	–	5,565,797	–	1.08%	–
WRI	New	WEINGARTEN REALTY INVESTORS	$63,396,000	–	1,930,459	–	0.96%	–
SNH	New	SENIOR HOUSING PROPERTIES TRUST	$55,682,000	–	2,292,386	–	0.84%	–
CUBE	New	CUBESMART	$46,092,000	–	2,515,949	–	0.70%	–
WY	New	WEYERHAEUSER CO	$39,515,000	–	1,194,156	–	0.60%	–
OFC	New	CORPORATE OFFICE PROPERTIES TRUST	$38,526,000	–	1,385,314	–	0.58%	–
RPAI	New	RETAIL PROPERTIES OF AMERICA	$38,343,000	–	2,493,059	–	0.58%	–
TRNO	New	TERRENO REALTY CORP	$18,686,000	–	966,683	–	0.28%	–
RYN	New	RAYONIER INC	$9,987,000	–	280,922	–	0.15%	–
ESS	New	ESSEX PROPERTY TRUST INC	$6,324,000	–	34,200	–	0.10%	–
REG	New	REGENCY CENTERS CORP	$3,391,000	–	60,900	–	0.05%	–
DEI	New	DOUGLAS EMMETT INC	$2,413,000	–	85,514	–	0.04%	–
KRC	New	KILROY REALTY CORP	$2,198,000	–	35,300	–	0.03%	–
KIM	New	KIMCO REALTY CORP	$2,153,000	–	93,700	–	0.03%	–
SKT	New	TANGER FACTORY OUTLET CENTERS	$1,885,000	–	53,900	–	0.03%	–
WRE	New	WASHINGTON REAL ESTATE INVESTMENT TRUST	$1,710,000	–	65,812	–	0.03%	–
HTA	New	HEALTHCARE TRUST OF AMERICA	$1,564,000	–	129,867	–	0.02%	–
EGP	New	EASTGROUP PROPERTIES INC	$1,251,000	–	19,481	–	0.02%	–
AMH	New	AMERICAN HOMES 4 RENT	$772,000	–	43,455	–	0.01%	–
MAC	New	MACERICH CO/THE	$599,000	–	8,977	–	0.01%	–
ACC	New	AMERICAN CAMPUS COMMUNITIES INC	$511,000	–	13,370	–	0.01%	–
EQY	New	EQUITY ONE INC	$265,000	–	11,223	–	0.00%	–
RYAM	New	RAYONIER ADVANCED MATERIALS INC.	$21,000	–	550	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
HME	Exit	HOME PROPERTIES INC	$0	–	-2,315	–	-0.00%	–
EGP	Exit	EASTGROUP PROPERTIES INC	$0	–	-2,764	–	-0.00%	–
LPT	Exit	LIBERTY PROPERTY TRUST	$0	–	-6,226	–	-0.00%	–
WRE	Exit	WASHINGTON REAL ESTATE INVESTMENT TRUST	$0	–	-12,565	–	-0.01%	–
MAC	Exit	MACERICH CO/THE	$0	–	-5,422	–	-0.01%	–
ACC	Exit	AMERICAN CAMPUS COMMUNITIES INC	$0	–	-11,306	–	-0.01%	–
DLR	Exit	DIGITAL REALTY TRUST INC	$0	–	-16,373	–	-0.01%	–
KIM	Exit	KIMCO REALTY CORP	$0	–	-93,700	–	-0.03%	–
REG	Exit	REGENCY CENTERS CORP	$0	–	-60,900	–	-0.05%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-126,583	–	-0.05%	–
KRC	Exit	KILROY REALTY CORP	$0	–	-74,302	–	-0.06%	–
ESS	Exit	ESSEX PROPERTY TRUST INC	$0	–	-34,200	–	-0.08%	–
RYN	Exit	RAYONIER INC	$0	–	-155,210	–	-0.14%	–
TRNO	Exit	TERRENO REALTY CORP	$0	–	-632,131	–	-0.19%	–
REXR	Exit	REXFORD INDUSTRIAL REALTY INC	$0	–	-1,127,228	–	-0.25%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-1,010,359	–	-0.48%	–
DFT	Exit	DUPONT FABROS TECHNOLOGY INC	$0	–	-1,324,152	–	-0.56%	–
BMR	Exit	BIOMED REALTY TRUST INC	$0	–	-2,255,464	–	-0.69%	–
EQY	Exit	EQUITY ONE INC	$0	–	-2,050,320	–	-0.74%	–
OFC	Exit	CORPORATE OFFICE PROPERTIES TRUST	$0	–	-2,036,276	–	-0.78%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-1,092,130	–	-0.83%	–
SKT	Exit	TANGER FACTORY OUTLET CENTERS	$0	–	-1,693,500	–	-0.91%	–
WRI	Exit	WEINGARTEN REALTY INVESTORS	$0	–	-2,014,068	–	-0.98%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-7,514,832	–	-1.33%	–
DDR	Exit	DDR CORP	$0	–	-5,868,555	–	-1.52%	–
CBLAQ	Exit	CBL & ASSOCIATES PROPERTIES INC	$0	–	-5,217,028	–	-1.65%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-1,359,641	–	-1.67%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-6,554,955	–	-1.67%	–
SLG	Exit	SL GREEN REALTY CORP	$0	–	-1,279,223	–	-1.88%	–
LHO	Exit	LASALLE HOTEL PROPERTIES	$0	–	-4,185,460	–	-1.97%	–
TCO	Exit	TAUBMAN CENTERS	$0	–	-1,801,197	–	-2.00%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQUITIES INC	$0	–	-2,043,183	–	-2.16%	–
PLD	Exit	PROLOGIS INC	$0	–	-3,765,740	–	-2.34%	–
GGP	Exit	GENERAL GROWTH PROPERTIES INC	$0	–	-9,226,872	–	-2.94%	–
FRT	Exit	FEDERAL REALTY INVESTMENT TRUST	$0	–	-1,945,063	–	-3.26%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-12,029,586	–	-3.52%	–
UDR	Exit	UDR INC	$0	–	-10,810,428	–	-4.24%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-3,395,559	–	-4.72%	–
VTR	Exit	VENTAS INC	$0	–	-5,052,070	–	-5.14%	–
HCP	Exit	HCP INC	$0	–	-8,864,682	–	-6.00%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-2,313,150	–	-6.14%	–
EQR	Exit	EQUITY RESIDENTIAL	$0	–	-8,682,450	–	-7.69%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-4,703,768	–	-8.32%	–
AVB	Exit	AVALONBAY COMMUNITIES INC	$0	–	-4,103,556	–	-8.62%	–
SPG	Exit	SIMON PROPERTY GROUP INC	$0	–	-5,848,277	–	-14.34%	–

Q3 2013

			Value		Shares		↓ Weighting
SPG	Sell	SIMON PROPERTY GROUP INC	$866,890,000	-7.6%	5,848,277	-1.6%	14.34%	-1.3%
AVB	Sell	AVALONBAY COMMUNITIES INC	$521,521,000	-6.8%	4,103,556	-1.0%	8.62%	-0.3%
BXP	Sell	BOSTON PROPERTIES INC	$502,833,000	-7.5%	4,703,768	-8.7%	8.32%	-1.1%
EQR	Buy	EQUITY RESIDENTIAL	$465,119,000	-3.4%	8,682,450	+4.7%	7.69%	+3.3%
PSA	Buy	PUBLIC STORAGE	$371,376,000	+5.5%	2,313,150	+0.8%	6.14%	+12.8%
HCP	Sell	HCP INC	$363,009,000	-10.8%	8,864,682	-1.0%	6.00%	-4.6%
VTR	Sell	VENTAS INC	$310,702,000	-12.0%	5,052,070	-0.7%	5.14%	-6.0%
VNO	Sell	VORNADO REALTY TRUST	$285,431,000	-5.8%	3,395,559	-7.2%	4.72%	+0.7%
UDR	Buy	UDR INC	$256,207,000	-6.4%	10,810,428	+0.7%	4.24%	+0.1%
HST	Sell	HOST HOTELS & RESORTS INC	$212,563,000	-1.1%	12,029,586	-5.6%	3.52%	+5.7%
FRT	Sell	FEDERAL REALTY INVESTMENT TRUST	$197,327,000	-9.1%	1,945,063	-7.1%	3.26%	-2.8%
GGP	Buy	GENERAL GROWTH PROPERTIES INC	$177,986,000	+46.3%	9,226,872	+50.7%	2.94%	+56.5%
PLD	Buy	PROLOGIS INC	$141,667,000	+15.6%	3,765,740	+15.9%	2.34%	+23.6%
ARE	Sell	ALEXANDRIA REAL ESTATE EQUITIES INC	$130,457,000	-3.3%	2,043,183	-0.5%	2.16%	+3.4%
TCO	Sell	TAUBMAN CENTERS	$121,239,000	-29.0%	1,801,197	-20.7%	2.00%	-24.1%
LHO	Sell	LASALLE HOTEL PROPERTIES	$119,369,000	+10.2%	4,185,460	-4.6%	1.97%	+17.9%
SLG	Sell	SL GREEN REALTY CORP	$113,646,000	-3.8%	1,279,223	-4.5%	1.88%	+2.8%
DRE	Buy	DUKE REALTY CORP	$101,209,000	+49.8%	6,554,955	+51.2%	1.67%	+60.2%
AMT	Buy	AMERICAN TOWER CORP	$100,790,000	+7.8%	1,359,641	+6.4%	1.67%	+15.3%
CBLAQ	Sell	CBL & ASSOCIATES PROPERTIES INC	$99,645,000	-31.0%	5,217,028	-22.6%	1.65%	-26.2%
DDR	Buy	DDR CORP	$92,195,000	+52.8%	5,868,555	+62.0%	1.52%	+63.5%
DRH	Sell	DIAMONDROCK HOSPITALITY CO	$80,183,000	+9.4%	7,514,832	-4.5%	1.33%	+16.9%
WRI	Sell	WEINGARTEN REALTY INVESTORS	$59,073,000	-7.7%	2,014,068	-3.2%	0.98%	-1.3%
SKT	Buy	TANGER FACTORY OUTLET CENTERS	$55,293,000	+2653.6%	1,693,500	+2721.7%	0.91%	+2848.4%
EXR	Sell	EXTRA SPACE STORAGE INC	$49,965,000	-42.9%	1,092,130	-47.6%	0.83%	-38.9%
OFC	Sell	CORPORATE OFFICE PROPERTIES TRUST	$47,038,000	-11.5%	2,036,276	-2.4%	0.78%	-5.5%
EQY	Sell	EQUITY ONE INC	$44,820,000	-8.6%	2,050,320	-5.3%	0.74%	-2.2%
BMR	Sell	BIOMED REALTY TRUST INC	$41,929,000	-56.5%	2,255,464	-52.7%	0.69%	-53.6%
DFT	New	DUPONT FABROS TECHNOLOGY INC	$34,123,000	–	1,324,152	–	0.56%	–
WY	Buy	WEYERHAEUSER CO	$28,927,000	+8.1%	1,010,359	+7.5%	0.48%	+15.5%
REXR	New	REXFORD INDUSTRIAL REALTY INC	$15,229,000	–	1,127,228	–	0.25%	–
TRNO	Sell	TERRENO REALTY CORP	$11,227,000	-22.3%	632,131	-18.9%	0.19%	-16.6%
DEI	Sell	DOUGLAS EMMETT INC	$2,971,000	-96.1%	126,583	-95.9%	0.05%	-95.9%
DLR	Sell	DIGITAL REALTY TRUST INC	$869,000	-98.2%	16,373	-98.0%	0.01%	-98.2%
ACC	Buy	AMERICAN CAMPUS COMMUNITIES INC	$386,000	-10.9%	11,306	+6.1%	0.01%	-14.3%
WRE	Sell	WASHINGTON REAL ESTATE INVESTMENT TRUST	$318,000	-97.3%	12,565	-97.1%	0.01%	-97.3%
MAC	New	MACERICH CO/THE	$306,000	–	5,422	–	0.01%	–
LPT	New	LIBERTY PROPERTY TRUST	$222,000	–	6,226	–	0.00%	–
EGP	Sell	EASTGROUP PROPERTIES INC	$164,000	-48.9%	2,764	-51.5%	0.00%	-40.0%
HME	Sell	HOME PROPERTIES INC	$134,000	-99.7%	2,315	-99.7%	0.00%	-99.7%
BRE	Exit	BRE PROEPRTIES INC	$0	–	-5,258	–	-0.00%	–

Q2 2013

			Value		Shares		↓ Weighting
SPG	New	SIMON PROPERTY GROUP INC	$938,631,000	–	5,943,715	–	14.52%	–
AVB	New	AVALONBAY COMMUNITIES INC	$559,325,000	–	4,145,915	–	8.65%	–
BXP	New	BOSTON PROPERTIES INC	$543,493,000	–	5,153,060	–	8.41%	–
EQR	New	EQUITY RESIDENTIAL	$481,313,000	–	8,289,921	–	7.44%	–
HCP	New	HCP INC	$406,883,000	–	8,954,299	–	6.29%	–
VTR	New	VENTAS INC	$353,250,000	–	5,085,656	–	5.46%	–
PSA	New	PUBLIC STORAGE	$351,979,000	–	2,295,563	–	5.44%	–
VNO	New	VORNADO REALTY TRUST	$303,133,000	–	3,658,821	–	4.69%	–
UDR	New	UDR INC	$273,605,000	–	10,733,816	–	4.23%	–
FRT	New	FEDERAL REALTY INVESTMENT TRUST	$217,012,000	–	2,093,095	–	3.36%	–
HST	New	HOST HOTELS & RESORTS INC	$214,912,000	–	12,739,273	–	3.32%	–
TCO	New	TAUBMAN CENTERS	$170,766,000	–	2,272,332	–	2.64%	–
CBLAQ	New	CBL & ASSOCIATES PROPERTIES INC	$144,355,000	–	6,739,266	–	2.23%	–
ARE	New	ALEXANDRIA REAL ESTATE EQUITIES INC	$134,916,000	–	2,052,896	–	2.09%	–
PLD	New	PROLOGIS INC	$122,599,000	–	3,250,242	–	1.90%	–
GGP	New	GENERAL GROWTH PROPERTIES INC	$121,629,000	–	6,121,241	–	1.88%	–
SLG	New	SL GREEN REALTY CORP	$118,150,000	–	1,339,720	–	1.83%	–
LHO	New	LASALLE HOTEL PROPERTIES	$108,312,000	–	4,385,096	–	1.68%	–
BMR	New	BIOMED REALTY TRUST INC	$96,460,000	–	4,768,152	–	1.49%	–
AMT	New	AMERICAN TOWER CORP	$93,505,000	–	1,277,913	–	1.45%	–
EXR	New	EXTRA SPACE STORAGE INC	$87,431,000	–	2,085,170	–	1.35%	–
DEI	New	DOUGLAS EMMETT INC	$76,866,000	–	3,080,793	–	1.19%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$73,321,000	–	7,867,087	–	1.13%	–
DRE	New	DUKE REALTY CORP	$67,572,000	–	4,334,339	–	1.04%	–
WRI	New	WEINGARTEN REALTY INVESTORS	$63,989,000	–	2,079,583	–	0.99%	–
DDR	New	DDR CORP	$60,322,000	–	3,622,932	–	0.93%	–
OFC	New	CORPORATE OFFICE PROPERTIES TRUST	$53,179,000	–	2,085,459	–	0.82%	–
HME	New	HOME PROPERTIES INC	$50,596,000	–	773,990	–	0.78%	–
DLR	New	DIGITAL REALTY TRUST INC	$49,337,000	–	808,797	–	0.76%	–
EQY	New	EQUITY ONE INC	$49,017,000	–	2,166,031	–	0.76%	–
WY	New	WEYERHAEUSER CO	$26,769,000	–	939,571	–	0.41%	–
TRNO	New	TERRENO REALTY CORP	$14,446,000	–	779,599	–	0.22%	–
WRE	New	WASHINGTON REAL ESTATE INVESTMENT TRUST	$11,831,000	–	439,669	–	0.18%	–
RYN	New	RAYONIER INC	$8,597,000	–	155,210	–	0.13%	–
ESS	New	ESSEX PROPERTY TRUST INC	$5,435,000	–	34,200	–	0.08%	–
KRC	New	KILROY REALTY CORP	$3,939,000	–	74,302	–	0.06%	–
REG	New	REGENCY CENTERS CORP	$3,094,000	–	60,900	–	0.05%	–
KIM	New	KIMCO REALTY CORP	$2,008,000	–	93,700	–	0.03%	–
SKT	New	TANGER FACTORY OUTLET CENTERS	$2,008,000	–	60,018	–	0.03%	–
ACC	New	AMERICAN CAMPUS COMMUNITIES INC	$433,000	–	10,652	–	0.01%	–
EGP	New	EASTGROUP PROPERTIES INC	$321,000	–	5,697	–	0.01%	–
BRE	New	BRE PROEPRTIES INC	$263,000	–	5,258	–	0.00%	–

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