V3 Capital Management, L.P. Activity Q2 2011-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
FR	Buy	FIRST INDL RLTY TR INC	$67,575,421	+167.3%	1,419,950	+195.7%	26.04%	+222.0%
PEAK	Sell	HEALTHPEAK PROPERTIES INC	$37,024,776	-12.7%	2,016,600	-4.4%	14.27%	+5.2%
PLD	Sell	PROLOGIS INC.	$33,180,497	-27.4%	295,700	-20.6%	12.78%	-12.5%
CPT	Sell	CAMDEN PPTY TRsh ben int	$30,143,497	-22.7%	318,709	-11.0%	11.62%	-6.9%
AIV	Buy	APARTMENT INVT & MGMT COcl a	$23,341,653	+130.2%	3,432,596	+188.5%	8.99%	+177.3%
NNN	New	NNN REIT INC	$18,263,712	–	516,800	–	7.04%	–
DOC	Sell	PHYSICIANS RLTY TR	$17,003,343	-47.3%	1,394,860	-39.5%	6.55%	-36.5%
	Sell	HEALTHCARE RLTY TR	$15,675,419	-26.6%	1,026,550	-9.4%	6.04%	-11.6%
	Sell	INVENTRUST PPTYS CORP	$15,265,401	-5.7%	641,134	-8.3%	5.88%	+13.6%
HIW	Buy	HIGHWOODS PPTYS INC	$2,047,439	-12.9%	99,342	+1.0%	0.79%	+4.9%
AIRC	Exit	APARTMENT INCOME REIT CORP	$0	–	-1,040,303	–	-12.01%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-1,140,425	–	-12.93%	–

Q2 2023

			Value		Shares		↓ Weighting
PLD	New	PROLOGIS INC.	$45,673,544	–	372,450	–	14.61%	–
PEAK	New	HEALTHPEAK PROPERTIES INC	$42,402,960	–	2,109,600	–	13.56%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$40,428,066	–	1,140,425	–	12.93%	–
CPT	New	CAMDEN PPTY TRsh ben int	$38,987,327	–	358,109	–	12.47%	–
AIRC	New	APARTMENT INCOME REIT CORP	$37,544,535	–	1,040,303	–	12.01%	–
DOC	New	PHYSICIANS RLTY TR	$32,246,390	–	2,304,960	–	10.32%	–
FR	New	FIRST INDL RLTY TR INC	$25,277,728	–	480,200	–	8.09%	–
	New	HEALTHCARE RLTY TR	$21,370,266	–	1,133,100	–	6.84%	–
	New	INVENTRUST PPTYS CORP	$16,182,589	–	699,334	–	5.18%	–
AIV	New	APARTMENT INVT & MGMT COcl a	$10,138,800	–	1,190,000	–	3.24%	–
HIW	New	HIGHWOODS PPTYS INC	$2,351,357	–	98,342	–	0.75%	–

Q4 2022

			Value		Shares		↓ Weighting
MPW	Exit	MEDICAL PPTYS TRUST INCput	$0	–	-725,000	–	-2.30%	–
CLDT	Exit	CHATHAM LODGING TR	$0	–	-1,398,888	–	-3.69%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-794,630	–	-3.95%	–
	Exit	HEALTHCARE RLTY TR	$0	–	-1,192,000	–	-6.65%	–
PEAK	Exit	HEALTHPEAK PROPERTIES INC	$0	–	-1,254,300	–	-7.69%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-193,308	–	-9.52%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-533,030	–	-9.58%	–
DOC	Exit	PHYSICIANS RLTY TR	$0	–	-2,493,260	–	-10.03%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-1,113,800	–	-10.06%	–
AIRC	Exit	APARTMENT INCOME REIT CORP	$0	–	-1,125,603	–	-11.62%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-371,150	–	-11.86%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-1,488,025	–	-13.06%	–

Q3 2022

			Value		Shares		↓ Weighting
AMH	Sell	AMERICAN HOMES 4 RENTcl a	$48,822,000	-11.0%	1,488,025	-3.9%	13.06%	+2.4%
CPT	Sell	CAMDEN PPTY TRsh ben int	$44,334,000	-12.3%	371,150	-1.3%	11.86%	+0.9%
AIRC	Sell	APARTMENT INCOME REIT CORP	$43,471,000	-13.9%	1,125,603	-7.3%	11.62%	-1.0%
INVH	Sell	INVITATION HOMES INC	$37,613,000	-22.8%	1,113,800	-18.6%	10.06%	-11.2%
DOC	Buy	PHYSICIANS RLTY TR	$37,499,000	-8.1%	2,493,260	+6.6%	10.03%	+5.7%
EQR	New	EQUITY RESIDENTIALsh ben int	$35,830,000	–	533,030	–	9.58%	–
AVB	New	AVALONBAY CMNTYS INC	$35,605,000	–	193,308	–	9.52%	–
PEAK	New	HEALTHPEAK PROPERTIES INC	$28,749,000	–	1,254,300	–	7.69%	–
	New	HEALTHCARE RLTY TR	$24,853,000	–	1,192,000	–	6.65%	–
JBGS	Sell	JBG SMITH PPTYS	$14,764,000	-73.9%	794,630	-66.8%	3.95%	-70.0%
CLDT	Sell	CHATHAM LODGING TR	$13,807,000	-29.8%	1,398,888	-25.6%	3.69%	-19.2%
MPW	Sell	MEDICAL PPTYS TRUST INCput	$8,599,000	-43.7%	725,000	-27.5%	2.30%	-35.2%
HR	Exit	HEALTHCARE RLTY TR	$0	–	-1,392,400	–	-8.80%	–
IRT	Exit	INDEPENDENCE RLTY TR INC	$0	–	-2,666,038	–	-12.85%	–

Q2 2022

			Value		Shares		↓ Weighting
JBGS	New	JBG SMITH PPTYS	$56,626,000	–	2,395,330	–	13.17%	–
IRT	New	INDEPENDENCE RLTY TR INC	$55,267,000	–	2,666,038	–	12.85%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$54,862,000	–	1,548,025	–	12.76%	–
CPT	New	CAMDEN PPTY TRsh ben int	$50,558,000	–	375,950	–	11.76%	–
AIRC	New	APARTMENT INCOME REIT CORP	$50,507,000	–	1,214,103	–	11.74%	–
INVH	New	INVITATION HOMES INC	$48,691,000	–	1,368,500	–	11.32%	–
DOC	New	PHYSICIANS RLTY TR	$40,797,000	–	2,337,960	–	9.48%	–
HR	New	HEALTHCARE RLTY TR	$37,873,000	–	1,392,400	–	8.80%	–
CLDT	New	CHATHAM LODGING TR	$19,656,000	–	1,880,988	–	4.57%	–
MPW	New	MEDICAL PPTYS TRUST INCput	$15,270,000	–	1,000,000	–	3.55%	–

Q4 2021

			Value		Shares		↓ Weighting
BRG	Exit	BLUEROCK RESIDENTIAL GWT REI	$0	–	-135,159	–	-0.23%	–
FVE	Exit	FIVE STAR SENIOR LIVING INC	$0	–	-1,544,580	–	-0.90%	–
IRT	Exit	INDEPENDENCE RLTY TR INC	$0	–	-357,863	–	-0.97%	–
HTA	Exit	HEALTHCARE TR AMER INCcall	$0	–	-475,000	–	-1.88%	–
RVI	Exit	RETAIL VALUE INC	$0	–	-936,748	–	-3.28%	–
DOC	Exit	PHYSICIANS RLTY TR	$0	–	-2,490,000	–	-5.84%	–
HR	Exit	HEALTHCARE RLTY TR	$0	–	-1,487,500	–	-5.90%	–
TLT	Exit	ISHARES TRput	$0	–	-350,000	–	-6.73%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-1,636,300	–	-8.31%	–
AIRC	Exit	APARTMENT INCOME REIT CORP	$0	–	-1,335,603	–	-8.68%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-453,100	–	-8.90%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-1,746,600	–	-8.92%	–
LQD	Exit	ISHARES TRput	$0	–	-540,000	–	-9.57%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-3,373,041	–	-13.30%	–
HTA	Exit	HEALTHCARE TR AMER INCcl a new	$0	–	-4,200,000	–	-16.59%	–

Q3 2021

			Value		Shares		↓ Weighting
HTA	Buy	HEALTHCARE TR AMER INCcl a new	$124,572,000	+99.2%	4,200,000	+79.3%	16.59%	+56.7%
JBGS	Buy	JBG SMITH PPTYS	$99,876,000	-2.1%	3,373,041	+4.1%	13.30%	-23.0%
LQD	New	ISHARES TRput	$71,836,000	–	540,000	–	9.57%	–
INVH	Buy	INVITATION HOMES INC	$66,947,000	+3.4%	1,746,600	+0.6%	8.92%	-18.7%
CPT	Sell	CAMDEN PPTY TRsh ben int	$66,819,000	-21.3%	453,100	-29.2%	8.90%	-38.1%
AIRC	Buy	APARTMENT INCOME REIT CORP	$65,191,000	+3.3%	1,335,603	+0.4%	8.68%	-18.7%
AMH	Sell	AMERICAN HOMES 4 RENTcl a	$62,376,000	-3.1%	1,636,300	-1.2%	8.31%	-23.7%
TLT	New	ISHARES TRput	$50,512,000	–	350,000	–	6.73%	–
HR	New	HEALTHCARE RLTY TR	$44,298,000	–	1,487,500	–	5.90%	–
DOC	New	PHYSICIANS RLTY TR	$43,874,000	–	2,490,000	–	5.84%	–
RVI	Buy	RETAIL VALUE INC	$24,665,000	+61.2%	936,748	+33.1%	3.28%	+26.8%
HTA	New	HEALTHCARE TR AMER INCcall	$14,089,000	–	475,000	–	1.88%	–
IRT	New	INDEPENDENCE RLTY TR INC	$7,283,000	–	357,863	–	0.97%	–
BRG	New	BLUEROCK RESIDENTIAL GWT REI	$1,722,000	–	135,159	–	0.23%	–
STAR	Exit	ISTAR INC	$0	–	-180,700	–	-0.63%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-162,100	–	-2.67%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-224,500	–	-2.82%	–
QTS	Exit	QTS RLTY TR INCcall	$0	–	-300,000	–	-3.92%	–
QTS	Exit	QTS RLTY TR INC	$0	–	-846,394	–	-11.08%	–

Q2 2021

			Value		Shares		↓ Weighting
JBGS	New	JBG SMITH PPTYS	$102,068,000	–	3,239,241	–	17.28%	–
CPT	New	CAMDEN PPTY TRsh ben int	$84,896,000	–	639,900	–	14.37%	–
QTS	New	QTS RLTY TR INC	$65,426,000	–	846,394	–	11.08%	–
INVH	New	INVITATION HOMES INC	$64,758,000	–	1,736,600	–	10.96%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$64,347,000	–	1,656,300	–	10.89%	–
AIRC	New	APARTMENT INCOME REIT CORP	$63,111,000	–	1,330,603	–	10.68%	–
HTA	New	HEALTHCARE TR AMER INCcl a new	$62,545,000	–	2,342,500	–	10.59%	–
QTS	New	QTS RLTY TR INCcall	$23,190,000	–	300,000	–	3.92%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$16,683,000	–	224,500	–	2.82%	–
HHC	New	HOWARD HUGHES CORP	$15,798,000	–	162,100	–	2.67%	–
RVI	New	RETAIL VALUE INC	$15,303,000	–	703,589	–	2.59%	–
FVE	New	FIVE STAR SENIOR LIVING INC	$8,897,000	–	1,544,580	–	1.51%	–
STAR	New	ISTAR INC	$3,746,000	–	180,700	–	0.63%	–

Q4 2020

			Value		Shares		↓ Weighting
GENN	Exit	GENESIS HEALTHCARE INC	$0	–	-3,001,623	–	-0.37%	–
RMR	Exit	RMR GROUP INCcl a	$0	–	-186,159	–	-1.17%	–
FVE	Exit	FIVE STAR SENIOR LIVING INC	$0	–	-1,544,580	–	-1.79%	–
BFS	Exit	SAUL CTRS INC	$0	–	-320,612	–	-1.95%	–
APLE	Exit	APPLE HOSPITALITY REIT INC	$0	–	-1,092,400	–	-2.40%	–
SPG	Exit	SIMON PPTY GROUP INC NEWcall	$0	–	-205,000	–	-3.04%	–
MGP	Exit	MGM GROWTH PPTYS LLC	$0	–	-587,200	–	-3.76%	–
BNL	Exit	BROADSTONE NET LEASE INC	$0	–	-1,365,000	–	-5.24%	–
NNN	Exit	NATIONAL RETAIL PROPERTIES I	$0	–	-838,350	–	-6.62%	–
QTS	Exit	QTS RLTY TR INC	$0	–	-1,156,410	–	-16.69%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-822,100	–	-16.75%	–
DEA	Exit	EASTERLY GOVT PPTYS INC	$0	–	-3,482,942	–	-17.87%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-3,647,115	–	-22.33%	–

Q3 2020

			Value		Shares		↓ Weighting
JBGS	Buy	JBG SMITH PPTYS	$97,524,000	+15.0%	3,647,115	+27.2%	22.33%	+14.1%
DEA	Buy	EASTERLY GOVT PPTYS INC	$78,053,000	+9.7%	3,482,942	+13.1%	17.87%	+8.8%
CPT	Buy	CAMDEN PPTY TRsh ben int	$73,150,000	+10.7%	822,100	+13.5%	16.75%	+9.9%
QTS	Buy	QTS RLTY TR INC	$72,877,000	+11.0%	1,156,410	+12.9%	16.69%	+10.1%
NNN	New	NATIONAL RETAIL PROPERTIES I	$28,931,000	–	838,350	–	6.62%	–
BNL	New	BROADSTONE NET LEASE INC	$22,905,000	–	1,365,000	–	5.24%	–
MGP	Buy	MGM GROWTH PPTYS LLC	$16,430,000	+25.4%	587,200	+22.0%	3.76%	+24.4%
SPG	New	SIMON PPTY GROUP INC NEWcall	$13,259,000	–	205,000	–	3.04%	–
APLE	New	APPLE HOSPITALITY REIT INC	$10,498,000	–	1,092,400	–	2.40%	–
BFS	New	SAUL CTRS INC	$8,522,000	–	320,612	–	1.95%	–
RMR	Buy	RMR GROUP INCcl a	$5,114,000	-4.8%	186,159	+2.1%	1.17%	-5.5%
GENN	Sell	GENESIS HEALTHCARE INC	$1,633,000	-29.3%	3,001,623	-10.3%	0.37%	-29.8%
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-649,900	–	-5.64%	–
OFC	Exit	CORPORATE OFFICE PPTYS TRsh ben int	$0	–	-1,117,078	–	-6.53%	–
COLD	Exit	AMERICOLD RLTY TR	$0	–	-1,820,400	–	-15.25%	–

Q2 2020

			Value		Shares		↓ Weighting
JBGS	New	JBG SMITH PPTYS	$84,816,000	–	2,868,315	–	19.57%	–
DEA	New	EASTERLY GOVT PPTYS INC	$71,181,000	–	3,078,742	–	16.42%	–
COLD	New	AMERICOLD RLTY TR	$66,081,000	–	1,820,400	–	15.25%	–
CPT	New	CAMDEN PPTY TRsh ben int	$66,066,000	–	724,250	–	15.24%	–
QTS	New	QTS RLTY TR INC	$65,661,000	–	1,024,510	–	15.15%	–
OFC	New	CORPORATE OFFICE PPTYS TRsh ben int	$28,307,000	–	1,117,078	–	6.53%	–
AIV	New	APARTMENT INVT & MGMT COcl a	$24,462,000	–	649,900	–	5.64%	–
MGP	New	MGM GROWTH PPTYS LLC	$13,102,000	–	481,500	–	3.02%	–
FVE	New	FIVE STAR SENIOR LIVING INC	$6,024,000	–	1,544,580	–	1.39%	–
RMR	New	RMR GROUP INCcl a	$5,371,000	–	182,259	–	1.24%	–
GENN	New	GENESIS HEALTHCARE INC	$2,310,000	–	3,347,035	–	0.53%	–

Q4 2019

			Value		Shares		↓ Weighting
FVE	Exit	FIVE STAR SENIOR LIVING INC	$0	–	-1,890,811	–	-0.16%	–
SAFE	Exit	SAFEHOLD INC	$0	–	-125,560	–	-0.69%	–
GENN	Exit	GENESIS HEALTHCARE INC	$0	–	-4,552,230	–	-0.91%	–
MGP	Exit	MGM GROWTH PPTYS LLC	$0	–	-192,600	–	-1.04%	–
RMR	Exit	RMR GROUP INCcl a	$0	–	-141,259	–	-1.16%	–
SNR	Exit	NEW SR INVT GROUP INC	$0	–	-995,688	–	-1.20%	–
CXW	Exit	CORECIVIC INCput	$0	–	-500,000	–	-1.56%	–
CTO	Exit	CONSOLIDATED TOMOKA LD CO	$0	–	-253,500	–	-3.00%	–
OHI	Exit	OMEGA HEALTHCARE INVS INC	$0	–	-433,100	–	-3.27%	–
HCP	Exit	HCP INC	$0	–	-665,000	–	-4.28%	–
OFC	Exit	CORPORATE OFFICE PPTYS TRsh ben int	$0	–	-811,050	–	-4.36%	–
IYR	Exit	ISHARES TRput	$0	–	-450,000	–	-7.60%	–
DEA	Exit	EASTERLY GOVT PPTYS INC	$0	–	-1,987,500	–	-7.64%	–
QTS	Exit	QTS RLTY TR INC	$0	–	-955,210	–	-8.86%	–
LPT	Exit	LIBERTY PPTY TRsh ben int	$0	–	-1,677,105	–	-15.53%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-2,681,065	–	-18.97%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-2,290,372	–	-19.78%	–

Q3 2019

			Value		Shares		↓ Weighting
SRC	Sell	SPIRIT RLTY CAP INC NEW	$109,617,000	+9.6%	2,290,372	-2.3%	19.78%	-7.8%
JBGS	Buy	JBG SMITH PPTYS	$105,125,000	+0.6%	2,681,065	+0.9%	18.97%	-15.4%
LPT	Sell	LIBERTY PPTY TRsh ben int	$86,086,000	-17.6%	1,677,105	-19.7%	15.53%	-30.7%
QTS	Buy	QTS RLTY TR INC	$49,107,000	+13.3%	955,210	+1.8%	8.86%	-4.6%
DEA	New	EASTERLY GOVT PPTYS INC	$42,334,000	–	1,987,500	–	7.64%	–
IYR	New	ISHARES TRput	$42,093,000	–	450,000	–	7.60%	–
OFC	Buy	CORPORATE OFFICE PPTYS TRsh ben int	$24,153,000	+14.1%	811,050	+1.0%	4.36%	-4.0%
HCP	New	HCP INC	$23,694,000	–	665,000	–	4.28%	–
OHI	Buy	OMEGA HEALTHCARE INVS INC	$18,099,000	+39.4%	433,100	+22.6%	3.27%	+17.3%
CTO	Buy	CONSOLIDATED TOMOKA LD CO	$16,630,000	+15.3%	253,500	+5.0%	3.00%	-2.9%
CXW	New	CORECIVIC INCput	$8,640,000	–	500,000	–	1.56%	–
SNR	Buy	NEW SR INVT GROUP INC	$6,651,000	+0.4%	995,688	+1.0%	1.20%	-15.5%
RMR	Sell	RMR GROUP INCcl a	$6,424,000	-51.2%	141,259	-49.6%	1.16%	-58.9%
MGP	Sell	MGM GROWTH PPTYS LLC	$5,788,000	-59.9%	192,600	-59.1%	1.04%	-66.3%
GENN	Buy	GENESIS HEALTHCARE INC	$5,053,000	-1.5%	4,552,230	+10.0%	0.91%	-17.1%
SAFE	New	SAFEHOLD INC	$3,830,000	–	125,560	–	0.69%	–
EPRT	Exit	ESSENTIAL PPTYS RLTY TR INC	$0	–	-390,100	–	-1.68%	–
FR	Exit	FIRST INDUSTRIAL REALTY TRUS	$0	–	-475,200	–	-3.74%	–

Q2 2019

			Value		Shares		↓ Weighting
JBGS	New	JBG SMITH PPTYS	$104,517,000	–	2,656,765	–	22.41%	–
LPT	New	LIBERTY PPTY TRsh ben int	$104,484,000	–	2,088,005	–	22.40%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$100,041,000	–	2,345,072	–	21.45%	–
QTS	New	QTS RLTY TR INC	$43,331,000	–	938,310	–	9.29%	–
OFC	New	CORPORATE OFFICE PPTYS TRsh ben int	$21,166,000	–	802,650	–	4.54%	–
FR	New	FIRST INDUSTRIAL REALTY TRUS	$17,459,000	–	475,200	–	3.74%	–
MGP	New	MGM GROWTH PPTYS LLC	$14,430,000	–	470,800	–	3.09%	–
CTO	New	CONSOLIDATED TOMOKA LD CO	$14,418,000	–	241,500	–	3.09%	–
RMR	New	RMR GROUP INCcl a	$13,154,000	–	280,000	–	2.82%	–
OHI	New	OMEGA HEALTHCARE INVS INC	$12,987,000	–	353,400	–	2.78%	–
EPRT	New	ESSENTIAL PPTYS RLTY TR INC	$7,818,000	–	390,100	–	1.68%	–
SNR	New	NEW SR INVT GROUP INC	$6,622,000	–	985,388	–	1.42%	–
GENN	New	GENESIS HEALTHCARE INC	$5,130,000	–	4,137,308	–	1.10%	–
FVE	New	FIVE STAR SENIOR LIVING INC	$872,000	–	1,890,811	–	0.19%	–

Q4 2018

			Value		Shares		↓ Weighting
GENN	Exit	GENESIS HEALTHCARE INC	$0	–	-3,563,177	–	-1.04%	–
SAFE	Exit	SAFETY INCOME & GROWTH INC	$0	–	-284,084	–	-1.16%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-139,750	–	-1.42%	–
BEL	Exit	BELMOND LTDcl a	$0	–	-358,540	–	-1.42%	–
JBGS	Exit	JBG SMITH PPTYScall	$0	–	-240,000	–	-1.92%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-357,250	–	-2.16%	–
QTS	Exit	QTS RLTY TR INC	$0	–	-414,950	–	-3.84%	–
OFC	Exit	CORPORATE OFFICE PPTYS TRsh ben int	$0	–	-641,500	–	-4.15%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-395,833	–	-4.77%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-548,750	–	-5.26%	–
BDN	Exit	BRANDYWINE RLTY TRsh ben int new	$0	–	-1,689,300	–	-5.76%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-5,293,367	–	-9.26%	–
MAC	Exit	MACERICH CO	$0	–	-1,336,651	–	-16.04%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-2,573,511	–	-20.57%	–
LPT	Exit	LIBERTY PPTY TRsh ben int	$0	–	-2,314,705	–	-21.22%	–

Q3 2018

			Value		Shares		↓ Weighting
LPT	Buy	LIBERTY PPTY TRsh ben int	$97,796,000	+22.0%	2,314,705	+28.1%	21.22%	+25.9%
JBGS	Buy	JBG SMITH PPTYS	$94,782,000	+80.3%	2,573,511	+78.5%	20.57%	+85.9%
MAC	Buy	MACERICH CO	$73,903,000	+10.7%	1,336,651	+13.7%	16.04%	+14.1%
SRC	Sell	SPIRIT RLTY CAP INC NEW	$42,665,000	-35.3%	5,293,367	-35.5%	9.26%	-33.3%
BDN	Sell	BRANDYWINE RLTY TRsh ben int new	$26,556,000	-28.0%	1,689,300	-22.7%	5.76%	-25.8%
AIV	New	APARTMENT INVT & MGMT COcl a	$24,216,000	–	548,750	–	5.26%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$21,996,000	–	395,833	–	4.77%	–
OFC	Sell	CORPORATE OFFICE PPTYS TRsh ben int	$19,136,000	-13.7%	641,500	-16.1%	4.15%	-11.0%
QTS	Buy	QTS RLTY TR INC	$17,706,000	+101.5%	414,950	+86.5%	3.84%	+107.8%
MGM	New	MGM RESORTS INTERNATIONAL	$9,971,000	–	357,250	–	2.16%	–
JBGS	New	JBG SMITH PPTYScall	$8,839,000	–	240,000	–	1.92%	–
BEL	New	BELMOND LTDcl a	$6,543,000	–	358,540	–	1.42%	–
LEN	New	LENNAR CORPcl a	$6,525,000	–	139,750	–	1.42%	–
SAFE	Sell	SAFETY INCOME & GROWTH INC	$5,321,000	-7.3%	284,084	-6.1%	1.16%	-4.4%
GENN	Buy	GENESIS HEALTHCARE INC	$4,810,000	-16.7%	3,563,177	+41.4%	1.04%	-14.0%
WRI	Exit	WEINGARTEN RLTY INVSsh ben int	$0	–	-111,600	–	-0.72%	–
BRX	Exit	BRIXMOR PPTY GROUP INC	$0	–	-386,039	–	-1.42%	–
SMTA	Exit	SPIRIT MTA REIT	$0	–	-822,879	–	-1.78%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-563,000	–	-8.76%	–
FCEA	Exit	FOREST CITY RLTY TR INC	$0	–	-3,074,141	–	-14.76%	–

Q2 2018

			Value		Shares		↓ Weighting
LPT	New	LIBERTY PPTY TRsh ben int	$80,133,000	–	1,807,650	–	16.86%	–
FCEA	New	FOREST CITY RLTY TR INC	$70,121,000	–	3,074,141	–	14.76%	–
MAC	New	MACERICH CO	$66,787,000	–	1,175,201	–	14.05%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$65,942,000	–	8,211,902	–	13.88%	–
JBGS	New	JBG SMITH PPTYS	$52,577,000	–	1,441,659	–	11.06%	–
VNO	New	VORNADO RLTY TRsh ben int	$41,617,000	–	563,000	–	8.76%	–
BDN	New	BRANDYWINE RLTY TRsh ben int new	$36,905,000	–	2,186,300	–	7.77%	–
OFC	New	CORPORATE OFFICE PPTYS TRsh ben int	$22,177,000	–	765,000	–	4.67%	–
QTS	New	QTS RLTY TR INC	$8,787,000	–	222,450	–	1.85%	–
SMTA	New	SPIRIT MTA REIT	$8,476,000	–	822,879	–	1.78%	–
BRX	New	BRIXMOR PPTY GROUP INC	$6,729,000	–	386,039	–	1.42%	–
GENN	New	GENESIS HEALTHCARE INC	$5,771,000	–	2,520,164	–	1.21%	–
SAFE	New	SAFETY INCOME & GROWTH INC	$5,741,000	–	302,613	–	1.21%	–
WRI	New	WEINGARTEN RLTY INVSsh ben int	$3,438,000	–	111,600	–	0.72%	–

Q4 2017

			Value		Shares		↓ Weighting
GENN	Exit	GENESIS HEALTHCARE INC	$0	–	-2,217,399	–	-0.50%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-274,472	–	-1.55%	–
SAFE	Exit	SAFETY INCOME & GROWTH INC	$0	–	-478,550	–	-1.75%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-235,750	–	-1.82%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-448,818	–	-3.87%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-669,418	–	-4.50%	–
RPAI	Exit	RETAIL PPTYS AMER INCcl a	$0	–	-1,975,959	–	-5.10%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-261,387	–	-6.11%	–
LSI	Exit	LIFE STORAGE INC	$0	–	-401,357	–	-6.45%	–
FCEA	Exit	FOREST CITY RLTY TR INC	$0	–	-2,028,591	–	-10.16%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-750,745	–	-11.34%	–
MAC	Exit	MACERICH COcall	$0	–	-1,320,000	–	-14.25%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-9,468,885	–	-15.94%	–
MAC	Exit	MACERICH CO	$0	–	-1,543,695	–	-16.66%	–

Q3 2017

			Value		Shares		↓ Weighting
MAC	Buy	MACERICH CO	$84,857,000	+37.0%	1,543,695	+44.7%	16.66%	+9.8%
SRC	Sell	SPIRIT RLTY CAP INC NEW	$81,148,000	+13.6%	9,468,885	-1.8%	15.94%	-9.0%
MAC	New	MACERICH COcall	$72,560,000	–	1,320,000	–	14.25%	–
VNO	Buy	VORNADO RLTY TRsh ben int	$57,717,000	-10.7%	750,745	+9.1%	11.34%	-28.4%
FCEA	Buy	FOREST CITY RLTY TR INC	$51,749,000	+7.1%	2,028,591	+1.4%	10.16%	-14.2%
LSI	New	LIFE STORAGE INC	$32,835,000	–	401,357	–	6.45%	–
ARE	Sell	ALEXANDRIA REAL ESTATE EQ IN	$31,097,000	-21.9%	261,387	-20.9%	6.11%	-37.4%
RPAI	Sell	RETAIL PPTYS AMER INCcl a	$25,944,000	-31.7%	1,975,959	-36.5%	5.10%	-45.3%
JBGS	New	JBG SMITH PPTYS	$22,901,000	–	669,418	–	4.50%	–
AIV	Buy	APARTMENT INVT & MGMT COcl a	$19,685,000	+7.2%	448,818	+5.1%	3.87%	-14.0%
DEI	Buy	DOUGLAS EMMETT INC	$9,293,000	+273.7%	235,750	+262.1%	1.82%	+199.7%
SAFE	Buy	SAFETY INCOME & GROWTH INC	$8,920,000	+9.6%	478,550	+12.6%	1.75%	-12.1%
DRE	New	DUKE REALTY CORP	$7,910,000	–	274,472	–	1.55%	–
GENN	New	GENESIS HEALTHCARE INC	$2,572,000	–	2,217,399	–	0.50%	–
HCP	Exit	HCP INC	$0	–	-194,750	–	-1.52%	–
WELL	Exit	WELLTOWER INC	$0	–	-83,300	–	-1.53%	–
SFR	Exit	COLONY STARWOOD HOMES	$0	–	-384,100	–	-3.23%	–
SUI	Exit	SUN CMNTYS INC	$0	–	-335,164	–	-7.20%	–

Q2 2017

			Value		Shares		↓ Weighting
SRC	New	SPIRIT RLTY CAP INC NEW	$71,452,000	–	9,642,585	–	17.50%	–
VNO	New	VORNADO RLTY TRsh ben int	$64,631,000	–	688,295	–	15.83%	–
MAC	New	MACERICH CO	$61,934,000	–	1,066,720	–	15.17%	–
FCEA	New	FOREST CITY RLTY TR INC	$48,333,000	–	1,999,691	–	11.84%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$39,832,000	–	330,637	–	9.76%	–
RPAI	New	RETAIL PPTYS AMER INCcl a	$38,009,000	–	3,112,956	–	9.31%	–
SUI	New	SUN CMNTYS INC	$29,391,000	–	335,164	–	7.20%	–
AIV	New	APARTMENT INVT & MGMT COcl a	$18,358,000	–	427,218	–	4.50%	–
SFR	New	COLONY STARWOOD HOMES	$13,178,000	–	384,100	–	3.23%	–
SAFE	New	SAFETY INCOME & GROWTH INC	$8,139,000	–	425,000	–	1.99%	–
WELL	New	WELLTOWER INC	$6,235,000	–	83,300	–	1.53%	–
HCP	New	HCP INC	$6,224,000	–	194,750	–	1.52%	–
DEI	New	DOUGLAS EMMETT INC	$2,487,000	–	65,100	–	0.61%	–

Q4 2016

			Value		Shares		↓ Weighting
CMCT	Exit	CIM COML TR CORP	$0	–	-52,379	–	-0.19%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-711,769	–	-1.31%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-387,200	–	-2.70%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-73,100	–	-2.71%	–
REG	Exit	REGENCY CTRS CORP	$0	–	-145,600	–	-2.72%	–
CUBE	Exit	CUBESMART	$0	–	-536,700	–	-3.52%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-149,400	–	-3.89%	–
SUI	Exit	SUN CMNTYS INC	$0	–	-238,275	–	-4.50%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-2,089,250	–	-6.71%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-611,900	–	-6.77%	–
FCPT	Exit	FOUR CORNERS PPTY TR INC	$0	–	-1,475,699	–	-7.58%	–
RPAI	Exit	RETAIL PPTYS AMER INCcl a	$0	–	-4,198,047	–	-16.99%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-713,985	–	-17.41%	–
FCEA	Exit	FOREST CITY RLTY TR INC	$0	–	-4,124,007	–	-22.98%	–

Q3 2016

			Value		Shares		↓ Weighting
FCEA	Buy	FOREST CITY RLTY TR INC	$95,388,000	+33.1%	4,124,007	+28.4%	22.98%	+27.2%
VNO	Buy	VORNADO RLTY TRsh ben int	$72,262,000	+88.2%	713,985	+86.2%	17.41%	+80.0%
RPAI	Buy	RETAIL PPTYS AMER INCcl a	$70,527,000	+33.4%	4,198,047	+34.2%	16.99%	+27.6%
FCPT	Sell	FOUR CORNERS PPTY TR INC	$31,477,000	-3.1%	1,475,699	-6.4%	7.58%	-7.3%
AIV	New	APARTMENT INVT & MGMT COcl a	$28,092,000	–	611,900	–	6.77%	–
SRC	Sell	SPIRIT RLTY CAP INC NEW	$27,850,000	+4.3%	2,089,250	-0.0%	6.71%	-0.2%
SUI	New	SUN CMNTYS INC	$18,700,000	–	238,275	–	4.50%	–
SLG	Sell	SL GREEN RLTY CORP	$16,150,000	-52.7%	149,400	-53.4%	3.89%	-54.8%
CUBE	New	CUBESMART	$14,630,000	–	536,700	–	3.52%	–
REG	New	REGENCY CTRS CORP	$11,283,000	–	145,600	–	2.72%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$11,252,000	–	73,100	–	2.71%	–
KIM	New	KIMCO RLTY CORP	$11,209,000	–	387,200	–	2.70%	–
NMIH	Sell	NMI HLDGS INCcl a	$5,424,000	-44.6%	711,769	-60.1%	1.31%	-47.0%
CMCT	Buy	CIM COML TR CORP	$805,000	+69.5%	52,379	+78.9%	0.19%	+61.7%
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-115,000	–	-2.00%	–
OFC	Exit	CORPORATE OFFICE PPTYS TRsh ben int	$0	–	-540,625	–	-4.03%	–
DRII	Exit	DIAMOND RESORTS INTL INC	$0	–	-656,700	–	-4.96%	–
DRII	Exit	DIAMOND RESORTS INTL INCcall	$0	–	-1,300,000	–	-9.81%	–
SSS	Exit	SOVRAN SELF STORAGE INC	$0	–	-456,108	–	-12.06%	–

Q2 2016

			Value		Shares		↓ Weighting
FCEA	New	FOREST CITY RLTY TR INC	$71,673,000	–	3,212,607	–	18.06%	–
RPAI	New	RETAIL PPTYS AMER INCcl a	$52,852,000	–	3,127,347	–	13.32%	–
SSS	New	SOVRAN SELF STORAGE INC	$47,855,000	–	456,108	–	12.06%	–
DRII	New	DIAMOND RESORTS INTL INCcall	$38,948,000	–	1,300,000	–	9.81%	–
VNO	New	VORNADO RLTY TRsh ben int	$38,390,000	–	383,435	–	9.67%	–
SLG	New	SL GREEN RLTY CORP	$34,124,000	–	320,500	–	8.60%	–
FCPT	New	FOUR CORNERS PPTY TR INC	$32,469,000	–	1,576,949	–	8.18%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$26,693,000	–	2,090,293	–	6.73%	–
DRII	New	DIAMOND RESORTS INTL INC	$19,675,000	–	656,700	–	4.96%	–
OFC	New	CORPORATE OFFICE PPTYS TRsh ben int	$15,986,000	–	540,625	–	4.03%	–
NMIH	New	NMI HLDGS INCcl a	$9,786,000	–	1,785,700	–	2.47%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$7,921,000	–	115,000	–	2.00%	–
CMCT	New	CIM COML TR CORP	$475,000	–	29,272	–	0.12%	–

Q4 2015

			Value		Shares		↓ Weighting
NYRT	Exit	NEW YORK REIT INC	$0	–	-241,682	–	-0.61%	–
CMCT	Exit	CIM COML TR CORP	$0	–	-188,629	–	-0.87%	–
BFS	Exit	SAUL CTRS INC	$0	–	-92,672	–	-1.21%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-1,200,196	–	-2.30%	–
CLDT	Exit	CHATHAM LODGING TR	$0	–	-490,788	–	-2.66%	–
PPS	Exit	POST PPTYS INC	$0	–	-222,822	–	-3.27%	–
MAC	Exit	MACERICH COcall	$0	–	-170,000	–	-3.29%	–
DEA	Exit	EASTERLY GOVT PPTYS INC	$0	–	-1,451,881	–	-5.84%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-606,030	–	-10.55%	–
SSS	Exit	SOVRAN SELF STORAGE INC	$0	–	-446,358	–	-10.61%	–
MAC	Exit	MACERICH CO	$0	–	-565,640	–	-10.95%	–
FCEA	Exit	FOREST CITY ENTERPRISES INCcl a	$0	–	-3,073,807	–	-15.59%	–
CLNY	Exit	COLONY CAP INCcl a	$0	–	-3,199,014	–	-15.77%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-2,679,520	–	-16.49%	–

Q3 2015

			Value		Shares		↓ Weighting
KIM	Buy	KIMCO RLTY CORP	$65,461,000	+93.7%	2,679,520	+78.8%	16.49%	+121.1%
CLNY	Buy	COLONY CAP INCcl a	$62,573,000	+57.0%	3,199,014	+81.8%	15.77%	+79.2%
FCEA	Sell	FOREST CITY ENTERPRISES INCcl a	$61,876,000	-9.2%	3,073,807	-0.4%	15.59%	+3.6%
MAC	Buy	MACERICH CO	$43,452,000	+94.3%	565,640	+88.7%	10.95%	+121.8%
SSS	Sell	SOVRAN SELF STORAGE INC	$42,092,000	-0.1%	446,358	-8.0%	10.61%	+14.0%
TCO	Buy	TAUBMAN CTRS INC	$41,865,000	+2.5%	606,030	+3.1%	10.55%	+17.0%
DEA	Buy	EASTERLY GOVT PPTYS INC	$23,158,000	+4.2%	1,451,881	+4.0%	5.84%	+19.0%
MAC	New	MACERICH COcall	$13,059,000	–	170,000	–	3.29%	–
PPS	Sell	POST PPTYS INC	$12,988,000	-5.9%	222,822	-12.2%	3.27%	+7.4%
CLDT	New	CHATHAM LODGING TR	$10,542,000	–	490,788	–	2.66%	–
NMIH	Buy	NMI HLDGS INCcl a	$9,121,000	-3.6%	1,200,196	+1.7%	2.30%	+10.0%
BFS	Buy	SAUL CTRS INC	$4,796,000	+7.1%	92,672	+1.8%	1.21%	+22.3%
CMCT	Sell	CIM COML TR CORP	$3,465,000	-29.9%	188,629	-32.6%	0.87%	-20.0%
NYRT	New	NEW YORK REIT INC	$2,431,000	–	241,682	–	0.61%	–
WRE	Exit	WASHINGTON REAL ESTATE INVTsh ben int	$0	–	-277,100	–	-1.59%	–
JOE	Exit	ST JOE COcall	$0	–	-599,600	–	-2.06%	–
JOE	Exit	ST JOE CO	$0	–	-835,634	–	-2.86%	–
ARPI	Exit	AMERICAN RESIDENTIAL PPTYS I	$0	–	-947,310	–	-3.87%	–
WRI	Exit	WEINGARTEN RLTY INVSsh ben int	$0	–	-642,500	–	-4.64%	–
IWM	Exit	ISHARES TRput	$0	–	-235,000	–	-6.48%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-260,000	–	-11.82%	–

Q2 2015

			Value		Shares		↓ Weighting
FCEA	New	FOREST CITY ENTERPRISES INCcl a	$68,179,000	–	3,085,037	–	15.05%	–
SPY	New	SPDR S&P 500 ETF TRput	$53,521,000	–	260,000	–	11.82%	–
SSS	New	SOVRAN SELF STORAGE INC	$42,145,000	–	484,928	–	9.30%	–
TCO	New	TAUBMAN CTRS INC	$40,852,000	–	587,800	–	9.02%	–
CLNY	New	COLONY CAP INCcl a	$39,859,000	–	1,759,774	–	8.80%	–
KIM	New	KIMCO RLTY CORP	$33,787,000	–	1,499,000	–	7.46%	–
IWM	New	ISHARES TRput	$29,342,000	–	235,000	–	6.48%	–
MAC	New	MACERICH CO	$22,361,000	–	299,750	–	4.94%	–
DEA	New	EASTERLY GOVT PPTYS INC	$22,220,000	–	1,395,720	–	4.90%	–
WRI	New	WEINGARTEN RLTY INVSsh ben int	$21,003,000	–	642,500	–	4.64%	–
ARPI	New	AMERICAN RESIDENTIAL PPTYS I	$17,525,000	–	947,310	–	3.87%	–
PPS	New	POST PPTYS INC	$13,802,000	–	253,852	–	3.05%	–
JOE	New	ST JOE CO	$12,977,000	–	835,634	–	2.86%	–
NMIH	New	NMI HLDGS INCcl a	$9,464,000	–	1,180,046	–	2.09%	–
JOE	New	ST JOE COcall	$9,312,000	–	599,600	–	2.06%	–
WRE	New	WASHINGTON REAL ESTATE INVTsh ben int	$7,191,000	–	277,100	–	1.59%	–
CMCT	New	CIM COML TR CORP	$4,944,000	–	279,770	–	1.09%	–
BFS	New	SAUL CTRS INC	$4,477,000	–	91,022	–	0.99%	–

Q4 2014

			Value		Shares		↓ Weighting
CUBE	Exit	CUBESMART	$0	–	-408,800	–	-2.75%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-399,700	–	-2.75%	–
JOE	Exit	ST JOE CO	$0	–	-452,574	–	-3.37%	–
IRM	Exit	IRON MTN INC	$0	–	-296,461	–	-3.62%	–
SWAY	Exit	STARWOOD WAYPOINT RESIDENTL	$0	–	-396,920	–	-3.86%	–
PEI	Exit	PENNSYLVANIA RL ESTATE INVTsh ben int	$0	–	-553,459	–	-4.12%	–
MYCC	Exit	CLUBCORP HLDGS INC	$0	–	-613,900	–	-4.55%	–
AEC	Exit	ASSOCIATED ESTATES RLTY CORP	$0	–	-837,800	–	-5.48%	–
FCEA	Exit	FOREST CITY ENTERPRISES INCcl a	$0	–	-1,384,490	–	-10.12%	–
ARPI	Exit	AMERICAN RESIDENTIAL PPTYS I	$0	–	-1,929,087	–	-13.22%	–
SSS	Exit	SOVRAN SELF STORAGE INC	$0	–	-495,113	–	-13.76%	–
CLNY	Exit	COLONY FINL INC	$0	–	-1,657,712	–	-13.86%	–
CLDT	Exit	CHATHAM LODGING TR	$0	–	-2,148,999	–	-18.54%	–

Q3 2014

			Value		Shares		↓ Weighting
CLDT	Buy	CHATHAM LODGING TR	$49,599,000	+43.2%	2,148,999	+35.9%	18.54%	+90.7%
CLNY	Buy	COLONY FINL INC	$37,100,000	+4.5%	1,657,712	+8.4%	13.86%	+39.1%
SSS	New	SOVRAN SELF STORAGE INC	$36,817,000	–	495,113	–	13.76%	–
ARPI	Sell	AMERICAN RESIDENTIAL PPTYS I	$35,379,000	-17.1%	1,929,087	-15.3%	13.22%	+10.4%
FCEA	Buy	FOREST CITY ENTERPRISES INCcl a	$27,081,000	+2.9%	1,384,490	+4.5%	10.12%	+37.1%
AEC	New	ASSOCIATED ESTATES RLTY CORP	$14,670,000	–	837,800	–	5.48%	–
MYCC	Buy	CLUBCORP HLDGS INC	$12,174,000	+14.9%	613,900	+7.5%	4.55%	+53.1%
PEI	Sell	PENNSYLVANIA RL ESTATE INVTsh ben int	$11,036,000	-1.1%	553,459	-6.6%	4.12%	+31.8%
SWAY	Sell	STARWOOD WAYPOINT RESIDENTL	$10,324,000	-2.4%	396,920	-1.7%	3.86%	+30.0%
IRM	New	IRON MTN INC	$9,679,000	–	296,461	–	3.62%	–
JOE	Sell	ST JOE CO	$9,020,000	-54.2%	452,574	-41.6%	3.37%	-39.0%
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$7,362,000	–	399,700	–	2.75%	–
CUBE	New	CUBESMART	$7,350,000	–	408,800	–	2.75%	–
AMRE	Exit	AMREIT INC NEWcl b	$0	–	-113,103	–	-0.58%	–
HT	Exit	HERSHA HOSPITALITY TRsh ben int a	$0	–	-1,132,694	–	-2.13%	–
NRF	Exit	NORTHSTAR RLTY FIN CORPput	$0	–	-650,000	–	-3.17%	–
GEO	Exit	GEO GROUP	$0	–	-416,514	–	-4.18%	–
JOE	Exit	ST JOE COput	$0	–	-700,000	–	-5.00%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-1,566,961	–	-5.00%	–
CBLAQ	Exit	CBL & ASSOC PPTYS INC	$0	–	-951,289	–	-5.07%	–
CXW	Exit	CORRECTIONS CORP AMER NEW	$0	–	-583,643	–	-5.38%	–
H	Exit	HYATT HOTELS CORP	$0	–	-329,060	–	-5.63%	–
GRT	Exit	GLIMCHER RLTY TRsh ben int	$0	–	-3,363,695	–	-10.22%	–

Q2 2014

			Value		Shares		↓ Weighting
ARPI	New	AMERICAN RESIDENTIAL PPTYS I	$42,686,000	–	2,276,563	–	11.98%	–
GRT	New	GLIMCHER RLTY TRsh ben int	$36,429,000	–	3,363,695	–	10.22%	–
CLNY	New	COLONY FINL INC	$35,507,000	–	1,529,162	–	9.96%	–
CLDT	New	CHATHAM LODGING TR	$34,627,000	–	1,581,164	–	9.72%	–
FCEA	New	FOREST CITY ENTERPRISES INCcl a	$26,314,000	–	1,324,310	–	7.38%	–
H	New	HYATT HOTELS CORP	$20,066,000	–	329,060	–	5.63%	–
JOE	New	ST JOE CO	$19,707,000	–	774,962	–	5.53%	–
CXW	New	CORRECTIONS CORP AMER NEW	$19,173,000	–	583,643	–	5.38%	–
CBLAQ	New	CBL & ASSOC PPTYS INC	$18,074,000	–	951,289	–	5.07%	–
JOE	New	ST JOE COput	$17,801,000	–	700,000	–	5.00%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$17,801,000	–	1,566,961	–	5.00%	–
GEO	New	GEO GROUP	$14,882,000	–	416,514	–	4.18%	–
NRF	New	NORTHSTAR RLTY FIN CORPput	$11,297,000	–	650,000	–	3.17%	–
PEI	New	PENNSYLVANIA RL ESTATE INVTsh ben int	$11,154,000	–	592,659	–	3.13%	–
MYCC	New	CLUBCORP HLDGS INC	$10,591,000	–	571,250	–	2.97%	–
SWAY	New	STARWOOD WAYPOINT RESIDENTL	$10,578,000	–	403,600	–	2.97%	–
HT	New	HERSHA HOSPITALITY TRsh ben int a	$7,600,000	–	1,132,694	–	2.13%	–
AMRE	New	AMREIT INC NEWcl b	$2,070,000	–	113,103	–	0.58%	–

Q4 2013

			Value		Shares		↓ Weighting
AAMC	Exit	ALTISOURCE ASSET MGMT CORP	$0	–	-6,057	–	-0.93%	–
HT	Exit	HERSHA HOSPITALITY TRsh ben int a	$0	–	-1,892,072	–	-3.04%	–
FCEA	Exit	FOREST CITY ENTERPRISES INCcl a	$0	–	-666,956	–	-3.62%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-1,545,000	–	-4.07%	–
BRE	Exit	BRE PROPERTIES INCcl a	$0	–	-392,700	–	-5.72%	–
IWM	Exit	ISHARESput	$0	–	-1,900	–	-5.81%	–
ARPI	Exit	AMERICAN RESIDENTIAL PPTYS I	$0	–	-1,270,125	–	-6.42%	–
H	Exit	HYATT HOTELS CORP	$0	–	-565,217	–	-6.97%	–
CLDT	Exit	CHATHAM LODGING TR	$0	–	-2,161,339	–	-11.08%	–
ALX	Exit	ALEXANDERS INC	$0	–	-138,543	–	-11.37%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-8,500	–	-40.98%	–

Q3 2013

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$142,809,000	–	8,500	–	40.98%	–
ALX	Buy	ALEXANDERS INC	$39,640,000	+181.1%	138,543	+188.6%	11.37%	+11.3%
CLDT	Buy	CHATHAM LODGING TR	$38,602,000	+29.6%	2,161,339	+24.6%	11.08%	-48.7%
H	Buy	HYATT HOTELS CORP	$24,282,000	+20.3%	565,217	+13.0%	6.97%	-52.4%
ARPI	Buy	AMERICAN RESIDENTIAL PPTYS I	$22,367,000	+142.6%	1,270,125	+137.0%	6.42%	-4.0%
IWM	New	ISHARESput	$20,256,000	–	1,900	–	5.81%	–
BRE	New	BRE PROPERTIES INCcl a	$19,933,000	–	392,700	–	5.72%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$14,183,000	–	1,545,000	–	4.07%	–
FCEA	Buy	FOREST CITY ENTERPRISES INCcl a	$12,632,000	+26.9%	666,956	+20.0%	3.62%	-49.8%
HT	New	HERSHA HOSPITALITY TRsh ben int a	$10,577,000	–	1,892,072	–	3.04%	–
AAMC	New	ALTISOURCE ASSET MGMT CORP	$3,228,000	–	6,057	–	0.93%	–
MOVE	Exit	MOVE INC	$0	–	-163,954	–	-1.52%	–
Z	Exit	ZILLOW INCput	$0	–	-500	–	-2.04%	–
TPGI	Exit	THOMAS PPTYS GROUP INC	$0	–	-735,028	–	-2.82%	–
UHAL	Exit	AMERCO	$0	–	-38,661	–	-4.54%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-202,604	–	-7.06%	–
IYR	Exit	ISHARES TRcall	$0	–	-4,500	–	-21.67%	–

Q2 2013

			Value		Shares		↓ Weighting
IYR	New	ISHARES TRcall	$29,894,000	–	4,500	–	21.67%	–
CLDT	New	CHATHAM LODGING TR	$29,793,000	–	1,734,176	–	21.60%	–
H	New	HYATT HOTELS CORP	$20,188,000	–	500,204	–	14.63%	–
ALX	New	ALEXANDERS INC	$14,102,000	–	48,012	–	10.22%	–
FCEA	New	FOREST CITY ENTERPRISES INCcl a	$9,956,000	–	555,871	–	7.22%	–
RLGY	New	REALOGY HLDGS CORP	$9,733,000	–	202,604	–	7.06%	–
ARPI	New	AMERICAN RESIDENTIAL PPTYS I	$9,218,000	–	535,948	–	6.68%	–
UHAL	New	AMERCO	$6,259,000	–	38,661	–	4.54%	–
TPGI	New	THOMAS PPTYS GROUP INC	$3,896,000	–	735,028	–	2.82%	–
Z	New	ZILLOW INCput	$2,815,000	–	500	–	2.04%	–
MOVE	New	MOVE INC	$2,102,000	–	163,954	–	1.52%	–

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Export V3 Capital Management, L.P.'s holdings