Q3 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SPG | Buy | SIMON PPTY GROUP INC NEW | $2,820,000 | +10.3% | 13,622 | +15.6% | 8.19% | -1.5% |
| AMT | Buy | AMERICAN TOWER CORP NEW | $2,255,000 | +14.1% | 19,900 | +14.4% | 6.55% | +1.9% |
| WELL | Buy | WELLTOWER INC | $1,538,000 | +13.8% | 20,569 | +15.9% | 4.47% | +1.5% |
| PLD | Buy | PROLOGIS INC | $1,497,000 | +46.6% | 27,967 | +34.4% | 4.35% | +30.9% |
| EQIX | Buy | EQUINIX INC | $1,479,000 | +9.8% | 4,106 | +18.2% | 4.30% | -2.0% |
| AVB | New | AVALONBAY CMNTYS INC | $1,463,000 | – | 8,226 | – | 4.25% | – |
| ESS | Buy | ESSEX PPTY TR INC | $1,410,000 | +6.7% | 6,330 | +9.2% | 4.10% | -4.8% |
| BXP | Buy | BOSTON PROPERTIES INC | $1,091,000 | +10.3% | 8,003 | +6.7% | 3.17% | -1.5% |
| SLG | Buy | SL GREEN RLTY CORP | $976,000 | +10.0% | 9,027 | +8.4% | 2.84% | -1.8% |
| GGP | Buy | GENERAL GROWTH PPTYS INC NEW | $916,000 | +8.8% | 33,189 | +17.5% | 2.66% | -2.9% |
| EXR | Sell | EXTRA SPACE STORAGE INC | $916,000 | -15.6% | 11,533 | -1.6% | 2.66% | -24.7% |
| MAC | Sell | MACERICH CO | $848,000 | -14.3% | 10,492 | -9.5% | 2.46% | -23.5% |
| SRC | Buy | SPIRIT RLTY CAP INC NEW | $843,000 | +46.4% | 63,230 | +40.2% | 2.45% | +30.6% |
| LSI | New | LIFE STORAGE INC | $809,000 | – | 9,101 | – | 2.35% | – |
| AKR | Buy | ACADIA RLTY TR | $791,000 | +18.2% | 21,824 | +15.9% | 2.30% | +5.5% |
| HTA | Sell | HEALTHCARE TR AMER INCcl a new | $769,000 | -5.1% | 23,565 | -6.0% | 2.23% | -15.3% |
| WRI | Buy | WEINGARTEN RLTY INVSsh ben int | $739,000 | +16.2% | 18,956 | +21.7% | 2.15% | +3.7% |
| NNN | Sell | NATIONAL RETAIL PPTYS INC | $732,000 | -3.2% | 14,396 | -1.5% | 2.13% | -13.6% |
| DOC | Buy | PHYSICIANS RLTY TR | $709,000 | +83.2% | 32,938 | +78.9% | 2.06% | +63.5% |
| DRE | Sell | DUKE REALTY CORP | $690,000 | -18.9% | 25,260 | -20.9% | 2.00% | -27.6% |
| ARE | Buy | ALEXANDRIA REAL ESTATE EQ IN | $684,000 | +11.2% | 6,284 | +5.8% | 1.99% | -0.7% |
| LHO | Buy | LASALLE HOTEL PPTYS | $579,000 | +28.4% | 24,252 | +26.9% | 1.68% | +14.6% |
| CONE | Buy | CYRUSONE INC | $537,000 | +5.1% | 11,283 | +22.9% | 1.56% | -6.2% |
| HPP | Buy | HUDSON PAC PPTYS INC | $535,000 | +34.8% | 16,281 | +19.8% | 1.55% | +20.3% |
| SUI | New | SUN CMNTYS INC | $533,000 | – | 6,792 | – | 1.55% | – |
| HIW | Buy | HIGHWOODS PPTYS INC | $524,000 | +9.2% | 10,053 | +10.5% | 1.52% | -2.5% |
| CSAL | Buy | COMMUNICATIONS SALES&LEAS IN | $511,000 | +45.2% | 16,264 | +33.4% | 1.48% | +29.6% |
| LVS | Buy | LAS VEGAS SANDS CORP | $510,000 | +47.8% | 8,867 | +11.8% | 1.48% | +32.0% |
| ROIC | Sell | RETAIL OPPORTUNITY INVTS COR | $503,000 | -15.0% | 22,889 | -16.3% | 1.46% | -24.2% |
| STOR | Buy | STORE CAP CORP | $500,000 | +32.6% | 16,981 | +32.7% | 1.45% | +18.4% |
| MAR | Buy | MARRIOTT INTL INC NEWcl a | $475,000 | +28.4% | 7,059 | +26.7% | 1.38% | +14.6% |
| AMH | New | AMERICAN HOMES 4 RENTcl a | $474,000 | – | 21,899 | – | 1.38% | – |
| PPS | Sell | POST PPTYS INC | $466,000 | -7.0% | 7,045 | -14.2% | 1.35% | -17.0% |
| EDR | New | EDUCATION RLTY TR INC | $445,000 | – | 10,322 | – | 1.29% | – |
| NHI | Buy | NATIONAL HEALTH INVS INC | $439,000 | +12.9% | 5,597 | +7.9% | 1.28% | +0.8% |
| EGP | Buy | EASTGROUP PPTY INC | $432,000 | +45.0% | 5,868 | +35.9% | 1.26% | +29.4% |
| KRG | Buy | KITE RLTY GROUP TR | $428,000 | +43.1% | 15,448 | +44.7% | 1.24% | +27.9% |
| TRNO | Buy | TERRENO RLTY CORP | $397,000 | +18.5% | 14,446 | +11.6% | 1.15% | +5.8% |
| ADC | Buy | AGREE REALTY CORP | $393,000 | +13.3% | 7,943 | +10.6% | 1.14% | +1.1% |
| CTRE | Buy | CARETRUST REIT INC | $371,000 | +18.9% | 25,071 | +10.6% | 1.08% | +6.1% |
| CHSP | New | CHESAPEAKE LODGING TRsh ben int | $368,000 | – | 16,063 | – | 1.07% | – |
| CDR | Buy | CEDAR REALTY TRUST INC | $362,000 | +69.2% | 50,298 | +75.0% | 1.05% | +50.9% |
| QTS | Buy | QTS RLTY TR INC | $332,000 | +11.8% | 6,276 | +18.3% | 0.96% | -0.2% |
| NSA | Sell | NATIONAL STORAGE AFFILIATES | $328,000 | -0.6% | 15,671 | -1.1% | 0.95% | -11.3% |
| PEB | Exit | PEBBLEBROOK HOTEL TR | $0 | – | -16,742 | – | -1.43% | – |
| AIV | Exit | APARTMENT INVT & MGMT COcl a | $0 | – | -11,999 | – | -1.72% | – |
| SSS | Exit | SOVRAN SELF STORAGE INC | $0 | – | -6,522 | – | -2.23% | – |
| UDR | Exit | UDR INC | $0 | – | -19,245 | – | -2.31% | – |
| EQR | Exit | EQUITY RESIDENTIALsh ben int | $0 | – | -21,665 | – | -4.86% | – |
Q2 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SPG | New | SIMON PPTY GROUP INC NEW | $2,557,000 | – | 11,787 | – | 8.32% | – |
| AMT | New | AMERICAN TOWER CORP NEW | $1,976,000 | – | 17,395 | – | 6.43% | – |
| EQR | New | EQUITY RESIDENTIALsh ben int | $1,492,000 | – | 21,665 | – | 4.86% | – |
| WELL | New | WELLTOWER INC | $1,352,000 | – | 17,744 | – | 4.40% | – |
| EQIX | New | EQUINIX INC | $1,347,000 | – | 3,475 | – | 4.38% | – |
| ESS | New | ESSEX PPTY TR INC | $1,322,000 | – | 5,796 | – | 4.30% | – |
| EXR | New | EXTRA SPACE STORAGE INC | $1,085,000 | – | 11,721 | – | 3.53% | – |
| PLD | New | PROLOGIS INC | $1,021,000 | – | 20,810 | – | 3.32% | – |
| MAC | New | MACERICH CO | $990,000 | – | 11,590 | – | 3.22% | – |
| BXP | New | BOSTON PROPERTIES INC | $989,000 | – | 7,501 | – | 3.22% | – |
| SLG | New | SL GREEN RLTY CORP | $887,000 | – | 8,330 | – | 2.89% | – |
| DRE | New | DUKE REALTY CORP | $851,000 | – | 31,917 | – | 2.77% | – |
| GGP | New | GENERAL GROWTH PPTYS INC NEW | $842,000 | – | 28,235 | – | 2.74% | – |
| HTA | New | HEALTHCARE TR AMER INCcl a new | $810,000 | – | 25,058 | – | 2.64% | – |
| NNN | New | NATIONAL RETAIL PPTYS INC | $756,000 | – | 14,616 | – | 2.46% | – |
| UDR | New | UDR INC | $711,000 | – | 19,245 | – | 2.31% | – |
| SSS | New | SOVRAN SELF STORAGE INC | $684,000 | – | 6,522 | – | 2.23% | – |
| AKR | New | ACADIA RLTY TR | $669,000 | – | 18,838 | – | 2.18% | – |
| WRI | New | WEINGARTEN RLTY INVSsh ben int | $636,000 | – | 15,582 | – | 2.07% | – |
| ARE | New | ALEXANDRIA REAL ESTATE EQ IN | $615,000 | – | 5,938 | – | 2.00% | – |
| ROIC | New | RETAIL OPPORTUNITY INVTS COR | $592,000 | – | 27,332 | – | 1.93% | – |
| SRC | New | SPIRIT RLTY CAP INC NEW | $576,000 | – | 45,115 | – | 1.88% | – |
| AIV | New | APARTMENT INVT & MGMT COcl a | $530,000 | – | 11,999 | – | 1.72% | – |
| CONE | New | CYRUSONE INC | $511,000 | – | 9,184 | – | 1.66% | – |
| PPS | New | POST PPTYS INC | $501,000 | – | 8,213 | – | 1.63% | – |
| HIW | New | HIGHWOODS PPTYS INC | $480,000 | – | 9,098 | – | 1.56% | – |
| LHO | New | LASALLE HOTEL PPTYS | $451,000 | – | 19,112 | – | 1.47% | – |
| PEB | New | PEBBLEBROOK HOTEL TR | $439,000 | – | 16,742 | – | 1.43% | – |
| HPP | New | HUDSON PAC PPTYS INC | $397,000 | – | 13,589 | – | 1.29% | – |
| NHI | New | NATIONAL HEALTH INVS INC | $389,000 | – | 5,186 | – | 1.27% | – |
| DOC | New | PHYSICIANS RLTY TR | $387,000 | – | 18,411 | – | 1.26% | – |
| STOR | New | STORE CAP CORP | $377,000 | – | 12,793 | – | 1.23% | – |
| MAR | New | MARRIOTT INTL INC NEWcl a | $370,000 | – | 5,573 | – | 1.20% | – |
| CSAL | New | COMMUNICATIONS SALES&LEAS IN | $352,000 | – | 12,190 | – | 1.15% | – |
| ADC | New | AGREE REALTY CORP | $347,000 | – | 7,184 | – | 1.13% | – |
| LVS | New | LAS VEGAS SANDS CORP | $345,000 | – | 7,928 | – | 1.12% | – |
| TRNO | New | TERRENO RLTY CORP | $335,000 | – | 12,949 | – | 1.09% | – |
| NSA | New | NATIONAL STORAGE AFFILIATES | $330,000 | – | 15,839 | – | 1.07% | – |
| CTRE | New | CARETRUST REIT INC | $312,000 | – | 22,670 | – | 1.02% | – |
| KRG | New | KITE RLTY GROUP TR | $299,000 | – | 10,676 | – | 0.97% | – |
| EGP | New | EASTGROUP PPTY INC | $298,000 | – | 4,318 | – | 0.97% | – |
| QTS | New | QTS RLTY TR INC | $297,000 | – | 5,303 | – | 0.97% | – |
| CDR | New | CEDAR REALTY TRUST INC | $214,000 | – | 28,738 | – | 0.70% | – |
Q4 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SBAC | Exit | SBA COMMUNICATIONS CORP | $0 | – | -4,463 | – | -1.38% | – |
| CONE | Exit | CYRUSONE INC | $0 | – | -17,699 | – | -1.71% | – |
| EGP | Exit | EASTGROUP PPTY INC | $0 | – | -10,730 | – | -1.72% | – |
| GEO | Exit | GEO GROUP INC NEW | $0 | – | -19,703 | – | -1.74% | – |
| HPP | Exit | HUDSON PAC PPTYS INC | $0 | – | -20,892 | – | -1.78% | – |
| ADC | Exit | AGREE REALTY CORP | $0 | – | -21,467 | – | -1.90% | – |
| SRC | Exit | SPIRIT RLTY CAP INC NEW | $0 | – | -71,547 | – | -1.94% | – |
| PEB | Exit | PEBBLEBROOK HOTEL TR | $0 | – | -18,888 | – | -1.98% | – |
| BEE | Exit | STRATEGIC HOTELS & RESORTS I | $0 | – | -49,333 | – | -2.01% | – |
| NNN | Exit | NATIONAL RETAIL PPTYS INC | $0 | – | -20,695 | – | -2.22% | – |
| ROIC | Exit | RETAIL OPPORTUNITY INVTS COR | $0 | – | -46,024 | – | -2.25% | – |
| LTC | Exit | LTC PPTYS INC | $0 | – | -18,403 | – | -2.32% | – |
| MAA | Exit | MID-AMER APT CMNTYS INC | $0 | – | -9,760 | – | -2.37% | – |
| DRE | Exit | DUKE REALTY CORP | $0 | – | -42,268 | – | -2.38% | – |
| CPT | Exit | CAMDEN PPTY TRsh ben int | $0 | – | -10,926 | – | -2.39% | – |
| AKR | Exit | ACADIA RLTY TR | $0 | – | -26,988 | – | -2.40% | – |
| MAC | Exit | MACERICH CO | $0 | – | -11,085 | – | -2.52% | – |
| CHSP | Exit | CHESAPEAKE LODGING TRsh ben int | $0 | – | -36,175 | – | -2.79% | – |
| KIM | Exit | KIMCO RLTY CORP | $0 | – | -38,948 | – | -2.82% | – |
| SSS | Exit | SOVRAN SELF STORAGE INC | $0 | – | -11,115 | – | -3.10% | – |
| UDR | Exit | UDR INC | $0 | – | -31,507 | – | -3.22% | – |
| EXR | Exit | EXTRA SPACE STORAGE INC | $0 | – | -14,181 | – | -3.24% | – |
| EQIX | Exit | EQUINIX INC | $0 | – | -4,185 | – | -3.26% | – |
| AVB | Exit | AVALONBAY CMNTYS INC | $0 | – | -7,085 | – | -3.67% | – |
| OHI | Exit | OMEGA HEALTHCARE INVS INC | $0 | – | -36,814 | – | -3.83% | – |
| SLG | Exit | SL GREEN RLTY CORP | $0 | – | -12,735 | – | -4.08% | – |
| PLD | Exit | PROLOGIS INC | $0 | – | -35,566 | – | -4.10% | – |
| ESS | Exit | ESSEX PPTY TR INC | $0 | – | -6,384 | – | -4.22% | – |
| BXP | Exit | BOSTON PROPERTIES INC | $0 | – | -13,837 | – | -4.85% | – |
| WELL | Exit | WELLTOWER INC | $0 | – | -27,925 | – | -5.60% | – |
| AMT | Exit | AMERICAN TOWER CORP NEW | $0 | – | -23,742 | – | -6.18% | – |
| SPG | Exit | SIMON PPTY GROUP INC NEW | $0 | – | -18,427 | – | -10.02% | – |
Q3 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SPG | Sell | SIMON PPTY GROUP INC NEW | $3,385,000 | -84.0% | 18,427 | -84.9% | 10.02% | +0.4% |
| AMT | Sell | AMERICAN TOWER CORP NEW | $2,089,000 | -85.6% | 23,742 | -84.8% | 6.18% | -10.0% |
| WELL | New | WELLTOWER INC | $1,891,000 | – | 27,925 | – | 5.60% | – |
| BXP | Sell | BOSTON PROPERTIES INC | $1,638,000 | -86.2% | 13,837 | -85.9% | 4.85% | -13.7% |
| ESS | Sell | ESSEX PPTY TR INC | $1,426,000 | -86.5% | 6,384 | -87.2% | 4.22% | -15.8% |
| PLD | Sell | PROLOGIS INC | $1,384,000 | -79.4% | 35,566 | -80.4% | 4.10% | +28.9% |
| SLG | Sell | SL GREEN RLTY CORP | $1,377,000 | -86.3% | 12,735 | -86.1% | 4.08% | -14.1% |
| OHI | Sell | OMEGA HEALTHCARE INVS INC | $1,294,000 | -83.4% | 36,814 | -83.8% | 3.83% | +3.7% |
| AVB | New | AVALONBAY CMNTYS INC | $1,239,000 | – | 7,085 | – | 3.67% | – |
| EQIX | Sell | EQUINIX INC | $1,100,000 | -84.4% | 4,185 | -84.9% | 3.26% | -2.0% |
| EXR | Sell | EXTRA SPACE STORAGE INC | $1,094,000 | -82.4% | 14,181 | -85.1% | 3.24% | +10.3% |
| UDR | Sell | UDR INC | $1,086,000 | -88.8% | 31,507 | -89.6% | 3.22% | -29.7% |
| SSS | Sell | SOVRAN SELF STORAGE INC | $1,048,000 | -81.4% | 11,115 | -82.8% | 3.10% | +16.5% |
| KIM | Sell | KIMCO RLTY CORP | $951,000 | -83.1% | 38,948 | -84.4% | 2.82% | +5.9% |
| CHSP | Sell | CHESAPEAKE LODGING TRsh ben int | $943,000 | -84.8% | 36,175 | -82.2% | 2.79% | -4.7% |
| MAC | Sell | MACERICH CO | $852,000 | -82.2% | 11,085 | -82.7% | 2.52% | +11.4% |
| AKR | Sell | ACADIA RLTY TR | $812,000 | -83.9% | 26,988 | -84.4% | 2.40% | +0.8% |
| CPT | Sell | CAMDEN PPTY TRsh ben int | $807,000 | -86.6% | 10,926 | -86.5% | 2.39% | -15.9% |
| DRE | New | DUKE REALTY CORP | $805,000 | – | 42,268 | – | 2.38% | – |
| MAA | Sell | MID-AMER APT CMNTYS INC | $799,000 | -86.1% | 9,760 | -87.6% | 2.37% | -12.8% |
| LTC | Sell | LTC PPTYS INC | $785,000 | -83.8% | 18,403 | -84.2% | 2.32% | +1.7% |
| ROIC | Sell | RETAIL OPPORTUNITY INVTS COR | $761,000 | -84.6% | 46,024 | -85.5% | 2.25% | -3.7% |
| NNN | New | NATIONAL RETAIL PPTYS INC | $751,000 | – | 20,695 | – | 2.22% | – |
| BEE | Sell | STRATEGIC HOTELS & RESORTS I | $680,000 | -87.4% | 49,333 | -88.9% | 2.01% | -21.0% |
| PEB | Sell | PEBBLEBROOK HOTEL TR | $670,000 | -85.3% | 18,888 | -82.3% | 1.98% | -8.1% |
| SRC | Sell | SPIRIT RLTY CAP INC NEW | $654,000 | -86.9% | 71,547 | -86.1% | 1.94% | -17.9% |
| ADC | Sell | AGREE REALTY CORP | $641,000 | -84.0% | 21,467 | -84.4% | 1.90% | +0.3% |
| HPP | Sell | HUDSON PAC PPTYS INC | $601,000 | -83.2% | 20,892 | -83.5% | 1.78% | +5.0% |
| GEO | Sell | GEO GROUP INC NEW | $586,000 | -87.6% | 19,703 | -85.7% | 1.74% | -22.1% |
| EGP | New | EASTGROUP PPTY INC | $581,000 | – | 10,730 | – | 1.72% | – |
| CONE | Sell | CYRUSONE INC | $578,000 | -83.9% | 17,699 | -85.4% | 1.71% | +1.1% |
| SBAC | Sell | SBA COMMUNICATIONS CORP | $467,000 | -85.6% | 4,463 | -84.2% | 1.38% | -9.8% |
| EPR | Exit | EPR PPTYS | $0 | – | -73,042 | – | -1.89% | – |
| STAG | Exit | STAG INDL INC | $0 | – | -380,655 | – | -3.60% | – |
| VTR | Exit | VENTAS INC | $0 | – | -183,661 | – | -5.39% | – |
Q2 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SPG | New | SIMON PPTY GROUP INC NEW | $21,104,000 | – | 121,973 | – | 9.98% | – |
| AMT | New | AMERICAN TOWER CORP NEW | $14,533,000 | – | 155,779 | – | 6.87% | – |
| BXP | New | BOSTON PROPERTIES INC | $11,881,000 | – | 98,159 | – | 5.62% | – |
| VTR | New | VENTAS INC | $11,404,000 | – | 183,661 | – | 5.39% | – |
| ESS | New | ESSEX PPTY TR INC | $10,602,000 | – | 49,892 | – | 5.01% | – |
| SLG | New | SL GREEN RLTY CORP | $10,033,000 | – | 91,303 | – | 4.74% | – |
| UDR | New | UDR INC | $9,677,000 | – | 302,130 | – | 4.58% | – |
| OHI | New | OMEGA HEALTHCARE INVS INC | $7,816,000 | – | 227,672 | – | 3.70% | – |
| STAG | New | STAG INDL INC | $7,613,000 | – | 380,655 | – | 3.60% | – |
| EQIX | New | EQUINIX INC | $7,029,000 | – | 27,672 | – | 3.32% | – |
| PLD | New | PROLOGIS INC | $6,722,000 | – | 181,184 | – | 3.18% | – |
| EXR | New | EXTRA SPACE STORAGE INC | $6,210,000 | – | 95,218 | – | 2.94% | – |
| CHSP | New | CHESAPEAKE LODGING TRsh ben int | $6,198,000 | – | 203,350 | – | 2.93% | – |
| CPT | New | CAMDEN PPTY TRsh ben int | $6,007,000 | – | 80,870 | – | 2.84% | – |
| MAA | New | MID-AMER APT CMNTYS INC | $5,735,000 | – | 78,763 | – | 2.71% | – |
| SSS | New | SOVRAN SELF STORAGE INC | $5,631,000 | – | 64,796 | – | 2.66% | – |
| KIM | New | KIMCO RLTY CORP | $5,623,000 | – | 249,473 | – | 2.66% | – |
| BEE | New | STRATEGIC HOTELS & RESORTS I | $5,391,000 | – | 444,813 | – | 2.55% | – |
| AKR | New | ACADIA RLTY TR | $5,043,000 | – | 173,256 | – | 2.38% | – |
| SRC | New | SPIRIT RLTY CAP INC NEW | $4,985,000 | – | 515,496 | – | 2.36% | – |
| ROIC | New | RETAIL OPPORTUNITY INVTS COR | $4,946,000 | – | 316,632 | – | 2.34% | – |
| LTC | New | LTC PPTYS INC | $4,833,000 | – | 116,166 | – | 2.28% | – |
| MAC | New | MACERICH CO | $4,789,000 | – | 64,202 | – | 2.26% | – |
| GEO | New | GEO GROUP INC NEW | $4,708,000 | – | 137,830 | – | 2.23% | – |
| PEB | New | PEBBLEBROOK HOTEL TR | $4,569,000 | – | 106,542 | – | 2.16% | – |
| ADC | New | AGREE REALTY CORP | $4,002,000 | – | 137,205 | – | 1.89% | – |
| EPR | New | EPR PPTYS | $4,001,000 | – | 73,042 | – | 1.89% | – |
| HPP | New | HUDSON PAC PPTYS INC | $3,585,000 | – | 126,361 | – | 1.70% | – |
| CONE | New | CYRUSONE INC | $3,580,000 | – | 121,551 | – | 1.69% | – |
| SBAC | New | SBA COMMUNICATIONS CORP | $3,242,000 | – | 28,199 | – | 1.53% | – |
Q4 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| DLR | Exit | DIGITAL RLTY TR INC | $0 | – | -8,200 | – | -0.22% | – |
| BRX | Exit | BRIXMOR PPTY GROUP INC | $0 | – | -23,900 | – | -0.22% | – |
| CPT | Exit | CAMDEN PPTY TRsh ben int | $0 | – | -12,400 | – | -0.36% | – |
| OFC | Exit | CORPORATE OFFICE PPTYS TRsh ben int | $0 | – | -156,530 | – | -1.70% | – |
| DFT | Exit | DUPONT FABROS TECHNOLOGY INC | $0 | – | -169,539 | – | -1.94% | – |
| RPT | Exit | RAMCO-GERSHENSON PPTYS TR | $0 | – | -282,948 | – | -1.95% | – |
| H | Exit | HYATT HOTELS CORP | $0 | – | -83,354 | – | -2.14% | – |
| LPT | Exit | LIBERTY PPTY TRsh ben int | $0 | – | -155,416 | – | -2.19% | – |
| ROIC | Exit | RETAIL OPPORTUNITY INVTS COR | $0 | – | -369,097 | – | -2.30% | – |
| LTC | Exit | LTC PPTYS INC | $0 | – | -150,169 | – | -2.34% | – |
| BEE | Exit | STRATEGIC HOTELS & RESORTS I | $0 | – | -497,083 | – | -2.45% | – |
| KIM | Exit | KIMCO RLTY CORP | $0 | – | -283,215 | – | -2.63% | – |
| SBRA | Exit | SABRA HEALTH CARE REIT INC | $0 | – | -263,250 | – | -2.71% | – |
| CHSP | Exit | CHESAPEAKE LODGING TRsh ben int | $0 | – | -222,205 | – | -2.74% | – |
| SLG | Exit | SL GREEN RLTY CORP | $0 | – | -67,909 | – | -2.91% | – |
| WPG | Exit | WASHINGTON PRIME GROUP INC | $0 | – | -395,632 | – | -2.93% | – |
| SSS | Exit | SOVRAN SELF STORAGE INC | $0 | – | -104,957 | – | -3.30% | – |
| STAG | Exit | STAG INDL INC | $0 | – | -391,073 | – | -3.43% | – |
| EPR | Exit | EPR PPTYS | $0 | – | -183,168 | – | -3.93% | – |
| BXP | Exit | BOSTON PROPERTIES INC | $0 | – | -83,416 | – | -4.09% | – |
| MAA | Exit | MID-AMER APT CMNTYS INC | $0 | – | -147,887 | – | -4.11% | – |
| EXR | Exit | EXTRA SPACE STORAGE INC | $0 | – | -191,990 | – | -4.19% | – |
| PLD | Exit | PROLOGIS INC | $0 | – | -267,840 | – | -4.27% | – |
| WPC | Exit | W P CAREY INC | $0 | – | -158,670 | – | -4.28% | – |
| UDR | Exit | UDR INC | $0 | – | -379,601 | – | -4.38% | – |
| WY | Exit | WEYERHAEUSER CO | $0 | – | -337,258 | – | -4.55% | – |
| ESS | Exit | ESSEX PPTY TR INC | $0 | – | -61,674 | – | -4.67% | – |
| VTR | Exit | VENTAS INC | $0 | – | -239,878 | – | -6.29% | – |
| CCI | Exit | CROWN CASTLE INTL CORP | $0 | – | -201,445 | – | -6.87% | – |
| SPG | Exit | SIMON PPTY GROUP INC NEW | $0 | – | -142,623 | – | -9.92% | – |
Q3 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SPG | Buy | SIMON PPTY GROUP INC NEW | $23,450,000 | +4.7% | 142,623 | +5.9% | 9.92% | +0.1% |
| CCI | Buy | CROWN CASTLE INTL CORP | $16,222,000 | +30.0% | 201,445 | +19.9% | 6.87% | +24.3% |
| VTR | Buy | VENTAS INC | $14,860,000 | +31.1% | 239,878 | +35.7% | 6.29% | +25.3% |
| ESS | Buy | ESSEX PPTY TR INC | $11,024,000 | +2.4% | 61,674 | +5.9% | 4.67% | -2.2% |
| WY | Sell | WEYERHAEUSER CO | $10,745,000 | -11.4% | 337,258 | -8.0% | 4.55% | -15.3% |
| UDR | Buy | UDR INC | $10,344,000 | +19.4% | 379,601 | +25.4% | 4.38% | +14.1% |
| WPC | Buy | W P CAREY INC | $10,118,000 | +84.2% | 158,670 | +86.0% | 4.28% | +76.0% |
| PLD | Buy | PROLOGIS INC | $10,098,000 | -2.4% | 267,840 | +6.3% | 4.27% | -6.8% |
| EXR | Buy | EXTRA SPACE STORAGE INC | $9,901,000 | +33.7% | 191,990 | +38.0% | 4.19% | +27.8% |
| MAA | Buy | MID-AMER APT CMNTYS INC | $9,709,000 | +78.9% | 147,887 | +99.1% | 4.11% | +71.0% |
| BXP | Buy | BOSTON PROPERTIES INC | $9,656,000 | +6.2% | 83,416 | +8.4% | 4.09% | +1.5% |
| EPR | Buy | EPR PPTYS | $9,283,000 | +28.2% | 183,168 | +41.3% | 3.93% | +22.5% |
| STAG | Buy | STAG INDL INC | $8,099,000 | +25.1% | 391,073 | +45.0% | 3.43% | +19.6% |
| SSS | Buy | SOVRAN SELF STORAGE INC | $7,805,000 | +48.2% | 104,957 | +53.9% | 3.30% | +41.6% |
| WPG | Buy | WASHINGTON PRIME GROUP INC | $6,916,000 | +13.7% | 395,632 | +21.9% | 2.93% | +8.6% |
| SLG | Buy | SL GREEN RLTY CORP | $6,881,000 | +3.0% | 67,909 | +11.2% | 2.91% | -1.6% |
| CHSP | Buy | CHESAPEAKE LODGING TRsh ben int | $6,477,000 | +2.5% | 222,205 | +6.3% | 2.74% | -2.0% |
| SBRA | Buy | SABRA HEALTH CARE REIT INC | $6,402,000 | -12.3% | 263,250 | +3.5% | 2.71% | -16.2% |
| KIM | Buy | KIMCO RLTY CORP | $6,205,000 | -3.1% | 283,215 | +1.6% | 2.63% | -7.4% |
| BEE | Sell | STRATEGIC HOTELS & RESORTS I | $5,791,000 | -11.7% | 497,083 | -11.2% | 2.45% | -15.6% |
| LTC | Sell | LTC PPTYS INC | $5,540,000 | -28.1% | 150,169 | -23.9% | 2.34% | -31.3% |
| ROIC | Buy | RETAIL OPPORTUNITY INVTS COR | $5,426,000 | +21.9% | 369,097 | +30.4% | 2.30% | +16.5% |
| LPT | Sell | LIBERTY PPTY TRsh ben int | $5,169,000 | -17.6% | 155,416 | -6.0% | 2.19% | -21.2% |
| H | New | HYATT HOTELS CORP | $5,045,000 | – | 83,354 | – | 2.14% | – |
| RPT | Buy | RAMCO-GERSHENSON PPTYS TR | $4,598,000 | +13.6% | 282,948 | +16.1% | 1.95% | +8.5% |
| DFT | Sell | DUPONT FABROS TECHNOLOGY INC | $4,584,000 | -5.9% | 169,539 | -6.2% | 1.94% | -10.1% |
| OFC | Buy | CORPORATE OFFICE PPTYS TRsh ben int | $4,026,000 | +1.2% | 156,530 | +9.4% | 1.70% | -3.3% |
| CPT | New | CAMDEN PPTY TRsh ben int | $850,000 | – | 12,400 | – | 0.36% | – |
| BRX | New | BRIXMOR PPTY GROUP INC | $532,000 | – | 23,900 | – | 0.22% | – |
| DLR | New | DIGITAL RLTY TR INC | $512,000 | – | 8,200 | – | 0.22% | – |
| HOT | Exit | STARWOOD HOTELS&RESORTS WRLD | $0 | – | -41,847 | – | -1.50% | – |
| PCH | Exit | POTLATCH CORP NEW | $0 | – | -96,510 | – | -1.77% | – |
| HME | Exit | HOME PROPERTIES INC | $0 | – | -89,569 | – | -2.54% | – |
| T104PS | Exit | AMERICAN RLTY CAP PPTYS INC | $0 | – | -598,637 | – | -3.32% | – |
Q2 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SPG | New | SIMON PPTY GROUP INC NEW | $22,401,000 | – | 134,720 | – | 9.92% | – |
| CCI | New | CROWN CASTLE INTL CORP | $12,477,000 | – | 168,017 | – | 5.52% | – |
| WY | New | WEYERHAEUSER CO | $12,130,000 | – | 366,563 | – | 5.37% | – |
| VTR | New | VENTAS INC | $11,333,000 | – | 176,806 | – | 5.02% | – |
| ESS | New | ESSEX PPTY TR INC | $10,769,000 | – | 58,241 | – | 4.77% | – |
| PLD | New | PROLOGIS INC | $10,351,000 | – | 251,900 | – | 4.58% | – |
| BXP | New | BOSTON PROPERTIES INC | $9,093,000 | – | 76,942 | – | 4.03% | – |
| UDR | New | UDR INC | $8,664,000 | – | 302,629 | – | 3.84% | – |
| LTC | New | LTC PPTYS INC | $7,709,000 | – | 197,459 | – | 3.41% | – |
| T104PS | New | AMERICAN RLTY CAP PPTYS INC | $7,501,000 | – | 598,637 | – | 3.32% | – |
| EXR | New | EXTRA SPACE STORAGE INC | $7,406,000 | – | 139,087 | – | 3.28% | – |
| SBRA | New | SABRA HEALTH CARE REIT INC | $7,300,000 | – | 254,261 | – | 3.23% | – |
| EPR | New | EPR PPTYS | $7,242,000 | – | 129,616 | – | 3.21% | – |
| SLG | New | SL GREEN RLTY CORP | $6,683,000 | – | 61,083 | – | 2.96% | – |
| BEE | New | STRATEGIC HOTELS & RESORTS I | $6,558,000 | – | 560,033 | – | 2.90% | – |
| STAG | New | STAG INDL INC | $6,475,000 | – | 269,697 | – | 2.87% | – |
| KIM | New | KIMCO RLTY CORP | $6,403,000 | – | 278,639 | – | 2.84% | – |
| CHSP | New | CHESAPEAKE LODGING TRsh ben int | $6,317,000 | – | 208,975 | – | 2.80% | – |
| LPT | New | LIBERTY PPTY TRsh ben int | $6,270,000 | – | 165,299 | – | 2.78% | – |
| WPG | New | WASHINGTON PRIME GROUP INC | $6,083,000 | – | 324,594 | – | 2.69% | – |
| HME | New | HOME PROPERTIES INC | $5,729,000 | – | 89,569 | – | 2.54% | – |
| WPC | New | W P CAREY INC | $5,494,000 | – | 85,317 | – | 2.43% | – |
| MAA | New | MID-AMER APT CMNTYS INC | $5,427,000 | – | 74,291 | – | 2.40% | – |
| SSS | New | SOVRAN SELF STORAGE INC | $5,268,000 | – | 68,200 | – | 2.33% | – |
| DFT | New | DUPONT FABROS TECHNOLOGY INC | $4,874,000 | – | 180,772 | – | 2.16% | – |
| ROIC | New | RETAIL OPPORTUNITY INVTS COR | $4,453,000 | – | 283,072 | – | 1.97% | – |
| RPT | New | RAMCO-GERSHENSON PPTYS TR | $4,049,000 | – | 243,614 | – | 1.79% | – |
| PCH | New | POTLATCH CORP NEW | $3,996,000 | – | 96,510 | – | 1.77% | – |
| OFC | New | CORPORATE OFFICE PPTYS TRsh ben int | $3,979,000 | – | 143,093 | – | 1.76% | – |
| HOT | New | STARWOOD HOTELS&RESORTS WRLD | $3,382,000 | – | 41,847 | – | 1.50% | – |
Q4 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| EDR | Exit | EDUCATION RLTY TR INC | $0 | – | -260,200 | – | -1.58% | – |
| RPT | Exit | RAMCO-GERSHENSON PPTYS TR | $0 | – | -186,246 | – | -1.92% | – |
| H | Exit | HYATT HOTELS CORP | $0 | – | -67,800 | – | -1.95% | – |
| PEB | Exit | PEBBLEBROOK HOTEL TR | $0 | – | -109,200 | – | -2.10% | – |
| IRM | Exit | IRON MTN INC | $0 | – | -118,520 | – | -2.14% | – |
| CHSP | Exit | CHESAPEAKE LODGING TRsh ben int | $0 | – | -137,934 | – | -2.17% | – |
| ARE | Exit | ALEXANDRIA REAL ESTATE EQ IN | $0 | – | -53,700 | – | -2.29% | – |
| BDN | Exit | BRANDYWINE RLTY TRsh ben int new | $0 | – | -263,185 | – | -2.32% | – |
| STAG | Exit | STAG INDL INC | $0 | – | -173,276 | – | -2.33% | – |
| BMR | Exit | BIOMED REALTY TRUST INC | $0 | – | -208,469 | – | -2.59% | – |
| ROIC | Exit | RETAIL OPPORTUNITY INVTS COR | $0 | – | -291,812 | – | -2.69% | – |
| DLR | Exit | DIGITAL RLTY TR INC | $0 | – | -77,750 | – | -2.76% | – |
| FRT | Exit | FEDERAL REALTY INVT TRsh ben int new | $0 | – | -41,110 | – | -2.79% | – |
| SLG | Exit | SL GREEN RLTY CORP | $0 | – | -48,200 | – | -2.86% | – |
| RYN | Exit | RAYONIER INC | $0 | – | -79,665 | – | -2.96% | – |
| EXR | Exit | EXTRA SPACE STORAGE INC | $0 | – | -97,350 | – | -2.98% | – |
| HR | Exit | HEALTHCARE RLTY TR | $0 | – | -203,300 | – | -3.14% | – |
| GGP | Exit | GENERAL GROWTH PPTYS INC NEW | $0 | – | -300,100 | – | -3.87% | – |
| CPT | Exit | CAMDEN PPTY TRsh ben int | $0 | – | -94,459 | – | -3.88% | – |
| VNO | Exit | VORNADO RLTY TRsh ben int | $0 | – | -70,189 | – | -3.94% | – |
| ESS | Exit | ESSEX PPTY TR INC | $0 | – | -41,010 | – | -4.05% | – |
| UDR | Exit | UDR INC | $0 | – | -263,483 | – | -4.17% | – |
| VTR | Exit | VENTAS INC | $0 | – | -114,230 | – | -4.69% | – |
| WY | Exit | WEYERHAEUSER CO | $0 | – | -258,082 | – | -4.94% | – |
| HCN | Exit | HEALTH CARE REIT INC | $0 | – | -123,150 | – | -5.13% | – |
| PSA | Exit | PUBLIC STORAGE | $0 | – | -56,495 | – | -6.06% | – |
| AMT | Exit | AMERICAN TOWER CORP NEW | $0 | – | -157,731 | – | -7.81% | – |
| SPG | Exit | SIMON PPTY GROUP INC NEW | $0 | – | -99,902 | – | -9.90% | – |
Q3 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SPG | Buy | SIMON PPTY GROUP INC NEW | $14,808,000 | +10.7% | 99,902 | +18.0% | 9.90% | +9.2% |
| AMT | Sell | AMERICAN TOWER CORP NEW | $11,693,000 | -5.2% | 157,731 | -6.4% | 7.81% | -6.5% |
| PSA | New | PUBLIC STORAGE | $9,070,000 | – | 56,495 | – | 6.06% | – |
| HCN | Sell | HEALTH CARE REIT INC | $7,682,000 | -8.2% | 123,150 | -1.4% | 5.13% | -9.4% |
| WY | Sell | WEYERHAEUSER CO | $7,389,000 | -9.6% | 258,082 | -10.0% | 4.94% | -10.8% |
| VTR | Sell | VENTAS INC | $7,025,000 | -24.3% | 114,230 | -14.5% | 4.69% | -25.3% |
| UDR | Buy | UDR INC | $6,245,000 | +508.1% | 263,483 | +553.8% | 4.17% | +499.6% |
| ESS | Sell | ESSEX PPTY TR INC | $6,057,000 | -13.3% | 41,010 | -6.7% | 4.05% | -14.5% |
| VNO | Buy | VORNADO RLTY TRsh ben int | $5,900,000 | +108.2% | 70,189 | +105.2% | 3.94% | +105.5% |
| CPT | Sell | CAMDEN PPTY TRsh ben int | $5,804,000 | -18.8% | 94,459 | -8.6% | 3.88% | -19.9% |
| GGP | Buy | GENERAL GROWTH PPTYS INC NEW | $5,789,000 | +7.9% | 300,100 | +11.1% | 3.87% | +6.5% |
| HR | New | HEALTHCARE RLTY TR | $4,698,000 | – | 203,300 | – | 3.14% | – |
| EXR | Buy | EXTRA SPACE STORAGE INC | $4,454,000 | +34.9% | 97,350 | +23.6% | 2.98% | +33.1% |
| RYN | New | RAYONIER INC | $4,433,000 | – | 79,665 | – | 2.96% | – |
| SLG | Buy | SL GREEN RLTY CORP | $4,282,000 | +33.1% | 48,200 | +32.2% | 2.86% | +31.3% |
| FRT | Sell | FEDERAL REALTY INVT TRsh ben int new | $4,171,000 | -14.5% | 41,110 | -12.6% | 2.79% | -15.6% |
| DLR | Sell | DIGITAL RLTY TR INC | $4,129,000 | -44.5% | 77,750 | -36.2% | 2.76% | -45.2% |
| ROIC | Buy | RETAIL OPPORTUNITY INVTS COR | $4,027,000 | +14.4% | 291,812 | +15.2% | 2.69% | +12.8% |
| BMR | Buy | BIOMED REALTY TRUST INC | $3,875,000 | -4.8% | 208,469 | +3.6% | 2.59% | -6.1% |
| STAG | Sell | STAG INDL INC | $3,486,000 | -5.5% | 173,276 | -6.3% | 2.33% | -6.8% |
| BDN | Sell | BRANDYWINE RLTY TRsh ben int new | $3,469,000 | -3.7% | 263,185 | -1.2% | 2.32% | -5.0% |
| ARE | New | ALEXANDRIA REAL ESTATE EQ IN | $3,429,000 | – | 53,700 | – | 2.29% | – |
| CHSP | Buy | CHESAPEAKE LODGING TRsh ben int | $3,247,000 | +32.0% | 137,934 | +16.6% | 2.17% | +30.3% |
| IRM | Sell | IRON MTN INC | $3,202,000 | -8.5% | 118,520 | -9.8% | 2.14% | -9.7% |
| PEB | New | PEBBLEBROOK HOTEL TR | $3,135,000 | – | 109,200 | – | 2.10% | – |
| H | New | HYATT HOTELS CORP | $2,913,000 | – | 67,800 | – | 1.95% | – |
| RPT | Buy | RAMCO-GERSHENSON PPTYS TR | $2,870,000 | -0.3% | 186,246 | +0.4% | 1.92% | -1.6% |
| EDR | Buy | EDUCATION RLTY TR INC | $2,368,000 | +1139.8% | 260,200 | +1291.4% | 1.58% | +1126.4% |
| SRC | Exit | SPIRIT RLTY CAP INC | $0 | – | -160,898 | – | -1.01% | – |
| HOT | Exit | STARWOOD HOTELS&RESORTS WRLD | $0 | – | -35,880 | – | -1.54% | – |
| CBLAQ | Exit | CBL & ASSOC PPTYS INC | $0 | – | -144,050 | – | -2.09% | – |
| SBRA | Exit | SABRA HEALTH CARE REIT INC | $0 | – | -136,642 | – | -2.42% | – |
| GOV | Exit | GOVERNMENT PPTYS INCOME TR | $0 | – | -144,400 | – | -2.47% | – |
| CXW | Exit | CORRECTIONS CORP AMER NEW | $0 | – | -115,300 | – | -2.64% | – |
| LHO | Exit | LASALLE HOTEL PPTYS | $0 | – | -179,400 | – | -3.00% | – |
| AVB | Exit | AVALONBAY CMNTYS INC | $0 | – | -56,610 | – | -5.17% | – |
Q2 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SPG | New | SIMON PPTY GROUP INC NEW | $13,375,000 | – | 84,692 | – | 9.06% | – |
| AMT | New | AMERICAN TOWER CORP NEW | $12,334,000 | – | 168,571 | – | 8.35% | – |
| VTR | New | VENTAS INC | $9,280,000 | – | 133,600 | – | 6.28% | – |
| HCN | New | HEALTH CARE REIT INC | $8,368,000 | – | 124,845 | – | 5.67% | – |
| WY | New | WEYERHAEUSER CO | $8,170,000 | – | 286,762 | – | 5.53% | – |
| AVB | New | AVALONBAY CMNTYS INC | $7,637,000 | – | 56,610 | – | 5.17% | – |
| DLR | New | DIGITAL RLTY TR INC | $7,433,000 | – | 121,850 | – | 5.03% | – |
| CPT | New | CAMDEN PPTY TRsh ben int | $7,146,000 | – | 103,359 | – | 4.84% | – |
| ESS | New | ESSEX PPTY TR INC | $6,986,000 | – | 43,960 | – | 4.73% | – |
| GGP | New | GENERAL GROWTH PPTYS INC NEW | $5,365,000 | – | 270,000 | – | 3.63% | – |
| FRT | New | FEDERAL REALTY INVT TRsh ben int new | $4,879,000 | – | 47,054 | – | 3.30% | – |
| LHO | New | LASALLE HOTEL PPTYS | $4,431,000 | – | 179,400 | – | 3.00% | – |
| BMR | New | BIOMED REALTY TRUST INC | $4,071,000 | – | 201,249 | – | 2.76% | – |
| CXW | New | CORRECTIONS CORP AMER NEW | $3,905,000 | – | 115,300 | – | 2.64% | – |
| STAG | New | STAG INDL INC | $3,688,000 | – | 184,866 | – | 2.50% | – |
| GOV | New | GOVERNMENT PPTYS INCOME TR | $3,642,000 | – | 144,400 | – | 2.47% | – |
| BDN | New | BRANDYWINE RLTY TRsh ben int new | $3,602,000 | – | 266,435 | – | 2.44% | – |
| SBRA | New | SABRA HEALTH CARE REIT INC | $3,568,000 | – | 136,642 | – | 2.42% | – |
| ROIC | New | RETAIL OPPORTUNITY INVTS COR | $3,521,000 | – | 253,312 | – | 2.38% | – |
| IRM | New | IRON MTN INC | $3,498,000 | – | 131,450 | – | 2.37% | – |
| EXR | New | EXTRA SPACE STORAGE INC | $3,302,000 | – | 78,750 | – | 2.24% | – |
| SLG | New | SL GREEN RLTY CORP | $3,217,000 | – | 36,473 | – | 2.18% | – |
| CBLAQ | New | CBL & ASSOC PPTYS INC | $3,086,000 | – | 144,050 | – | 2.09% | – |
| RPT | New | RAMCO-GERSHENSON PPTYS TR | $2,880,000 | – | 185,421 | – | 1.95% | – |
| VNO | New | VORNADO RLTY TRsh ben int | $2,834,000 | – | 34,204 | – | 1.92% | – |
| CHSP | New | CHESAPEAKE LODGING TRsh ben int | $2,459,000 | – | 118,274 | – | 1.66% | – |
| HOT | New | STARWOOD HOTELS&RESORTS WRLD | $2,267,000 | – | 35,880 | – | 1.54% | – |
| SRC | New | SPIRIT RLTY CAP INC | $1,497,000 | – | 160,898 | – | 1.01% | – |
| UDR | New | UDR INC | $1,027,000 | – | 40,300 | – | 0.70% | – |
| EDR | New | EDUCATION RLTY TR INC | $191,000 | – | 18,700 | – | 0.13% | – |