Resolution Capital Ltd Activity Q4 2006-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
EQR	Sell	EQUITY RESIDENTIALsh ben int	$495,500,658	-19.9%	8,439,800	-10.0%	9.82%	-3.6%
EQIX	Buy	EQUINIX INC	$479,044,001	-2.2%	659,604	+5.5%	9.50%	+17.6%
PLD	Sell	PROLOGIS INC.	$474,533,285	-22.4%	4,228,975	-15.2%	9.41%	-6.6%
WELL	Buy	WELLTOWER INC	$449,097,810	+2.2%	5,482,151	+0.9%	8.90%	+22.9%
INVH	Sell	INVITATION HOMES INC	$334,122,057	-31.5%	10,543,454	-25.7%	6.62%	-17.6%
DLR	Buy	DIGITAL RLTY TR INC	$284,531,695	+119.7%	2,351,113	+106.7%	5.64%	+164.2%
	Sell	FEDERAL RLTY INVT TR NEWsh ben int new	$264,034,463	-20.0%	2,913,323	-14.6%	5.24%	-3.8%
O	Sell	REALTY INCOME CORP	$251,786,493	-40.6%	5,041,780	-28.9%	4.99%	-28.6%
REG	Sell	REGENCY CTRS CORP	$221,783,182	-16.4%	3,731,211	-13.2%	4.40%	+0.5%
PEAK	Buy	HEALTHPEAK PROPERTIES INC	$214,289,364	-0.1%	11,671,534	+9.3%	4.25%	+20.1%
AMH	Buy	AMERICAN HOMES 4 RENTcl a	$155,531,637	-0.4%	4,616,552	+4.8%	3.08%	+19.9%
ESS	Sell	ESSEX PPTY TR INC	$153,976,280	-21.3%	725,995	-13.1%	3.05%	-5.4%
ELS	Sell	EQUITY LIFESTYLE PPTYS INC	$149,498,637	-23.8%	2,346,549	-20.0%	2.96%	-8.3%
AMT	Sell	AMERICAN TOWER CORP NEW	$148,880,696	-20.6%	905,325	-6.4%	2.95%	-4.5%
HST	Sell	HOST HOTELS & RESORTS INC	$142,413,931	-38.2%	8,862,099	-35.3%	2.82%	-25.7%
PSA	Sell	PUBLIC STORAGE	$139,085,856	-44.6%	527,800	-38.7%	2.76%	-33.4%
SUI	New	SUN CMNTYS INC	$104,406,412	–	882,258	–	2.07%	–
CUBE	Sell	CUBESMART	$99,708,120	-45.8%	2,614,952	-36.6%	1.98%	-34.8%
KIM	Sell	KIMCO RLTY CORP	$90,205,249	-49.1%	5,128,212	-42.9%	1.79%	-38.7%
KRC	Sell	KILROY RLTY CORP	$89,248,780	-36.9%	2,823,435	-40.0%	1.77%	-24.1%
VTR	New	VENTAS INC	$77,296,964	–	1,834,725	–	1.53%	–
OFC	Buy	COPT DEFENSE PROPERTIES	$70,722,888	+20.4%	2,967,809	+20.0%	1.40%	+44.8%
UE	Buy	URBAN EDGE PPTYS	$70,094,490	+19.5%	4,593,348	+20.8%	1.39%	+43.7%
REXR	Sell	REXFORD INDL RLTY INC	$44,237,192	-63.1%	896,397	-60.9%	0.88%	-55.6%
TRNO	Sell	TERRENO RLTY CORP	$21,548,784	-23.0%	379,380	-18.5%	0.43%	-7.4%
AVB	Sell	AVALONBAY CMNTYS INC	$2,408,825	-11.6%	14,026	-2.5%	0.05%	+6.7%
AEE	Buy	AMEREN CORP	$2,336,193	-3.6%	31,220	+5.2%	0.05%	+15.0%
EXC	Buy	EXELON CORP	$2,231,651	-6.2%	59,054	+1.1%	0.04%	+12.8%
PEG	Sell	PUBLIC SVC ENTERPRISE GRP IN	$1,554,155	-28.7%	27,309	-21.6%	0.03%	-13.9%
EIX	Buy	EDISON INTL	$1,168,523	-1.3%	18,463	+8.3%	0.02%	+15.0%
NEE	Sell	NEXTERA ENERGY INC	$1,097,218	-41.8%	19,152	-24.7%	0.02%	-29.0%
	Buy	CONSTELLATION ENERGY CORP	$1,037,351	+20.4%	9,510	+1.1%	0.02%	+50.0%
UNP	Buy	UNION PAC CORP	$1,067,632	+28.0%	5,243	+28.6%	0.02%	+50.0%
DUK	New	DUKE ENERGY CORP NEW	$760,007	–	8,611	–	0.02%	–
ED	Buy	CONSOLIDATED EDISON INC	$730,170	+49.4%	8,537	+57.9%	0.01%	+75.0%
TRGP	Buy	TARGA RES CORP	$632,699	+143.5%	7,381	+116.2%	0.01%	+225.0%
SO	New	SOUTHERN CO	$659,756	–	10,194	–	0.01%	–
LNG	Buy	CHENIERE ENERGY INC	$502,029	+26.0%	3,025	+15.7%	0.01%	+42.9%
XEL	Exit	XCEL ENERGY INC	$0	–	-4,566	–	-0.01%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-31,194	–	-0.01%	–
	Exit	HEALTHCARE RLTY TR	$0	–	-2,765,804	–	-0.86%	–

Q2 2023

			Value		Shares		↓ Weighting
EQR	New	EQUITY RESIDENTIALsh ben int	$618,298,415	–	9,372,418	–	10.19%	–
PLD	New	PROLOGIS INC.	$611,303,683	–	4,984,944	–	10.08%	–
EQIX	New	EQUINIX INC	$489,963,284	–	625,001	–	8.08%	–
INVH	New	INVITATION HOMES INC	$487,970,158	–	14,185,179	–	8.04%	–
WELL	New	WELLTOWER INC	$439,472,862	–	5,432,969	–	7.24%	–
O	New	REALTY INCOME CORP	$424,052,264	–	7,092,361	–	6.99%	–
	New	FEDERAL RLTY INVT TR NEWsh ben int new	$330,074,438	–	3,410,917	–	5.44%	–
REG	New	REGENCY CTRS CORP	$265,439,712	–	4,297,227	–	4.38%	–
PSA	New	PUBLIC STORAGE	$251,148,146	–	860,450	–	4.14%	–
HST	New	HOST HOTELS & RESORTS INC	$230,514,720	–	13,696,656	–	3.80%	–
PEAK	New	HEALTHPEAK PROPERTIES INC	$214,580,545	–	10,675,649	–	3.54%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$196,207,099	–	2,933,280	–	3.23%	–
ESS	New	ESSEX PPTY TR INC	$195,693,452	–	835,226	–	3.23%	–
AMT	New	AMERICAN TOWER CORP NEW	$187,583,810	–	967,226	–	3.09%	–
CUBE	New	CUBESMART	$184,097,184	–	4,122,194	–	3.03%	–
KIM	New	KIMCO RLTY CORP	$177,103,762	–	8,980,921	–	2.92%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$156,114,497	–	4,403,794	–	2.57%	–
KRC	New	KILROY RLTY CORP	$141,504,634	–	4,702,713	–	2.33%	–
DLR	New	DIGITAL RLTY TR INC	$129,537,032	–	1,137,587	–	2.14%	–
REXR	New	REXFORD INDL RLTY INC	$119,795,343	–	2,294,051	–	1.98%	–
OFC	New	CORPORATE OFFICE PPTYS TRsh ben int	$58,752,750	–	2,473,800	–	0.97%	–
UE	New	URBAN EDGE PPTYS	$58,652,747	–	3,801,215	–	0.97%	–
	New	HEALTHCARE RLTY TR	$52,163,063	–	2,765,804	–	0.86%	–
TRNO	New	TERRENO RLTY CORP	$27,991,575	–	465,750	–	0.46%	–
AVB	New	AVALONBAY CMNTYS INC	$2,723,974	–	14,392	–	0.04%	–
AEE	New	AMEREN CORP	$2,424,211	–	29,683	–	0.04%	–
EXC	New	EXELON CORP	$2,379,135	–	58,398	–	0.04%	–
PEG	New	PUBLIC SVC ENTERPRISE GRP IN	$2,180,644	–	34,829	–	0.04%	–
NEE	New	NEXTERA ENERGY INC	$1,886,164	–	25,420	–	0.03%	–
EIX	New	EDISON INTL	$1,183,636	–	17,043	–	0.02%	–
PPL	New	PPL CORP	$1,132,276	–	42,792	–	0.02%	–
PCG	New	PG&E CORP	$1,180,915	–	68,340	–	0.02%	–
UNP	New	UNION PAC CORP	$834,031	–	4,076	–	0.01%	–
	New	CONSTELLATION ENERGY CORP	$861,486	–	9,410	–	0.01%	–
EQC	New	EQUITY COMWLTH	$631,990	–	31,194	–	0.01%	–
ED	New	CONSOLIDATED EDISON INC	$488,793	–	5,407	–	0.01%	–
LNG	New	CHENIERE ENERGY INC	$398,421	–	2,615	–	0.01%	–
XEL	New	XCEL ENERGY INC	$283,868	–	4,566	–	0.01%	–
TRGP	New	TARGA RES CORP	$259,805	–	3,414	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
WTRG	Exit	ESSENTIAL UTILS INC	$0	–	-5,110	–	-0.00%	–
XEL	Exit	XCEL ENERGY INC	$0	–	-4,460	–	-0.01%	–
PEG	Exit	PUBLIC SVC ENTERPRISE GRP IN	$0	–	-11,900	–	-0.01%	–
EXC	Exit	EXELON CORP	$0	–	-18,130	–	-0.01%	–
AEE	Exit	AMEREN CORP	$0	–	-8,700	–	-0.01%	–
TRNO	Exit	TERRENO RLTY CORP	$0	–	-579,258	–	-0.56%	–
RYN	Exit	RAYONIER INC	$0	–	-1,238,919	–	-0.67%	–
CUBE	Exit	CUBESMART	$0	–	-1,301,213	–	-0.94%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-2,231,407	–	-0.98%	–
UE	Exit	URBAN EDGE PPTYS	$0	–	-4,919,328	–	-1.19%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-2,407,976	–	-1.43%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-2,271,139	–	-1.73%	–
WPC	Exit	WP CAREY INC	$0	–	-1,434,637	–	-1.81%	–
OFC	Exit	CORPORATE OFFICE PPTYS TRsh ben int	$0	–	-4,443,297	–	-1.86%	–
	Exit	HEALTHCARE RLTY TR	$0	–	-5,702,416	–	-2.15%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-2,384,526	–	-2.71%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-1,126,146	–	-2.85%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-11,306,862	–	-3.24%	–
REXR	Exit	REXFORD INDL RLTY INC	$0	–	-4,687,154	–	-4.40%	–
PEAK	Exit	HEALTHPEAK PROPERTIES INC	$0	–	-10,669,761	–	-4.42%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-1,039,449	–	-4.55%	–
EQIX	Exit	EQUINIX INC	$0	–	-499,110	–	-5.13%	–
	Exit	FEDERAL RLTY INVT TR NEWsh ben int new	$0	–	-3,265,308	–	-5.32%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-24,789,744	–	-8.25%	–
WELL	Exit	WELLTOWER INC	$0	–	-7,189,167	–	-8.36%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-1,612,336	–	-8.53%	–
PLD	Exit	PROLOGIS INC.	$0	–	-5,196,834	–	-9.54%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-7,933,742	–	-9.64%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-15,919,617	–	-9.71%	–

Q3 2022

			Value		Shares		↓ Weighting
INVH	Sell	INVITATION HOMES INC	$537,605,000	-14.6%	15,919,617	-10.1%	9.71%	+2.6%
EQR	Buy	EQUITY RESIDENTIALsh ben int	$533,306,000	+12.0%	7,933,742	+20.3%	9.64%	+34.6%
PLD	Sell	PROLOGIS INC.	$527,998,000	-23.1%	5,196,834	-11.0%	9.54%	-7.6%
PSA	Buy	PUBLIC STORAGE	$472,108,000	+18.3%	1,612,336	+26.3%	8.53%	+42.2%
WELL	Sell	WELLTOWER INC	$462,407,000	-31.3%	7,189,167	-12.1%	8.36%	-17.5%
KIM	Sell	KIMCO RLTY CORP	$456,379,000	-7.7%	24,789,744	-0.9%	8.25%	+10.9%
	Buy	FEDERAL RLTY INVT TR NEWsh ben int new	$294,270,000	+15.4%	3,265,308	+22.6%	5.32%	+38.8%
EQIX	Sell	EQUINIX INC	$283,914,000	-36.3%	499,110	-26.4%	5.13%	-23.4%
ESS	Sell	ESSEX PPTY TR INC	$251,786,000	-31.3%	1,039,449	-25.8%	4.55%	-17.4%
PEAK	Sell	HEALTHPEAK PROPERTIES INC	$244,551,000	-12.4%	10,669,761	-0.9%	4.42%	+5.3%
REXR	Sell	REXFORD INDL RLTY INC	$243,732,000	-19.8%	4,687,154	-11.2%	4.40%	-3.7%
HST	Sell	HOST HOTELS & RESORTS INC	$179,553,000	-20.1%	11,306,862	-21.1%	3.24%	-4.0%
ARE	Buy	ALEXANDRIA REAL ESTATE EQ IN	$157,874,000	+80.9%	1,126,146	+87.1%	2.85%	+117.4%
ELS	Sell	EQUITY LIFESTYLE PPTYS INC	$149,844,000	-25.8%	2,384,526	-16.8%	2.71%	-10.9%
	New	HEALTHCARE RLTY TR	$118,895,000	–	5,702,416	–	2.15%	–
OFC	Buy	CORPORATE OFFICE PPTYS TRsh ben int	$103,218,000	+62.0%	4,443,297	+82.7%	1.86%	+94.7%
WPC	Buy	WP CAREY INC	$100,138,000	-1.3%	1,434,637	+17.2%	1.81%	+18.6%
KRC	Sell	KILROY RLTY CORP	$95,638,000	-51.7%	2,271,139	-40.0%	1.73%	-42.0%
AMH	New	AMERICAN HOMES 4 RENTcl a	$79,006,000	–	2,407,976	–	1.43%	–
UE	Sell	URBAN EDGE PPTYS	$65,624,000	-43.7%	4,919,328	-35.8%	1.19%	-32.3%
EQC	Buy	EQUITY COMWLTH	$54,357,000	+118.3%	2,231,407	+146.7%	0.98%	+162.6%
CUBE	Sell	CUBESMART	$52,127,000	-60.7%	1,301,213	-58.0%	0.94%	-52.7%
RYN	Sell	RAYONIER INC	$37,130,000	-72.1%	1,238,919	-65.1%	0.67%	-66.4%
TRNO	Sell	TERRENO RLTY CORP	$30,695,000	-14.2%	579,258	-9.8%	0.56%	+3.2%
AEE	Sell	AMEREN CORP	$701,000	-14.7%	8,700	-4.4%	0.01%	+8.3%
EXC	Buy	EXELON CORP	$679,000	-14.3%	18,130	+3.7%	0.01%	0.0%
PEG	Buy	PUBLIC SVC ENTERPRISE GRP IN	$669,000	+16.3%	11,900	+30.9%	0.01%	+33.3%
XEL	Sell	XCEL ENERGY INC	$285,000	-24.8%	4,460	-16.6%	0.01%	-16.7%
WTRG	New	ESSENTIAL UTILS INC	$211,000	–	5,110	–	0.00%	–
SWCH	Exit	SWITCH INCcl a	$0	–	-130,185	–	-0.07%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS INC	$0	–	-1,009,226	–	-0.98%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-619,263	–	-1.25%	–
HR	Exit	HEALTHCARE RLTY TR	$0	–	-6,142,092	–	-2.51%	–

Q2 2022

			Value		Shares		↓ Weighting
PLD	New	PROLOGIS INC.	$686,661,000	–	5,836,469	–	10.32%	–
WELL	New	WELLTOWER INC	$673,483,000	–	8,178,299	–	10.12%	–
INVH	New	INVITATION HOMES INC	$629,873,000	–	17,703,018	–	9.47%	–
KIM	New	KIMCO RLTY CORP	$494,566,000	–	25,015,969	–	7.44%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$476,373,000	–	6,596,137	–	7.16%	–
EQIX	New	EQUINIX INC	$445,550,000	–	678,137	–	6.70%	–
PSA	New	PUBLIC STORAGE	$399,123,000	–	1,276,500	–	6.00%	–
ESS	New	ESSEX PPTY TR INC	$366,331,000	–	1,400,828	–	5.51%	–
REXR	New	REXFORD INDL RLTY INC	$304,063,000	–	5,279,788	–	4.57%	–
PEAK	New	HEALTHPEAK PROPERTIES INC	$279,097,000	–	10,771,782	–	4.20%	–
	New	FEDERAL RLTY INVT TR NEWsh ben int new	$254,920,000	–	2,662,628	–	3.83%	–
HST	New	HOST HOTELS & RESORTS INC	$224,752,000	–	14,333,673	–	3.38%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$202,018,000	–	2,866,730	–	3.04%	–
KRC	New	KILROY RLTY CORP	$198,033,000	–	3,784,319	–	2.98%	–
HR	New	HEALTHCARE RLTY TR	$167,065,000	–	6,142,092	–	2.51%	–
RYN	New	RAYONIER INC	$132,867,000	–	3,554,496	–	2.00%	–
CUBE	New	CUBESMART	$132,506,000	–	3,101,738	–	1.99%	–
UE	New	URBAN EDGE PPTYS	$116,481,000	–	7,658,199	–	1.75%	–
WPC	New	WP CAREY INC	$101,464,000	–	1,224,521	–	1.52%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$87,283,000	–	601,829	–	1.31%	–
CPT	New	CAMDEN PPTY TRsh ben int	$83,278,000	–	619,263	–	1.25%	–
ACC	New	AMERICAN CAMPUS CMNTYS INC	$65,065,000	–	1,009,226	–	0.98%	–
OFC	New	CORPORATE OFFICE PPTYS TRsh ben int	$63,708,000	–	2,432,529	–	0.96%	–
TRNO	New	TERRENO RLTY CORP	$35,793,000	–	642,256	–	0.54%	–
EQC	New	EQUITY COMWLTH	$24,902,000	–	904,530	–	0.37%	–
SWCH	New	SWITCH INCcl a	$4,361,000	–	130,185	–	0.07%	–
AEE	New	AMEREN CORP	$822,000	–	9,100	–	0.01%	–
EXC	New	EXELON CORP	$792,000	–	17,480	–	0.01%	–
PEG	New	PUBLIC SVC ENTERPRISE GRP IN	$575,000	–	9,090	–	0.01%	–
XEL	New	XCEL ENERGY INC	$379,000	–	5,350	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
XEL	Exit	XCEL ENERGY INC	$0	–	-5,570	–	-0.01%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-4,830	–	-0.01%	–
UNP	Exit	UNION PAC CORP	$0	–	-2,160	–	-0.01%	–
EXC	Exit	EXELON CORP	$0	–	-11,990	–	-0.01%	–
AEE	Exit	AMEREN CORP	$0	–	-7,270	–	-0.01%	–
BDN	Exit	BRANDYWINE RLTY TRsh ben int new	$0	–	-235,767	–	-0.04%	–
SWCH	Exit	SWITCH INCcl a	$0	–	-1,263,742	–	-0.43%	–
TRNO	Exit	TERRENO RLTY CORP	$0	–	-842,451	–	-0.71%	–
CONE	Exit	CYRUSONE INC	$0	–	-1,268,265	–	-1.30%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-6,374,383	–	-1.38%	–
RYN	Exit	RAYONIER INC	$0	–	-3,310,294	–	-1.57%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS INC	$0	–	-3,140,092	–	-2.02%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-1,073,608	–	-2.72%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-1,474,660	–	-2.89%	–
UE	Exit	URBAN EDGE PPTYS	$0	–	-11,936,277	–	-2.90%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-739,590	–	-2.92%	–
REXR	Exit	REXFORD INDL RLTY INC	$0	–	-4,394,224	–	-3.31%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-3,400,126	–	-3.52%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-1,020,172	–	-3.59%	–
FRT	Exit	FEDERAL RLTY INVT TRsh ben int new	$0	–	-2,483,244	–	-3.89%	–
PEAK	Exit	HEALTHPEAK PROPERTIES INC	$0	–	-9,183,517	–	-4.08%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-3,900,927	–	-4.19%	–
CUBE	Exit	CUBESMART	$0	–	-6,626,708	–	-4.26%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-6,128,706	–	-5.38%	–
EQIX	Exit	EQUINIX INC	$0	–	-564,638	–	-5.92%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-1,486,770	–	-6.31%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-24,950,785	–	-6.87%	–
WELL	Exit	WELLTOWER INC	$0	–	-6,697,347	–	-7.32%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-19,722,800	–	-10.03%	–
PLD	Exit	PROLOGIS INC.	$0	–	-7,464,922	–	-12.42%	–

Q3 2021

			Value		Shares		↓ Weighting
PLD	Sell	PROLOGIS INC.	$936,325,000	+2.8%	7,464,922	-2.0%	12.42%	-3.7%
INVH	Buy	INVITATION HOMES INC	$755,975,000	+14.1%	19,722,800	+11.0%	10.03%	+6.8%
WELL	Sell	WELLTOWER INC	$551,861,000	-13.9%	6,697,347	-13.2%	7.32%	-19.4%
KIM	Buy	KIMCO RLTY CORP	$517,729,000	+29.5%	24,950,785	+30.1%	6.87%	+21.2%
ESS	Buy	ESSEX PPTY TR INC	$475,380,000	+49.6%	1,486,770	+40.3%	6.31%	+40.1%
EQIX	Buy	EQUINIX INC	$446,137,000	+21.4%	564,638	+23.4%	5.92%	+13.7%
KRC	Sell	KILROY RLTY CORP	$405,782,000	-8.7%	6,128,706	-3.9%	5.38%	-14.5%
CUBE	Sell	CUBESMART	$321,064,000	-1.3%	6,626,708	-5.6%	4.26%	-7.6%
EQR	Sell	EQUITY RESIDENTIALsh ben int	$315,663,000	-13.0%	3,900,927	-17.3%	4.19%	-18.6%
PEAK	Buy	HEALTHPEAK PROPERTIES INC	$307,464,000	+27.9%	9,183,517	+27.2%	4.08%	+19.8%
FRT	Sell	FEDERAL RLTY INVT TRsh ben int new	$292,998,000	-7.1%	2,483,244	-7.7%	3.89%	-13.0%
AMT	Buy	AMERICAN TOWER CORP NEW	$270,764,000	+14.1%	1,020,172	+16.1%	3.59%	+6.8%
ELS	Buy	EQUITY LIFESTYLE PPTYS INC	$265,550,000	+12.6%	3,400,126	+7.1%	3.52%	+5.4%
REXR	Buy	REXFORD INDL RLTY INC	$249,372,000	+95.4%	4,394,224	+96.1%	3.31%	+83.0%
PSA	Sell	PUBLIC STORAGE	$219,732,000	-34.5%	739,590	-33.7%	2.92%	-38.6%
UE	Sell	URBAN EDGE PPTYS	$218,553,000	-5.5%	11,936,277	-1.4%	2.90%	-11.5%
CPT	Sell	CAMDEN PPTY TRsh ben int	$217,468,000	+3.3%	1,474,660	-7.1%	2.89%	-3.3%
ARE	Sell	ALEXANDRIA REAL ESTATE EQ IN	$205,134,000	+2.0%	1,073,608	-2.9%	2.72%	-4.5%
ACC	Buy	AMERICAN CAMPUS CMNTYS INC	$152,137,000	+6.7%	3,140,092	+2.9%	2.02%	-0.0%
RYN	Buy	RAYONIER INC	$118,111,000	-0.0%	3,310,294	+0.7%	1.57%	-6.4%
HST	New	HOST HOTELS & RESORTS INC	$104,094,000	–	6,374,383	–	1.38%	–
CONE	New	CYRUSONE INC	$98,176,000	–	1,268,265	–	1.30%	–
TRNO	Buy	TERRENO RLTY CORP	$53,268,000	+28.5%	842,451	+31.1%	0.71%	+20.2%
SWCH	Buy	SWITCH INCcl a	$32,086,000	+14224.1%	1,263,742	+11822.1%	0.43%	+14100.0%
BDN	New	BRANDYWINE RLTY TRsh ben int new	$3,164,000	–	235,767	–	0.04%	–
AEE	New	AMEREN CORP	$589,000	–	7,270	–	0.01%	–
EXC	New	EXELON CORP	$580,000	–	11,990	–	0.01%	–
UNP	New	UNION PAC CORP	$423,000	–	2,160	–	0.01%	–
NEE	New	NEXTERA ENERGY INC	$379,000	–	4,830	–	0.01%	–
XEL	New	XCEL ENERGY INC	$348,000	–	5,570	–	0.01%	–
COLD	Exit	AMERICOLD RLTY TR	$0	–	-1,685,263	–	-0.90%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-822,295	–	-1.75%	–

Q2 2021

			Value		Shares		↓ Weighting
PLD	New	PROLOGIS INC.	$910,662,000	–	7,618,688	–	12.90%	–
INVH	New	INVITATION HOMES INC	$662,721,000	–	17,772,094	–	9.39%	–
WELL	New	WELLTOWER INC	$640,872,000	–	7,712,052	–	9.08%	–
KRC	New	KILROY RLTY CORP	$444,219,000	–	6,378,798	–	6.30%	–
KIM	New	KIMCO RLTY CORP	$399,907,000	–	19,180,185	–	5.67%	–
EQIX	New	EQUINIX INC	$367,348,000	–	457,698	–	5.21%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$363,019,000	–	4,714,534	–	5.14%	–
PSA	New	PUBLIC STORAGE	$335,268,000	–	1,114,994	–	4.75%	–
CUBE	New	CUBESMART	$325,214,000	–	7,021,027	–	4.61%	–
ESS	New	ESSEX PPTY TR INC	$317,834,000	–	1,059,413	–	4.50%	–
FRT	New	FEDERAL RLTY INVT TRsh ben int new	$315,298,000	–	2,690,944	–	4.47%	–
PEAK	New	HEALTHPEAK PROPERTIES INC	$240,356,000	–	7,220,080	–	3.41%	–
AMT	New	AMERICAN TOWER CORP NEW	$237,311,000	–	878,473	–	3.36%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$235,899,000	–	3,174,526	–	3.34%	–
UE	New	URBAN EDGE PPTYS	$231,281,000	–	12,108,946	–	3.28%	–
CPT	New	CAMDEN PPTY TRsh ben int	$210,566,000	–	1,587,142	–	2.98%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$201,174,000	–	1,105,715	–	2.85%	–
ACC	New	AMERICAN CAMPUS CMNTYS INC	$142,566,000	–	3,051,490	–	2.02%	–
REXR	New	REXFORD INDL RLTY INC	$127,596,000	–	2,240,484	–	1.81%	–
DLR	New	DIGITAL RLTY TR INC	$123,723,000	–	822,295	–	1.75%	–
RYN	New	RAYONIER INC	$118,157,000	–	3,288,522	–	1.67%	–
COLD	New	AMERICOLD RLTY TR	$63,787,000	–	1,685,263	–	0.90%	–
TRNO	New	TERRENO RLTY CORP	$41,457,000	–	642,551	–	0.59%	–
SWCH	New	SWITCH INCcl a	$224,000	–	10,600	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
REG	Exit	REGENCY CTRS CORP	$0	–	-651,228	–	-0.65%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-1,526,032	–	-1.06%	–
TRNO	Exit	TERRENO RLTY CORP	$0	–	-835,811	–	-1.19%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-1,809,139	–	-1.74%	–
BNL	Exit	BROADSTONE NET LEASE INC	$0	–	-4,255,530	–	-1.86%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-7,180,806	–	-2.02%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-883,879	–	-2.05%	–
UE	Exit	URBAN EDGE PPTYS	$0	–	-8,664,559	–	-2.20%	–
COLD	Exit	AMERICOLD RLTY TR	$0	–	-2,373,989	–	-2.21%	–
STOR	Exit	STORE CAP CORP	$0	–	-3,097,558	–	-2.22%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-1,698,024	–	-2.27%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-753,462	–	-2.88%	–
DEA	Exit	EASTERLY GOVT PPTYS INC	$0	–	-5,359,415	–	-3.13%	–
HR	Exit	HEALTHCARE RLTY TR	$0	–	-4,212,016	–	-3.31%	–
CONE	Exit	CYRUSONE INC	$0	–	-2,169,912	–	-3.96%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-2,547,629	–	-4.07%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS INC	$0	–	-4,709,804	–	-4.29%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-1,198,105	–	-5.00%	–
CUBE	Exit	CUBESMART	$0	–	-6,048,242	–	-5.10%	–
O	Exit	REALTY INCOME CORP	$0	–	-3,588,997	–	-5.68%	–
PEAK	Exit	HEALTHPEAK PROPERTIES INC	$0	–	-8,380,758	–	-5.93%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-954,077	–	-6.01%	–
EQIX	Exit	EQUINIX INC	$0	–	-340,785	–	-6.75%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-11,301,468	–	-8.25%	–
PLD	Exit	PROLOGIS INC.	$0	–	-6,157,702	–	-16.16%	–

Q3 2020

			Value		Shares		↓ Weighting
PLD	Buy	PROLOGIS INC.	$619,588,000	+22.3%	6,157,702	+13.5%	16.16%	+2.0%
INVH	Buy	INVITATION HOMES INC	$316,328,000	+11.3%	11,301,468	+9.5%	8.25%	-7.2%
EQIX	Buy	EQUINIX INC	$259,041,000	+28.0%	340,785	+18.3%	6.75%	+6.7%
AMT	Buy	AMERICAN TOWER CORP NEW	$230,629,000	+12.4%	954,077	+20.2%	6.01%	-6.3%
PEAK	Buy	HEALTHPEAK PROPERTIES INC	$227,538,000	+8.2%	8,380,758	+9.8%	5.93%	-9.8%
O	New	REALTY INCOME CORP	$218,032,000	–	3,588,997	–	5.68%	–
CUBE	Buy	CUBESMART	$195,419,000	+106.1%	6,048,242	+72.2%	5.10%	+71.9%
ARE	Sell	ALEXANDRIA REAL ESTATE EQ IN	$191,697,000	-5.7%	1,198,105	-4.3%	5.00%	-21.3%
ACC	Sell	AMERICAN CAMPUS CMNTYS INC	$164,466,000	-8.0%	4,709,804	-7.9%	4.29%	-23.3%
ELS	Buy	EQUITY LIFESTYLE PPTYS INC	$156,170,000	+27.6%	2,547,629	+30.0%	4.07%	+6.4%
CONE	Buy	CYRUSONE INC	$151,959,000	+45.8%	2,169,912	+51.5%	3.96%	+21.6%
HR	Buy	HEALTHCARE RLTY TR	$126,866,000	+40.0%	4,212,016	+36.1%	3.31%	+16.7%
DEA	Sell	EASTERLY GOVT PPTYS INC	$120,104,000	-5.4%	5,359,415	-2.4%	3.13%	-21.1%
DLR	Buy	DIGITAL RLTY TR INC	$110,578,000	+278.7%	753,462	+266.7%	2.88%	+215.8%
EQR	Sell	EQUITY RESIDENTIALsh ben int	$87,160,000	-24.6%	1,698,024	-13.6%	2.27%	-37.1%
STOR	Sell	STORE CAP CORP	$84,966,000	+14.4%	3,097,558	-0.7%	2.22%	-4.7%
COLD	Buy	AMERICOLD RLTY TR	$84,870,000	+3.0%	2,373,989	+4.5%	2.21%	-14.2%
UE	Buy	URBAN EDGE PPTYS	$84,220,000	+7.7%	8,664,559	+31.5%	2.20%	-10.2%
CPT	Sell	CAMDEN PPTY TRsh ben int	$78,648,000	-26.2%	883,879	-24.3%	2.05%	-38.5%
HST	Buy	HOST HOTELS & RESORTS INC	$77,481,000	+11.6%	7,180,806	+11.6%	2.02%	-7.0%
BNL	New	BROADSTONE NET LEASE INC	$71,408,000	–	4,255,530	–	1.86%	–
DRE	New	DUKE REALTY CORP	$66,757,000	–	1,809,139	–	1.74%	–
TRNO	Sell	TERRENO RLTY CORP	$45,769,000	-20.0%	835,811	-23.1%	1.19%	-33.3%
EQC	Sell	EQUITY COMWLTH	$40,638,000	-40.3%	1,526,032	-27.9%	1.06%	-50.2%
REG	Sell	REGENCY CTRS CORP	$24,760,000	-71.9%	651,228	-66.1%	0.65%	-76.5%
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-2,893,561	–	-0.63%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-1,339,631	–	-2.46%	–

Q2 2020

			Value		Shares		↓ Weighting
PLD	New	PROLOGIS INC.	$506,485,000	–	5,426,817	–	15.84%	–
INVH	New	INVITATION HOMES INC	$284,183,000	–	10,322,680	–	8.89%	–
PEAK	New	HEALTHPEAK PROPERTIES INC	$210,373,000	–	7,633,275	–	6.58%	–
AMT	New	AMERICAN TOWER CORP NEW	$205,212,000	–	793,735	–	6.42%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$203,195,000	–	1,252,355	–	6.35%	–
EQIX	New	EQUINIX INC	$202,373,000	–	288,157	–	6.33%	–
ACC	New	AMERICAN CAMPUS CMNTYS INC	$178,753,000	–	5,113,079	–	5.59%	–
DEA	New	EASTERLY GOVT PPTYS INC	$126,952,000	–	5,490,993	–	3.97%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$122,416,000	–	1,959,276	–	3.83%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$115,614,000	–	1,965,552	–	3.62%	–
CPT	New	CAMDEN PPTY TRsh ben int	$106,563,000	–	1,168,200	–	3.33%	–
CONE	New	CYRUSONE INC	$104,224,000	–	1,432,636	–	3.26%	–
CUBE	New	CUBESMART	$94,823,000	–	3,513,263	–	2.96%	–
HR	New	HEALTHCARE RLTY TR	$90,628,000	–	3,094,152	–	2.83%	–
REG	New	REGENCY CTRS CORP	$88,075,000	–	1,919,265	–	2.75%	–
COLD	New	AMERICOLD RLTY TR	$82,434,000	–	2,270,919	–	2.58%	–
KRC	New	KILROY RLTY CORP	$78,636,000	–	1,339,631	–	2.46%	–
UE	New	URBAN EDGE PPTYS	$78,226,000	–	6,590,225	–	2.45%	–
STOR	New	STORE CAP CORP	$74,302,000	–	3,120,632	–	2.32%	–
HST	New	HOST HOTELS & RESORTS INC	$69,450,000	–	6,436,556	–	2.17%	–
EQC	New	EQUITY COMWLTH	$68,106,000	–	2,115,107	–	2.13%	–
TRNO	New	TERRENO RLTY CORP	$57,206,000	–	1,086,742	–	1.79%	–
DLR	New	DIGITAL RLTY TR INC	$29,196,000	–	205,443	–	0.91%	–
ESRT	New	EMPIRE ST RLTY TR INCcl a	$20,255,000	–	2,893,561	–	0.63%	–

Q4 2019

			Value		Shares		↓ Weighting
VTR	Exit	VENTAS INC	$0	–	-48,000	–	-0.10%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-1,832,311	–	-0.91%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-260,843	–	-0.97%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-338,298	–	-1.08%	–
CUBE	Exit	CUBESMART	$0	–	-1,560,468	–	-1.56%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-1,916,732	–	-1.88%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-599,902	–	-2.68%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-2,466,559	–	-2.77%	–
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-7,009,454	–	-2.87%	–
HR	Exit	HEALTHCARE RLTY TR	$0	–	-3,085,572	–	-2.96%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-1,506,152	–	-3.36%	–
INXN	Exit	INTERXION HOLDING N.V	$0	–	-1,495,866	–	-3.49%	–
STOR	Exit	STORE CAP CORP	$0	–	-3,339,967	–	-3.58%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-981,026	–	-3.65%	–
TRNO	Exit	TERRENO RLTY CORP	$0	–	-2,529,588	–	-3.70%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-1,007,402	–	-3.86%	–
VER	Exit	VEREIT INC	$0	–	-13,761,916	–	-3.86%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-1,006,892	–	-3.93%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-635,961	–	-4.03%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-5,485,120	–	-4.66%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-500,111	–	-4.68%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-1,528,196	–	-6.75%	–
HCP	Exit	HCP INC	$0	–	-9,733,993	–	-9.94%	–
PLD	Exit	PROLOGIS INC	$0	–	-4,446,288	–	-10.86%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-4,798,695	–	-11.87%	–

Q3 2019

			Value		Shares		↓ Weighting
EQR	Buy	EQUITY RESIDENTIALsh ben int	$413,935,000	+24.6%	4,798,695	+9.6%	11.87%	+7.9%
PLD	Sell	PROLOGIS INC	$378,913,000	-7.3%	4,446,288	-12.9%	10.86%	-19.7%
HCP	Buy	HCP INC	$346,822,000	+23.8%	9,733,993	+11.1%	9.94%	+7.3%
ARE	Sell	ALEXANDRIA REAL ESTATE EQ IN	$235,403,000	+0.2%	1,528,196	-8.2%	6.75%	-13.2%
ESS	Buy	ESSEX PPTY TR INC	$163,361,000	+20.3%	500,111	+7.5%	4.68%	+4.2%
INVH	Buy	INVITATION HOMES INC	$162,414,000	+81.6%	5,485,120	+63.9%	4.66%	+57.4%
AMT	Buy	AMERICAN TOWER CORP NEW	$140,630,000	+55.6%	635,961	+43.9%	4.03%	+34.9%
FRT	Buy	FEDERAL REALTY INVT TRsh ben int new	$137,078,000	+105.8%	1,006,892	+94.6%	3.93%	+78.3%
ELS	Buy	EQUITY LIFESTYLE PPTYS INC	$134,589,000	+12.8%	1,007,402	+2.4%	3.86%	-2.3%
VER	New	VEREIT INC	$134,592,000	–	13,761,916	–	3.86%	–
TRNO	Buy	TERRENO RLTY CORP	$129,237,000	+14.8%	2,529,588	+10.2%	3.70%	-0.5%
BXP	Sell	BOSTON PROPERTIES INC	$127,200,000	-41.8%	981,026	-42.1%	3.65%	-49.6%
STOR	Buy	STORE CAP CORP	$124,948,000	+146.7%	3,339,967	+118.8%	3.58%	+113.7%
INXN	Buy	INTERXION HOLDING N.V	$121,853,000	+32.6%	1,495,866	+23.8%	3.49%	+14.9%
KRC	Sell	KILROY RLTY CORP	$117,314,000	-18.5%	1,506,152	-22.8%	3.36%	-29.4%
HR	Sell	HEALTHCARE RLTY TR	$103,367,000	+2.7%	3,085,572	-4.0%	2.96%	-11.0%
ESRT	Sell	EMPIRE ST RLTY TR INCcl a	$100,025,000	-6.5%	7,009,454	-3.0%	2.87%	-19.0%
JBGS	Buy	JBG SMITH PPTYS	$96,714,000	+25.8%	2,466,559	+26.2%	2.77%	+9.0%
SPG	Sell	SIMON PPTY GROUP INC NEW	$93,375,000	-5.0%	599,902	-2.5%	2.68%	-17.7%
EQC	Sell	EQUITY COMWLTH	$65,648,000	-9.5%	1,916,732	-14.0%	1.88%	-21.6%
CUBE	New	CUBESMART	$54,460,000	–	1,560,468	–	1.56%	–
CPT	Sell	CAMDEN PPTY TRsh ben int	$37,554,000	-30.8%	338,298	-34.9%	1.08%	-40.0%
DLR	Buy	DIGITAL RLTY TR INC	$33,860,000	+51.7%	260,843	+37.7%	0.97%	+31.6%
HST	Sell	HOST HOTELS & RESORTS INC	$31,681,000	-18.6%	1,832,311	-14.2%	0.91%	-29.5%
VTR	Sell	VENTAS INC	$3,505,000	-95.4%	48,000	-95.7%	0.10%	-96.1%

Q2 2019

			Value		Shares		↓ Weighting
PLD	New	PROLOGIS INC	$408,709,000	–	5,102,486	–	13.52%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$332,317,000	–	4,377,195	–	10.99%	–
HCP	New	HCP INC	$280,077,000	–	8,757,892	–	9.26%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$234,924,000	–	1,665,066	–	7.77%	–
BXP	New	BOSTON PROPERTIES INC	$218,734,000	–	1,695,612	–	7.24%	–
KRC	New	KILROY RLTY CORP	$143,940,000	–	1,950,147	–	4.76%	–
ESS	New	ESSEX PPTY TR INC	$135,824,000	–	465,262	–	4.49%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$119,363,000	–	983,706	–	3.95%	–
TRNO	New	TERRENO RLTY CORP	$112,551,000	–	2,295,083	–	3.72%	–
ESRT	New	EMPIRE ST RLTY TR INCcl a	$106,969,000	–	7,222,776	–	3.54%	–
HR	New	HEALTHCARE RLTY TR	$100,658,000	–	3,213,872	–	3.33%	–
SPG	New	SIMON PPTY GROUP INC NEW	$98,332,000	–	615,496	–	3.25%	–
INXN	New	INTERXION HOLDING N.V	$91,922,000	–	1,208,066	–	3.04%	–
AMT	New	AMERICAN TOWER CORP NEW	$90,367,000	–	442,001	–	2.99%	–
INVH	New	INVITATION HOMES INC	$89,444,000	–	3,346,186	–	2.96%	–
JBGS	New	JBG SMITH PPTYS	$76,896,000	–	1,954,659	–	2.54%	–
VTR	New	VENTAS INC	$76,570,000	–	1,120,258	–	2.53%	–
EQC	New	EQUITY COMWLTH	$72,507,000	–	2,229,599	–	2.40%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$66,614,000	–	517,352	–	2.20%	–
CPT	New	CAMDEN PPTY TRsh ben int	$54,259,000	–	519,772	–	1.80%	–
STOR	New	STORE CAP CORP	$50,656,000	–	1,526,254	–	1.68%	–
HST	New	HOST HOTELS & RESORTS INC	$38,924,000	–	2,136,328	–	1.29%	–
DLR	New	DIGITAL RLTY TR INC	$22,314,000	–	189,443	–	0.74%	–

Q4 2018

			Value		Shares		↓ Weighting
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-320,466	–	-0.42%	–
BDN	Exit	BRANDYWINE RLTY TRsh ben int new	$0	–	-362,859	–	-1.18%	–
WRE	Exit	WASHINGTON REAL ESTATE INVTsh ben int	$0	–	-1,315,449	–	-1.41%	–
RPAI	Exit	RETAIL PPTYS AMER INCcl a	$0	–	-3,660,284	–	-1.56%	–
TRNO	Exit	TERRENO RLTY CORP	$0	–	-1,412,953	–	-1.86%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS INC	$0	–	-369,148	–	-1.87%	–
INXN	Exit	INTERXION HOLDING N.V	$0	–	-822,948	–	-1.93%	–
REG	Exit	REGENCY CTRS CORP	$0	–	-978,603	–	-2.21%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-2,000,321	–	-2.24%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-3,769,407	–	-2.78%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-5,064,847	–	-2.78%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-7,226,628	–	-2.94%	–
HR	Exit	HEALTHCARE RLTY TR	$0	–	-3,078,826	–	-3.14%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-893,295	–	-3.51%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-1,099,652	–	-3.70%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-929,114	–	-4.08%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-1,072,797	–	-4.74%	–
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-8,628,618	–	-5.00%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-2,076,873	–	-5.20%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-620,583	–	-5.35%	–
HCP	Exit	HCP INC	$0	–	-6,446,334	–	-5.92%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-1,522,702	–	-6.54%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-3,539,279	–	-8.19%	–
PLD	Exit	PROLOGIS INC	$0	–	-4,473,083	–	-10.59%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-1,757,134	–	-10.84%	–

Q3 2018

			Value		Shares		↓ Weighting
SPG	Sell	SIMON PPTY GROUP INC NEW	$310,573,000	-3.1%	1,757,134	-6.7%	10.84%	-3.7%
PLD	Buy	PROLOGIS INC	$303,230,000	+42.9%	4,473,083	+38.5%	10.59%	+41.9%
EQR	Sell	EQUITY RESIDENTIALsh ben int	$234,513,000	+2.9%	3,539,279	-1.1%	8.19%	+2.2%
AMT	Buy	AMERICAN TOWER CORP NEW	$187,429,000	+233.9%	1,522,702	+291.1%	6.54%	+231.7%
HCP	Sell	HCP INC	$169,668,000	+1.4%	6,446,334	-0.5%	5.92%	+0.7%
ESS	Buy	ESSEX PPTY TR INC	$153,104,000	+8.2%	620,583	+4.8%	5.35%	+7.4%
KRC	Buy	KILROY RLTY CORP	$148,891,000	+4.4%	2,076,873	+10.2%	5.20%	+3.7%
ESRT	Sell	EMPIRE ST RLTY TR INCcl a	$143,321,000	-3.5%	8,628,618	-0.7%	5.00%	-4.2%
FRT	Sell	FEDERAL REALTY INVT TRsh ben int new	$135,677,000	-2.1%	1,072,797	-2.0%	4.74%	-2.8%
ARE	Buy	ALEXANDRIA REAL ESTATE EQ IN	$116,873,000	+16.0%	929,114	+16.3%	4.08%	+15.2%
ELS	Sell	EQUITY LIFESTYLE PPTYS INC	$106,061,000	-0.2%	1,099,652	-4.9%	3.70%	-0.9%
DLR	Buy	DIGITAL RLTY TR INC	$100,478,000	+1.0%	893,295	+0.2%	3.51%	+0.3%
HR	Sell	HEALTHCARE RLTY TR	$90,086,000	-2.5%	3,078,826	-3.1%	3.14%	-3.1%
DRH	Sell	DIAMONDROCK HOSPITALITY CO	$84,335,000	-15.7%	7,226,628	-11.3%	2.94%	-16.3%
BXP	Buy	BOSTON PROPERTIES INC	$79,619,000	-47.7%	5,064,847	+317.1%	2.78%	-48.1%
HST	Sell	HOST HOTELS & RESORTS INC	$79,534,000	-8.0%	3,769,407	-8.1%	2.78%	-8.6%
EQC	Sell	EQUITY COMWLTH	$64,190,000	-11.0%	2,000,321	-12.6%	2.24%	-11.6%
REG	Sell	REGENCY CTRS CORP	$63,286,000	-29.5%	978,603	-32.3%	2.21%	-29.9%
INXN	Buy	INTERXION HOLDING N.V	$55,384,000	+14.2%	822,948	+5.9%	1.93%	+13.5%
ACC	Sell	AMERICAN CAMPUS CMNTYS INC	$53,637,000	+96.5%	369,148	-42.0%	1.87%	+95.1%
TRNO	Buy	TERRENO RLTY CORP	$53,268,000	+24.9%	1,412,953	+24.8%	1.86%	+24.0%
RPAI	Sell	RETAIL PPTYS AMER INCcl a	$44,619,000	-14.1%	3,660,284	-10.0%	1.56%	-14.7%
WRE	Sell	WASHINGTON REAL ESTATE INVTsh ben int	$40,319,000	-19.7%	1,315,449	-20.5%	1.41%	-20.2%
BDN	Sell	BRANDYWINE RLTY TRsh ben int new	$33,953,000	-66.1%	362,859	-93.9%	1.18%	-66.3%
DEI	Sell	DOUGLAS EMMETT INC	$12,088,000	-82.5%	320,466	-81.4%	0.42%	-82.7%

Q2 2018

			Value		Shares		↓ Weighting
SPG	New	SIMON PPTY GROUP INC NEW	$320,389,000	–	1,882,540	–	11.26%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$227,948,000	–	3,579,025	–	8.01%	–
PLD	New	PROLOGIS INC	$212,227,000	–	3,230,738	–	7.46%	–
HCP	New	HCP INC	$167,365,000	–	6,481,980	–	5.88%	–
BXP	New	BOSTON PROPERTIES INC	$152,315,000	–	1,214,443	–	5.35%	–
ESRT	New	EMPIRE ST RLTY TR INCcl a	$148,522,000	–	8,685,500	–	5.22%	–
KRC	New	KILROY RLTY CORP	$142,610,000	–	1,885,377	–	5.01%	–
ESS	New	ESSEX PPTY TR INC	$141,560,000	–	592,127	–	4.98%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$138,584,000	–	1,095,092	–	4.87%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$106,257,000	–	1,156,225	–	3.74%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$100,763,000	–	798,629	–	3.54%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$100,080,000	–	8,149,876	–	3.52%	–
BDN	New	BRANDYWINE RLTY TRsh ben int new	$100,027,000	–	5,925,765	–	3.52%	–
DLR	New	DIGITAL RLTY TR INC	$99,450,000	–	891,292	–	3.50%	–
HR	New	HEALTHCARE RLTY TR	$92,378,000	–	3,176,684	–	3.25%	–
REG	New	REGENCY CTRS CORP	$89,705,000	–	1,444,983	–	3.15%	–
HST	New	HOST HOTELS & RESORTS INC	$86,422,000	–	4,101,659	–	3.04%	–
EQC	New	EQUITY COMWLTH	$72,085,000	–	2,288,415	–	2.53%	–
DEI	New	DOUGLAS EMMETT INC	$69,265,000	–	1,723,871	–	2.44%	–
AMT	New	AMERICAN TOWER CORP NEW	$56,137,000	–	389,379	–	1.97%	–
RPAI	New	RETAIL PPTYS AMER INCcl a	$51,968,000	–	4,066,379	–	1.83%	–
WRE	New	WASHINGTON REAL ESTATE INVTsh ben int	$50,183,000	–	1,654,558	–	1.76%	–
INXN	New	INTERXION HOLDING N.V	$48,486,000	–	776,778	–	1.70%	–
TRNO	New	TERRENO RLTY CORP	$42,664,000	–	1,132,578	–	1.50%	–
ACC	New	AMERICAN CAMPUS CMNTYS INC	$27,301,000	–	636,689	–	0.96%	–

Q4 2017

			Value		Shares		↓ Weighting
AKR	Exit	ACADIA RLTY TR	$0	–	-538,380	–	-0.71%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-225,713	–	-0.80%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS INC	$0	–	-459,211	–	-0.93%	–
GGP	Exit	GGP INC	$0	–	-1,007,742	–	-0.96%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-1,301,877	–	-1.11%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-251,806	–	-1.42%	–
TRNO	Exit	TERRENO RLTY CORP	$0	–	-1,022,608	–	-1.70%	–
BDN	Exit	BRANDYWINE RLTY TRsh ben int new	$0	–	-2,126,056	–	-1.71%	–
REG	Exit	REGENCY CTRS CORP	$0	–	-774,591	–	-2.21%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-406,576	–	-2.21%	–
WRE	Exit	WASHINGTON REAL ESTATE INVTsh ben int	$0	–	-1,636,226	–	-2.47%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-2,056,258	–	-2.88%	–
INXN	Exit	INTERXION HOLDING N.V	$0	–	-1,321,253	–	-3.10%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-546,450	–	-3.12%	–
SFR	Exit	STARWOOD WAYPOINT HOMES	$0	–	-2,061,367	–	-3.45%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-7,232,784	–	-3.64%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-2,018,267	–	-3.66%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-360,236	–	-4.21%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-1,112,283	–	-4.36%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-697,811	–	-4.39%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-1,451,609	–	-4.40%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-997,576	–	-5.46%	–
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-6,051,122	–	-5.72%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-1,987,902	–	-6.51%	–
EQIX	Exit	EQUINIX INC	$0	–	-368,798	–	-7.58%	–
PLD	Exit	PROLOGIS INC	$0	–	-2,998,450	–	-8.76%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-1,689,414	–	-12.52%	–

Q3 2017

			Value		Shares		↓ Weighting
SPG	Buy	SIMON PPTY GROUP INC NEW	$272,013,000	+32.6%	1,689,414	+33.2%	12.52%	+27.6%
PLD	Sell	PROLOGIS INC	$190,282,000	+6.2%	2,998,450	-1.9%	8.76%	+2.2%
EQIX	Sell	EQUINIX INC	$164,595,000	-15.2%	368,798	-18.4%	7.58%	-18.3%
KRC	Sell	KILROY RLTY CORP	$141,380,000	-12.1%	1,987,902	-7.2%	6.51%	-15.4%
ESRT	Buy	EMPIRE ST RLTY TR INCcl a	$124,290,000	+10.4%	6,051,122	+11.6%	5.72%	+6.2%
ARE	Sell	ALEXANDRIA REAL ESTATE EQ IN	$118,682,000	-10.1%	997,576	-8.9%	5.46%	-13.4%
EQR	Buy	EQUITY RESIDENTIALsh ben int	$95,705,000	+40.3%	1,451,609	+40.1%	4.40%	+35.0%
AMT	Sell	AMERICAN TOWER CORP NEW	$95,377,000	-10.0%	697,811	-12.8%	4.39%	-13.3%
ELS	Sell	EQUITY LIFESTYLE PPTYS INC	$94,633,000	-18.4%	1,112,283	-17.2%	4.36%	-21.5%
ESS	Buy	ESSEX PPTY TR INC	$91,511,000	+26.7%	360,236	+28.3%	4.21%	+21.9%
DEI	Buy	DOUGLAS EMMETT INC	$79,560,000	+4.5%	2,018,267	+1.3%	3.66%	+0.6%
DRH	Buy	DIAMONDROCK HOSPITALITY CO	$79,199,000	+8.0%	7,232,784	+8.0%	3.64%	+4.0%
SFR	New	STARWOOD WAYPOINT HOMES	$74,972,000	–	2,061,367	–	3.45%	–
FRT	Buy	FEDERAL REALTY INVT TRsh ben int new	$67,875,000	+84.1%	546,450	+87.3%	3.12%	+77.2%
INXN	Sell	INTERXION HOLDING N.V	$67,291,000	+3.3%	1,321,253	-7.1%	3.10%	-0.6%
EQC	Sell	EQUITY COMWLTH	$62,510,000	-6.2%	2,056,258	-2.5%	2.88%	-9.7%
WRE	Buy	WASHINGTON REAL ESTATE INVTsh ben int	$53,603,000	+4.0%	1,636,226	+1.3%	2.47%	+0.1%
DLR	Sell	DIGITAL RLTY TR INC	$48,110,000	-24.5%	406,576	-27.9%	2.21%	-27.3%
REG	Buy	REGENCY CTRS CORP	$48,056,000	+0.4%	774,591	+1.4%	2.21%	-3.3%
BDN	New	BRANDYWINE RLTY TRsh ben int new	$37,185,000	–	2,126,056	–	1.71%	–
TRNO	Sell	TERRENO RLTY CORP	$36,998,000	+2.8%	1,022,608	-4.4%	1.70%	-1.0%
BXP	Buy	BOSTON PROPERTIES INC	$30,942,000	+53.5%	251,806	+53.7%	1.42%	+47.7%
HST	New	HOST HOTELS & RESORTS INC	$24,072,000	–	1,301,877	–	1.11%	–
GGP	Sell	GGP INC	$20,931,000	-48.6%	1,007,742	-41.7%	0.96%	-50.5%
ACC	Sell	AMERICAN CAMPUS CMNTYS INC	$20,274,000	-10.8%	459,211	-4.5%	0.93%	-14.2%
VNO	Buy	VORNADO RLTY TRsh ben int	$17,353,000	+30.7%	225,713	+59.7%	0.80%	+25.8%
AKR	Sell	ACADIA RLTY TR	$15,408,000	+2.1%	538,380	-0.8%	0.71%	-1.8%
PSA	Exit	PUBLIC STORAGE	$0	–	-58,609	–	-0.58%	–
VTR	Exit	VENTAS INC	$0	–	-331,688	–	-1.10%	–
SFR	Exit	COLONY STARWOOD HOMES	$0	–	-2,352,791	–	-3.86%	–

Q2 2017

			Value		Shares		↓ Weighting
SPG	New	SIMON PPTY GROUP INC NEW	$205,137,000	–	1,268,156	–	9.81%	–
EQIX	New	EQUINIX INC	$194,009,000	–	452,067	–	9.28%	–
PLD	New	PROLOGIS INC	$179,185,000	–	3,055,679	–	8.57%	–
KRC	New	KILROY RLTY CORP	$160,897,000	–	2,141,013	–	7.69%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$131,949,000	–	1,095,287	–	6.31%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$116,001,000	–	1,343,540	–	5.55%	–
ESRT	New	EMPIRE ST RLTY TR INCcl a	$112,619,000	–	5,422,178	–	5.38%	–
AMT	New	AMERICAN TOWER CORP NEW	$105,918,000	–	800,470	–	5.06%	–
SFR	New	COLONY STARWOOD HOMES	$80,724,000	–	2,352,791	–	3.86%	–
DEI	New	DOUGLAS EMMETT INC	$76,098,000	–	1,991,585	–	3.64%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$73,331,000	–	6,696,908	–	3.51%	–
ESS	New	ESSEX PPTY TR INC	$72,230,000	–	280,757	–	3.45%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$68,217,000	–	1,036,264	–	3.26%	–
EQC	New	EQUITY COMWLTH	$66,635,000	–	2,108,687	–	3.19%	–
INXN	New	INTERXION HOLDING N.V	$65,139,000	–	1,422,876	–	3.12%	–
DLR	New	DIGITAL RLTY TR INC	$63,721,000	–	564,156	–	3.05%	–
WRE	New	WASHINGTON REAL ESTATE INVTsh ben int	$51,539,000	–	1,615,655	–	2.46%	–
REG	New	REGENCY CTRS CORP	$47,848,000	–	763,857	–	2.29%	–
GGP	New	GGP INC	$40,715,000	–	1,728,127	–	1.95%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$36,874,000	–	291,745	–	1.76%	–
TRNO	New	TERRENO RLTY CORP	$36,000,000	–	1,069,508	–	1.72%	–
VTR	New	VENTAS INC	$23,046,000	–	331,688	–	1.10%	–
ACC	New	AMERICAN CAMPUS CMNTYS INC	$22,734,000	–	480,631	–	1.09%	–
BXP	New	BOSTON PROPERTIES INC	$20,152,000	–	163,808	–	0.96%	–
AKR	New	ACADIA RLTY TR	$15,095,000	–	542,990	–	0.72%	–
VNO	New	VORNADO RLTY TRsh ben int	$13,273,000	–	141,350	–	0.64%	–
PSA	New	PUBLIC STORAGE	$12,222,000	–	58,609	–	0.58%	–

Q4 2016

			Value		Shares		↓ Weighting
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-83,484	–	-0.61%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-54,874	–	-0.78%	–
WRE	Exit	WASHINGTON REAL ESTATE INVTsh ben int	$0	–	-610,868	–	-1.22%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-137,225	–	-1.36%	–
CUBE	Exit	CUBESMART	$0	–	-777,260	–	-1.36%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-388,325	–	-1.60%	–
TRNO	Exit	TERRENO RLTY CORP	$0	–	-1,110,214	–	-1.96%	–
INXN	Exit	INTERXION HOLDING N.V	$0	–	-975,783	–	-2.27%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS INC	$0	–	-725,429	–	-2.37%	–
PLD	Exit	PROLOGIS INC	$0	–	-754,712	–	-2.59%	–
UE	Exit	URBAN EDGE PPTYS	$0	–	-1,597,943	–	-2.88%	–
AKR	Exit	ACADIA RLTY TR	$0	–	-1,302,733	–	-3.03%	–
IRM	Exit	IRON MTN INC NEW	$0	–	-1,271,018	–	-3.06%	–
VTR	Exit	VENTAS INC	$0	–	-683,434	–	-3.10%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-1,664,438	–	-3.23%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-1,474,834	–	-3.46%	–
BRX	Exit	BRIXMOR PPTY GROUP INC	$0	–	-2,005,757	–	-3.58%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-267,501	–	-3.83%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-6,624,112	–	-3.87%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-1,006,686	–	-4.98%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-794,894	–	-5.55%	–
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-4,850,871	–	-6.52%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-1,469,866	–	-6.54%	–
EQIX	Exit	EQUINIX INC	$0	–	-295,795	–	-6.84%	–
GGP	Exit	GENERAL GROWTH PPTYS INC NEW	$0	–	-5,241,727	–	-9.28%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-1,066,572	–	-14.16%	–

Q3 2016

			Value		Shares		↓ Weighting
SPG	Buy	SIMON PPTY GROUP INC NEW	$220,791,000	-2.3%	1,066,572	+2.4%	14.16%	-4.7%
GGP	Buy	GENERAL GROWTH PPTYS INC NEW	$144,672,000	+6.7%	5,241,727	+15.2%	9.28%	+4.0%
EQIX	Sell	EQUINIX INC	$106,560,000	-8.7%	295,795	-1.7%	6.84%	-10.9%
KRC	Buy	KILROY RLTY CORP	$101,935,000	+16.9%	1,469,866	+11.7%	6.54%	+13.9%
ESRT	Buy	EMPIRE ST RLTY TR INCcl a	$101,626,000	+29.1%	4,850,871	+17.0%	6.52%	+25.9%
ARE	Buy	ALEXANDRIA REAL ESTATE EQ IN	$86,461,000	+17.7%	794,894	+12.0%	5.55%	+14.8%
ELS	Sell	EQUITY LIFESTYLE PPTYS INC	$77,696,000	-9.2%	1,006,686	-5.8%	4.98%	-11.5%
DRH	Sell	DIAMONDROCK HOSPITALITY CO	$60,279,000	-3.1%	6,624,112	-3.8%	3.87%	-5.5%
PSA	Buy	PUBLIC STORAGE	$59,690,000	+401.3%	267,501	+474.1%	3.83%	+388.9%
BRX	New	BRIXMOR PPTY GROUP INC	$55,740,000	–	2,005,757	–	3.58%	–
DEI	Sell	DOUGLAS EMMETT INC	$54,023,000	-7.0%	1,474,834	-9.9%	3.46%	-9.4%
EQC	New	EQUITY COMWLTH	$50,299,000	–	1,664,438	–	3.23%	–
VTR	Sell	VENTAS INC	$48,271,000	-61.1%	683,434	-59.9%	3.10%	-62.0%
IRM	Buy	IRON MTN INC NEW	$47,701,000	+201.8%	1,271,018	+220.3%	3.06%	+194.2%
AKR	Buy	ACADIA RLTY TR	$47,211,000	+5.1%	1,302,733	+3.0%	3.03%	+2.5%
UE	Sell	URBAN EDGE PPTYS	$44,966,000	-25.6%	1,597,943	-21.1%	2.88%	-27.5%
PLD	Sell	PROLOGIS INC	$40,407,000	+7.2%	754,712	-1.8%	2.59%	+4.5%
ACC	Buy	AMERICAN CAMPUS CMNTYS INC	$36,903,000	-0.9%	725,429	+3.0%	2.37%	-3.3%
INXN	Buy	INTERXION HOLDING N.V	$35,343,000	+4.1%	975,783	+6.0%	2.27%	+1.5%
TRNO	Buy	TERRENO RLTY CORP	$30,542,000	+10.6%	1,110,214	+4.0%	1.96%	+7.8%
EQR	Sell	EQUITY RESIDENTIALsh ben int	$24,981,000	-66.3%	388,325	-63.9%	1.60%	-67.2%
CUBE	Sell	CUBESMART	$21,188,000	-55.9%	777,260	-50.0%	1.36%	-57.0%
FRT	Sell	FEDERAL REALTY INVT TRsh ben int new	$21,123,000	-64.6%	137,225	-62.0%	1.36%	-65.5%
WRE	New	WASHINGTON REAL ESTATE INVTsh ben int	$19,010,000	–	610,868	–	1.22%	–
ESS	Sell	ESSEX PPTY TR INC	$12,220,000	-13.4%	54,874	-11.4%	0.78%	-15.6%
AMT	New	AMERICAN TOWER CORP NEW	$9,461,000	–	83,484	–	0.61%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-62,866	–	-0.45%	–

Q2 2016

			Value		Shares		↓ Weighting
SPG	New	SIMON PPTY GROUP INC NEW	$225,929,000	–	1,041,629	–	14.86%	–
GGP	New	GENERAL GROWTH PPTYS INC NEW	$135,646,000	–	4,548,827	–	8.92%	–
VTR	New	VENTAS INC	$123,997,000	–	1,702,784	–	8.16%	–
EQIX	New	EQUINIX INC	$116,665,000	–	300,892	–	7.68%	–
KRC	New	KILROY RLTY CORP	$87,226,000	–	1,315,819	–	5.74%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$85,584,000	–	1,069,136	–	5.63%	–
ESRT	New	EMPIRE ST RLTY TR INCcl a	$78,720,000	–	4,145,321	–	5.18%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$74,181,000	–	1,076,956	–	4.88%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$73,463,000	–	709,647	–	4.83%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$62,189,000	–	6,886,957	–	4.09%	–
UE	New	URBAN EDGE PPTYS	$60,445,000	–	2,024,295	–	3.98%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$59,753,000	–	360,937	–	3.93%	–
DEI	New	DOUGLAS EMMETT INC	$58,117,000	–	1,636,184	–	3.82%	–
CUBE	New	CUBESMART	$48,019,000	–	1,555,035	–	3.16%	–
AKR	New	ACADIA RLTY TR	$44,906,000	–	1,264,233	–	2.95%	–
PLD	New	PROLOGIS INC	$37,703,000	–	768,812	–	2.48%	–
ACC	New	AMERICAN CAMPUS CMNTYS INC	$37,222,000	–	704,029	–	2.45%	–
INXN	New	INTERXION HOLDING N.V	$33,946,000	–	920,433	–	2.23%	–
TRNO	New	TERRENO RLTY CORP	$27,617,000	–	1,067,514	–	1.82%	–
IRM	New	IRON MTN INC NEW	$15,807,000	–	396,874	–	1.04%	–
ESS	New	ESSEX PPTY TR INC	$14,119,000	–	61,900	–	0.93%	–
PSA	New	PUBLIC STORAGE	$11,908,000	–	46,592	–	0.78%	–
DLR	New	DIGITAL RLTY TR INC	$6,852,000	–	62,866	–	0.45%	–

Q4 2015

			Value		Shares		↓ Weighting
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-157,340	–	-1.00%	–
HME	Exit	HOME PROPERTIES INC	$0	–	-160,504	–	-1.01%	–
UE	Exit	URBAN EDGE PPTYS	$0	–	-588,260	–	-1.07%	–
VTR	Exit	VENTAS INC	$0	–	-243,459	–	-1.15%	–
CUBE	Exit	CUBESMART	$0	–	-541,576	–	-1.25%	–
AKR	Exit	ACADIA RLTY TR	$0	–	-720,769	–	-1.83%	–
DDR	Exit	DDR CORP	$0	–	-1,422,279	–	-1.85%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-1,541,471	–	-2.06%	–
TRNO	Exit	TERRENO RLTY CORP	$0	–	-1,594,519	–	-2.65%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-563,107	–	-3.10%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-207,464	–	-3.92%	–
PLD	Exit	PROLOGIS INC	$0	–	-1,211,005	–	-3.98%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-1,649,195	–	-4.00%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-4,732,296	–	-4.42%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-1,333,430	–	-6.60%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-575,319	–	-6.64%	–
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-4,639,706	–	-6.68%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-745,960	–	-6.82%	–
GGP	Exit	GENERAL GROWTH PPTYS INC NEW	$0	–	-3,906,304	–	-8.58%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-1,030,851	–	-15.23%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-1,040,701	–	-16.16%	–

Q3 2015

			Value		Shares		↓ Weighting
SPG	Sell	SIMON PPTY GROUP INC NEW	$191,198,000	+4.1%	1,040,701	-1.9%	16.16%	+1.6%
AVB	Buy	AVALONBAY CMNTYS INC	$180,213,000	+18.1%	1,030,851	+8.0%	15.23%	+15.2%
GGP	Buy	GENERAL GROWTH PPTYS INC NEW	$101,447,000	+28.2%	3,906,304	+26.7%	8.58%	+25.0%
SLG	Sell	SL GREEN RLTY CORP	$80,683,000	-11.5%	745,960	-10.1%	6.82%	-13.7%
ESRT	Buy	EMPIRE ST RLTY TR INCcl a	$79,014,000	+5.5%	4,639,706	+5.7%	6.68%	+2.8%
FRT	Buy	FEDERAL REALTY INVT TRsh ben int new	$78,502,000	+31.2%	575,319	+23.2%	6.64%	+27.9%
ELS	Sell	EQUITY LIFESTYLE PPTYS INC	$78,099,000	+7.4%	1,333,430	-3.6%	6.60%	+4.7%
DRH	Sell	DIAMONDROCK HOSPITALITY CO	$52,292,000	-13.7%	4,732,296	-0.0%	4.42%	-15.9%
DEI	Buy	DOUGLAS EMMETT INC	$47,365,000	+247.3%	1,649,195	+225.8%	4.00%	+238.7%
PLD	Sell	PROLOGIS INC	$47,108,000	-12.0%	1,211,005	-16.1%	3.98%	-14.2%
ESS	Buy	ESSEX PPTY TR INC	$46,352,000	+9.1%	207,464	+3.7%	3.92%	+6.4%
KRC	Sell	KILROY RLTY CORP	$36,692,000	-21.1%	563,107	-18.7%	3.10%	-23.1%
TRNO	Sell	TERRENO RLTY CORP	$31,316,000	-4.2%	1,594,519	-3.9%	2.65%	-6.6%
HST	Sell	HOST HOTELS & RESORTS INC	$24,371,000	-40.2%	1,541,471	-25.0%	2.06%	-41.7%
DDR	Sell	DDR CORP	$21,875,000	-62.8%	1,422,279	-62.6%	1.85%	-63.7%
AKR	Sell	ACADIA RLTY TR	$21,674,000	-10.2%	720,769	-13.1%	1.83%	-12.5%
CUBE	Sell	CUBESMART	$14,736,000	+16.9%	541,576	-0.5%	1.25%	+14.1%
VTR	Buy	VENTAS INC	$13,648,000	+22.6%	243,459	+35.8%	1.15%	+19.6%
UE	Buy	URBAN EDGE PPTYS	$12,701,000	+82.2%	588,260	+75.4%	1.07%	+77.8%
HME	Sell	HOME PROPERTIES INC	$11,998,000	-66.5%	160,504	-67.3%	1.01%	-67.3%
EQR	New	EQUITY RESIDENTIALsh ben int	$11,819,000	–	157,340	–	1.00%	–

Q2 2015

			Value		Shares		↓ Weighting
SPG	New	SIMON PPTY GROUP INC NEW	$183,590,000	–	1,061,090	–	15.91%	–
AVB	New	AVALONBAY CMNTYS INC	$152,555,000	–	954,244	–	13.22%	–
SLG	New	SL GREEN RLTY CORP	$91,170,000	–	829,645	–	7.90%	–
GGP	New	GENERAL GROWTH PPTYS INC NEW	$79,119,000	–	3,083,347	–	6.86%	–
ESRT	New	EMPIRE ST RLTY TR INCcl a	$74,918,000	–	4,391,436	–	6.49%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$72,702,000	–	1,382,691	–	6.30%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$60,622,000	–	4,732,404	–	5.26%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$59,835,000	–	467,133	–	5.19%	–
DDR	New	DDR CORP	$58,779,000	–	3,801,999	–	5.10%	–
PLD	New	PROLOGIS INC	$53,532,000	–	1,442,905	–	4.64%	–
KRC	New	KILROY RLTY CORP	$46,524,000	–	692,843	–	4.03%	–
ESS	New	ESSEX PPTY TR INC	$42,504,000	–	200,019	–	3.68%	–
HST	New	HOST HOTELS & RESORTS INC	$40,757,000	–	2,055,314	–	3.53%	–
HME	New	HOME PROPERTIES INC	$35,820,000	–	490,353	–	3.10%	–
TRNO	New	TERRENO RLTY CORP	$32,702,000	–	1,659,982	–	2.84%	–
AKR	New	ACADIA RLTY TR	$24,144,000	–	829,421	–	2.09%	–
DEI	New	DOUGLAS EMMETT INC	$13,637,000	–	506,195	–	1.18%	–
CUBE	New	CUBESMART	$12,601,000	–	544,076	–	1.09%	–
VTR	New	VENTAS INC	$11,129,000	–	179,246	–	0.96%	–
UE	New	URBAN EDGE PPTYS	$6,972,000	–	335,360	–	0.60%	–

Q4 2014

			Value		Shares		↓ Weighting
CUBE	Exit	CUBESMART	$0	–	-706,033	–	-1.30%	–
HPP	Exit	HUDSON PAC PPTYS INC	$0	–	-611,929	–	-1.54%	–
MAC	Exit	MACERICH CO	$0	–	-275,198	–	-1.80%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-1,483,770	–	-1.93%	–
HME	Exit	HOME PROPERTIES INC	$0	–	-412,157	–	-2.46%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-982,654	–	-2.58%	–
TRNO	Exit	TERRENO RLTY CORP	$0	–	-1,346,486	–	-2.60%	–
AKR	Exit	ACADIA RLTY TR	$0	–	-936,377	–	-2.64%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-146,055	–	-2.67%	–
GGP	Exit	GENERAL GROWTH PPTYS INC NEW	$0	–	-1,337,008	–	-3.22%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-281,352	–	-3.41%	–
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-2,948,741	–	-4.54%	–
VTR	Exit	VENTAS INC	$0	–	-939,151	–	-5.96%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-1,427,789	–	-6.19%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-1,021,165	–	-6.22%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-3,696,602	–	-8.07%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-839,964	–	-8.71%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-640,779	–	-9.25%	–
PLD	Exit	PROLOGIS INC	$0	–	-2,727,659	–	-10.53%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-854,028	–	-14.38%	–

Q3 2014

			Value		Shares		↓ Weighting
SPG	Buy	SIMON PPTY GROUP INC NEW	$140,419,000	+4.1%	854,028	+11.6%	14.38%	+10.0%
PLD	Sell	PROLOGIS INC	$102,833,000	-16.5%	2,727,659	-3.6%	10.53%	-11.8%
AVB	Buy	AVALONBAY CMNTYS INC	$90,331,000	+8.2%	640,779	+15.6%	9.25%	+14.3%
SLG	Sell	SL GREEN RLTY CORP	$85,105,000	-18.1%	839,964	-6.3%	8.71%	-13.5%
HST	Sell	HOST HOTELS & RESORTS INC	$78,849,000	-8.7%	3,696,602	-0.2%	8.07%	-3.5%
KRC	Sell	KILROY RLTY CORP	$60,698,000	-11.3%	1,021,165	-1.5%	6.22%	-6.2%
ELS	Buy	EQUITY LIFESTYLE PPTYS INC	$60,481,000	+0.5%	1,427,789	+11.0%	6.19%	+6.2%
VTR	Buy	VENTAS INC	$58,180,000	+2.2%	939,151	+12.0%	5.96%	+8.0%
ESRT	Buy	EMPIRE ST RLTY TR INCcl a	$44,290,000	-7.3%	2,948,741	+7.9%	4.54%	-2.0%
FRT	Buy	FEDERAL REALTY INVT TRsh ben int new	$33,329,000	+0.9%	281,352	+9.2%	3.41%	+6.7%
GGP	Buy	GENERAL GROWTH PPTYS INC NEW	$31,487,000	+22.9%	1,337,008	+30.3%	3.22%	+29.9%
ESS	Buy	ESSEX PPTY TR INC	$26,107,000	-8.2%	146,055	+0.7%	2.67%	-2.9%
AKR	Buy	ACADIA RLTY TR	$25,825,000	+95.2%	936,377	+110.7%	2.64%	+106.2%
TRNO	Buy	TERRENO RLTY CORP	$25,354,000	+40.3%	1,346,486	+52.7%	2.60%	+48.3%
DEI	Buy	DOUGLAS EMMETT INC	$25,225,000	-6.8%	982,654	+8.6%	2.58%	-1.4%
HME	Buy	HOME PROPERTIES INC	$24,004,000	-8.1%	412,157	+6.9%	2.46%	-2.9%
DRH	New	DIAMONDROCK HOSPITALITY CO	$18,814,000	–	1,483,770	–	1.93%	–
MAC	Buy	MACERICH CO	$17,566,000	+3.8%	275,198	+15.0%	1.80%	+9.7%
HPP	Sell	HUDSON PAC PPTYS INC	$15,090,000	-40.4%	611,929	-35.2%	1.54%	-37.1%
CUBE	Sell	CUBESMART	$12,694,000	-8.8%	706,033	-1.6%	1.30%	-3.6%
PSA	Exit	PUBLIC STORAGE	$0	–	-8,400	–	-0.15%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-67,000	–	-0.81%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-356,159	–	-2.84%	–

Q2 2014

			Value		Shares		↓ Weighting
SPG	New	SIMON PPTY GROUP INC NEW	$134,855,000	–	765,471	–	13.07%	–
PLD	New	PROLOGIS INC	$123,202,000	–	2,829,982	–	11.94%	–
SLG	New	SL GREEN RLTY CORP	$103,936,000	–	896,623	–	10.07%	–
HST	New	HOST HOTELS & RESORTS INC	$86,377,000	–	3,704,087	–	8.37%	–
AVB	New	AVALONBAY CMNTYS INC	$83,511,000	–	554,342	–	8.09%	–
KRC	New	KILROY RLTY CORP	$68,396,000	–	1,036,537	–	6.63%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$60,205,000	–	1,286,777	–	5.83%	–
VTR	New	VENTAS INC	$56,943,000	–	838,471	–	5.52%	–
ESRT	New	EMPIRE ST RLTY TR INCcl a	$47,779,000	–	2,733,125	–	4.63%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$33,017,000	–	257,716	–	3.20%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$29,297,000	–	356,159	–	2.84%	–
ESS	New	ESSEX PPTY TR INC	$28,428,000	–	145,107	–	2.75%	–
DEI	New	DOUGLAS EMMETT INC	$27,054,000	–	904,859	–	2.62%	–
HME	New	HOME PROPERTIES INC	$26,124,000	–	385,505	–	2.53%	–
GGP	New	GENERAL GROWTH PPTYS INC NEW	$25,621,000	–	1,026,416	–	2.48%	–
HPP	New	HUDSON PAC PPTYS INC	$25,336,000	–	943,697	–	2.46%	–
TRNO	New	TERRENO RLTY CORP	$18,065,000	–	882,058	–	1.75%	–
MAC	New	MACERICH CO	$16,929,000	–	239,380	–	1.64%	–
CUBE	New	CUBESMART	$13,921,000	–	717,195	–	1.35%	–
AKR	New	ACADIA RLTY TR	$13,228,000	–	444,457	–	1.28%	–
BXP	New	BOSTON PROPERTIES INC	$8,389,000	–	67,000	–	0.81%	–
PSA	New	PUBLIC STORAGE	$1,525,000	–	8,400	–	0.15%	–

Q4 2013

			Value		Shares		↓ Weighting
BMR	Exit	BIOMED REALTY TRUST INC	$0	–	-160,670	–	-0.46%	–
BRE	Exit	BRE PROPERTIES INCcl a	$0	–	-70,942	–	-0.49%	–
AKR	Exit	ACADIA RLTY TR	$0	–	-164,652	–	-0.58%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-74,400	–	-1.55%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-74,677	–	-1.61%	–
CUBE	Exit	CUBESMART	$0	–	-824,216	–	-1.77%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-122,440	–	-1.81%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-251,033	–	-2.77%	–
EQY	Exit	EQUITY ONE	$0	–	-1,017,426	–	-3.25%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-451,733	–	-4.24%	–
HME	Exit	HOME PROPERTIES INC	$0	–	-633,620	–	-5.28%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-1,014,084	–	-5.36%	–
GGP	Exit	GENERAL GROWTH PPTYS INC NEW	$0	–	-2,315,652	–	-6.51%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-3,558,197	–	-8.67%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-744,543	–	-8.87%	–
PLD	Exit	PROLOGIS INC	$0	–	-1,770,923	–	-9.78%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-538,855	–	-9.79%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-1,412,026	–	-10.23%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-745,025	–	-16.99%	–

Q2 2013

			Value		Shares		↓ Weighting
SPG	New	SIMON PPTY GROUP INC NEW	$124,002,000	–	745,025	–	16.99%	–
KRC	New	KILROY RLTY CORP	$74,710,000	–	1,412,026	–	10.23%	–
AVB	New	AVALONBAY CMNTYS INC	$71,485,000	–	538,855	–	9.79%	–
PLD	New	PROLOGIS INC	$71,368,000	–	1,770,923	–	9.78%	–
SLG	New	SL GREEN RLTY CORP	$64,760,000	–	744,543	–	8.87%	–
HST	New	HOST HOTELS & RESORTS INC	$63,300,000	–	3,558,197	–	8.67%	–
GGP	New	GENERAL GROWTH PPTYS INC NEW	$47,540,000	–	2,315,652	–	6.51%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$39,128,000	–	1,014,084	–	5.36%	–
HME	New	HOME PROPERTIES INC	$38,505,000	–	633,620	–	5.28%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$30,944,000	–	451,733	–	4.24%	–
EQY	New	EQUITY ONE	$23,737,000	–	1,017,426	–	3.25%	–
TCO	New	TAUBMAN CTRS INC	$20,228,000	–	251,033	–	2.77%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$13,193,000	–	122,440	–	1.81%	–
CUBE	New	CUBESMART	$12,899,000	–	824,216	–	1.77%	–
ESS	New	ESSEX PPTY TR INC	$11,735,000	–	74,677	–	1.61%	–
PSA	New	PUBLIC STORAGE	$11,294,000	–	74,400	–	1.55%	–
AKR	New	ACADIA RLTY TR	$4,268,000	–	164,652	–	0.58%	–
BRE	New	BRE PROPERTIES INCcl a	$3,546,000	–	70,942	–	0.49%	–
BMR	New	BIOMED REALTY TRUST INC	$3,363,000	–	160,670	–	0.46%	–

Q4 2012

			Value		Shares		↓ Weighting
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-19,216	–	-0.33%	–
AKR	Exit	ACADIA RLTY TR	$0	–	-169,857	–	-0.88%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-88,932	–	-1.37%	–
PLD	Exit	PROLOGIS INC	$0	–	-283,698	–	-2.08%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-131,026	–	-2.89%	–
CUBE	Exit	CUBESMART	$0	–	-1,151,479	–	-3.11%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-435,475	–	-3.11%	–
LHO	Exit	LASALLE HOTEL PPTYS	$0	–	-595,003	–	-3.33%	–
BMR	Exit	BIOMED REALTY TRUST INC	$0	–	-874,600	–	-3.43%	–
EQY	Exit	EQUITY ONE	$0	–	-1,065,130	–	-4.70%	–
BRE	Exit	BRE PROPERTIES INCcl a	$0	–	-496,153	–	-4.88%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-1,755,274	–	-5.91%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-437,405	–	-7.04%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-440,091	–	-7.39%	–
HME	Exit	HOME PROPERTIES INC	$0	–	-646,115	–	-8.30%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-1,128,466	–	-10.60%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-517,660	–	-14.76%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-530,689	–	-15.88%	–

Q3 2012

			Value		Shares		↓ Weighting
SPG	Buy	SIMON PPTY GROUP INC NEW	$75,749,000	+94.0%	530,689	+98.9%	15.88%	+3.4%
AVB	Buy	AVALONBAY CMNTYS INC	$70,397,000	+85.1%	517,660	+92.5%	14.76%	-1.3%
KRC	Buy	KILROY RLTY CORP	$50,533,000	+108.6%	1,128,466	+125.5%	10.60%	+11.2%
HME	Buy	HOME PROPERTIES INC	$39,587,000	+76.5%	646,115	+76.7%	8.30%	-5.9%
SLG	Buy	SL GREEN RLTY CORP	$35,238,000	+84.0%	440,091	+84.4%	7.39%	-1.9%
TCO	Buy	TAUBMAN CTRS INC	$33,562,000	+164.2%	437,405	+165.7%	7.04%	+40.8%
HST	Buy	HOST HOTELS & RESORTS INC	$28,172,000	+39.9%	1,755,274	+37.9%	5.91%	-25.5%
BRE	Buy	BRE PROPERTIES INCcl a	$23,265,000	+67.9%	496,153	+79.1%	4.88%	-10.5%
EQY	Buy	EQUITY ONE	$22,432,000	+157.1%	1,065,130	+158.8%	4.70%	+37.1%
BMR	New	BIOMED REALTY TRUST INC	$16,373,000	–	874,600	–	3.43%	–
LHO	Buy	LASALLE HOTEL PPTYS	$15,881,000	+4.3%	595,003	+13.9%	3.33%	-44.4%
ELS	Buy	EQUITY LIFESTYLE PPTYS INC	$14,832,000	+102.1%	435,475	+104.6%	3.11%	+7.7%
CUBE	Buy	CUBESMART	$14,820,000	+200.3%	1,151,479	+172.3%	3.11%	+60.0%
FRT	Buy	FEDERAL REALTY INVT TRsh ben int new	$13,797,000	+156.0%	131,026	+153.1%	2.89%	+36.5%
PLD	Sell	PROLOGIS INC	$9,938,000	-15.2%	283,698	-19.6%	2.08%	-54.8%
ARE	Buy	ALEXANDRIA REAL ESTATE EQ IN	$6,538,000	+23.8%	88,932	+22.4%	1.37%	-34.0%
AKR	Buy	ACADIA RLTY TR	$4,216,000	+56.7%	169,857	+46.4%	0.88%	-16.4%
VNO	Sell	VORNADO RLTY TRsh ben int	$1,557,000	-20.1%	19,216	-17.2%	0.33%	-57.4%
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-12,307	–	-0.52%	–

Q2 2012

			Value		Shares		↓ Weighting
SPG	New	SIMON PPTY GROUP INC NEW	$39,041,000	–	266,749	–	15.36%	–
AVB	New	AVALONBAY CMNTYS INC	$38,036,000	–	268,845	–	14.96%	–
KRC	New	KILROY RLTY CORP	$24,230,000	–	500,516	–	9.53%	–
HME	New	HOME PROPERTIES INC	$22,433,000	–	365,595	–	8.83%	–
HST	New	HOST HOTELS & RESORTS INC	$20,142,000	–	1,273,219	–	7.92%	–
SLG	New	SL GREEN RLTY CORP	$19,152,000	–	238,681	–	7.54%	–
LHO	New	LASALLE HOTEL PPTYS	$15,221,000	–	522,353	–	5.99%	–
BRE	New	BRE PROPERTIES INCcl a	$13,858,000	–	277,053	–	5.45%	–
TCO	New	TAUBMAN CTRS INC	$12,701,000	–	164,607	–	5.00%	–
PLD	New	PROLOGIS INC	$11,722,000	–	352,748	–	4.61%	–
EQY	New	EQUITY ONE	$8,724,000	–	411,530	–	3.43%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$7,339,000	–	212,825	–	2.89%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$5,389,000	–	51,776	–	2.12%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$5,282,000	–	72,632	–	2.08%	–
CUBE	New	CUBESMART	$4,935,000	–	422,879	–	1.94%	–
AKR	New	ACADIA RLTY TR	$2,690,000	–	116,057	–	1.06%	–
VNO	New	VORNADO RLTY TRsh ben int	$1,948,000	–	23,195	–	0.77%	–
BXP	New	BOSTON PROPERTIES INC	$1,334,000	–	12,307	–	0.52%	–

Q4 2011

			Value		Shares		↓ Weighting
DDR	Exit	DDR CORP	$0	–	-131,950	–	-0.86%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-77,115	–	-1.45%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-69,513	–	-3.11%	–
BRE	Exit	BRE PROPERTIES INCcl a	$0	–	-128,097	–	-3.26%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-76,105	–	-4.07%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-88,564	–	-4.38%	–
LHO	Exit	LASALLE HOTEL PPTYS	$0	–	-427,039	–	-4.92%	–
DFT	Exit	DUPONT FABROS TECHNOLOGY INC	$0	–	-460,727	–	-5.44%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-153,009	–	-5.64%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-89,807	–	-6.15%	–
AKR	Exit	ACADIA RLTY TR	$0	–	-566,237	–	-6.36%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-191,199	–	-6.67%	–
PLD	Exit	PROLOGIS INC	$0	–	-516,696	–	-7.52%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-1,202,629	–	-7.90%	–
HME	Exit	HOME PROPERTIES INC	$0	–	-429,656	–	-14.64%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-284,322	–	-17.64%	–

Q3 2011

			Value		Shares		↓ Weighting
SPG	Sell	SIMON PPTY GROUP INC NEW	$29,401,000	-14.5%	284,322	-9.6%	17.64%	+16.1%
HME	Buy	HOME PROPERTIES INC	$24,387,000	+1.0%	429,656	+8.4%	14.64%	+37.2%
HST	Buy	HOST HOTELS & RESORTS INC	$13,157,000	-4.7%	1,202,629	+47.6%	7.90%	+29.3%
PLD	Sell	PROLOGIS INC	$12,530,000	-33.8%	516,696	-2.1%	7.52%	-10.1%
SLG	Sell	SL GREEN RLTY CORP	$11,118,000	-66.3%	191,199	-52.0%	6.67%	-54.3%
AKR	Buy	ACADIA RLTY TR	$10,589,000	-3.9%	566,237	+4.5%	6.36%	+30.5%
AVB	Buy	AVALONBAY CMNTYS INC	$10,242,000	+39.7%	89,807	+57.3%	6.15%	+89.7%
ARE	Sell	ALEXANDRIA REAL ESTATE EQ IN	$9,393,000	-28.7%	153,009	-10.1%	5.64%	-3.2%
DFT	Buy	DUPONT FABROS TECHNOLOGY INC	$9,072,000	-20.3%	460,727	+1.9%	5.44%	+8.1%
LHO	Buy	LASALLE HOTEL PPTYS	$8,199,000	-13.7%	427,039	+18.4%	4.92%	+17.1%
FRT	Sell	FEDERAL REALTY INVT TRsh ben int new	$7,299,000	-21.8%	88,564	-19.2%	4.38%	+6.1%
BXP	Sell	BOSTON PROPERTIES INC	$6,781,000	-50.8%	76,105	-41.4%	4.07%	-33.2%
BRE	Buy	BRE PROPERTIES INCcl a	$5,424,000	+71.3%	128,097	+101.8%	3.26%	+132.5%
VNO	Sell	VORNADO RLTY TRsh ben int	$5,187,000	-51.0%	69,513	-38.8%	3.11%	-33.5%
KRC	Sell	KILROY RLTY CORP	$2,414,000	-60.7%	77,115	-50.4%	1.45%	-46.6%
DDR	New	DDR CORP	$1,438,000	–	131,950	–	0.86%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-48,504	–	-2.90%	–

Q2 2011

			Value		Shares		↓ Weighting
SPG	New	SIMON PPTY GROUP INC NEW	$34,370,000	–	314,507	–	15.19%	–
SLG	New	SL GREEN RLTY CORP	$32,998,000	–	398,192	–	14.59%	–
HME	New	HOME PROPERTIES INC	$24,134,000	–	396,418	–	10.67%	–
PLD	New	PROLOGIS INC	$18,919,000	–	527,884	–	8.36%	–
HST	New	HOST HOTELS & RESORTS INC	$13,811,000	–	814,828	–	6.10%	–
BXP	New	BOSTON PROPERTIES INC	$13,777,000	–	129,775	–	6.09%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$13,174,000	–	170,167	–	5.82%	–
DFT	New	DUPONT FABROS TECHNOLOGY INC	$11,389,000	–	451,958	–	5.04%	–
AKR	New	ACADIA RLTY TR	$11,016,000	–	541,871	–	4.87%	–
VNO	New	VORNADO RLTY TRsh ben int	$10,589,000	–	113,642	–	4.68%	–
LHO	New	LASALLE HOTEL PPTYS	$9,504,000	–	360,821	–	4.20%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$9,339,000	–	109,640	–	4.13%	–
AVB	New	AVALONBAY CMNTYS INC	$7,329,000	–	57,080	–	3.24%	–
ESS	New	ESSEX PPTY TR INC	$6,562,000	–	48,504	–	2.90%	–
KRC	New	KILROY RLTY CORP	$6,141,000	–	155,500	–	2.72%	–
BRE	New	BRE PROPERTIES INCcl a	$3,166,000	–	63,480	–	1.40%	–

Q4 2010

			Value		Shares		↓ Weighting
AKR	Exit	ACADIA RLTY TR	$0	–	-29,307	–	-0.29%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-10,109	–	-0.51%	–
KIM	Exit	KIMCO REALTY CORP	$0	–	-233,549	–	-1.91%	–
AMB	Exit	AMB PROPERTY CORP	$0	–	-329,098	–	-2.01%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-261,677	–	-2.38%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-165,920	–	-2.86%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-59,286	–	-3.20%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-104,272	–	-4.50%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-196,549	–	-4.86%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-142,127	–	-5.17%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-167,308	–	-7.43%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-1,016,655	–	-7.64%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-193,169	–	-8.19%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-258,653	–	-8.50%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-150,599	–	-8.56%	–
HME	Exit	HOME PROPERTIES INC	$0	–	-406,690	–	-11.17%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-459,931	–	-20.82%	–

Q3 2010

			Value		Shares		↓ Weighting
SPG	Sell	SIMON PPTY GROUP INC NEW	$40,105,000	+14.7%	459,931	-0.1%	20.82%	-2.2%
HME	Buy	HOME PROPERTIES INC	$21,514,000	+18.6%	406,690	+1.1%	11.17%	+1.2%
ESS	Sell	ESSEX PPTY TR INC	$16,482,000	+8.5%	150,599	-3.3%	8.56%	-7.5%
SLG	Sell	SL GREEN RLTY CORP	$16,380,000	+14.5%	258,653	-0.5%	8.50%	-2.3%
FRT	Sell	FEDERAL REALTY INVT TRsh ben int new	$15,774,000	+9.5%	193,169	-5.8%	8.19%	-6.7%
HST	Buy	HOST HOTELS & RESORTS INC	$14,721,000	+328.3%	1,016,655	+298.7%	7.64%	+265.2%
VNO	Sell	VORNADO RLTY TRsh ben int	$14,310,000	+0.6%	167,308	-14.2%	7.43%	-14.2%
ARE	Sell	ALEXANDRIA REAL ESTATE EQ IN	$9,949,000	+10.3%	142,127	-0.2%	5.17%	-5.9%
EQR	Sell	EQUITY RESIDENTIALsh ben int	$9,350,000	+10.5%	196,549	-3.3%	4.86%	-5.8%
AVB	Sell	AVALONBAY CMNTYS INC	$6,162,000	-8.3%	59,286	-17.6%	3.20%	-21.8%
KRC	Buy	KILROY RLTY CORP	$5,499,000	+30.3%	165,920	+16.9%	2.86%	+11.1%
DEI	Sell	DOUGLAS EMMETT INC	$4,582,000	+23.1%	261,677	-0.0%	2.38%	+5.0%
AMB	Buy	AMB PROPERTY CORP	$3,877,000	+34.3%	329,098	+15.5%	2.01%	+14.5%
KIM	Buy	KIMCO REALTY CORP	$3,676,000	+54.8%	233,549	+32.2%	1.91%	+32.0%
PSA	Sell	PUBLIC STORAGE	$981,000	-76.9%	10,109	-79.1%	0.51%	-80.3%

Q2 2010

			Value		Shares		↓ Weighting
SPG	New	SIMON PPTY GROUP INC NEW	$34,958,000	–	460,435	–	21.28%	–
HME	New	HOME PROPERTIES INC	$18,137,000	–	402,417	–	11.04%	–
ESS	New	ESSEX PPTY TR INC	$15,188,000	–	155,715	–	9.25%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$14,412,000	–	205,095	–	8.78%	–
SLG	New	SL GREEN RLTY CORP	$14,305,000	–	259,910	–	8.71%	–
VNO	New	VORNADO RLTY TRsh ben int	$14,228,000	–	195,043	–	8.66%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$9,021,000	–	142,359	–	5.49%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$8,465,000	–	203,299	–	5.15%	–
BXP	New	BOSTON PROPERTIES INC	$7,439,000	–	104,272	–	4.53%	–
AVB	New	AVALONBAY CMNTYS INC	$6,717,000	–	71,935	–	4.09%	–
PSA	New	PUBLIC STORAGE	$4,243,000	–	48,260	–	2.58%	–
KRC	New	KILROY RLTY CORP	$4,219,000	–	141,920	–	2.57%	–
DEI	New	DOUGLAS EMMETT INC	$3,722,000	–	261,769	–	2.27%	–
HST	New	HOST HOTELS & RESORTS INC	$3,437,000	–	254,989	–	2.09%	–
AMB	New	AMB PROPERTY CORP	$2,887,000	–	284,969	–	1.76%	–
KIM	New	KIMCO REALTY CORP	$2,375,000	–	176,720	–	1.45%	–
AKR	New	ACADIA RLTY TR	$493,000	–	29,307	–	0.30%	–

Q4 2009

			Value		Shares		↓ Weighting
KRC	Exit	KILROY RLTY CORP	$0	–	-16,524	–	-0.27%	–
KIM	Exit	KIMCO REALTY CORP	$0	–	-120,561	–	-0.94%	–
DFT	Exit	DUPONT FABROS TECHNOLOGY INC	$0	–	-139,121	–	-1.11%	–
AMB	Exit	AMB PROPERTY CORP	$0	–	-162,028	–	-1.16%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-39,293	–	-1.77%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-271,714	–	-2.00%	–
AKR	Exit	ACADIA RLTY TR	$0	–	-363,439	–	-3.28%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-493,306	–	-3.48%	–
HME	Exit	HOME PROPERTIES INC	$0	–	-150,123	–	-3.88%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-213,017	–	-3.92%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-93,045	–	-4.05%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-134,025	–	-4.36%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-116,145	–	-5.54%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-194,877	–	-7.16%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-201,570	–	-7.92%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-462,786	–	-12.16%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-401,722	–	-15.50%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-550,024	–	-21.51%	–

Q3 2009

			Value		Shares		↓ Weighting
SPG	Sell	SIMON PPTY GROUP INC NEW	$35,906,000	+9.9%	550,024	-18.6%	21.51%	-13.6%
VNO	Buy	VORNADO RLTY TRsh ben int	$25,875,000	+109.5%	401,722	+46.5%	15.50%	+64.6%
SLG	Buy	SL GREEN RLTY CORP	$20,293,000	+157.5%	462,786	+34.7%	12.16%	+102.3%
BXP	Buy	BOSTON PROPERTIES INC	$13,213,000	+90.9%	201,570	+38.9%	7.92%	+50.0%
FRT	Sell	FEDERAL REALTY INVT TRsh ben int new	$11,960,000	-28.3%	194,877	-39.8%	7.16%	-43.6%
ESS	Buy	ESSEX PPTY TR INC	$9,243,000	+153.2%	116,145	+98.0%	5.54%	+99.0%
ARE	Buy	ALEXANDRIA REAL ESTATE EQ IN	$7,284,000	+224.0%	134,025	+113.4%	4.36%	+154.6%
AVB	Sell	AVALONBAY CMNTYS INC	$6,767,000	+10.8%	93,045	-14.8%	4.05%	-12.9%
EQR	Buy	EQUITY RESIDENTIALsh ben int	$6,540,000	+135.2%	213,017	+70.3%	3.92%	+84.8%
HME	Buy	HOME PROPERTIES INC	$6,469,000	+29.0%	150,123	+2.1%	3.88%	+1.4%
HST	Buy	HOST HOTELS & RESORTS INC	$5,806,000	+43.4%	493,306	+2.2%	3.48%	+12.7%
AKR	Buy	ACADIA RLTY TR	$5,477,000	+25.7%	363,439	+8.8%	3.28%	-1.2%
DEI	Buy	DOUGLAS EMMETT INC	$3,337,000	+40.6%	271,714	+2.9%	2.00%	+10.4%
PSA	Sell	PUBLIC STORAGE	$2,956,000	-64.0%	39,293	-68.6%	1.77%	-71.7%
AMB	Sell	AMB PROPERTY CORP	$1,931,000	+44.4%	162,028	-2.4%	1.16%	+13.5%
DFT	Sell	DUPONT FABROS TECHNOLOGY INC	$1,854,000	+15.6%	139,121	-18.3%	1.11%	-9.2%
KIM	Sell	KIMCO REALTY CORP	$1,572,000	-30.0%	120,561	-46.1%	0.94%	-45.0%
KRC	Sell	KILROY RLTY CORP	$458,000	-71.3%	16,524	-78.7%	0.27%	-77.4%
MAC	Exit	MACERICH CO	$0	–	-50,767	–	-0.68%	–
REG	Exit	REGENCY CTRS CORP	$0	–	-235,353	–	-6.26%	–

Q2 2009

			Value		Shares		↓ Weighting
SPG	New	SIMON PPTY GROUP INC NEW	$32,669,000	–	675,595	–	24.90%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$16,672,000	–	323,606	–	12.71%	–
VNO	New	VORNADO RLTY TRsh ben int	$12,352,000	–	274,295	–	9.42%	–
REG	New	REGENCY CTRS CORP	$8,216,000	–	235,353	–	6.26%	–
PSA	New	PUBLIC STORAGE	$8,206,000	–	125,322	–	6.26%	–
SLG	New	SL GREEN RLTY CORP	$7,882,000	–	343,585	–	6.01%	–
BXP	New	BOSTON PROPERTIES INC	$6,920,000	–	145,079	–	5.28%	–
AVB	New	AVALONBAY CMNTYS INC	$6,107,000	–	109,172	–	4.66%	–
HME	New	HOME PROPERTIES INC	$5,013,000	–	147,000	–	3.82%	–
AKR	New	ACADIA RLTY TR	$4,358,000	–	333,922	–	3.32%	–
HST	New	HOST HOTELS & RESORTS INC	$4,049,000	–	482,550	–	3.09%	–
ESS	New	ESSEX PPTY TR INC	$3,651,000	–	58,672	–	2.78%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$2,781,000	–	125,082	–	2.12%	–
DEI	New	DOUGLAS EMMETT INC	$2,374,000	–	264,029	–	1.81%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$2,248,000	–	62,799	–	1.71%	–
KIM	New	KIMCO REALTY CORP	$2,246,000	–	223,515	–	1.71%	–
DFT	New	DUPONT FABROS TECHNOLOGY INC	$1,604,000	–	170,326	–	1.22%	–
KRC	New	KILROY RLTY CORP	$1,594,000	–	77,592	–	1.22%	–
AMB	New	AMB PROPERTY CORP	$1,337,000	–	165,941	–	1.02%	–
MAC	New	MACERICH CO	$894,000	–	50,767	–	0.68%	–

Q4 2008

			Value		Shares		↓ Weighting
KRC	Exit	KILROY RLTY CORP	$0	–	-24,818	–	-0.69%	–
AMB	Exit	AMB PROPERTY CORP	$0	–	-31,085	–	-0.74%	–
KIM	Exit	KIMCO REALTY CORP	$0	–	-61,284	–	-1.32%	–
REG	Exit	REGENCY CTRS CORP	$0	–	-60,823	–	-2.36%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-41,315	–	-2.70%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-76,708	–	-2.89%	–
BRE	Exit	BRE PROPERTIES INCcl a	$0	–	-107,937	–	-3.07%	–
PLD	Exit	PROLOGISsh ben int	$0	–	-117,397	–	-3.09%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-46,820	–	-3.22%	–
AKR	Exit	ACADIA RLTY TR	$0	–	-248,200	–	-3.64%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-64,505	–	-3.69%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-640,796	–	-4.95%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-97,620	–	-5.16%	–
HME	Exit	HOME PROPERTIES INC	$0	–	-197,415	–	-6.64%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-128,520	–	-6.99%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-175,572	–	-10.10%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-318,433	–	-16.48%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-448,142	–	-22.28%	–

Q3 2008

			Value		Shares		↓ Weighting
FRT	Buy	FEDERAL REALTY INVT TRsh ben int new	$38,361,000	+66.1%	448,142	+33.9%	22.28%	+27.9%
SPG	Buy	SIMON PPTY GROUP INC NEW	$28,365,000	+48.7%	318,433	+50.1%	16.48%	+14.5%
PSA	Buy	PUBLIC STORAGE	$17,383,000	+32.3%	175,572	+7.9%	10.10%	+1.9%
BXP	Sell	BOSTON PROPERTIES INC	$12,037,000	-11.6%	128,520	-14.9%	6.99%	-32.0%
HME	Buy	HOME PROPERTIES INC	$11,440,000	+61.3%	197,415	+33.8%	6.64%	+24.2%
VNO	Buy	VORNADO RLTY TRsh ben int	$8,879,000	+42.8%	97,620	+38.2%	5.16%	+10.0%
HST	Buy	HOST HOTELS & RESORTS INC	$8,516,000	+83.3%	640,796	+88.2%	4.95%	+41.1%
AVB	Buy	AVALONBAY CMNTYS INC	$6,349,000	+42.5%	64,505	+29.1%	3.69%	+9.8%
AKR	Buy	ACADIA RLTY TR	$6,274,000	+45.1%	248,200	+32.9%	3.64%	+11.7%
ESS	Buy	ESSEX PPTY TR INC	$5,540,000	+204.7%	46,820	+174.3%	3.22%	+134.7%
PLD	Sell	PROLOGISsh ben int	$5,318,000	-23.2%	117,397	-14.5%	3.09%	-40.8%
BRE	Sell	BRE PROPERTIES INCcl a	$5,289,000	-0.6%	107,937	-12.2%	3.07%	-23.4%
SLG	Sell	SL GREEN RLTY CORP	$4,971,000	-44.8%	76,708	-29.5%	2.89%	-57.5%
ARE	Sell	ALEXANDRIA REAL ESTATE EQ IN	$4,648,000	-8.3%	41,315	-20.6%	2.70%	-29.4%
REG	Buy	REGENCY CTRS CORP	$4,056,000	+81.1%	60,823	+60.5%	2.36%	+39.4%
KIM	Buy	KIMCO REALTY CORP	$2,264,000	+44.8%	61,284	+35.3%	1.32%	+11.4%
AMB	Buy	AMB PROPERTY CORP	$1,283,000	+0.6%	31,085	+22.8%	0.74%	-22.6%
KRC	Sell	KILROY RLTY CORP	$1,186,000	-50.4%	24,818	-51.2%	0.69%	-61.8%
CLI	Exit	MACK CALI RLTY CORP	$0	–	-38,434	–	-0.99%	–

Q2 2008

			Value		Shares		↓ Weighting
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$23,093,000	–	334,684	–	17.42%	–
SPG	New	SIMON PPTY GROUP INC NEW	$19,074,000	–	212,193	–	14.39%	–
BXP	New	BOSTON PROPERTIES INC	$13,622,000	–	150,991	–	10.28%	–
PSA	New	PUBLIC STORAGE	$13,141,000	–	162,651	–	9.91%	–
SLG	New	SL GREEN RLTY CORP	$9,006,000	–	108,875	–	6.79%	–
HME	New	HOME PROPERTIES INC	$7,092,000	–	147,568	–	5.35%	–
PLD	New	PROLOGISsh ben int	$6,920,000	–	137,358	–	5.22%	–
VNO	New	VORNADO RLTY TRsh ben int	$6,218,000	–	70,659	–	4.69%	–
BRE	New	BRE PROPERTIES INCcl a	$5,321,000	–	122,937	–	4.01%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$5,067,000	–	52,055	–	3.82%	–
HST	New	HOST HOTELS & RESORTS INC	$4,647,000	–	340,431	–	3.50%	–
AVB	New	AVALONBAY CMNTYS INC	$4,454,000	–	49,950	–	3.36%	–
AKR	New	ACADIA RLTY TR	$4,324,000	–	186,803	–	3.26%	–
KRC	New	KILROY RLTY CORP	$2,390,000	–	50,818	–	1.80%	–
REG	New	REGENCY CTRS CORP	$2,240,000	–	37,897	–	1.69%	–
ESS	New	ESSEX PPTY TR INC	$1,818,000	–	17,066	–	1.37%	–
KIM	New	KIMCO REALTY CORP	$1,564,000	–	45,299	–	1.18%	–
CLI	New	MACK CALI RLTY CORP	$1,313,000	–	38,434	–	0.99%	–
AMB	New	AMB PROPERTY CORP	$1,275,000	–	25,308	–	0.96%	–

Q4 2007

			Value		Shares		↓ Weighting
ESS	Exit	ESSEX PPTY TR INC	$0	–	-4,000	–	-0.27%	–
HME	Exit	HOME PROPERTIES INC	$0	–	-19,529	–	-0.58%	–
CLI	Exit	MACK CALI RLTY CORP	$0	–	-25,791	–	-0.61%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-14,393	–	-0.65%	–
LHO	Exit	LASALLE HOTEL PPTYS	$0	–	-49,904	–	-1.20%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-37,898	–	-1.31%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-24,766	–	-1.67%	–
AKR	Exit	ACADIA RLTY TR	$0	–	-126,343	–	-1.96%	–
REG	Exit	REGENCY CTRS CORP	$0	–	-48,897	–	-2.15%	–
KIM	Exit	KIMCO REALTY CORP	$0	–	-83,990	–	-2.17%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-59,790	–	-3.42%	–
AMB	Exit	AMB PROPERTY CORP	$0	–	-182,475	–	-6.24%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-546,076	–	-7.01%	–
PLD	Exit	PROLOGISsh ben int	$0	–	-220,942	–	-7.56%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-175,631	–	-10.98%	–
BRE	Exit	BRE PROPERTIES INCcl a	$0	–	-344,528	–	-11.02%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-205,221	–	-12.20%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-269,114	–	-13.64%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-229,930	–	-15.36%	–

Q3 2007

			Value		Shares		↓ Weighting
SLG	Sell	SL GREEN RLTY CORP	$26,849,000	-27.0%	229,930	-22.5%	15.36%	-23.4%
FRT	Buy	FEDERAL REALTY INVT TRsh ben int new	$23,844,000	+33.0%	269,114	+16.0%	13.64%	+39.6%
BXP	Buy	BOSTON PROPERTIES INC	$21,322,000	+5.3%	205,221	+3.5%	12.20%	+10.5%
BRE	Sell	BRE PROPERTIES INCcl a	$19,269,000	-30.3%	344,528	-26.1%	11.02%	-26.8%
VNO	Buy	VORNADO RLTY TRsh ben int	$19,205,000	+16.4%	175,631	+16.9%	10.98%	+22.2%
PLD	Sell	PROLOGISsh ben int	$13,215,000	-24.4%	220,942	-28.1%	7.56%	-20.6%
HST	Sell	HOST HOTELS & RESORTS INC	$12,254,000	-39.4%	546,076	-37.5%	7.01%	-36.4%
AMB	Buy	AMB PROPERTY CORP	$10,914,000	+161.9%	182,475	+137.0%	6.24%	+174.9%
SPG	Buy	SIMON PPTY GROUP INC NEW	$5,979,000	+190.8%	59,790	+170.5%	3.42%	+205.4%
KIM	Sell	KIMCO REALTY CORP	$3,797,000	+9.8%	83,990	-7.5%	2.17%	+15.3%
REG	Sell	REGENCY CTRS CORP	$3,753,000	-31.0%	48,897	-36.6%	2.15%	-27.6%
AKR	Buy	ACADIA RLTY TR	$3,428,000	+109.7%	126,343	+100.5%	1.96%	+120.1%
AVB	Buy	AVALONBAY CMNTYS INC	$2,924,000	+51.5%	24,766	+52.5%	1.67%	+58.9%
KRC	Sell	KILROY RLTY CORP	$2,298,000	-35.9%	37,898	-25.1%	1.31%	-32.7%
LHO	Buy	LASALLE HOTEL PPTYS	$2,100,000	+103.5%	49,904	+110.1%	1.20%	+113.7%
PSA	New	PUBLIC STORAGE	$1,132,000	–	14,393	–	0.65%	–
CLI	New	MACK CALI RLTY CORP	$1,060,000	–	25,791	–	0.61%	–
HME	Buy	HOME PROPERTIES INC	$1,019,000	+21.6%	19,529	+21.1%	0.58%	+27.6%
ESS	New	ESSEX PPTY TR INC	$470,000	–	4,000	–	0.27%	–
MAC	Exit	MACERICH CO	$0	–	-12,175	–	-0.55%	–
GGP	Exit	GENERAL GROWTH PPTYS INC	$0	–	-29,638	–	-0.86%	–

Q2 2007

			Value		Shares		↓ Weighting
SLG	New	SL GREEN RLTY CORP	$36,778,000	–	296,862	–	20.04%	–
BRE	New	BRE PROPERTIES INCcl a	$27,636,000	–	466,115	–	15.06%	–
BXP	New	BOSTON PROPERTIES INC	$20,255,000	–	198,324	–	11.04%	–
HST	New	HOST HOTELS & RESORTS INC	$20,214,000	–	874,291	–	11.02%	–
FRT	New	FEDERAL REALTY INVT TRsh ben int new	$17,924,000	–	232,000	–	9.77%	–
PLD	New	PROLOGISsh ben int	$17,477,000	–	307,154	–	9.52%	–
VNO	New	VORNADO RLTY TRsh ben int	$16,502,000	–	150,238	–	8.99%	–
REG	New	REGENCY CTRS CORP	$5,440,000	–	77,158	–	2.96%	–
AMB	New	AMB PROPERTY CORP	$4,168,000	–	76,994	–	2.27%	–
KRC	New	KILROY RLTY CORP	$3,584,000	–	50,598	–	1.95%	–
KIM	New	KIMCO REALTY CORP	$3,458,000	–	90,843	–	1.88%	–
SPG	New	SIMON PPTY GROUP INC NEW	$2,056,000	–	22,100	–	1.12%	–
AVB	New	AVALONBAY CMNTYS INC	$1,930,000	–	16,235	–	1.05%	–
AKR	New	ACADIA RLTY TR	$1,635,000	–	63,000	–	0.89%	–
GGP	New	GENERAL GROWTH PPTYS INC	$1,569,000	–	29,638	–	0.86%	–
LHO	New	LASALLE HOTEL PPTYS	$1,032,000	–	23,757	–	0.56%	–
MAC	New	MACERICH CO	$1,003,000	–	12,175	–	0.55%	–
HME	New	HOME PROPERTIES INC	$838,000	–	16,129	–	0.46%	–

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Export Resolution Capital Ltd's holdings