| 59 North Capital Management, LP | 2,300,256 | $77,495,625 | 8.97% |
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| Vision Capital Corp | 627,968 | $21,156,242 | 7.27% |
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| HGI Capital Management, LLC | 172,813 | $5,822,070 | 6.62% |
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| JLP Asset Management, LLC | 149,000 | $5,019,810 | 6.17% |
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| Waterfront Capital Partners, LLC | 1,592,779 | $53,660,725 | 5.26% |
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| B&I Capital AG | 302,383 | $10,187,283 | 3.69% |
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| GRS Advisors, LLC | 610,772 | $20,576,910 | 3.64% |
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| Adelante Capital Management LLC | 1,227,662 | $41,360 | 3.35% |
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| Resolution Capital Ltd | 4,616,552 | $155,531,637 | 3.08% |
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| Land & Buildings Investment Management | 388,401 | $13,085,230 | 2.87% |
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| American Assets Capital Advisers, LLC | 294,066 | $9,907,084 | 2.80% |
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| AEW CAPITAL MANAGEMENT L P | 1,812,739 | $61,071,177 | 2.56% |
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| Ranger Global Real Estate Advisors, LLC | 464,039 | $15,633,473 | 2.37% |
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| 12th Street Asset Management Company, LLC | 341,409 | $11,502,086 | 2.36% |
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| MAKENA CAPITAL MANAGEMENT LLC | 298,678 | $10,062,462 | 2.15% |
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| THIRD AVENUE MANAGEMENT LLC | 355,261 | $12,029,137 | 2.02% |
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| CENTERSQUARE INVESTMENT MANAGEMENT LLC | 4,505,527 | $151,791,205 | 1.91% |
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| CORBYN INVESTMENT MANAGEMENT INC/MD | 107,547 | $3,623,258 | 1.85% |
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| Burgundy Asset Management Ltd. | 3,716,922 | $125,223,000 | 1.54% |
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| DUFF & PHELPS INVESTMENT MANAGEMENT CO | 3,294,152 | $110,979,981 | 1.46% |
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