# REAL ESTATE MANAGEMENT SERVICES LLC

> Institutional holdings reported to the SEC as of Q4 2021 on Form 13F. CIK 1177018. Source: https://holderbook.com/funds/1177018-real-estate-management-services-llc/

- Reported value: $166.5M
- Positions: 37
- Weight of the ten largest: 46.2%
- Filed: 2022-01-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| KENNEDY-WILSON HOLDINGS INC | [KW](https://holderbook.com/stocks/KW/) | $9.1M | 382,300 | 5.5% | 13 |
| BRANDYWINE RLTY TR | [BDN](https://holderbook.com/stocks/BDN/) | $8.9M | 659,700 | 5.3% | 13 |
| HEALTHCARE TR AMER INC | [HTA](https://holderbook.com/stocks/HTA/) | $8.8M | 263,900 | 5.3% | 8 |
| BRIXMOR PPTY GROUP INC | [BRX](https://holderbook.com/stocks/BRX/) | $8.0M | 316,700 | 4.8% | 13 |
| APARTMENT INCOME REIT CORP | [AIRC](https://holderbook.com/stocks/AIRC/) | $7.5M | 137,000 | 4.5% | 3 |
| UMH PPTYS INC | [UMH](https://holderbook.com/stocks/UMH/) | $7.2M | 263,800 | 4.3% | 4 |
| STAG INDUSTRIAL INC | [STAG](https://holderbook.com/stocks/STAG/) | $7.2M | 150,300 | 4.3% | 13 |
| HEALTHPEAK PROPERTIES INC | [DOC](https://holderbook.com/stocks/DOC/) | $7.0M | 193,900 | 4.2% | 9 |
| CATCHMARK TIMBER TR INC | [CTT](https://holderbook.com/stocks/CTT/) | $6.8M | 779,400 | 4.1% | 13 |
| SPIRIT RLTY CAP INC NEW | [SRC](https://holderbook.com/stocks/SRC/) | $6.4M | 133,800 | 3.9% | 11 |
| REGENCY CTRS CORP | [REG](https://holderbook.com/stocks/REG/) | $6.3M | 83,000 | 3.8% | 5 |
| AMERICAN CAMPUS CMNTYS INC | [ACC](https://holderbook.com/stocks/ACC/) | $6.2M | 108,600 | 3.7% | 4 |
| URBAN EDGE PPTYS | [UE](https://holderbook.com/stocks/UE/) | $5.0M | 260,700 | 3.0% | 3 |
| PHILLIPS EDISON & CO INC | [PECO](https://holderbook.com/stocks/PECO/) | $4.9M | 149,282 | 3.0% | 2 |
| ALEXANDER & BALDWIN INC NEW | [ALEX](https://holderbook.com/stocks/ALEX/) | $4.6M | 182,636 | 2.8% | 5 |
| VORNADO RLTY TR | [VNO](https://holderbook.com/stocks/VNO/) | $4.3M | 102,700 | 2.6% | 4 |
| ALEXANDERS INC | [ALX](https://holderbook.com/stocks/ALX/) | $3.8M | 14,676 | 2.3% | 8 |
| INDEPENDENCE RLTY TR INC | [IRT](https://holderbook.com/stocks/IRT/) | $3.8M | 146,400 | 2.3% | 8 |
| BSR Reit- Pink Sheet | - | $3.7M | 209,200 | 2.2% | 3 |
| CITY OFFICE REIT INC | [CIO](https://holderbook.com/stocks/CIO/) | $3.7M | 187,010 | 2.2% | 3 |
| HERSHA HOSPITALITY TR | [HT](https://holderbook.com/stocks/HT/) | $3.7M | 398,228 | 2.2% | 13 |
| VERIS RESIDENTIAL INC | [VRE](https://holderbook.com/stocks/VRE/) | $3.6M | 198,000 | 2.2% | 10 |
| RYMAN HOSPITALITY PPTYS INC | [RHP](https://holderbook.com/stocks/RHP/) | $3.6M | 38,900 | 2.1% | 3 |
| HOWARD HUGHES CORP | [HHC](https://holderbook.com/stocks/HHC/) | $3.5M | 34,690 | 2.1% | 13 |
| RPT REALTY | [RPTPRD](https://holderbook.com/stocks/RPTPRD/) | $3.4M | 58,085 | 2.1% | 13 |
| DIGITALBRIDGE GROUP INC | [DBRG](https://holderbook.com/stocks/DBRG/) | $3.1M | 368,200 | 1.8% | 3 |
| SELECT SECTOR SPDR TR | [XLRE](https://holderbook.com/stocks/XLRE/) | $3.1M | 59,000 | 1.8% | 8 |
| CENTURY COMMUNITIES INC | [CCS](https://holderbook.com/stocks/CCS/) | $3.0M | 37,100 | 1.8% | 10 |
| AVALONBAY CMNTYS INC | [AVB](https://holderbook.com/stocks/AVB/) | $3.0M | 11,870 | 1.8% | 4 |
| ISTAR INC | [STAR](https://holderbook.com/stocks/STAR/) | $2.9M | 113,600 | 1.8% | 13 |
| STARWOOD PPTY TR INC | [STWD](https://holderbook.com/stocks/STWD/) | $2.8M | 113,700 | 1.7% | 1 |
| FORESTAR GROUP INC | [FOR](https://holderbook.com/stocks/FOR/) | $2.7M | 125,902 | 1.6% | 10 |
| RLJ LODGING TR | [RLJPRA](https://holderbook.com/stocks/RLJPRA/) | $1.6M | 57,300 | 1.0% | 13 |
| LXP INDUSTRIAL TRUST | [LXPPRC](https://holderbook.com/stocks/LXPPRC/) | $1.3M | 20,174 | 0.8% | 13 |
| INVENTRUST PPTYS CORP | [IVT](https://holderbook.com/stocks/IVT/) | $840.0K | 30,800 | 0.5% | 1 |
| PHYSICIANS RLTY TR | [DOCXXXX](https://holderbook.com/stocks/DOCXXXX/) | $797.0K | 42,300 | 0.5% | 3 |
| COUSINS PPTYS INC | [CUZ](https://holderbook.com/stocks/CUZ/) | $338.0K | 8,400 | 0.2% | 11 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2021 | +9.5% | +10.7% | -1.2% | 92% |
| Q3 2021 | +2.1% | +0.3% | +1.9% | 93% |
| Q2 2021 | +9.2% | +8.0% | +1.1% | 88% |
| Q1 2021 | +11.8% | +6.0% | +5.8% | 90% |
| Q4 2020 | +49.6% | +11.6% | +37.9% | 90% |
| Q3 2020 | +1.2% | +8.6% | -7.4% | 91% |
| Q2 2020 | +22.3% | +19.6% | +2.6% | 92% |
| Q1 2020 | -41.8% | -19.9% | -21.9% | 94% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2021 | $166.5M | 37 |
| Q3 2021 | $162.6M | 36 |
| Q2 2021 | $161.3M | 37 |
| Q1 2021 | $142.8M | 33 |
| Q4 2020 | $120.2M | 32 |
| Q3 2020 | $122.0M | 30 |
| Q2 2020 | $110.1M | 30 |
| Q1 2020 | $91.6M | 32 |
| Q4 2019 | $159.2M | 30 |
| Q3 2019 | $155.7M | 31 |
| Q2 2019 | $148.3M | 28 |
| Q1 2019 | $159.3M | 28 |