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Green Street Investors trims stake in majority of REIT holdings in Q2

Green Street Investors LLC, the investment management affiliate of Green Street Advisors LLC, cut back its share count in a majority of its real estate investment trust holdings during the second quarter of 2019, according to the firm's most recent investor filing.

Green Street Investors shed more than one-third of its share count in both manufactured home REIT Sun Communities Inc. and office landlord Alexandria Real Estate Equities Inc. during the recent quarter. As of June 30, Green Street Investors' positions in the two REITs totaled $5.1 million and $5.3 million, respectively.

The investment management firm also shed 25.7% of its share count in Kilroy Realty Corp., bringing its holding in the office REIT down to 49,900 shares at quarter-end.

Single-family rental REIT Invitation Homes Inc. and student housing-focused American Campus Communities Inc. were among the few holdings that Green Street Investors opted to increase its position in during the quarter. The investment management firm boosted its share count in Invitation Homes by 56.4% and grew its stake in American Campus Communities by 48.7%.

Green Street Investors held stakes in 26 publicly traded REITs on June 30, valued at $156.8 million in aggregate. Equity Residential remained the firm's largest holding by market value at quarter-end, at $15.2 million. During the recent quarter, Green Street Investors reduced its stake in the multifamily landlord by 22.5%. Data center-focused Equinix Inc. and healthcare REIT HCP Inc. followed as the firm's second- and third-largest holdings, valued at $12.8 million and $12.5 million, respectively.

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During the quarter, Green Street Investors exited its stakes in office-focused Empire State Realty Trust Inc. and apartment landlord Mid-America Apartment Communities Inc., a holding the firm initiated the quarter prior.

The firm's newest holding came in Vornado Realty Trust, a primarily New York City-focused REIT, valued at $3.8 million on June 30.

Green Street Investors continued to hold the highest exposure to the residential sector, $32.2 million at quarter-end, or 20.5% of the firm's total portfolio. The retail and healthcare sectors followed, with holdings totaling $20.6 million and $20.1 million, respectively.

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