GRS ADVISORS LLC
Q2 2022 Form 13-F
CHICAGO, ILLINOIS
CIK 0001544554
· CRD 157210
· SEC-registered investment adviser
$340.6M Reported Value Total
GEM REALTY CAPITAL reports 22 total accounts under management (AUM). There are 22 discretionary accounts valued at $6,012,051,780, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Private funds (Form ADV)
25 funds
· $4.7B gross asset value
Real Estate Fund: $3.8B · Hedge Fund: $949.9M
Source: Form ADV filed 2026-03-27
Reported value
$340.6M
Quarter over quarter
-17.3%
Holdings
31
Top-10 concentration
56.8%
Key People
Form ADV owners & control persons
Michael Andrew Elrad
SENIOR MANAGING PARTNER
Andrew Michael Franklin
CHIEF FINANCIAL OFFICER AND CO-CHIEF OPERATING OFFICER
Michael Jacob Geller
CO-CHIEF INVESTMENT OFFICER - GRS
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
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Q2 2022 13F record
Q2 2022 13F filing summary
| Period of report | June 30, 2022 |
|---|---|
| Filed | August 15, 2022 |
| Form | 13F-HR |
| Reported value | $340.6M |
| Positions | 31 |
| Change in reported value | -14.2% |
| New positions | 9 |
| Exited positions | 9 |
| Position turnover | 45.0% |
| Top-10 concentration | 56.8% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
27 | $1.2B |
|
Q1 2026 13F
Filed May 15, 2026
|
32 | $1.0B |
|
Q4 2025 13F
Filed Feb 17, 2026
|
33 | $1.1B |
|
Q3 2025 13F
Filed Nov 14, 2025
|
31 | $1.1B |
|
Q2 2025 13F
Filed Aug 14, 2025
|
27 | $1.0B |
|
Q1 2025 13F
Filed May 15, 2025
|
32 | $961.1M |
|
Q4 2024 13F
Filed Feb 14, 2025
|
30 | $1.0B |
|
Q3 2024 13F
Filed Nov 14, 2024
|
27 | $1.1B |
|
Q2 2024 13F
Filed Aug 14, 2024
|
26 | $867.1M |
|
Q1 2024 13F
Filed May 15, 2024
|
30 | $745.0M |
|
Q4 2023 13F
Filed Feb 14, 2024
|
30 | $606.3M |
|
Q3 2023 13F
Filed Nov 14, 2023
|
30 | $565.2M |
|
Q2 2023 13F
Filed Aug 14, 2023
|
28 | $561.7M |
|
Q1 2023 13F
Filed May 15, 2023
|
31 | $522.8M |
|
Q4 2022 13F
Filed Feb 14, 2023
|
30 | $418.3M |
|
Q3 2022 13F
Filed Nov 14, 2022
|
27 | $328.6M |
|
Q2 2022 13F
Filed Aug 15, 2022
|
31 | $340.6M |
|
Q1 2022 13F
Filed May 16, 2022
|
31 | $396.9M |
|
Q4 2021 13F
Filed Feb 14, 2022
|
37 | $413.7M |
|
Q3 2021 13F
Filed Nov 15, 2021
|
28 | $246.8M |
33 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q2 2022
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | NSA NATIONAL STORAGE AFFILIATES | $23.7M | 6.95% |
| 2 | AMT AMERICAN TOWER CORP NEW | $20.4M | 5.99% |
| 3 | MTH MERITAGE HOMES CORP | $20.2M | 5.92% |
| 4 | KRG KITE RLTY GROUP TR | $20.0M | 5.88% |
| 5 | DLR DIGITAL RLTY TR INC | $19.9M | 5.85% |
| 6 | IRT INDEPENDENCE RLTY TR INC | $19.6M | 5.75% |
| 7 | COLD AMERICOLD REALTY TRUST INC | $19.0M | 5.57% |
| 8 | REXR REXFORD INDL RLTY INC | $18.9M | 5.55% |
| 9 | HLT HILTON WORLDWIDE HLDGS INC | $16.5M | 4.84% |
| 10 | WFG WEST FRASER TIMBER CO LTD | $15.2M | 4.46% |
| 11 | WELL WELLTOWER INC | $14.5M | 4.24% |
| 12 | RADI RADIUS GLOBAL INFRASTRCTRE I | $13.4M | 3.94% |
| 13 | RHP RYMAN HOSPITALITY PPTYS INC | $11.9M | 3.49% |
| 14 | MAA MID-AMER APT CMNTYS INC | $11.7M | 3.43% |
| 15 | TNL TRAVEL PLUS LEISURE CO | $11.6M | 3.39% |
| 16 | ROIC RETAIL OPPORTUNITY INVTS COR | $11.0M | 3.22% |
| 17 | SPG SIMON PPTY GROUP INC NEW | $9.8M | 2.89% |
| 18 | JLL JONES LANG LASALLE INC | $9.7M | 2.86% |
| 19 | CTRE CARETRUST REIT INC | $9.2M | 2.7% |
| 20 | CHCT COMMUNITY HEALTHCARE TR INC | $8.7M | 2.54% |
Values as reported on the Q2 2022 Form 13F. Every position is in the holdings table below.