A. Description of Advisory Firm
This Brochure relates to the investment advisory services offered by Security Capital Research & Management
Incorporated (“Security Capital” or the “Adviser”). Security Capital is registered with the United States Securities
and Exchange Commission (“SEC”) as an investment adviser pursuant to the Investment Advisers Act of 1940, as
amended (the “Advisers Act”). Security Capital, together with 55I, LLC, Bear Stearns Asset Management Inc.,
Campbell Global, LLC, Highbridge Capital Management, LLC, J.P. Morgan Alternative Asset Management, Inc.,
J.P. Morgan Investment Management Inc., JPMorgan Asset Management (Asia Pacific) Limited, JPMorgan Asset
Management (UK) Limited, JPMorgan Funds Limited, each an SEC registered investment adviser, various
affiliated foreign investment advisers and the asset management division of JPMorgan Chase Bank, N.A.
comprise the Asset Management ("AM") business of J.P. Morgan Asset & Wealth Management ("JPMAWM"). J.P.
Morgan Asset Management ("JPMAM") is the marketing name for the AM businesses of JPMorgan Chase & Co.
and its affiliates worldwide (“JPMC”). JPMC is a publicly traded global financial services firm.
JPMorgan Asset Management Holdings Inc., which is a subsidiary of JPMC, owns all the common stock of
Security Capital. Security Capital was incorporated in Delaware on December 30, 1996.
B. Description of Advisory Services
Security Capital is a boutique investment management company with an exclusive focus on investments in
publicly traded real estate securities. Security Capital's three-member Portfolio Management Team (“PMT”)
makes all investment decisions. The PMT evaluates all real estate research, company specific analysis and
recommendations presented by the Research & Analysis, and Portfolio Analytics & Execution teams in order to
identify investments that present the greatest opportunity to achieve the objectives of the specific strategy. The
PMT members, Anthony R. Manno Jr., Kevin W. Bedell, and Nathan J. Gear, together have a combined average
of over 36 years of real estate and capital markets experience.
The Adviser’s advisory services are offered on both a discretionary and non-discretionary basis through a variety
of investment vehicles and arrangements, depending on the strategy, as further described below.
Separately Managed Accounts
The Adviser offers investment advisory services to institutional and high net worth clients through separately
managed accounts ("SMAs"). Clients typically retain the Adviser pursuant to an investment advisory agreement
between the Adviser and the client. The Adviser offers SMAs in many of its investment strategies. When the
Adviser contracts with a client for a discretionary SMA, the Adviser generally has the authority to
execute trades
for the client's account. A client typically consults with the Adviser during the negotiation of the investment
advisory agreement, prior to funding its account, to create investment guidelines for the client's account.
Investment guidelines for SMAs are typically customized to each specific client account and such guidelines may
vary significantly among SMAs within the same strategy or with the same investment objective.
Sub-Advisory Accounts
Sub-advisory services are offered to institutional clients (including third party mutual funds) where the Adviser
contracts with an affiliated or unaffiliated investment adviser to provide investment advice on a discretionary basis.
Other Pooled Investment Vehicles
The Adviser offers investment advisory services to other pooled investment vehicles across its various strategies.
These other pooled investment vehicles include private funds. Investors generally invest directly in a pooled
investment vehicle via a subscription agreement but, in certain instances, will contract with the Adviser for an
investment. Pooled investment vehicles managed by the Adviser are managed in accordance with each vehicle's
investment guidelines and restrictions and are generally not tailored to the individual needs of any particular
investor.
C. Availability of Customized Services for Individual Clients
Security Capital typically makes investments for clients in accordance with written investment guidelines or other
investment specific documentation for each advisory mandate. Investment services may be tailored for each
client’s specific needs and objectives, and typically include restrictions or limits on investments in certain
securities or types of securities. Security Capital has procedures and controls to monitor compliance with each
client’s investment guidelines.
Where Security Capital is the investment adviser to a pooled investment vehicle, investment objectives, guidelines
and any investment restrictions generally are not tailored to the needs of individual investors in those vehicles, but
rather are described in the prospectus or other relevant offering document for the vehicle.
D. Wrap Fee Programs
Security Capital's investment advisory services are currently not offered through any wrap fee programs.
E. Assets Under Management
As of December 31, 2023, Security Capital had assets under management in the amounts set forth below:
Assets Under ManagementU.S. Dollar Amount
Assets Managed on a Discretionary Basis$3,967,990,785
Assets Managed on a Non-Discretionary Basis$0
Total Regulatory Assets Under Management$3,967,990,785
Other Advisory Assets not included in Regulatory Assets Under Management$0
Total Assets Under Management$3,967,990,785