Exhibit 10.8

CTO REALTY GROWTH, INC.
PERFORMANCE SHARE AWARD AGREEMENT
This Performance Share Award Agreement (this “Agreement”) is made as of the 17th day of February, 2022 (the “Grant Date”), by and between CTO REALTY GROWTH, INC., a Maryland corporation (the “Company”), and ­­__________________ (“Grantee”).
Background
The Company has adopted the Third Amended and Restated CTO Realty Growth, Inc. 2010 Equity Incentive Plan (the “Plan”), which is administered by the Compensation Committee (the “Committee”) of the Company’s Board of Directors (the “Board”).  Section 8 of the Plan provides that the Committee shall have the discretion and right to grant Performance Shares, subject to the terms and conditions of the Plan and any additional terms provided by the Committee.  The Committee has granted Performance Shares to Grantee as of the Grant Date pursuant to the terms of the Plan and this Agreement.  Grantee desires to accept the grant of Performance Shares and agrees to be bound by the terms and conditions of the Plan and this Agreement.  Unless otherwise defined herein, capitalized terms used herein shall have the meaning ascribed to such terms in the Plan. 
Agreement
1.Award of Performance Shares.  Subject to the terms and conditions provided in this Agreement and the Plan, the Company hereby grants to Grantee ­­­­_____________________ (_____) (the “Performance Shares”) as of the Grant Date.  The extent to which Grantee’s rights and interest in the Performance Shares become vested and non-forfeitable shall be determined in accordance with the provisions of Section 2 of this Agreement.  The grant of the Performance Shares is made in consideration of the services to be rendered by Grantee to the Company.
2.Performance Vesting.  
(a)The vesting of Grantee’s rights and interest in the Performance Shares shall be determined in accordance with the performance vesting criteria set forth in Exhibit A hereto.  In addition to such vesting criteria, Grantee must remain in continuous employment with the Company or one of its Subsidiaries from the Grant Date through the end of the Performance Period in order to have a vested and nonforfeitable right to the Performance Shares, and any termination of employment prior to the end of the Performance Period shall result in the forfeiture of the Performance Shares.  Notwithstanding the foregoing, Grantee’s rights and interest in the Performance Shares, unless previously forfeited, shall fully vest upon Grantee’s termination of employment (a) without “Cause” (as defined below) or (b) for “Good Reason” (as defined below), in each case, at any time during the 24-month period following a Change in Control (as defined below).
(b)“Cause” shall have the meaning ascribed to such term in Grantee’s employment or similar agreement with the Company; provided, that if Grantee is not a party to such an agreement with the Company, then “Cause” shall mean (i) Grantee’s arrest or conviction for, plea of nolo contendere to, or admission of the commission of, any act of fraud, misappropriation, or embezzlement, or a criminal felony involving dishonesty or 

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moral turpitude; (ii) a breach by Grantee of any material provision of this Agreement or any employment or similar agreement, provided that Grantee is given reasonable notice of, and a reasonable opportunity to cure within thirty (30) days of such notice (if such breach is curable), any such breach; (iii) any act or intentional omission by Grantee involving dishonesty or moral turpitude; (iv) Grantee’s material failure to adequately perform his or her duties and responsibilities as such duties and responsibilities are, from time to time, in the Company’s discretion, determined and after reasonable notice of, and a reasonable opportunity to cure within thirty (30) days of such notice (if such breach is curable), any such breach; or (iv) any intentional independent act by Grantee that would cause the Company significant reputational injury.  
(c)“Change in Control” means any of the following events: (i) any person (as such term is used in Section 13(d) of the Securities Exchange Act of 1934 (the “Exchange Act”)) or group (as such term is defined in Sections 3(a)(9) and 13(d)(3) of the Exchange Act), other than a subsidiary of the Company or any employee benefit plan (or any related trust) of the Company or a subsidiary, becomes the beneficial owner of 50% or more of the Company’s outstanding voting shares and other outstanding voting securities that are entitled to vote generally in the election of directors (“Voting Securities”); (ii) approval by the shareholders of the Company and consummation of either of the following: (A) a merger, reorganization, consolidation or similar transaction (any of the foregoing, a “Merger”) as a result of which the persons who were the respective beneficial owners of the outstanding Common Stock and/or the Voting Securities immediately before such Merger are not expected to beneficially own, immediately after such Merger, directly or indirectly, more than 50% of, respectively, the outstanding voting shares and the combined voting power of the voting securities resulting from such merger in substantially the same proportions as immediately before such Merger; or (B) a plan of liquidation of the Company or a plan or agreement for the sale or other disposition of all or substantially all of the assets of the Company; or (iii) a change in the composition of the Board such that, during any 12-month period, the individuals who, as of the beginning of such period, constitute the Board (the “Existing Board”) cease for any reason to constitute more than 50% of the Board; provided, however, that any individual becoming a member of the Board subsequent to the beginning of such period whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least two-thirds of the directors immediately prior to the date of such appointment or election will be considered as though such individual were a member of the Existing Board.
(d)“Good Reason” shall have the meaning ascribed to such term in Grantee’s employment or similar agreement with the Company; provided, that if Grantee is not a party to such an agreement with the Company, then “Good Reason” shall mean a material reduction in Grantee’s compensation or employment related benefits, or a material change in Grantee’s status, working conditions or management responsibilities.  Unless provided otherwise in Grantee’s employment or similar agreement, Grantee’s termination of employment shall not constitute a termination for Good Reason unless Grantee first provides written notice to the Company of the existence of the Good Reason within sixty (60) days following the effective date of the occurrence of the Good Reason, and the Good Reason remains uncorrected by the Company for more than thirty (30) days following such written notice of the Good Reason from Grantee to the Company, and the effective date of 

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Grantee’s termination of employment is within one (1) year following the effective date of the occurrence of the Good Reason.
3.Shareholder Rights; Restrictions on Transfer. 
(a)Grantee shall not have any right to vote any Performance Shares and shall not receive any dividends with respect to any unvested Performance Shares.  Notwithstanding the foregoing, if the Company declares and pays dividends on its outstanding Shares during the Performance Period, Grantee will be entitled to have dividend equivalents accrued with respect to the Performance Shares.  Such dividend equivalents shall vest or be forfeited in the same manner and to the same extent as the Performance Shares to which they relate, and shall, to the extent they become vested, be paid to Grantee in cash no later than sixty (60) days after the conclusion of the Performance Period.
(b)Except as otherwise provided for in Section 12 of the Plan, the Performance Shares may not be sold, assigned, transferred, pledged or otherwise disposed of by Grantee.  Any attempt to transfer the Performance Shares in violation of this Section 3(b) shall render the Performance Shares null and void.
4.Taxes.  Grantee shall pay to the Company all applicable federal, state and local income and employment taxes (including taxes of any foreign jurisdiction) which the Company is required to withhold at any time with respect to the Performance Shares.  Such payment shall be made in full, at Grantee’s election, in cash or check, by withholding from Grantee’s next normal payroll, or by the tender of Shares of the Company’s common stock (including the withholding of Shares otherwise issuable upon vesting of the Performance Shares, provided that the number of Shares so withheld does not exceed the amount necessary to satisfy the maximum statutory tax rates in Grantee’s applicable jurisdictions).  Shares tendered or withheld as payment of required withholding shall be valued at the closing price per share of the Company’s common stock on the date such withholding obligation arises.
5.No Effect on Employment or Rights under Plan.  Nothing in the Plan or this Agreement shall confer upon Grantee the right to continue in the employment of the Company or affect any right which the Company may have to terminate the employment of Grantee regardless of the effect of such termination of employment on the rights of Grantee under the Plan or this Agreement.  If Grantee’s employment is terminated for any reason whatsoever (and whether lawful or otherwise), Grantee will not be entitled to claim any compensation for or in respect of any consequent diminution or extinction of Grantee’s rights or benefits (actual or prospective) under this Agreement or any Award (including any unvested portion of any Performance Shares) or otherwise in connection with the Plan.  The rights and obligations of Grantee under the terms of Grantee’s employment with the Company or any Subsidiary will not be affected by Grantee’s participation in the Plan or this Agreement, and neither the Plan nor this Agreement form part of any contract of employment between Grantee and the Company or any Subsidiary.  The granting of Awards (including the Performance Shares) under the Plan is entirely at the discretion of the Committee, and Grantee shall not in any circumstances have any right to be granted any other award concurrently or in the future.

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6.Governing Law; Compliance with Law.
(a)This Agreement shall be construed and enforced in accordance with the laws of the State of Florida without regard to conflict of law principles.
(b)The issuance and transfer of Performance Shares shall be subject to compliance by the Company and Grantee with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s securities may be listed.  No Performance Shares, or any share of common stock underlying such Performance Shares, shall be issued or transferred unless and until any then applicable requirements of state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel.
(c)A legend may be placed on any certificate(s) or other document(s) delivered to Grantee indicating restrictions on transferability of the Performance Shares pursuant to this Agreement or any other restrictions that the Committee may deem advisable under the rules, regulations and other requirements of any applicable federal or state securities laws or any stock exchange on which the Company’s securities may be listed. 
7.Successors.  This Agreement shall inure to the benefit of, and be binding upon, the Company and Grantee and their heirs, legal representatives, successors and permitted assigns.
8.Severability.  In the event that any one or more of the provisions or portion thereof contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this Agreement, and this Agreement shall be construed as if the invalid, illegal or unenforceable provision or portion thereof had never been contained herein.
9.Entire Agreement.  Subject to the terms and conditions of the Plan, which are incorporated herein by reference, this Agreement expresses the entire understanding and agreement of the parties hereto with respect to such terms, restrictions and limitations. 
10.Headings.  Section headings used herein are for convenience of reference only and shall not be considered in construing this Agreement.
11.Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.  Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.
12.No Impact on Other Benefits.  The value of the Performance Shares is not part of Grantee’s normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit.
13.Additional Acknowledgements.  By their signatures below, Grantee and the Company agree that the Performance Shares are granted under and governed by the terms and 

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conditions of the Plan and this Agreement.  Grantee has reviewed in their entirety the prospectus that summarizes the terms of the Plan and this Agreement, has had an opportunity to request a copy of the Plan in accordance with the procedure described in the prospectus, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of the Plan and this Agreement.  Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions relating to the Plan and this Agreement.
IN WITNESS WHEREOF, the Company and Grantee have executed this Agreement as of the Grant Date set forth above.
CTO REALTY GROWTH, INC.
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BY:________________________________
Name:
Title:
​
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I have read the Third Amended and Restated CTO Realty Growth, Inc. 2010 Equity Incentive Plan originally adopted by the Company’s stockholders on April 28, 2010, last amended, amended July 28, 2021, and by my signature I agree to be bound by the terms and conditions of said Plan and this Agreement.
​
Date:‌
             [name of Grantee]
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EXHIBIT A
VESTING OF PERFORMANCE SHARES (3-YEAR PERFORMANCE)
1.Vesting of Performance Shares:
The number of Performance Shares that shall vest under this Agreement shall be based upon the following performance goal: The Company’s Total Shareholder Return as compared to the Total Shareholder Return of the Comparison Group during the Performance Period, as further described below.  Upon (a) the expiration of the Performance Period, and (b) the Committee’s determination and certification of the extent to which the performance goal has been achieved, the Participant shall become vested in the number of Performance Shares that corresponds to the level of achievement of the performance goal set forth below that is certified by the Committee.  Such determination and certification shall occur no later than sixty (60) days after the conclusion of the Performance Period. 
2.Determination of Comparison Group: 
The “Comparison Group” used for purposes of this Exhibit A shall consist of the companies comprising the MSCI US REIT Index as of the date of this Agreement, which companies are listed on the attached Schedule A-1.
If a company in the Comparison Group experiences a bankruptcy event during the Performance Period, the company will remain in the Comparison Group and its stock price will continue to be tracked for purposes of the Total Shareholder Return calculation.  If the company is subsequently acquired or goes private, the provisions below will apply.  If the company liquidates, the company will remain in the Comparison Group and its Ending Stock Price will be reduced to zero.
If a company in the Comparison Group is acquired by another company in the Comparison Group, the acquired company will be removed from the Comparison Group and the surviving company will remain in the Comparison Group.
If a company in the Comparison Group is acquired by a company not in the Comparison Group, the acquired company will remain in the Comparison Group, and its Ending Stock Price will be equal to the value per share of the consideration paid to the shareholders of the acquired company in the transaction.  The surviving company in such transaction will not be added to the Comparison Group.
If a company in the Comparison Group ceases to be a public company due to a going private transaction, the company will remain in the Comparison Group, and its Ending Stock Price shall be equal to the value per share of the consideration paid to the shareholders of the target company in the transaction.

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3.Calculation of Total Shareholder Return:
“Total Shareholder Return” for the Company and each company in the Comparison Group shall include dividends paid and shall be determined as follows:
	Total Shareholder Return
	=
	Change in Stock Price + Dividends Paid

			Beginning Stock Price



“Beginning Stock Price” shall mean the average closing sale price of one (1) share of common stock for the twenty (20) trading days immediately prior to the first day of the Performance Period, as reported by the New York Stock Exchange, such other national securities exchange on which the stock is traded or, if the stock is traded over-the-counter, the OTC Bulletin Board, Pink OTC Markets Inc. or other applicable reporting organization.  The Beginning Stock Price shall be appropriately adjusted to reflect any stock splits, reverse stock splits or stock dividends during the Performance Period.
“Change in Stock Price” shall mean the difference between the Ending Stock Price and the Beginning Stock Price.
“Dividends Paid” shall mean the total of all cash and in-kind dividends paid on (1) share of stock during the Performance Period. 
“Ending Stock Price” shall mean the average closing sale price of one (1) share of common stock for the twenty (20) trading days immediately prior to the last day of the Performance Period, except as otherwise provided under “Determination of Comparison Group” above.  Such closing sale prices shall be as reported by the New York Stock Exchange, such other national securities exchange on which the stock is traded or, if the stock is traded over-the-counter, the OTC Bulletin Board, Pink OTC Markets Inc. or other applicable reporting organization.
“Performance Period” shall mean the period commencing on January 1, 2022 and ending on December 31, 2024.
4.Calculation of Percentile Rank:
Following the Total Shareholder Return determination for the Company and the companies in the Comparison Group, the “Company Rank” within the Comparison Group shall be determined by listing each company in the Comparison Group (including the Company) from the highest Total Shareholder Return to lowest Total Shareholder Return and counting up to the Company from the company with the lowest Total Shareholder Return.
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A-2




The Company’s “Percentile Rank” shall then be determined as follows:
	Percentile Rank for Comparison Group
​
​
	=
​
​
	Company Rank in Comparison Group

			Total Number of Companies in the Comparison Group Including the Company
​



In the event that the Company’s Total Shareholder Return for the Performance Period is equal to the Total Shareholder Return(s) of one or more other companies in the Comparison Group for that same period, the Company’s Total Shareholder Return Percentile Rank will be determined by ranking the Company’s Total Shareholder Return for that period as being greater than such other companies in the Comparison Group.
​
5.Calculation of Number of Vested Performance Shares:
The percent of Performance Shares that vest shall then be determined based on the following chart:
	Company’s Percentile Rank
	​
	Percent of Performance Shares to Vest

	67th and above
	​
	150%

	51st
	​
	100%

	34th
	​
	50%

	Below 34th
	​
	0%



Interpolation shall be used to determine the percent of Performance Shares that vest in the event the Company’s Percentile Rank does not fall directly on one of the ranks listed in the above chart.  Once the percent of Performance Shares to vest has been determined, the percent shall be multiplied by the number of Performance Shares awarded to determine the actual number of Performance Shares that vest, rounded to the next highest whole share.  All Performance Shares that do not vest in accordance with this Exhibit A shall be automatically forfeited and canceled.
6.Absolute TSR Governor:
Notwithstanding anything set forth in Section 5 above, and regardless of the Company’s Percentile Rank, if the Company’s Total Shareholder Return for the Performance Period does not exceed 3% per annum, then the number of Performance Shares that vest pursuant to Section 5 shall not exceed 100% of the number of Performance Shares granted.
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SCHEDULE A-1
	Component Companies of the RMZ MSCI US REIT Index as of 2/1/2022

		Name
	Ticker
	Exchange

	1
	Acadia Realty Trust
	AKR 
	NYSE

	2
	Agree Realty Corp
	ADC 
	NYSE

	3
	Alexander & Baldwin Inc
	ALEX 
	NYSE

	4
	Alexander's Inc
	ALX 
	NYSE

	5
	Alexandria Real Estate Equities Inc
	ARE 
	NYSE

	6
	American Assets Trust Inc
	AAT 
	NYSE

	7
	American Campus Communities Inc
	ACC 
	NYSE

	8
	American Finance Trust Inc
	AFIN 
	NASDAQ

	9
	American Homes 4 Rent
	AMH 
	NYSE

	10
	Americold Realty Trust
	COLD 
	NYSE

	11
	Apartment Income REIT Corp
	AIRC 
	NYSE

	12
	Apartment Investment and Management Co
	AIV 
	NYSE

	13
	Apple Hospitality REIT Inc
	APLE 
	NYSE

	14
	Armada Hoffler Properties Inc
	AHH 
	NYSE

	15
	AvalonBay Communities Inc
	AVB 
	NYSE

	16
	Boston Properties Inc
	BXP 
	NYSE

	17
	Brandywine Realty Trust
	BDN 
	NYSE

	18
	Brixmor Property Group Inc
	BRX 
	NYSE

	19
	Broadstone Net Lease Inc
	BNL 
	NYSE

	20
	Camden Property Trust
	CPT 
	NYSE

	21
	CareTrust REIT Inc
	CTRE 
	NASDAQ

	22
	Centerspace
	CSR 
	NYSE

	23
	Chatham Lodging Trust
	CLDT 
	NYSE

	24
	City Office REIT Inc
	CIO 
	NYSE

	25
	Community Healthcare Trust Inc
	CHCT 
	NYSE

	26
	CorePoint Lodging Inc
	CPLG 
	NYSE

	27
	CoreSite Realty Corp
	COR 
	NASDAQ

	28
	Corporate Office Properties Trust
	OFC 
	NYSE

	29
	Cousins Properties Inc
	CUZ 
	NYSE

	30
	CubeSmart
	CUBE 
	NYSE

	31
	CyrusOne Inc
	CONE 
	NASDAQ

	32
	DiamondRock Hospitality Co
	DRH 
	NYSE

	33
	Digital Realty Trust Inc
	DLR 
	NYSE

	34
	DigitalBridge Group Inc
	DBRG 
	NYSE

	35
	Diversified Healthcare Trust
	DHC 
	NASDAQ

	36
	Douglas Emmett Inc
	DEI 
	NYSE




​



​

	​
	Name
	Ticker
	Exchange

	37
	Duke Realty Corp
	DRE 
	NYSE

	38
	Easterly Government Properties Inc
	DEA 
	NYSE

	39
	EastGroup Properties Inc
	EGP 
	NYSE

	40
	Empire State Realty Trust Inc
	ESRT 
	NYSE

	41
	EPR Properties
	EPR 
	NYSE

	42
	Equinix Inc
	EQIX 
	NASDAQ

	43
	Equity Commonwealth
	EQC 
	NYSE

	44
	Equity LifeStyle Properties Inc
	ELS 
	NYSE

	45
	Equity Residential
	EQR 
	NYSE

	46
	Essential Properties Realty Trust Inc
	EPRT 
	NYSE

	47
	Essex Property Trust Inc
	ESS 
	NYSE

	48
	Extra Space Storage Inc
	EXR 
	NYSE

	49
	Federal Realty Investment Trust
	FRT 
	NYSE

	50
	First Industrial Realty Trust Inc
	FR 
	NYSE

	51
	Four Corners Property Trust Inc
	FCPT 
	NYSE

	52
	Franklin Street Properties Corp
	FSP
	NYSE

	53
	Gaming and Leisure Properties Inc
	GLPI 
	NASDAQ

	54
	GEO Group Inc/The
	GEO 
	NYSE

	55
	Getty Realty Corp
	GTY 
	NYSE

	56
	Gladstone Commercial Corp
	GOOD 
	NASDAQ

	57
	Gladstone Land Corp
	LAND
	NASDAQ

	58
	Global Medical REIT Inc
	GMRE 
	NYSE

	59
	Global Net Lease Inc
	GNL 
	NYSE

	60
	Healthcare Realty Trust Inc
	HR 
	NYSE

	61
	Healthcare Trust of America Inc
	HTA 
	NYSE

	62
	Healthpeak Properties Inc
	PEAK 
	NYSE

	63
	Highwoods Properties Inc
	HIW 
	NYSE

	64
	Host Hotels & Resorts Inc
	HST 
	NASDAQ

	65
	Hudson Pacific Properties Inc
	HPP 
	NYSE

	66
	Independence Realty Trust Inc
	IRT 
	NYSE

	67
	Industrial Logistics Properties Trust
	ILPT 
	NASDAQ

	68
	Innovative Industrial Properties Inc
	IIPR 
	NYSE

	69
	Invitation Homes Inc
	INVH 
	NYSE

	70
	Iron Mountain Inc
	IRM 
	NYSE

	71
	iStar Inc
	STAR 
	NYSE

	72
	JBG SMITH Properties
	JBGS 
	NYSE

	73
	Kilroy Realty Corp
	KRC 
	NYSE

	74
	Kimco Realty Corp
	KIM 
	NYSE

	75
	Kite Realty Group Trust
	KRG 
	NYSE

	76
	Lexington Realty Trust
	LXP 
	NYSE




​



​

	​
	Name
	Ticker
	Exchange

	77
	Life Storage Inc
	LSI 
	NYSE

	78
	LTC Properties Inc
	LTC 
	NYSE

	79
	Macerich Co/The
	MAC 
	NYSE

	80
	Medical Properties Trust Inc
	MPW 
	NYSE

	81
	MGM Growth Properties LLC
	MGP 
	NYSE

	82
	Mid-America Apartment Communities Inc
	MAA 
	NYSE

	83
	Monmouth Real Estate Investment Corp
	MNR 
	NYSE

	84
	National Health Investors Inc
	NHI 
	NYSE

	85
	National Retail Properties Inc
	NNN 
	NYSE

	86
	National Storage Affiliates Trust
	NSA 
	NYSE

	87
	NETSTREIT Corp
	NTST 
	NYSE

	88
	NexPoint Residential Trust Inc
	NXRT 
	NYSE

	89
	Office Properties Income Trust
	OPI 
	NASDAQ

	90
	Omega Healthcare Investors Inc
	OHI 
	NYSE

	91
	One Liberty Properties Inc
	OLP 
	NYSE

	92
	Orion Office REIT Inc
	ONL 
	NYSE

	93
	Paramount Group Inc
	PGRE 
	NYSE

	94
	Park Hotels & Resorts Inc
	PK 
	NYSE

	95
	Pebblebrook Hotel Trust
	PEB 
	NYSE

	96
	Phillips Edison & Co Inc
	PECO 
	NASDAQ

	97
	Physicians Realty Trust
	DOC 
	NYSE

	98
	Piedmont Office Realty Trust Inc
	PDM 
	NYSE

	99
	Plymouth Industrial REIT Inc
	PLYM 
	NYSE

	100
	Prologis Inc
	PLD 
	NYSE

	101
	PS Business Parks Inc
	PSB 
	NYSE

	102
	Public Storage
	PSA 
	NYSE

	103
	Realty Income Corp
	O 
	NYSE

	104
	Regency Centers Corp
	REG 
	NASDAQ

	105
	Retail Opportunity Investments Corp
	ROIC 
	NASDAQ

	106
	Rexford Industrial Realty Inc
	REXR 
	NYSE

	107
	RLJ Lodging Trust
	RLJ 
	NYSE

	108
	RPT Realty
	RPT 
	NYSE

	109
	Ryman Hospitality Properties Inc
	RHP 
	NYSE

	110
	Sabra Health Care REIT Inc
	SBRA 
	NASDAQ

	111
	Safehold Inc
	SAFE 
	NYSE

	112
	Saul Centers Inc
	BFS 
	NYSE

	113
	Seritage Growth Properties
	SRG 
	NYSE

	114
	Service Properties Trust
	SVC 
	NASDAQ

	115
	Simon Property Group Inc
	SPG 
	NYSE

	116
	SITE Centers Corp
	SITC 
	NYSE




​



​

	​
	Name
	Ticker
	Exchange

	117
	SL Green Realty Corp
	SLG 
	NYSE

	118
	Spirit Realty Capital Inc
	SRC 
	NYSE

	119
	STAG Industrial Inc
	STAG 
	NYSE

	120
	STORE Capital Corp
	STOR 
	NYSE

	121
	Summit Hotel Properties Inc
	INN 
	NYSE

	122
	Sun Communities Inc
	SUI 
	NYSE

	123
	Sunstone Hotel Investors Inc
	SHO 
	NYSE

	124
	Tanger Factory Outlet Centers Inc
	SKT 
	NYSE

	125
	Terreno Realty Corp
	TRNO 
	NYSE

	126
	UDR Inc
	UDR 
	NYSE

	127
	UMH Properties Inc
	UMH 
	NYSE

	128
	Universal Health Realty Income Trust
	UHT 
	NYSE

	129
	Urban Edge Properties
	UE 
	NYSE

	130
	Urstadt Biddle Properties Inc
	UBA 
	NYSE

	131
	Ventas Inc
	VTR 
	NYSE

	132
	Veris Residential Inc
	VRE 
	NYSE

	133
	VICI Properties Inc
	VICI 
	NYSE

	134
	Vornado Realty Trust
	VNO 
	NYSE

	135
	Washington Real Estate Investment Trust
	WRE 
	NYSE

	136
	Welltower Inc
	WELL 
	NYSE

	137
	WP Carey Inc
	WPC 
	NYSE

	138
	Xenia Hotels & Resorts Inc
	XHR 
	NYSE



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