# EDGAR Filing Document

**Accession Number:** 0001544554
**File Stem:** 0001172661-25-003743
**Filing Date:** 2025-8
**Character Count:** 17058
**Document Hash:** 56d5e42adaeccd7f0af762a47b9aee6d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-003743.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001172661-25-003743

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**EFFECTIVENESS DATE**: 20250825

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GRS Advisors, LLC
- **CENTRAL INDEX KEY:** 0001544554

**ORGANIZATION NAME:**
- **EIN:** 300709481
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14968
- **FILM NUMBER:** 251248554

**BUSINESS ADDRESS:**
- **STREET 1:** 900 N. MICHIGAN AVENUE, 14TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
- **BUSINESS PHONE:** 312-915-2900

**MAIL ADDRESS:**
- **STREET 1:** 900 N. MICHIGAN AVENUE, 14TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GEM Realty Capital
- **DATE OF NAME CHANGE:** 20200514

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GEM REALTY CAPITAL
- **DATE OF NAME CHANGE:** 20200514

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GRS Advisors, LLC
- **DATE OF NAME CHANGE:** 20120313

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001544554

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** GRS Advisors, LLC

**Address:** 900 N. MICHIGAN AVENUE, 14TH FLOOR, CHICAGO, IL 60611

**Telephone number:** 312-915-2423

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-14968

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                          | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                    | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Agree Realty Corporation                | 008492100 | 05/15/2025     | To approve, by non-binding vote, executive compensation.                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         449877 |                0 | FOR         |                                   449877 | FOR                         |  |
| American Healthcare REIT, Inc.          | 398182303 | 11/07/2024     | To approve, on an advisory (non-binding) basis, the compensation paid to our named executive officers of the year ended December 31, 2023.                                          | SECTION 14A SAY-ON-PAY VOTES |        1217889 |                0 | FOR         |                                  1217889 | FOR                         |  |
| American Healthcare REIT, Inc.          | 398182303 | 06/25/2025     | To approve, on an advisory (non-binding) basis, the compensation paid to our named executive officers for the year ended December 31, 2024.                                         | SECTION 14A SAY-ON-PAY VOTES |         420880 |                0 | FOR         |                                   420880 | FOR                         |  |
| American Tower Corporation              | 03027X100 | 05/14/2025     | To approve, on an advisory basis, the Company's executive compensation.                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         229563 |                0 | FOR         |                                   229563 | FOR                         |  |
| Brixmor Property Group Inc.             | 11120U105 | 04/23/2025     | To approve, on a non-binding advisory basis, the compensation paid to our named executive officers.                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         644418 |                0 | FOR         |                                   644418 | FOR                         |  |
| BXP, Inc.                               | 101121101 | 05/20/2025     | To approve, by non-binding, advisory resolution, the Company's named executive officer compensation.                                                                                | SECTION 14A SAY-ON-PAY VOTES |          50870 |                0 | FOR         |                                    50870 | FOR                         |  |
| CareTrust REIT, Inc.                    | 14174T107 | 04/29/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         908742 |                0 | FOR         |                                   908742 | FOR                         |  |
| Carnival Corporation                    | 143658300 | 04/16/2025     | To hold a (non-binding) advisory vote to approve executive compensation.                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |        1262798 |                0 | FOR         |                                  1262798 | FOR                         |  |
| Cousins Properties Incorporated         | 222795502 | 04/29/2025     | Consideration of an advisory vote to approve executive compensation.                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         801006 |                0 | FOR         |                                   801006 | FOR                         |  |
| DiamondRock Hospitality Company         | 252784301 | 04/29/2025     | To approve, on a non-binding, advisory basis, the compensation of the named executive officers, as disclosed in the proxy statement.                                                | SECTION 14A SAY-ON-PAY VOTES |         764471 |                0 | FOR         |                                   764471 | FOR                         |  |
| Digital Realty Trust, Inc.              | 253868103 | 06/06/2025     | To approve, on a non-binding, advisory basis, the compensation of the Company's named executive officers, as more fully described in the accompanying Proxy Statement (Say-on-Pay). | SECTION 14A SAY-ON-PAY VOTES |         211721 |                0 | FOR         |                                   211721 | FOR                         |  |
| DigitalBridge Group, Inc.               | 25401T603 | 05/23/2025     | To approve, on a non-binding, advisory basis, named executive officer compensation.                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         145446 |                0 | AGAINST     |                                   145446 | AGAINST                     |  |
| Equinix, Inc.                           | 29444U700 | 05/21/2025     | Approval, by a non-binding advisory vote, of the compensation of our named executive officers                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          31204 |                0 | FOR         |                                    31204 | FOR                         |  |
| Essential Properties Realty Trust, Inc. | 29670E107 | 05/12/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers, as more particularly described in the Proxy Statement; and                            | SECTION 14A SAY-ON-PAY VOTES |          74533 |                0 | FOR         |                                    74533 | FOR                         |  |
| Gaming and Leisure Properties, Inc.     | 36467J108 | 06/12/2025     | To approve, on a non-binding advisory basis, the Company's executive compensation.                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          46885 |                0 | FOR         |                                    46885 | FOR                         |  |
| Hilton Grand Vacations Inc.             | 43283X105 | 05/07/2025     | Approve by non-binding vote the compensation paid to the Company's named executive officers.                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          47248 |                0 | FOR         |                                    47248 | FOR                         |  |
| Kimco Realty Corporation                | 49446R109 | 04/29/2025     | THE BOARD OF DIRECTORS RECOMMENDS: A VOTE FOR THE ADVISORY RESOLUTION TO APPROVE THE COMPANY'S EXECUTIVE COMPENSATION (AS MORE PARTICULARLY DESCRIBED IN THE PROXY STATEMENT).      | SECTION 14A SAY-ON-PAY VOTES |        1153863 |                0 | FOR         |                                  1153863 | FOR                         |  |
| Lineage, Inc.                           | 53566V106 | 06/18/2025     | Advisory (non-binding) approval of the compensation of our named executive officers.                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         363389 |                0 | AGAINST     |                                   363389 | AGAINST                     |  |
| Lineage, Inc.                           | 53566V106 | 06/18/2025     | Advisory (non-binding) approval of the frequency of future advisory votes on the compensation of our named executive officers.                                                      | SECTION 14A SAY-ON-PAY VOTES |         363389 |                0 | ONE YEAR    |                                   363389 | FOR                         |  |
| Meritage Homes Corporation              | 59001A102 | 05/22/2025     | Advisory vote to approve compensation of the Company's Named Executive Officers ("Say on Pay").                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          26236 |                0 | FOR         |                                    26236 | FOR                         |  |
| OUTFRONT Media Inc.                     | 69007J304 | 06/03/2025     | Approval, on a non-binding advisory basis, of the compensation of OUTFRONT Media Inc.'s named executive officers, as disclosed in the Proxy Statement.                              | SECTION 14A SAY-ON-PAY VOTES |         784129 |                0 | FOR         |                                   784129 | FOR                         |  |
| Pebblebrook Hotel Trust                 | 70509V100 | 05/23/2025     | Advisory vote approving the compensation of our named executive officers ("Say-On-Pay").                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         784324 |                0 | FOR         |                                   784324 | FOR                         |  |
| Public Storage                          | 74460D109 | 05/07/2025     | Advisory vote to approve the compensation of the Company's Named Executive Officers.                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           7872 |                0 | FOR         |                                     7872 | FOR                         |  |
| Rayonier Inc.                           | 754907103 | 05/15/2025     | Approval, on a non-binding advisory basis, of the compensation of our named executive officers as disclosed in the proxy statement.                                                 | SECTION 14A SAY-ON-PAY VOTES |        1108193 |                0 | FOR         |                                  1108193 | FOR                         |  |
| RLJ Lodging Trust                       | 74965L101 | 04/25/2025     | To approve, on a non-binding advisory basis, the compensation of our named executive officers; and                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         253562 |                0 | FOR         |                                   253562 | FOR                         |  |
| SBA Communications Corporation          | 78410G104 | 05/23/2025     | Approval, on an advisory basis, of the compensation of SBA's named executive officers.                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          44587 |                0 | FOR         |                                    44587 | FOR                         |  |
| Sunstone Hotel Investors, Inc.          | 867892101 | 05/01/2025     | Advisory vote to approve the compensation of Sunstone's named executive officers, as set forth in Sunstone's Proxy Statement for the 2025 Annual Meeting.                           | SECTION 14A SAY-ON-PAY VOTES |        1715097 |                0 | FOR         |                                  1715097 | FOR                         |  |
| Tanger Inc.                             | 875465106 | 05/09/2025     | To approve, on an advisory (non-binding) basis, named executive officer compensation.                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         341450 |                0 | FOR         |                                   341450 | FOR                         |  |
| UDR, Inc.                               | 902653104 | 05/15/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         492143 |                0 | FOR         |                                   492143 | FOR                         |  |
| Ventas, Inc.                            | 92276F100 | 05/13/2025     | Approval, on an advisory basis, of the compensation of named executive officers of Ventas, Inc.                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          36808 |                0 | FOR         |                                    36808 | FOR                         |  |
| Welltower Inc.                          | 95040Q104 | 05/22/2025     | The approval, on an advisory basis, of the compensation of the named executive officers.                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         376363 |                0 | FOR         |                                   376363 | FOR                         |  |
| Wyndham Hotels  Resorts, Inc.           | 98311A105 | 05/15/2025     | To vote on an advisory resolution to approve our executive compensation program.                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           5046 |                0 | FOR         |                                     5046 | FOR                         |  |
| Wyndham Hotels  Resorts, Inc.           | 98311A105 | 05/15/2025     | To vote on an advisory resolution on the frequency of the advisory vote on named executive officer compensation.                                                                    | SECTION 14A SAY-ON-PAY VOTES |           5046 |                0 | ONE YEAR    |                                     5046 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** GRS Advisors, LLC

**By (Signature):** Louis Hellebusch

**By (Printed Signature):** Louis Hellebusch

**By (Title):** Authorized Signatory

**Date:** 08/25/2025