# EDGAR Filing Document

**Accession Number:** 0001068829
**File Stem:** 0000019617-25-000671
**Filing Date:** 2025-8
**Character Count:** 31518
**Document Hash:** bc3775508cf0114bceab6d75fcc5b86b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000019617-25-000671.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0000019617-25-000671

**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:** SECURITY CAPITAL RESEARCH & MANAGEMENT INC
- **CENTRAL INDEX KEY:** 0001068829

**ORGANIZATION NAME:**
- **EIN:** 364128122

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-07312
- **FILM NUMBER:** 251250712

**BUSINESS ADDRESS:**
- **STREET 1:** 10 SOUTH DEARBORN STREET
- **STREET 2:** SUITE 1400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** 3123858300

**MAIL ADDRESS:**
- **STREET 1:** 10 SOUTH DEARBORN STREET
- **STREET 2:** SUITE 1400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

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

## N-PX: Filer Information

**Filer CIK:** 0001068829

**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:** Security Capital Research  Management Inc

**Address:** 10 S. Dearborn Street, Chicago, IL 60603

**Telephone number:** 312-385-8320

**Name of agent for service:** —

**Agent Address:** —, —, — —

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

**SEC File Number:** 028-07312

**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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Healthpeak Properties, Inc.             | 42250P103 | 04/24/2025     | Approval of 2024 executive compensation on an advisory basis.                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |      5.28831e+06 |                0 | FOR         |                              5.28831e+06 | FOR                         |  |
| JBG SMITH Properties                    | 46590V100 | 04/24/2025     | To approve, on a non-binding advisory basis, the compensation of the Company's named executive officers as disclosed in the Company's Proxy Statement ("Say-on-Pay").                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |  72550           |                0 | AGAINST     |                          72195           | AGAINST                     |  |
| Cousins Properties Incorporated         | 222795502 | 04/29/2025     | Consideration of an advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES | 235560           |                0 | FOR         |                         235560           | 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 |      2.99699e+06 |                0 | FOR         |                              2.99699e+06 | FOR                         |  |
| VICI Properties Inc.                    | 925652109 | 04/29/2025     | To approve (on a non-binding, advisory basis) the compensation of our named executive officers.                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |      3.66313e+06 |            16265 | FOR         |                              3.66313e+06 | FOR                         |  |
| First Industrial Realty Trust, Inc.     | 32054K103 | 04/30/2025     | To approve, on an advisory (i.e. non-binding) basis, the compensation of the Company's named executive officers as disclosed in the Proxy Statement for the 2025 Annual Meeting.                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES | 419885           |                0 | FOR         |                         419885           | 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 | 239785           |                0 | FOR         |                         239785           | FOR                         |  |
| American Homes 4 Rent                   | 02665T306 | 05/07/2025     | Advisory Vote to Approve American Homes 4 Rent's Named Executive Officer Compensation.                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |      1.72289e+06 |                0 | FOR         |                              1.72289e+06 | FOR                         |  |
| Federal Realty Investment Trust         | 313745101 | 05/07/2025     | To approve, on a non-binding, advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES | 959865           |                0 | FOR         |                         959865           | 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 | 117514           |                0 | FOR         |                         117514           | FOR                         |  |
| Regency Centers Corporation             | 758849103 | 05/07/2025     | Approval, in an advisory vote, of the Company's executive compensation.                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |   9981           |                0 | FOR         |                           9981           | FOR                         |  |
| Acadia Realty Trust                     | 004239109 | 05/08/2025     | THE APPROVAL, ON A NON-BINDING ADVISORY BASIS, OF THE COMPENSATION OF NAMED EXECUTIVE OFFICERS AS DISCLOSED IN THE COMPANY'S 2025 PROXY STATEMENT.                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES | 282995           |                0 | FOR         |                         282995           | FOR                         |  |
| Prologis, Inc.                          | 74340W103 | 05/08/2025     | Advisory Vote to Approve the Company's Executive Compensation for 2024.                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |      1.52458e+06 |                0 | FOR         |                              1.52458e+06 | FOR                         |  |
| Camden Property Trust                   | 133131102 | 05/09/2025     | Approval, by an advisory vote, of executive compensation.                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 855208           |                0 | FOR         |                         855208           | FOR                         |  |
| Alexandria Real Estate Equities, Inc.   | 015271109 | 05/13/2025     | To cast a non-binding, advisory vote on a resolution to approve the compensation of the Company's named executive officers, as more particularly described in the accompanying Proxy Statement.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES | 138180           |                0 | AGAINST     |                         137468           | AGAINST                     |  |
| Essex Property Trust, Inc.              | 297178105 | 05/13/2025     | Advisory vote to approve the Company's named executive officer compensation.                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |  45055           |                0 | FOR         |                          45055           | FOR                         |  |
| NNN REIT, Inc.                          | 637417106 | 05/13/2025     | Non-binding advisory approval of the compensation of our named executive officers as described in this Proxy Statement.                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |  65460           |                0 | FOR         |                          65460           | FOR                         |  |
| Realty Income Corporation               | 756109104 | 05/13/2025     | A non-binding advisory proposal to approve the compensation of our named executive officers as described in the Proxy Statement.                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES | 436305           |             6870 | AGAINST     |                         434805           | AGAINST                     |  |
| Sun Communities, Inc.                   | 866674104 | 05/13/2025     | To approve, by a non-binding advisory vote, executive compensation.                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES | 491140           |             6955 | FOR         |                         491140           | 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 |      1.77608e+06 |            26665 | FOR         |                              1.77608e+06 | FOR                         |  |
| Xenia Hotels  Resorts, Inc.             | 984017103 | 05/13/2025     | To approve, on an advisory and non-binding basis, the compensation of the named executive officers as disclosed in the proxy statement.                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES | 281702           |                0 | FOR         |                         281702           | 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 |   4040           |                0 | FOR         |                           4040           | FOR                         |  |
| Host Hotels  Resorts, Inc.              | 44107P104 | 05/14/2025     | Advisory resolution to approve executive compensation.                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |      6.32298e+06 |                0 | AGAINST     |                              6.31943e+06 | AGAINST                     |  |
| Simon Property Group, Inc.              | 828806109 | 05/14/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers.                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES | 257552           |                0 | FOR         |                         257552           | FOR                         |  |
| Agree Realty Corporation                | 008492100 | 05/15/2025     | To approve, by non-binding vote, executive compensation.                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |  60865           |                0 | FOR         |                          60865           | FOR                         |  |
| Invitation Homes Inc.                   | 46187W107 | 05/15/2025     | To approve, in a non-binding advisory vote, the compensation paid to our named executive officers.                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |      2.45237e+06 |                0 | FOR         |                              2.45237e+06 | FOR                         |  |
| Invitation Homes Inc.                   | 46187W107 | 05/15/2025     | To determine, in a non-binding advisory vote, the frequency of stockholder votes to approve executive compensation.                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |      2.45237e+06 |                0 | ONE YEAR    |                              2.45237e+06 | FOR                         |  |
| UDR, Inc.                               | 902653104 | 05/15/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |      1.50379e+06 |                0 | FOR         |                              1.50379e+06 | FOR                         |  |
| Kite Realty Group Trust                 | 49803T300 | 05/16/2025     | To approve, on an advisory (non-binding) basis, the compensation of Kite Realty Group Trust's named executive officers.                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |      2.97761e+06 |                0 | FOR         |                              2.97761e+06 | 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 | 942606           |             7226 | FOR         |                         942606           | FOR                         |  |
| CubeSmart                               | 229663109 | 05/20/2025     | To cast an advisory vote to approve our executive compensation.                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |      1.82488e+06 |                0 | FOR         |                              1.82488e+06 | FOR                         |  |
| Healthcare Realty Trust Incorporated    | 42226K105 | 05/20/2025     | To approve, on a non-binding advisory basis, the following resolution:  RESOLVED, that the stockholders of Healthcare Realty Trust Incorporated approve, on a non-binding advisory basis, the compensation of the Named Executive Officers as disclosed pursuant to Item 402 of Regulation S-K in the Company's proxy statement for the 2025 Annual Meeting of Stockholders. | SECTION 14A SAY-ON-PAY VOTES |      2.78031e+06 |            54867 | FOR         |                              2.78031e+06 | FOR                         |  |
| Kilroy Realty Corporation               | 49427F108 | 05/20/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES | 694206           |                0 | FOR         |                         694206           | FOR                         |  |
| Mid-America Apartment Communities, Inc. | 59522J103 | 05/20/2025     | Advisory (non-binding) vote to approve the compensation of our named executive officers as disclosed in the proxy statement.                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |  56685           |                0 | FOR         |                          56685           | FOR                         |  |
| AvalonBay Communities, Inc.             | 053484101 | 05/21/2025     | To adopt a resolution approving, on a non-binding advisory basis, the compensation paid to the Company's Named Executive Officers, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables and any related material disclosed in the proxy statement.                                                   | SECTION 14A SAY-ON-PAY VOTES | 161454           |                0 | FOR         |                         161454           | FOR                         |  |
| Brandywine Realty Trust                 | 105368203 | 05/21/2025     | Provide a non-binding, advisory vote on our executive compensation.                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |      3.20024e+06 |            81069 | FOR         |                              3.20024e+06 | FOR                         |  |
| Crown Castle Inc.                       | 22822V101 | 05/21/2025     | The non-binding, advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |   4625           |                0 | FOR         |                           4625           | FOR                         |  |
| 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 |  72503           |                0 | FOR         |                          72503           | FOR                         |  |
| Extra Space Storage Inc.                | 30225T102 | 05/21/2025     | Advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |  94835           |                0 | FOR         |                          94835           | 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 | 183474           |                0 | FOR         |                         183474           | 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 |  60491           |                0 | FOR         |                          60491           | FOR                         |  |
| Douglas Emmett, Inc.                    | 25960P109 | 05/29/2025     | To approve, in a non-binding advisory vote, our executive compensation.                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES | 246150           |                0 | FOR         |                         246150           | FOR                         |  |
| The Macerich Company                    | 554382101 | 06/02/2025     | Advisory vote to approve our named executive officer compensation as described in our Proxy Statement.                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |      3.38773e+06 |            21397 | FOR         |                              3.38773e+06 | FOR                         |  |
| Rexford Industrial Realty, Inc.         | 76169C100 | 06/03/2025     | The advisory resolution to approve the Company's named executive officer compensation for the fiscal year ended December 31, 2024, as described in the Rexford Industrial Realty, Inc. Proxy Statement.                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |      2.23717e+06 |            39145 | FOR         |                              2.23717e+06 | FOR                         |  |
| SL Green Realty Corp.                   | 78440X887 | 06/03/2025     | To approve, on a non-binding advisory basis, our executive compensation.                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES | 133980           |                0 | FOR         |                         133980           | 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 | 762616           |             7010 | FOR         |                         762616           | FOR                         |  |
| Equity Residential                      | 29476L107 | 06/26/2025     | Approval of Executive Compensation.                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |      1.45998e+06 |             5620 | FOR         |                              1.45998e+06 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Security Capital Research  Management Inc

**By (Signature):** Michael J. Heller

**By (Printed Signature):** Michael J. Heller

**By (Title):** Managing Director

**Date:** 08/25/2025