The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
GDS Holdings Ltd. Sponsored ADR Class A SPONSORED ADS 36165L108   5,362,647 487,957 SH   SOLE   487,957 0 0
Acadia Realty Trust COM SH BEN INT 004239109   24,715,329 1,717,535 SH   SOLE   1,717,535 0 0
American Homes 4 Rent Class A CL A 02665T306   3,707,467 104,583 SH   SOLE   104,583 0 0
Alexandria Real Estate Equities, Inc. COM 015271109   30,309,433 267,067 SH   SOLE   267,067 0 0
Broadstone Net Lease, Inc. COM 11135E203   16,400,244 1,062,192 SH   SOLE   1,062,192 0 0
CBRE Group, Inc. Class A CL A 015271109   4,634,610 57,423 SH   SOLE   57,423 0 0
Americold Realty Trust, Inc. COM 03064D108   17,764,289 549,978 SH   SOLE   549,978 0 0
Camden Property Trust COM 133131102   13,700,528 125,843 SH   SOLE   125,843 0 0
CubeSmart COM 229663109   22,560,446 505,160 SH   SOLE   505,160 0 0
CoreCivic, Inc. COM 21871N101   4,364,452 463,810 SH   SOLE   463,810 0 0
DigitalBridge Group, Inc. Class A CL A COM 25401T108   27,169,326 1,846,997 SH   SOLE   1,846,997 0 0
Easterly Government Properties Inc COM 27616P103   5,343,714 368,532 SH   SOLE   368,532 0 0
Ellington Financial Inc. COM 28852N109   27,165,797 1,968,536 SH   SOLE   1,968,536 0 0
Equity LifeStyle Properties, Inc. COM 29472R108   3,432,862 51,321 SH   SOLE   51,321 0 0
Equity Commonwealth COM SH BEN INT 294628102   9,998,675 493,518 SH   SOLE   493,518 0 0
Equinix, Inc. COM 29444U700   7,928,769 10,114 SH   SOLE   10,114 0 0
Extra Space Storage Inc. COM 30225T102   74,425 500 SH   SOLE   500 0 0
GEO Group Inc COM 36162J106   6,150,669 859,032 SH   SOLE   859,032 0 0
Independence Realty Trust, Inc. COM 45378A106   56,073,578 3,077,584 SH   SOLE   3,077,584 0 0
Kilroy Realty Corporation COM 49427F108   12,252,287 407,188 SH   SOLE   407,188 0 0
Lamar Advertising Company Class A CL A 512816109   20,664,446 208,206 SH   SOLE   208,206 0 0
Life Storage, Inc. COM 53223X107   3,483,552 26,200 SH   SOLE   26,200 0 0
National Storage Affiliates Trust COM 637417106   7,240,008 207,867 SH   SOLE   207,867 0 0
Realty Income Corporation COM 756109104   4,334,775 72,500 SH   SOLE   72,500 0 0
Prologis, Inc. SH BEN INT 74340W103   42,458,552 346,233 SH   SOLE   346,233 0 0
Public Storage COM 74460D109   11,801,584 40,433 SH   SOLE   40,433 0 0
Rexford Industrial Realty, Inc. COM 76169C100   17,697,045 338,894 SH   SOLE   338,894 0 0
Retail Opportunity Investments Corp. COM 76131N101   23,460,602 1,736,536 SH   SOLE   1,736,536 0 0
SBA Communications Corp. Class A COM 78410G104   31,548,793 136,127 SH   SOLE   136,127 0 0
Sun Communities, Inc. COM 866674104   47,879,083 367,002 SH   SOLE   367,002 0 0
Terreno Realty Corporation COM 88146M101   13,230,414 220,140 SH   SOLE   220,140 0 0
UDR, Inc. COM 902653104   47,966,428 1,116,537 SH   SOLE   1,116,537 0 0
VICI Properties Inc COM 925652109   6,023,654 191,653 SH   SOLE   191,653 0 0
Veris Residential, Inc. COM 554489104   4,854,595 302,467 SH   SOLE   302,467 0 0
Ventas, Inc. COM 92276F100   12,497,668 264,389 SH   SOLE   264,389 0 0
Elme Communities SH BEN INT 939653101   3,243,037 197,265 SH   SOLE   197,265 0 0
W. P. Carey Inc. COM 92936U109   13,370,056 197,899 SH   SOLE   197,899 0 0