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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Acadia Realty Trust COM SH BEN INT 004239109 11,833 1,126,909 SH   SOLE   1,126,909 0 0
American Homes 4 Rent Class A CL A 02665T306 20,947 735,514 SH   SOLE   735,514 0 0
American Tower Corporation COM 03027X100 15,985 66,127 SH   SOLE   66,127 0 0
Alexandria Real Estate Equities, Inc. COM 015271109 17,623 110,144 SH   SOLE   110,144 0 0
Broadstone Net Lease, Inc. Class A CL A COM 11135E104 6,915 412,112 SH   SOLE   412,112 0 0
Brixmor Property Group, Inc. COM 11120U105 23,866 2,041,584 SH   SOLE   2,041,584 0 0
Colony Capital, Inc. Class A CL A COM 19626G108 45,690 16,736,081 SH   SOLE   16,736,081 0 0
Americold Realty Trust COM 03064D108 15,868 443,847 SH   SOLE   443,847 0 0
CatchMark Timber Trust, Inc. Class A CL A 14912Y202 20,649 2,312,294 SH   SOLE   2,312,294 0 0
CoreCivic, Inc. COM 21871N101 14,696 1,836,960 SH   SOLE   1,836,960 0 0
Easterly Government Properties, Inc. COM 27616P103 25,972 1,158,939 SH   SOLE   1,158,939 0 0
Ellington Financial Inc. COM 28852N109 25,534 2,082,668 SH   SOLE   2,082,668 0 0
Equity LifeStyle Properties, Inc. COM 29472R108 27,839 454,151 SH   SOLE   454,151 0 0
EQUINIX INC COM 29444U700 11,957 15,730 SH   SOLE   15,730 0 0
GEO Group Inc COM 36162J106 20,083 1,770,969 SH   SOLE   1,770,969 0 0
Hilton Worldwide Holdings Inc COM 43300A203 21,531 252,358 SH   SOLE   252,358 0 0
Invitation Homes, Inc. COM 46187W107 55,450 1,981,049 SH   SOLE   1,981,049 0 0
Independence Realty Trust, Inc. COM 45378A106 16,192 1,397,024 SH   SOLE   1,397,024 0 0
Jernigan Capital, Inc. COM 476405105 22,613 1,319,324 SH   SOLE   1,319,324 0 0
Kilroy Realty Corporation COM 49427F108 15,296 294,388 SH   SOLE   294,388 0 0
Kennedy-Wilson Holdings, Inc. COM 489398107 38,997 2,685,720 SH   SOLE   2,685,720 0 0
Marriott International, Inc. Class A CL A 571903202 40,300 435,296 SH   SOLE   435,296 0 0
MGM Growth Properties LLC Class A CL A COM 55303A105 14,848 530,673 SH   SOLE   530,673 0 0
National Retail Properties, Inc. COM 637417106 14,785 428,427 SH   SOLE   428,427 0 0
National Storage Affiliates Trust COM SHS BEN IN 637870106 3,856 117,890 SH   SOLE   117,890 0 0
Corporate Office Properties Trust SH BEN INT 22002T108 30,787 1,297,955 SH   SOLE   1,297,955 0 0
Healthpeak Properties, Inc. COM 42250P103 16,702 615,192 SH   SOLE   615,192 0 0
Prologis, Inc. COM 74340W103 7,043 70,000 SH   SOLE   70,000 0 0
QTS Realty Trust, Inc. Class A COM CL A 74736A103 13,093 207,757 SH   SOLE   207,757 0 0
New Senior Investment Group Inc COM 648691103 2,072 517,906 SH   SOLE   517,906 0 0
Welltower, Inc. COM 95040Q104 18,979 344,501 SH   SOLE   344,501 0 0