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
Estimated average burden
hours per response: 23.8
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
AMERICAN ASSETS TR INC COM 024013104 4,456 154,300 SH   SOLE NONE 0 154,300 0
VICI PPTYS INC COM 925652109 4,271 167,480 SH   SOLE NONE 0 167,480 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 13,181 478,600 SH   SOLE NONE 28,400 163,200 287,000
OMEGA HEALTHCARE INVS INC COM 681936100 12,403 341,500 SH   SOLE NONE 0 120,600 220,900
AMERICOLD RLTY TR COM 03064D108 12,711 340,500 SH   SOLE NONE 0 126,250 214,250
EASTGROUP PPTY INC COM 277276101 7,676 55,600 SH   SOLE NONE 0 0 55,600
PROLOGIS INC. COM 74340W103 16,937 169,951 SH   SOLE NONE 7,540 85,689 76,722
REXFORD INDL RLTY INC COM 76169C100 8,708 177,316 SH   SOLE NONE 14,500 0 162,816
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 13,649 76,585 SH   SOLE NONE 4,620 26,165 45,800
EASTERLY GOVT PPTYS INC COM 27616P103 13,256 585,251 SH   SOLE NONE 36,100 204,600 344,551
HUDSON PAC PPTYS INC COM 444097109 12,487 519,843 SH   SOLE NONE 0 185,243 334,600
AMERICAN CAMPUS CMNTYS INC COM 024835100 12,838 300,154 SH   SOLE NONE 0 105,554 194,600
APARTMENT INCOME REIT CORP COM 03750L109 12,434 323,711 SH   SOLE NONE 0 119,033 204,678
AMERICAN HOMES 4 RENT CL A 02665T306 13,365 445,493 SH   SOLE NONE 26,490 152,041 266,962
AVALONBAY CMNTYS INC COM 053484101 724 4,510 SH   SOLE NONE 4,510 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,034 84,920 SH   SOLE NONE 12,200 72,720 0
SUN CMNTYS INC COM 866674104 13,544 89,137 SH   SOLE NONE 5,310 29,744 54,083
GETTY RLTY CORP NEW COM 374297109 8,383 304,410 SH   SOLE NONE 26,730 0 277,680
REALTY INCOME CORP COM 756109104 12,882 207,200 SH   SOLE NONE 0 72,900 134,300
AMERICAN TOWER CORP NEW COM 03027X100 9,543 42,515 SH   SOLE NONE 8,090 0 34,425
CROWN CASTLE INTL CORP NEW COM 22822V101 21,491 135,005 SH   SOLE NONE 0 29,405 105,600
CUBESMART COM 229663109 735 21,878 SH   SOLE NONE 21,878 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 12,387 584,307 SH   SOLE NONE 0 219,900 364,407
EQUINIX INC COM 29444U700 30,551 42,778 SH   SOLE NONE 2,280 6,000 34,498
FOUR CORNERS PPTY TR INC COM 35086T109 12,717 427,184 SH   SOLE NONE 0 158,303 268,881
LIFE STORAGE INC COM 53223X107 8,548 71,600 SH   SOLE NONE 0 0 71,600
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 12,426 344,874 SH   SOLE NONE 0 125,602 219,272
SBA COMMUNICATIONS CORP NEW CL A 78410G104 29,440 104,350 SH   SOLE NONE 6,450 15,600 82,300