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

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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
AMERICAN ASSETS TR INC COM 024013104 4,064 125,300 SH   SOLE NONE 125,300 0 0
VICI PPTYS INC COM 925652109 4,918 174,180 SH   SOLE NONE 174,180 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 13,056 473,400 SH   SOLE NONE 158,000 28,400 287,000
OMEGA HEALTHCARE INVS INC COM 681936100 12,509 341,500 SH   SOLE NONE 120,600 0 220,900
AMERICOLD RLTY TR COM 03064D108 12,645 328,700 SH   SOLE NONE 114,450 0 214,250
EASTGROUP PPTYS INC COM 277276101 7,966 55,600 SH   SOLE NONE 0 0 55,600
PROLOGIS INC. COM 74340W103 18,078 170,551 SH   SOLE NONE 86,289 7,540 76,722
REXFORD INDL RLTY INC COM 76169C100 9,022 179,016 SH   SOLE NONE 0 16,200 162,816
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 12,747 77,585 SH   SOLE NONE 26,665 4,620 46,300
EASTERLY GOVT PPTYS INC COM 27616P103 12,694 612,351 SH   SOLE NONE 192,800 32,800 386,751
HUDSON PAC PPTYS INC COM 444097109 12,377 456,243 SH   SOLE NONE 159,243 0 297,000
AMERICAN CAMPUS CMNTYS INC COM 024835100 12,076 279,754 SH   SOLE NONE 96,854 0 182,900
APARTMENT INCOME REIT CORP COM 03750L109 12,358 289,011 SH   SOLE NONE 101,833 0 187,178
AMERICAN HOMES 4 RENT CL A 02665T306 13,122 393,593 SH   SOLE NONE 126,041 24,590 242,962
AVALONBAY CMNTYS INC COM 053484101 754 4,090 SH   SOLE NONE 0 4,090 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 795 11,100 SH   SOLE NONE 0 11,100 0
SUN CMNTYS INC COM 866674104 13,209 88,037 SH   SOLE NONE 28,644 5,310 54,083
UMH PPTYS INC COM 903002103 6,861 357,923 SH   SOLE NONE 154,962 0 202,961
GETTY RLTY CORP NEW COM 374297109 8,521 300,910 SH   SOLE NONE 0 26,730 274,180
REALTY INCOME CORP COM 756109104 12,725 200,400 SH   SOLE NONE 66,100 0 134,300
AMERICAN TOWER CORP NEW COM 03027X100 10,228 42,785 SH   SOLE NONE 0 8,360 34,425
CROWN CASTLE INTL CORP NEW COM 22822V101 20,742 120,505 SH   SOLE NONE 25,005 0 95,500
CUBESMART COM 229663109 751 19,878 SH   SOLE NONE 0 19,878 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 11,650 510,307 SH   SOLE NONE 173,900 0 336,407
EQUINIX INC COM 29444U700 32,245 47,448 SH   SOLE NONE 6,640 2,510 38,298
FOUR CORNERS PPTY TR INC COM 35086T109 12,472 455,184 SH   SOLE NONE 158,303 0 296,881
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 12,245 306,674 SH   SOLE NONE 107,902 0 198,772
SAFEHOLD INC COM 78645L100 11,928 170,166 SH   SOLE NONE 60,450 0 109,716
SBA COMMUNICATIONS CORP NEW CL A 78410G104 31,696 114,200 SH   SOLE NONE 16,440 6,960 90,800