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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 201,174 1,105,715 SH   SOLE   850,398 0 255,317
AMERICAN CAMPUS CMNTYS INC COM 024835100 142,566 3,051,490 SH   SOLE   2,376,489 0 675,001
AMERICAN TOWER CORP NEW COM 03027X100 237,311 878,473 SH   SOLE   678,848 0 199,625
AMERICOLD RLTY TR COM 03064D108 63,787 1,685,263 SH   SOLE   1,283,567 0 401,696
CAMDEN PPTY TR SH BEN INT 133131102 210,566 1,587,142 SH   SOLE   1,248,407 0 338,735
CUBESMART COM 229663109 325,214 7,021,027 SH   SOLE   5,457,715 0 1,563,312
DIGITAL RLTY TR INC COM 253868103 123,723 822,295 SH   SOLE   591,521 0 230,774
EQUINIX INC COM 29444U700 367,348 457,698 SH   SOLE   366,876 0 90,822
EQUITY LIFESTYLE PPTYS INC COM 29472R108 235,899 3,174,526 SH   SOLE   2,492,294 0 682,232
EQUITY RESIDENTIAL SH BEN INT 29476L107 363,019 4,714,534 SH   SOLE   3,655,801 0 1,058,733
ESSEX PPTY TR INC COM 297178105 317,834 1,059,413 SH   SOLE   829,527 0 229,886
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 315,298 2,690,944 SH   SOLE   2,097,324 0 593,620
HEALTHPEAK PROPERTIES INC COM 42250P103 240,356 7,220,080 SH   SOLE   5,605,488 0 1,614,592
INVITATION HOMES INC COM 46187W107 662,721 17,772,094 SH   SOLE   13,875,020 0 3,897,074
KILROY RLTY CORP COM 49427F108 444,219 6,378,798 SH   SOLE   4,979,688 0 1,399,110
KIMCO RLTY CORP COM 49446R109 399,907 19,180,185 SH   SOLE   15,032,681 0 4,147,504
PROLOGIS INC. COM 74340W103 910,662 7,618,688 SH   SOLE   5,912,544 0 1,706,144
PUBLIC STORAGE COM 74460D109 335,268 1,114,994 SH   SOLE   864,479 0 250,515
RAYONIER INC COM 754907103 118,157 3,288,522 SH   SOLE   2,600,465 0 688,057
REXFORD INDL RLTY INC COM 76169C100 127,596 2,240,484 SH   SOLE   1,761,011 0 479,473
SWITCH INC CL A 87105L104 224 10,600 SH   SOLE   10,600 0 0
TERRENO RLTY CORP COM 88146M101 41,457 642,551 SH   SOLE   501,621 0 140,930
URBAN EDGE PPTYS COM 91704F104 231,281 12,108,946 SH   SOLE   9,994,929 0 2,114,017
WELLTOWER INC COM 95040Q104 640,872 7,712,052 SH   SOLE   6,035,192 0 1,676,860