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 4,064 125,300 SH   SOLE No 0 125,300 0
VICI PPTYS INC COM 925652109 4,918 174,180 SH   SOLE No 0 174,180 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 13,056 473,400 SH   SOLE No 28,400 158,000 287,000
OMEGA HEALTHCARE INVS INC COM 681936100 12,509 341,500 SH   SOLE No 0 120,600 220,900
AMERICOLD RLTY TR COM 03064D108 12,645 328,700 SH   SOLE No 0 114,450 214,250
EASTGROUP PPTYS INC COM 277276101 7,966 55,600 SH   SOLE No 0 0 55,600
PROLOGIS INC COM 74340W103 18,078 170,551 SH   SOLE No 7,540 86,289 76,722
REXFORD INDL RLTY INC COM 76169C100 9,022 179,016 SH   SOLE No 16,200 0 162,816
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 12,747 77,585 SH   SOLE No 4,620 26,665 46,300
EASTERLY GOVT PPTYS INC COM 27616P103 12,694 612,351 SH   SOLE No 32,800 192,800 386,751
HUDSON PAC PPTYS INC COM 444097109 12,378 456,243 SH   SOLE No 0 159,243 297,000
AMERICAN CAMPUS CMNTYS INC COM 024835100 12,077 279,754 SH   SOLE No 0 96,854 182,900
APARTMENT INCOME REIT CORP COM 03750L109 12,358 289,011 SH   SOLE No 0 101,833 187,178
AMERICAN HOMES 4 RENT CL A 02665T306 13,122 393,593 SH   SOLE No 24,590 126,041 242,962
AVALONBAY CMNTYS INC COM 053484101 755 4,090 SH   SOLE No 4,090 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 795 11,100 SH   SOLE No 11,100 0 0
SUN CMNTYS INC COM 866674104 13,209 88,037 SH   SOLE No 5,310 28,644 54,083
UMH PPTYS INC COM 903002103 6,861 357,923 SH   SOLE No 0 154,962 202,961
GETTY RLTY CORP NEW COM 374297109 8,522 300,910 SH   SOLE No 26,730 0 274,180
REALTY INCOME CORP COM 756109104 12,725 200,400 SH   SOLE No 0 66,100 134,300
AMERICAN TOWER CORP NEW COM 03027X100 10,228 42,785 SH   SOLE No 8,360 0 34,425
CROWN CASTLE INTL CORP NEW COM 22822V101 20,743 120,505 SH   SOLE No 0 25,005 95,500
CUBESMART COM 229663109 752 19,878 SH   SOLE No 19,878 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 11,650 510,307 SH   SOLE No 0 173,900 336,407
EQUINIX INC COM 29444U700 32,245 47,448 SH   SOLE No 2,510 6,640 38,298
FOUR CORNERS PPTY TR INC COM 35086T109 12,472 455,184 SH   SOLE No 0 158,303 296,881
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 12,246 306,674 SH   SOLE No 0 107,902 198,772
SAFEHOLD INC COM 78645L100 11,929 170,166 SH   SOLE No 0 60,450 109,716
SBA COMMUNICATIONS CORP NEW CL A 78410G104 31,696 114,200 SH   SOLE No 6,960 16,440 90,800