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
CHINDATA GROUP HLDGS LTD ADS 16955F107 1,177 140,000 SH   SOLE NONE 0 140,000 0
AMERICAN ASSETS TR INC COM 024013104 4,258 113,800 SH   SOLE NONE 0 113,800 0
ISTAR INC COM 45031U101 5,774 230,218 SH   SOLE NONE 0 83,582 146,636
PEBBLEBROOK HOTEL TR COM 70509V100 9,556 426,400 SH   SOLE NONE 0 88,900 337,500
VICI PPTYS INC COM 925652109 4,477 157,580 SH   SOLE NONE 0 157,580 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 7,836 264,200 SH   SOLE NONE 0 0 264,200
OMEGA HEALTHCARE INVS INC COM 681936100 11,607 387,400 SH   SOLE NONE 0 139,500 247,900
HEALTHPEAK PROPERTIES INC COM 42250P103 452 13,500 SH   SOLE NONE 13,500 0 0
AMERICOLD RLTY TR COM 03064D108 11,556 397,800 SH   SOLE NONE 0 140,050 257,750
EASTGROUP PPTYS INC COM 277276101 7,648 45,900 SH   SOLE NONE 0 0 45,900
PROLOGIS INC COM 74340W103 16,577 132,161 SH   SOLE NONE 3,650 65,789 62,722
REXFORD INDL RLTY INC COM 76169C100 14,767 260,216 SH   SOLE NONE 7,900 0 252,316
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 12,417 64,985 SH   SOLE NONE 2,420 23,165 39,400
EASTERLY GOVT PPTYS INC COM 27616P103 12,831 621,051 SH   SOLE NONE 22,700 211,600 386,751
HUDSON PAC PPTYS INC COM 444097109 12,140 462,143 SH   SOLE NONE 0 165,143 297,000
AMERICAN CAMPUS CMNTYS INC COM 024835100 8,057 166,300 SH   SOLE NONE 0 0 166,300
APARTMENT INCOME REIT CORP COM 03750L109 12,203 250,011 SH   SOLE NONE 0 93,333 156,678
AMERICAN HOMES 4 RENT CL A 02665T306 12,126 318,093 SH   SOLE NONE 11,790 106,341 199,962
CAMDEN PPTY TR SH BEN INT 133131102 11,916 80,800 SH   SOLE NONE 0 29,700 51,100
EQUITY RESIDENTIAL SH BEN INT 29476L107 469 5,800 SH   SOLE NONE 5,800 0 0
INVITATION HOMES INC COM 46187W107 452 11,800 SH   SOLE NONE 11,800 0 0
SUN CMNTYS INC COM 866674104 12,201 65,917 SH   SOLE NONE 2,390 22,144 41,383
UDR INC COM 902653104 12,048 227,400 SH   SOLE NONE 0 84,300 143,100
UMH PPTYS INC COM 903002103 11,975 522,917 SH   SOLE NONE 0 184,182 338,735
GETTY RLTY CORP NEW COM 374297109 7,929 270,510 SH   SOLE NONE 15,630 0 254,880
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 7,638 248,700 SH   SOLE NONE 0 0 248,700
REGENCY CTRS CORP COM 758849103 471 7,000 SH   SOLE NONE 7,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 8,410 31,685 SH   SOLE NONE 3,260 0 28,425
CROWN CASTLE INTL CORP NEW COM 22822V101 15,027 86,700 SH   SOLE NONE 0 0 86,700
CUBESMART COM 229663109 11,239 231,978 SH   SOLE NONE 8,978 86,000 137,000
EPR PPTYS COM SH BEN INT 26884U109 2,128 43,100 SH   SOLE NONE 0 43,100 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 11,339 406,124 SH   SOLE NONE 0 142,600 263,524
EQUINIX INC COM 29444U700 19,924 25,216 SH   SOLE NONE 1,130 5,300 18,786
FOUR CORNERS PPTY TR INC COM 35086T109 12,240 455,684 SH   SOLE NONE 0 158,803 296,881
GLADSTONE LD CORP COM 376549101 12,391 544,172 SH   SOLE NONE 0 191,297 352,875
NATIONAL STORAGE AFFILIATES COM SH BEN IN 637870106 11,380 215,574 SH   SOLE NONE 0 80,502 135,072
SAFEHOLD INC COM 78645L100 11,220 156,066 SH   SOLE NONE 0 55,050 101,016
SBA COMMUNICATIONS CORP NEW CL A 78410G104 29,239 88,450 SH   SOLE NONE 2,710 13,240 72,500