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
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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
GDS Holdings Ltd. Sponsored ADR Class A SPONSORED ADS 36165L108 54,525 1,156,179 SH   SOLE   1,156,179 0 0
Acadia Realty Trust COM SH BEN INT 004239109 26,068 1,194,118 SH   SOLE   1,194,118 0 0
American Homes 4 Rent Class A CL A 02665T306 18,953 434,606 SH   SOLE   434,606 0 0
CBRE Group, Inc. Class A CL A 12504L109 41,935 386,459 SH   SOLE   386,459 0 0
Americold Realty Trust COM 03064D108 102,718 3,132,609 SH   SOLE   3,132,609 0 0
CyrusOne, Inc. COM 23283R100 5,080 56,617 SH   SOLE   56,617 0 0
CatchMark Timber Trust, Inc. Class A CL A 14912Y202 40,707 4,673,598 SH   SOLE   4,673,598 0 0
CubeSmart COM 229663109 31,556 554,485 SH   SOLE   554,485 0 0
CoreCivic, Inc. COM 21871N101 5,327 534,310 SH   SOLE   534,310 0 0
DigitalBridge Group, Inc. Class A CL A COM 25401T108 54,909 6,591,767 SH   SOLE   6,591,767 0 0
Easterly Government Properties Inc COM 27616P103 25,099 1,095,090 SH   SOLE   1,095,090 0 0
Ellington Financial Inc. COM 28852N109 48,347 2,828,981 SH   SOLE   2,828,981 0 0
Equinix, Inc. COM 29444U700 10,138 11,986 SH   SOLE   11,986 0 0
GEO Group Inc COM 36162J106 7,653 987,458 SH   SOLE   987,458 0 0
Gaming and Leisure Properties, Inc. COM 36467J108 32,017 657,973 SH   SOLE   657,973 0 0
Independence Realty Trust, Inc. COM 45378A106 17,908 693,299 SH   SOLE   693,299 0 0
Inventrust Properties Corp COM NEW 46124J201 23,965 879,117 SH   SOLE   879,117 0 0
Kilroy Realty Corporation COM 49427F108 44,108 663,672 SH   SOLE   663,672 0 0
Kennedy-Wilson Holdings, Inc. COM 489398107 3,806 159,377 SH   SOLE   159,377 0 0
Lamar Advertising Company Class A CL A 512816109 6,830 56,310 SH   SOLE   56,310 0 0
National Retail Properties, Inc. COM 637417106 27,646 575,115 SH   SOLE   575,115 0 0
Corporate Office Properties Trust SH BEN INT 22002T108 14,924 533,579 SH   SOLE   533,579 0 0
Retail Opportunity Investments Corp. COM 76131N101 53,084 2,708,391 SH   SOLE   2,708,391 0 0
Sun Communities, Inc. COM 866674104 122,854 585,105 SH   SOLE   585,105 0 0
VICI Properties Inc COM 925652109 69,470 2,307,196 SH   SOLE   2,307,196 0 0
Ventas, Inc. COM 92276F100 76,957 1,505,423 SH   SOLE   1,505,423 0 0
Welltower, Inc. COM 95040Q104 25,517 297,501 SH   SOLE   297,501 0 0
W. P. Carey Inc. COM 92936U109 52,084 634,785 SH   SOLE   634,785 0 0
Washington Real Estate Investment Trust SH BEN INT 939653101 30,710 1,188,023 SH   SOLE   1,188,023 0 0
Weyerhaeuser Company COM NEW 962166104 58,038 1,409,382 SH   SOLE   1,409,382 0 0