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 2,876 75,900 SH   SOLE NONE 0 75,900 0
ISTAR INC COM 45031U101 10,786 460,742 SH   SOLE NONE 0 124,417 336,325
VERIS RESIDENTIAL INC COM 554489104 9,359 538,200 SH   SOLE NONE 0 162,900 375,300
VICI PPTYS INC COM 925652109 2,833 99,530 SH   SOLE NONE 0 99,530 0
HEALTHPEAK PROPERTIES INC COM 42250P103 10,021 291,900 SH   SOLE NONE 0 84,885 207,015
VENTAS INC COM 92276F100 7,433 120,360 SH   SOLE NONE 0 46,330 74,030
EASTGROUP PPTYS INC COM 277276101 9,749 47,960 SH   SOLE NONE 0 13,060 34,900
PROLOGIS INC COM 74340W103 30,244 187,291 SH   SOLE NONE 0 55,489 131,802
POWER REIT COM 73933H101 2,457 62,366 SH   SOLE NONE 0 24,800 37,566
REXFORD INDL RLTY INC COM 76169C100 20,126 269,816 SH   SOLE NONE 0 81,000 188,816
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 10,444 51,897 SH   SOLE NONE 0 15,041 36,856
KILROY RLTY CORP COM 49427F108 7,012 91,750 SH   SOLE NONE 0 0 91,750
AMERICAN CAMPUS CMNTYS INC COM 024835100 6,862 122,600 SH   SOLE NONE 0 0 122,600
APARTMENT INCOME REIT CORP COM 03750L109 9,928 185,711 SH   SOLE NONE 0 56,933 128,778
AMERICAN HOMES 4 RENT CL A 02665T306 10,089 252,043 SH   SOLE NONE 0 73,581 178,462
CAMDEN PPTY TR SH BEN INT 133131102 9,778 58,830 SH   SOLE NONE 0 17,080 41,750
SUN CMNTYS INC COM 866674104 2,697 15,384 SH   SOLE NONE 0 15,384 0
UDR INC COM 902653104 10,132 176,600 SH   SOLE NONE 0 52,100 124,500
UMH PPTYS INC COM 903002103 9,490 385,937 SH   SOLE NONE 0 121,002 264,935
GETTY RLTY CORP NEW COM 374297109 6,648 232,280 SH   SOLE NONE 0 0 232,280
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 19,138 556,495 SH   SOLE NONE 0 159,283 397,212
SIMON PPTY GROUP INC NEW COM 828806109 18,408 139,920 SH   SOLE NONE 0 42,600 97,320
AMERICAN TOWER CORP NEW COM 03027X100 7,317 29,125 SH   SOLE NONE 0 0 29,125
CROWN CASTLE INTL CORP NEW COM 22822V101 14,546 78,800 SH   SOLE NONE 0 0 78,800
CUBESMART COM 229663109 20,588 395,700 SH   SOLE NONE 0 117,400 278,300
EPR PPTYS COM SH BEN INT 26884U109 3,110 56,850 SH   SOLE NONE 0 56,850 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 9,749 385,324 SH   SOLE NONE 0 116,800 268,524
EQUINIX INC COM 29444U700 30,218 40,746 SH   SOLE NONE 0 10,910 29,836
GAMING & LEISURE PPTYS INC COM 36467J108 2,994 63,800 SH   SOLE NONE 0 63,800 0
GLADSTONE LD CORP COM 376549101 4,871 133,737 SH   SOLE NONE 0 39,962 93,775
NATIONAL STORAGE AFFILIATES COM SH BEN IN 637870106 20,530 327,114 SH   SOLE NONE 0 98,042 229,072
SAFEHOLD INC COM 78645L100 9,095 164,016 SH   SOLE NONE 0 49,500 114,516
SBA COMMUNICATIONS CORP NEW CL A 78410G104 32,617 94,790 SH   SOLE NONE 0 8,890 85,900