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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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
GDS Holdings Ltd. Sponsored ADR Class A SPONSORED ADS 36165L108   8,617,321 487,957 SH   SOLE   487,957 0 0
Acadia Realty Trust COM SH BEN INT 004239109   19,737,503 1,563,986 SH   SOLE   1,563,986 0 0
American Homes 4 Rent Class A CL A 02665T306   51,688,482 1,575,388 SH   SOLE   1,575,388 0 0
Alexandria Real Estate Equities, Inc. COM 015271109   52,480,268 374,351 SH   SOLE   374,351 0 0
Broadstone Net Lease, Inc. COM 11135E203   20,774,170 1,337,680 SH   SOLE   1,337,680 0 0
CBRE Group, Inc. Class A CL A 015271109   20,244,697 299,877 SH   SOLE   299,877 0 0
Americold Realty Trust, Inc. COM 03064D108   28,700,058 1,166,669 SH   SOLE   1,166,669 0 0
Camden Property Trust COM 133131102   23,954,980 200,544 SH   SOLE   200,544 0 0
CubeSmart COM 229663109   35,145,721 877,327 SH   SOLE   877,327 0 0
CoreCivic, Inc. COM 21871N101   4,100,080 463,810 SH   SOLE   463,810 0 0
DigitalBridge Group, Inc. Class A CL A COM 25401T108   42,700,396 3,413,301 SH   SOLE   3,413,301 0 0
Easterly Government Properties Inc COM 27616P103   14,814,890 939,435 SH   SOLE   939,435 0 0
Ellington Financial Inc. COM 28852N109   25,905,237 2,278,385 SH   SOLE   2,278,385 0 0
Equity LifeStyle Properties, Inc. COM 29472R108   15,122,760 240,655 SH   SOLE   240,655 0 0
GEO Group Inc COM 36162J106   6,614,546 859,032 SH   SOLE   859,032 0 0
Independence Realty Trust, Inc. COM 45378A106   34,564,865 2,066,041 SH   SOLE   2,066,041 0 0
Kilroy Realty Corporation COM 49427F108   17,146,687 407,188 SH   SOLE   407,188 0 0
Lamar Advertising Company Class A CL A 512816109   8,935,564 108,323 SH   SOLE   108,323 0 0
National Storage Affiliates Trust COM 637417106   13,997,034 336,629 SH   SOLE   336,629 0 0
Prologis, Inc. SH BEN INT 74340W103   33,231,632 327,083 SH   SOLE   327,083 0 0
Rexford Industrial Realty, Inc. COM 76169C100   28,747,576 552,838 SH   SOLE   552,838 0 0
Retail Opportunity Investments Corp. COM 76131N101   24,174,683 1,756,881 SH   SOLE   1,756,881 0 0
SBA Communications Corp. Class A COM 78410G104   8,381,519 29,445 SH   SOLE   29,445 0 0
Sun Communities, Inc. COM 866674104   61,068,475 451,256 SH   SOLE   451,256 0 0
UDR, Inc. COM 902653104   46,996,825 1,126,752 SH   SOLE   1,126,752 0 0
Veris Residential, Inc. COM 554489104   810,704 71,302 SH   SOLE   71,302 0 0
Ventas, Inc. COM 92276F100   17,659,655 439,623 SH   SOLE   439,623 0 0
Welltower, Inc COM 95040Q104   15,137,004 235,339 SH   SOLE   235,339 0 0
Elme Communities SH BEN INT 939653101   9,244,109 519,332 SH   SOLE   519,332 0 0