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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Alexander & Baldwin Inc COM 014491104   10,360 544,666 SH   SOLE   212,481 0 332,185
Alexandria Real Estate Equit COM 015271109   57,359 452,465 SH   SOLE   304,236 0 148,229
American Homes 4 Rent COM 02665T306   41,177 1,145,102 SH   SOLE   744,565 0 400,537
American Tower Corp. COM 03027X100   23,133 107,157 SH   SOLE   86,805 0 20,352
AvalonBay Communities, Inc. COM 053484101   67,579 360,964 SH   SOLE   215,374 0 145,590
Boston Properties, Inc. COM 101121101   53,039 755,866 SH   SOLE   450,941 0 304,925
Brixmor Property Group COM 11120U105   28,467 1,223,332 SH   SOLE   829,722 0 393,610
Broadstone Net Lease COM 11135E203   644 37,401 SH   SOLE   33,505 0 3,896
Cubesmart COM 229663109   593 12,789 SH   SOLE   12,789 0 0
DiamondRock Hospitality COM 252784301   18,675 1,988,777 SH   SOLE   821,822 0 1,166,955
Digital Realty Trust COM 253868103   72,040 535,295 SH   SOLE   343,148 0 192,147
Eastgroup Properties COM 277276101   16,414 89,426 SH   SOLE   34,791 0 54,635
Elme Communities COM 939653101   8,715 596,900 SH   SOLE   230,632 0 366,268
Equinix Inc. COM 29444U700   144,185 179,025 SH   SOLE   121,440 0 57,585
Equity Lifestyle Properties COM 29472R108   28,349 401,890 SH   SOLE   328,522 0 73,368
Equity Residential COM 29476L107   76,135 1,244,842 SH   SOLE   866,477 0 378,365
Essex Property Trust, Inc. COM 297178105   13,300 53,639 SH   SOLE   53,639 0 0
Extra Space Storage, Inc. COM 30225T102   53,543 333,953 SH   SOLE   222,103 0 111,850
First Industrial Realty Trus COM 32054K103   22,087 419,342 SH   SOLE   166,262 0 253,080
Healthpeak Properties COM 42250P103   9 439 SH   SOLE   439 0 0
Hilton, Inc. COM 43300A203   1,368 7,511 SH   SOLE   7,511 0 0
Inventrust Properties COM 46124J201   8,830 348,435 SH   SOLE   138,155 0 210,280
Invitation Homes Inc COM 46187W107   27,857 816,658 SH   SOLE   597,043 0 219,615
Iron Mountain COM 46284V101   983 14,044 SH   SOLE   12,910 0 1,134
Kimco Realty Corp. COM 49446R109   59,712 2,802,088 SH   SOLE   2,053,703 0 748,385
Lamar Advertising Co-A COM 512816109   6,389 60,117 SH   SOLE   59,655 0 462
Marriott International-CL A COM 571903202   9,936 44,060 SH   SOLE   30,565 0 13,495
Mid-America Apartment Commun COM 59522J103   31,592 234,952 SH   SOLE   160,237 0 74,715
Netstreit Corp COM 64119V303   2 100 SH   SOLE   100 0 0
Omega Healthcare Investors COM 681936100   12,239 399,212 SH   SOLE   156,441 0 242,771
Playa Hotels & Resorts COM N70544106   14,693 1,698,680 SH   SOLE   1,004,150 0 694,530
Potlach Corp COM 737630103   1,559 31,744 SH   SOLE   31,110 0 634
ProLogis Inc. COM 74340W103   221,253 1,659,810 SH   SOLE   1,127,326 0 532,484
Public Storage COM 74460D109   82,667 271,038 SH   SOLE   156,936 0 114,102
Realty Income COM 756109104   1,089 18,965 SH   SOLE   18,965 0 0
Rexford Industrial Realty COM 76169C100   0 189,880 SH   SOLE   189,880 0 0
Ryman Hospitality Properties COM 78377T107   17,186 156,150 SH   SOLE   156,150 0 0
SBA Communications COM 78410G104   2,120 8,355 SH   SOLE   7,870 0 485
Simon Property Group, Inc. COM 828806109   0 594,591 SH   SOLE   385,874 0 208,717
Sun Communities, Inc. COM 866674104   36,287 271,508 SH   SOLE   179,328 0 92,180
Ventas, Inc. COM 92276F100   36,930 740,984 SH   SOLE   545,532 0 195,452
Vici Properties COM 925652109   5,419 169,977 SH   SOLE   162,893 0 7,084
WP Carey COM 92936U109   12,252 189,053 SH   SOLE   98,796 0 90,257
Welltower Inc. COM 95040Q104   116,995 1,297,493 SH   SOLE   842,184 0 455,309