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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Alexandria Real Estate Equit COM 015271109   57,514 446,156 SH   SOLE   307,225 0 138,931
American Healthcare REIT COM 398182303   11,568 784,286 SH   SOLE   296,088 0 488,198
American Homes 4 Rent COM 02665T306   46,564 1,266,028 SH   SOLE   785,815 0 480,213
American Tower Corp. COM 03027X100   11,972 60,590 SH   SOLE   58,858 0 1,732
Americold Realty Trust COM 03064D108   8,577 344,209 SH   SOLE   140,536 0 203,673
AvalonBay Communities, Inc. COM 053484101   71,730 386,562 SH   SOLE   240,972 0 145,590
Boston Properties, Inc. COM 101121101   37,116 568,314 SH   SOLE   343,324 0 224,990
Brixmor Property Group COM 11120U105   37,441 1,596,634 SH   SOLE   972,134 0 624,500
Broadstone Net Lease COM 11135E203   1,933 41,711 SH   SOLE   37,815 0 3,896
DiamondRock Hospitality COM 252784301   15,024 1,563,330 SH   SOLE   680,835 0 882,495
Digital Realty Trust COM 253868103   70,071 486,469 SH   SOLE   308,080 0 178,389
Eastgroup Properties COM 277276101   24,004 133,524 SH   SOLE   78,889 0 54,635
Elme Communities COM 939653101   8,332 598,574 SH   SOLE   232,306 0 366,268
Equinix Inc. COM 29444U700   153,928 186,505 SH   SOLE   123,030 0 63,475
Equity Lifestyle Properties COM 29472R108   26,065 404,742 SH   SOLE   328,631 0 76,111
Equity Residential COM 29476L107   80,390 1,273,810 SH   SOLE   877,615 0 396,195
Essential Properties Realty COM 29670E107   786 29,475 SH   SOLE   26,865 0 2,610
Essex Property Trust, Inc. COM 297178105   7,511 30,681 SH   SOLE   30,681 0 0
Extra Space Storage, Inc. COM 30225T102   50,529 343,739 SH   SOLE   217,003 0 126,736
First Industrial Realty Trus COM 32054K103   5,479 276,692 SH   SOLE   109,737 0 166,955
Hilton, Inc. COM 43300A203   1,494 7,004 SH   SOLE   7,004 0 0
Inventrust Properties COM 46124J201   9,185 357,262 SH   SOLE   146,982 0 210,280
Invitation Homes Inc COM 46187W107   28,618 803,649 SH   SOLE   585,843 0 217,806
Iron Mountain COM 46284V101   1,408 17,552 SH   SOLE   16,600 0 952
Kimco Realty Corp. COM 49446R109   56,570 2,884,717 SH   SOLE   2,084,137 0 800,580
Lamar Advertising Co-A COM 512816109   7,768 65,057 SH   SOLE   64,604 0 453
Marriott International-CL A COM 571903202   14,827 58,765 SH   SOLE   35,995 0 22,770
Mid-America Apartment Commun COM 59522J103   31,773 241,471 SH   SOLE   166,756 0 74,715
Playa Hotels & Resorts COM N70544106   26,470 1,482,939 SH   SOLE   850,129 0 632,810
Potlach Corp COM 737630103   1,540 32,750 SH   SOLE   32,750 0 0
ProLogis Inc. COM 74340W103   220,821 1,695,757 SH   SOLE   1,139,538 0 556,219
Public Storage COM 74460D109   92,783 319,874 SH   SOLE   200,578 0 119,296
Realty Income COM 756109104   2,968 54,855 SH   SOLE   53,440 0 1,415
Rexford Industrial Realty COM 76169C100   9,371 186,295 SH   SOLE   186,295 0 0
Ryman Hospitality Properties COM 78377T107   15,879 137,350 SH   SOLE   137,350 0 0
SBA Communications COM 78410G104   0 7,083 SH   SOLE   6,480 0 603
SL Green Realty Corp. COM 78440X887   598 10,843 SH   SOLE   10,843 0 0
Simon Property Group, Inc. COM 828806109   96,652 617,628 SH   SOLE   400,640 0 216,988
Sun Communities, Inc. COM 866674104   0 272,209 SH   SOLE   187,340 0 84,869
Ventas, Inc. COM 92276F100   34,262 786,922 SH   SOLE   586,609 0 200,313
Vici Properties COM 925652109   5,463 183,372 SH   SOLE   176,146 0 7,226
Vornado Realty Trust COM 929042109   10,966 381,175 SH   SOLE   142,810 0 238,365
Welltower Inc. COM 95040Q104   122,849 1,314,732 SH   SOLE   851,765 0 462,967