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   5,343,129 487,957 SH   SOLE   487,957 0 0
Acadia Realty Trust COM SH BEN INT 004239109   21,111,104 1,471,157 SH   SOLE   1,471,157 0 0
American Homes 4 Rent Class A CL A 02665T306   15,633,473 464,039 SH   SOLE   464,039 0 0
Alexandria Real Estate Equities, Inc. COM 015271109   24,904,479 248,796 SH   SOLE   248,796 0 0
Broadstone Net Lease, Inc. COM 11135E203   11,360,621 794,449 SH   SOLE   794,449 0 0
CBRE Group, Inc. Class A CL A 015271109   4,241,263 57,423 SH   SOLE   57,423 0 0
Camden Property Trust SH BEN INT 133131102   11,902,231 125,843 SH   SOLE   125,843 0 0
COPT Defense Properties SH BEN INT 22002T108   3,368,871 141,371 SH   SOLE   141,371 0 0
CubeSmart COM 229663109   23,238,710 609,460 SH   SOLE   609,460 0 0
CoreCivic, Inc. COM 21871N101   4,742,561 421,561 SH   SOLE   421,561 0 0
DigitalBridge Group, Inc. Class A CL A NEW 25401T603   17,576,923 999,825 SH   SOLE   999,825 0 0
Easterly Government Properties Inc COM 27616P103   4,212,321 368,532 SH   SOLE   368,532 0 0
Ellington Financial Inc. COM 28852N109   23,944,608 1,920,177 SH   SOLE   1,920,177 0 0
Equity LifeStyle Properties, Inc. COM 29472R108   8,522,933 133,777 SH   SOLE   133,777 0 0
Equity Commonwealth COM SH BEN INT 294628102   5,686,121 309,533 SH   SOLE   309,533 0 0
Equinix, Inc. COM 29444U700   19,984,497 27,517 SH   SOLE   27,517 0 0
Extra Space Storage Inc. COM 30225T102   36,134,792 297,210 SH   SOLE   297,210 0 0
GEO Group Inc COM 36162J106   6,155,712 752,532 SH   SOLE   752,532 0 0
Independence Realty Trust, Inc. COM 45378A106   49,795,924 3,539,156 SH   SOLE   3,539,156 0 0
Kilroy Realty Corporation COM 49427F108   6,755,184 213,704 SH   SOLE   213,704 0 0
Lamar Advertising Company Class A CL A 512816109   39,826,876 477,140 SH   SOLE   477,140 0 0
NNN REIT, Inc. COM 637417106   7,355,420 208,133 SH   SOLE   208,133 0 0
National Storage Affiliates Trust COM SHS BEN IN 637870106   3,790,613 119,427 SH   SOLE   119,427 0 0
Realty Income Corporation COM 756109104   22,664,020 453,825 SH   SOLE   453,825 0 0
Prologis, Inc. COM 74340W103   35,833,141 319,340 SH   SOLE   319,340 0 0
Public Storage COM 74460D109   32,869,639 124,733 SH   SOLE   124,733 0 0
Rexford Industrial Realty, Inc. COM 76169C100   15,751,730 319,184 SH   SOLE   319,184 0 0
Retail Opportunity Investments Corp. COM 76131N101   17,396,797 1,405,234 SH   SOLE   1,405,234 0 0
SBA Communications Corp. Class A CL A 78410G104   28,329,459 141,527 SH   SOLE   141,527 0 0
Sun Communities, Inc. COM 866674104   59,952,699 506,614 SH   SOLE   506,614 0 0
Terreno Realty Corporation COM 88146M101   11,367,952 200,140 SH   SOLE   200,140 0 0
UDR, Inc. COM 902653104   36,598,738 1,026,037 SH   SOLE   1,026,037 0 0
VICI Properties Inc COM 925652109   17,075,153 586,775 SH   SOLE   586,775 0 0
Veris Residential, Inc. COM 554489104   5,005,803 303,382 SH   SOLE   303,382 0 0
Ventas, Inc. COM 92276F100   19,648,969 466,389 SH   SOLE   466,389 0 0
Elme Communities SH BEN INT 939653101   2,690,695 197,265 SH   SOLE   197,265 0 0