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
Acadia Realty Trust COM SH BEN INT 36165L108   30,803,069 1,810,880 SH   SOLE   1,810,880 0 0
American Homes 4 Rent Class A CL A 004239109   12,365,399 336,199 SH   SOLE   336,199 0 0
American Tower Corporation COM 02665T306   17,916,671 90,676 SH   SOLE   90,676 0 0
Alexandria Real Estate Equities, Inc. COM 015271109   13,167,126 102,142 SH   SOLE   102,142 0 0
Brixmor Property Group, Inc. COM 11120U105   25,312,353 1,079,418 SH   SOLE   1,079,418 0 0
Americold Realty Trust, Inc. COM 133131102   10,015,348 401,900 SH   SOLE   401,900 0 0
Easterly Government Properties Inc COM 229663109   852,638 74,078 SH   SOLE   74,078 0 0
Ellington Financial Inc. COM 25401T603   51,148,958 4,330,987 SH   SOLE   4,330,987 0 0
Equity LifeStyle Properties, Inc. COM 27616P103   16,645,211 258,466 SH   SOLE   258,466 0 0
Essential Properties Realty Trust, Inc. COM 28852N109   7,331,500 275,000 SH   SOLE   275,000 0 0
Equinix, Inc. COM 939653101   24,604,738 29,812 SH   SOLE   29,812 0 0
Essex Property Trust, Inc. COM 29472R108   9,449,666 38,600 SH   SOLE   38,600 0 0
Independence Realty Trust, Inc. COM 45378A106   43,367,906 2,688,649 SH   SOLE   2,688,649 0 0
Kilroy Realty Corporation COM 49427F108   3,172,106 87,074 SH   SOLE   87,074 0 0
Kennedy-Wilson Holdings, Inc. COM 489398107   11,497,989 1,340,092 SH   SOLE   1,340,092 0 0
Realty Income Corporation COM 512816109   2,404,799 44,451 SH   SOLE   44,451 0 0
Prologis, Inc. COM 756109104   24,137,710 185,361 SH   SOLE   185,361 0 0
Public Storage COM 74340W103   7,822,048 26,967 SH   SOLE   26,967 0 0
Rexford Industrial Realty, Inc. COM 74460D109   12,710,357 252,691 SH   SOLE   252,691 0 0
Retail Opportunity Investments Corp. COM 76169C100   13,854,176 1,080,669 SH   SOLE   1,080,669 0 0
SBA Communications Corp. Class A CL A 76131N101   8,097,862 37,369 SH   SOLE   37,369 0 0
Sun Communities, Inc. COM 78410G104   35,777,643 278,252 SH   SOLE   278,252 0 0
Terreno Realty Corporation COM 866674104   12,960,284 195,185 SH   SOLE   195,185 0 0
UDR, Inc. COM 88146M101   29,686,406 793,542 SH   SOLE   793,542 0 0
VICI Properties Inc COM 902653104   30,537,551 1,025,094 SH   SOLE   1,025,094 0 0
Veris Residential, Inc. COM 925652109   7,216,080 474,430 SH   SOLE   474,430 0 0
Ventas, Inc. COM 554489104   6,848,494 157,292 SH   SOLE   157,292 0 0
Wyndham Hotels & Resorts, Inc. COM 92276F100   31,184,062 406,307 SH   SOLE   406,307 0 0