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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERICAN ASSETS TR INC COM 024013104 3,828 102,000 SH   SOLE NONE 0 102,000 0
ISTAR INC COM 45031U101 12,223 473,218 SH   SOLE NONE 0 148,315 324,903
VERIS RESIDENTIAL INC COM 554489104 5,922 322,200 SH   SOLE NONE 0 99,500 222,700
VICI PPTYS INC COM 925652109 3,866 128,380 SH   SOLE NONE 0 128,380 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 7,887 236,200 SH   SOLE NONE 0 0 236,200
HEALTHPEAK PROPERTIES INC COM 42250P103 12,159 336,900 SH   SOLE NONE 0 104,085 232,815
AMERICOLD RLTY TR COM 03064D108 11,460 349,500 SH   SOLE NONE 0 112,150 237,350
EASTGROUP PPTYS INC COM 277276101 8,749 38,400 SH   SOLE NONE 0 0 38,400
PROLOGIS INC COM 74340W103 16,669 99,011 SH   SOLE NONE 0 47,289 51,722
REXFORD INDL RLTY INC COM 76169C100 16,986 209,416 SH   SOLE NONE 0 0 209,416
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 12,594 56,487 SH   SOLE NONE 0 17,087 39,400
EASTERLY GOVT PPTYS INC COM 27616P103 11,796 514,651 SH   SOLE NONE 0 159,300 355,351
AMERICAN CAMPUS CMNTYS INC COM 024835100 8,639 150,800 SH   SOLE NONE 0 0 150,800
APARTMENT INCOME REIT CORP COM 03750L109 12,378 226,411 SH   SOLE NONE 0 69,733 156,678
AMERICAN HOMES 4 RENT CL A 02665T306 12,599 288,903 SH   SOLE NONE 0 88,941 199,962
CAMDEN PPTY TR SH BEN INT 133131102 5,986 33,500 SH   SOLE NONE 0 10,300 23,200
SUN CMNTYS INC COM 866674104 12,562 59,827 SH   SOLE NONE 0 18,444 41,383
UDR INC COM 902653104 11,968 199,500 SH   SOLE NONE 0 63,200 136,300
UMH PPTYS INC COM 903002103 13,389 489,917 SH   SOLE NONE 0 151,182 338,735
GETTY RLTY CORP NEW COM 374297109 8,179 254,880 SH   SOLE NONE 0 0 254,880
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 24,745 748,932 SH   SOLE NONE 0 231,428 517,504
SIMON PPTY GROUP INC NEW COM 828806109 12,734 79,700 SH   SOLE NONE 0 23,900 55,800
AMERICAN TOWER CORP NEW COM 03027X100 8,519 29,125 SH   SOLE NONE 0 0 29,125
CROWN CASTLE INTL CORP NEW COM 22822V101 16,449 78,800 SH   SOLE NONE 0 0 78,800
CUBESMART COM 229663109 11,701 205,600 SH   SOLE NONE 0 64,800 140,800
EPR PPTYS COM SH BEN INT 26884U109 3,652 76,900 SH   SOLE NONE 0 76,900 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 12,083 419,124 SH   SOLE NONE 0 128,300 290,824
EQUINIX INC COM 29444U700 23,350 27,606 SH   SOLE NONE 0 8,840 18,766
FOUR CORNERS PPTY TR INC COM 35086T109 12,678 431,084 SH   SOLE NONE 0 134,203 296,881
GAMING & LEISURE PPTYS INC COM 36467J108 3,898 80,100 SH   SOLE NONE 0 80,100 0
GLADSTONE LD CORP COM 376549101 12,584 372,737 SH   SOLE NONE 0 118,562 254,175
NATIONAL STORAGE AFFILIATES COM SH BEN IN 637870106 25,215 364,374 SH   SOLE NONE 0 110,902 253,472
SAFEHOLD INC COM 78645L100 12,630 158,166 SH   SOLE NONE 0 50,350 107,816
SBA COMMUNICATIONS CORP NEW CL A 78410G104 29,912 76,890 SH   SOLE NONE 0 9,990 66,900