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
EQUINIX INC COM 29444U700   22,776,048 34,771 SH   SOLE   0 9,995 24,776
VENTAS INC COM 92276F100   10,305,188 228,750 SH   SOLE   0 63,180 165,570
WELLTOWER INC COM 95040Q104   20,595,155 314,190 SH   SOLE   0 95,410 218,780
INNOVATIVE INDL PPTYS INC COM 45781V101   2,009,264 19,825 SH   SOLE   0 8,807 11,018
PROLOGIS INC. COM 74340W103   32,223,983 285,851 SH   SOLE   0 80,499 205,352
REXFORD INDL RLTY INC COM 76169C100   12,981,699 237,586 SH   SOLE   0 64,720 172,866
AMERICAN TOWER CORP NEW COM 03027X100   4,909,856 23,175 SH   SOLE   0 0 23,175
CROWN CASTLE INTL CORP NEW COM 22822V101   9,243,866 68,150 SH   SOLE   0 0 68,150
SBA COMMUNICATIONS CORP NEW CL A 78410G104   22,844,985 81,499 SH   SOLE   0 6,480 75,019
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   13,543,960 92,977 SH   SOLE   0 24,421 68,556
APARTMENT INCOME REIT CORP COM 03750L109   6,345,497 184,946 SH   SOLE   0 52,233 132,713
AMERICAN HOMES 4 RENT CL A 02665T306   9,669,002 320,803 SH   SOLE   0 88,650 232,153
CAMDEN PPTY TR SH BEN INT 133131102   6,644,553 59,390 SH   SOLE   0 16,420 42,970
UDR INC COM 902653104   6,651,490 171,740 SH   SOLE   0 47,890 123,850
UMH PPTYS INC COM 903002103   12,612,499 783,385 SH   SOLE   0 218,172 565,213
VERIS RESIDENTIAL INC COM 554489104   6,651,412 417,540 SH   SOLE   0 113,650 303,890
ESSENTIAL PPTYS RLTY TR INC COM 29670E107   7,064,329 300,994 SH   SOLE   0 78,750 222,244
GETTY RLTY CORP NEW COM 374297109   4,718,013 139,380 SH   SOLE   0 0 139,380
KIMCO RLTY CORP COM 49446R109   9,599,411 453,230 SH   SOLE   0 124,815 328,415
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201   7,618,198 239,265 SH   SOLE   0 87,628 151,637
SIMON PPTY GROUP INC NEW COM 828806109   18,753,332 159,630 SH   SOLE   0 57,050 102,580
CUBESMART COM 229663109   6,582,485 163,540 SH   SOLE   0 45,940 117,600
NATIONAL STORAGE AFFILIATES COM SH BEN IN 637870106   12,289,794 340,249 SH   SOLE   0 96,850 243,399
GAMING & LEISURE PPTYS INC COM 36467J108   1,882,272 36,135 SH   SOLE   0 36,135 0
GLADSTONE LD CORP COM 376549101   3,166,054 172,537 SH   SOLE   0 48,262 124,275
SAFEHOLD INC COM 78645L100   13,286,434 464,236 SH   SOLE   0 131,900 332,336