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
ACADIA REALTY TRUST Stock 004239109 256 13,487 SH   SOLE   13,487 0 0
AGREE REALTY CORPORATION Stock 008492100 487 7,234 SH   SOLE   7,234 0 0
ALEXANDRIA REAL ESTATE Stock 015271109 3,255 19,812 SH   SOLE   19,409 0 403
AMERICAN ASSETS TRUST INC Stock 024013104 249 7,679 SH   SOLE   7,679 0 0
AMERICAN CAMPUS COMMUNITIES Stock 024835100 2,043 47,320 SH   SOLE   23,420 0 23,900
AMERICAN HOMES 4 RENT CL A Stock 02665T306 1,372 41,141 SH   SOLE   41,141 0 0
AMERICAN TOWER CORP Stock 03027X100 175 734 SH   SOLE   734 0 0
AMERICOLD REALTY TRUST Stock 03064D108 1,385 36,000 SH   SOLE   36,000 0 0
APARTMENT INCOME REIT CORP Stock 03750L109 782 18,291 SH   SOLE   18,291 0 0
APARTMENT INVT AND MGMT CO Stock 03748R747 80 13,095 SH   SOLE   13,095 0 0
APPLE HOSPITALITY REIT INC Stock 03784Y200 510 35,033 SH   SOLE   35,033 0 0
ARMADA HOFFLER PROPERTIES, INC. Stock 04208T108 156 12,424 SH   SOLE   12,424 0 0
AVALONBAY CMNTYS INC COM Stock 053484101 5,308 28,768 SH   SOLE   23,368 0 5,400
BOSTON PROPERTIES INC COM Stock 101121101 2,649 26,156 SH   SOLE   23,856 0 2,300
BRANDYWINE RLTY TR Stock 105368203 930 72,063 SH   SOLE   29,563 0 42,500
BRIXMOR PROPERTY GROUP Stock 11120U105 1,076 53,173 SH   SOLE   53,173 0 0
BROADSTONE NET LEASE, INC. Stock 11135E203 311 17,000 SH   SOLE   0 0 17,000
CAMDEN PPTY TR SH BEN INT Stock 133131102 1,483 13,494 SH   SOLE   13,494 0 0
CARETRUST REIT INC Stock 14174T107 325 13,942 SH   SOLE   13,942 0 0
CENTERSPACE Stock 15202L107 125 1,839 SH   SOLE   1,839 0 0
COLONY CAPITAL INC Stock 19626G108 425 65,648 SH   SOLE   65,648 0 0
COLUMBIA PROPERTY TRUST INC Stock 198287203 325 18,983 SH   SOLE   18,983 0 0
COMMUNITY HEALTHCARE TRUST INC Stock 20369C106 112 2,434 SH   SOLE   2,434 0 0
CORPORATE OFFICE PROPERTY Stock 22002T108 380 14,429 SH   SOLE   14,429 0 0
COUSINS PPTYS INC COM Stock 222795502 974 27,549 SH   SOLE   27,549 0 0
CROWN CASTLE INTL CORP Stock 22822V101 664 3,860 SH   SOLE   659 0 3,201
CUBESMART COM Stock 229663109 970 25,648 SH   SOLE   25,648 0 0
CYRUSONE INC Stock 23283R100 1,016 15,009 SH   SOLE   15,009 0 0
DIAMONDROCK HOSPITALITY CO Stock 252784301 990 96,147 SH   SOLE   34,247 0 61,900
DIGITAL REALTY TRUST INC Stock 253868103 5,432 38,571 SH   SOLE   38,571 0 0
DIVERSIFIED HEALTHCARE TRUST Stock 25525P107 216 45,177 SH   SOLE   45,177 0 0
DOUGLAS EMMETT INC Stock 25960P109 838 26,697 SH   SOLE   26,697 0 0
DUKE REALTY CORP Stock 264411505 2,352 56,098 SH   SOLE   56,098 0 0
EASTERLY GOVERNMENT PROPERTI Stock 27616P103 70 3,370 SH   SOLE   3,370 0 0
EASTGROUP PPTY INC COM Stock 277276101 962 6,717 SH   SOLE   6,717 0 0
EMPIRE STATE REALTY TRUST-A Stock 292104106 231 20,722 SH   SOLE   20,722 0 0
EPR PROPERTIES Stock 26884U109 436 9,364 SH   SOLE   9,364 0 0
EQUITY LIFESTYLE PPTYS COM Stock 29472R108 1,867 29,330 SH   SOLE   29,330 0 0
EQUITY RESIDENTIAL SH BEN IN Stock 29476L107 5,807 81,063 SH   SOLE   59,683 0 21,380
ESSENTIAL PROPERTIES REALTY TRUST, INC. Stock 29670E107 344 15,088 SH   SOLE   15,088 0 0
ESSEX PPTY TR INC COM Stock 297178105 2,922 10,750 SH   SOLE   10,750 0 0
EXTRA SPACE STORAGE INC Stock 30225T102 3,708 27,975 SH   SOLE   18,775 0 9,200
FEDERAL REALTY INVT TR Stock 313747206 2,214 21,822 SH   SOLE   11,522 0 10,300
FIRST INDUSTRIAL RLTY Stock 32054K103 2,893 63,190 SH   SOLE   22,230 0 40,960
FOUR CORNERS PROPERTY TRUST Stock 35086T109 263 9,611 SH   SOLE   9,611 0 0
GAMING & LEISURE PPTYS INC COM Stock 36467J108 2,193 51,683 SH   SOLE   30,950 0 20,733
GETTY RLTY CORP NEW Stock 374297109 52 1,850 SH   SOLE   1,850 0 0
GLOBAL NET LEASE INC Stock 379378201 145 8,011 SH   SOLE   8,011 0 0
HANNON ARMSTRONG SUST INFR CAP COM Stock 41068X100 1,459 26,000 SH   SOLE   0 0 26,000
HEALTHCARE RLTY TR COM Stock 421946104 409 13,493 SH   SOLE   13,493 0 0
HEALTHCARE TRUST OF AME-CL A Stock 42225P501 698 25,302 SH   SOLE   25,302 0 0
HEALTHPEAK PROPERTIES INC. Stock 42250P103 2,762 87,008 SH   SOLE   87,008 0 0
HIGHWOODS PPTYS INC COM Stock 431284108 1,722 40,111 SH   SOLE   19,611 0 20,500
HILTON WORLDWIDE HOLDINGS INC Stock 43300A203 51 425 SH   SOLE   425 0 0
HOST HOTELS & RESORTS INC COM Stock 44107P104 1,717 101,921 SH   SOLE   101,921 0 0
HUDSON PACIFIC PROPERTIES Stock 444097109 698 25,712 SH   SOLE   25,712 0 0
INDEPENDENCE REALTY TRUST IN Stock 45378A106 899 59,143 SH   SOLE   12,443 0 46,700
INDUSTRIAL LOGISTICS PROPERTIES TRUST Stock 456237106 179 7,747 SH   SOLE   7,747 0 0
INNOVATIVE INDUSTRIAL PROPERTIES INC Stock 45781V101 513 2,847 SH   SOLE   2,847 0 0
INVITATION HOMES INC Stock 46187W107 3,089 96,565 SH   SOLE   86,565 0 10,000
IRON MOUNTAIN INC Stock 46284V101 951 25,700 SH   SOLE   0 0 25,700
JBG SMITH PPTYS COM Stock 46590V100 599 18,830 SH   SOLE   18,830 0 0
KENNEDY-WILSON HLDGS INC COM Stock 489398107 284 14,029 SH   SOLE   14,029 0 0
KILROY RLTY CORP Stock 49427F108 2,084 31,758 SH   SOLE   18,028 0 13,730
KIMCO RLTY CORP COM Stock 49446R109 1,989 106,066 SH   SOLE   73,766 0 32,300
KITE REALTY GROUP TRUST Stock 49803T300 255 13,242 SH   SOLE   13,242 0 0
LEXINGTON REALTY TRUST Stock 529043101 300 26,966 SH   SOLE   26,966 0 0
LIFE STORAGE INC COM Stock 53223X107 2,697 31,381 SH   SOLE   10,231 0 21,150
LTC PROPERTIES INC Stock 502175102 243 5,817 SH   SOLE   5,817 0 0
MACERICH CO COM Stock 554382101 361 30,859 SH   SOLE   15,565 0 15,294
MACK CALI RLTY CORP COM Stock 554489104 177 11,402 SH   SOLE   11,402 0 0
MARRIOTT INTERNATIONAL, INC. CLASS A Stock 571903202 66 444 SH   SOLE   444 0 0
MEDICAL PPTYS TR INC COM Stock 58463J304 1,386 65,130 SH   SOLE   65,130 0 0
MGM GROWTH PROPERTIES LLC-A Stock 55303A105 213 6,538 SH   SOLE   6,538 0 0
MID AMER APT COMM Stock 59522J103 3,241 22,452 SH   SOLE   16,166 0 6,286
MONMOUTH REAL ESTATE INVT CO Stock 609720107 327 18,509 SH   SOLE   18,509 0 0
NATIONAL HEALTH INVS Stock 63633D104 496 6,861 SH   SOLE   6,861 0 0
NATIONAL RETAIL PPTYS INC COM Stock 637417106 1,779 40,370 SH   SOLE   21,470 0 18,900
NATIONAL STORAGE AFFILIATES Stock 637870106 380 9,510 SH   SOLE   9,510 0 0
NEXPOINT RESIDENTIAL Stock 65341D102 121 2,622 SH   SOLE   2,622 0 0
OFFICE PROPERTIES INCOME TRUST Stock 67623C109 98 3,553 SH   SOLE   3,553 0 0
OMEGA HEALTHCARE INVS Stock 681936100 1,134 30,968 SH   SOLE   30,968 0 0
PARAMOUNT GROUP INC COM Stock 69924R108 336 33,168 SH   SOLE   33,168 0 0
PARK HOTELS & RESORTS INC Stock 700517105 671 31,083 SH   SOLE   31,083 0 0
PEBBLEBROOK HOTEL TRUST Stock 70509V100 790 32,518 SH   SOLE   19,914 0 12,604
PHYSICIANS REALTY TRUST Stock 71943U104 629 35,584 SH   SOLE   20,084 0 15,500
PIEDMONT OFFICE REALTY TR IN Stock 720190206 405 23,323 SH   SOLE   23,323 0 0
PROLOGIS INC COM Stock 74340W103 11,341 106,993 SH   SOLE   106,993 0 0
PS BUSINESS PKS INC CALIF COM Stock 69360J107 435 2,813 SH   SOLE   2,813 0 0
PUBLIC STORAGE COM Stock 74460D109 5,126 20,773 SH   SOLE   20,773 0 0
QTS REALTY TRUST INC-CL A Stock 74736A103 536 8,641 SH   SOLE   8,641 0 0
REALTY INCOME CORP COM Stock 756109104 3,055 48,114 SH   SOLE   48,114 0 0
REGENCY CTRS CORP COM Stock 758849103 1,947 34,340 SH   SOLE   25,340 0 9,000
RETAIL OPPORTUNITY INVTS CORP COM Stock 76131N101 263 16,600 SH   SOLE   16,600 0 0
RETAIL PPTYS AMER INC CL A Stock 76131V202 609 58,125 SH   SOLE   30,925 0 27,200
REXFORD INDL RLTY INC COM Stock 76169C100 1,171 23,231 SH   SOLE   23,231 0 0
RLJ LODGING TR COM Stock 74965L101 363 23,463 SH   SOLE   23,463 0 0
RPT REALTY Stock 74971D101 138 12,090 SH   SOLE   12,090 0 0
RYMAN HOSPITALITY PROPERTIES Stock 78377T107 653 8,425 SH   SOLE   8,425 0 0
SABRA HEALTH CARE REIT INC Stock 78573L106 623 35,905 SH   SOLE   35,905 0 0
SAFEHOLD INC Stock 78645L100 140 1,990 SH   SOLE   1,990 0 0
SAUL CENTERS Stock 804395101 40 1,001 SH   SOLE   1,001 0 0
SBA COMMUNICATIONS CORP. CLASS A Stock 78410G104 85 308 SH   SOLE   308 0 0
SERVICE HOSPITALITY TRUST Stock 81761L102 203 17,141 SH   SOLE   17,141 0 0
SIMON PPTY GROUP INC NEW COM Stock 828806109 6,451 56,704 SH   SOLE   47,604 0 9,100
SITE CENTERS CORP. Stock 82981J109 636 46,934 SH   SOLE   25,884 0 21,050
SL GREEN RLTY CORP COM Stock 78440X804 1,322 18,887 SH   SOLE   13,095 0 5,792
SPIRIT REALTY CAPITAL INC Stock 84860W300 1,087 25,581 SH   SOLE   14,241 0 11,340
STAG INDL INC COM Stock 85254J102 1,626 48,375 SH   SOLE   27,375 0 21,000
STORE CAP CORP COM Stock 862121100 2,493 74,415 SH   SOLE   34,015 0 40,400
SUMMIT HOTEL PPTYS INC COM Stock 866082100 695 68,415 SH   SOLE   17,215 0 51,200
SUN COMMUNITIES Stock 866674104 2,472 16,475 SH   SOLE   16,475 0 0
SUNSTONE HOTEL INVESTORS INC Stock 867892101 439 35,265 SH   SOLE   35,265 0 0
TANGER FACTORY OUTLET Stock 875465106 219 14,454 SH   SOLE   14,454 0 0
TERRENO REALTY CORP Stock 88146M101 785 13,583 SH   SOLE   13,583 0 0
UDR INC COM Stock 902653104 2,140 48,801 SH   SOLE   48,801 0 0
UNIVERSAL HEALTH RLTY TR Stock 91359E105 107 1,583 SH   SOLE   1,583 0 0
URBAN EDGE PPTYS COM Stock 91704F104 280 16,958 SH   SOLE   16,958 0 0
VENTAS INC Stock 92276F100 4,355 81,641 SH   SOLE   59,641 0 22,000
VEREIT INC Stock 92339V308 1,098 28,428 SH   SOLE   28,428 0 0
VICI PROPERTIES INC Stock 925652109 3,110 110,135 SH   SOLE   80,135 0 30,000
VORNADO RLTY TR Stock 929042109 1,210 26,664 SH   SOLE   26,664 0 0
WASHINGTON REAL ESTATE INVT Stock 939653101 223 10,085 SH   SOLE   10,085 0 0
WEINGARTEN RLTY INVS SH BEN INT Stock 948741103 475 17,645 SH   SOLE   17,645 0 0
WELLTOWER INC Stock 95040Q104 5,983 83,522 SH   SOLE   68,422 0 15,100
WEYERHAEUSER COMPANY Stock 962166104 94 2,649 SH   SOLE   2,649 0 0
WP CAREY INC Stock 92936U109 2,486 35,129 SH   SOLE   24,129 0 11,000
XENIA HOTELS & RESORTS INC Stock 984017103 372 19,072 SH   SOLE   19,072 0 0
AMERICAN FINANCE TRUST 7.375 PFD C Preferred 02607T505 600 23,977 SH   SOLE   0 0 23,977
AMERICAN HOMES 4 RENT 5.875 PFD F Preferred 02665T884 561 21,700 SH   SOLE   0 0 21,700
AMERICAN HOMES 4 RENT 5.875 PFD SER G Preferred 02665T876 462 17,800 SH   SOLE   0 0 17,800
AMERICAN HOMES 4 RENT 6.5 PFD D Preferred 02665T702 380 15,000 SH   SOLE   0 0 15,000
ARMADA HOFFLER PROPERTIES INC 6.75 CUM PFD A Preferred 04208T207 723 27,285 SH   SOLE   0 0 27,285
BLUEROCK RESIDENTIAL GROWTH REIT INC 7.625 PFD C Preferred 09627J748 227 8,791 SH   SOLE   0 0 8,791
BROOKFIELD PROPERTIES REIT INC 6.375 PFD A Preferred 11282X202 1,474 59,600 SH   SOLE   0 0 59,600
CENTERSPACE 6.625 PREFERRED C Preferred 15202L206 539 20,363 SH   SOLE   0 0 20,363
COLONY CAPITAL INC 7.125 PFD J Preferred 19626G504 275 10,866 SH   SOLE   0 0 10,866
COLONY CAPITAL INC 7.15 CUM CONV PERP PFD I Preferred 19626G603 832 33,000 SH   SOLE   0 0 33,000
DIAMONDROCK HOSPITALITY CO PERP PFD A 8.25 Preferred 252784400 239 8,500 SH   SOLE   0 0 8,500
DIGITAL REALTY TRUST INC 5.2 CUM PFD L Preferred 253868822 666 25,000 SH   SOLE   0 0 25,000
DIGITAL RLTY TR INC 5.25 CUM PFD J Preferred 253868855 676 25,500 SH   SOLE   0 0 25,500
DIVERSIFIED HEALTHCARE TRUST 5.625 NOTES -01.08. Preferred 25525P206 370 16,000 SH   SOLE   0 0 16,000
DIVERSIFIED HEALTHCARE TRUST 6.25 NOTES -01.08.4 Preferred 25525P305 410 16,849 SH   SOLE   0 0 16,849
EPR PROPERTIES 5.75 PFD SER G Preferred 26884U505 437 17,350 SH   SOLE   0 0 17,350
EQUITY COMMONWEALTH 6.5 CUM CONV PFD D Preferred 294628201 314 10,000 SH   SOLE   0 0 10,000
FEDERAL REALTY INVT TR 5 PFD C Preferred 313747701 739 28,000 SH   SOLE   0 0 28,000
GLOBAL NET LEASE INC 6.875 PFD B Preferred 379378409 268 10,500 SH   SOLE   0 0 10,500
GLOBAL NET LEASE INC 7.25 PFD A Preferred 379378300 159 5,966 SH   SOLE   0 0 5,966
HERSHA HOSPITALITY TR 6.5 PFD SER D Preferred 427825609 413 17,000 SH   SOLE   0 0 17,000
HERSHA HOSPITALITY TR PFD C 6.875 Preferred 427825401 415 17,100 SH   SOLE   0 0 17,100
HERSHA HOSPITALITY TRUST 6.50 PFD E Preferred 427825708 66 2,703 SH   SOLE   0 0 2,703
KIMCO RLTY CORP 5.125PFD L Preferred 49446R737 252 9,566 SH   SOLE   0 0 9,566
MID AMER APT CMNTYS INC 8.5 PFD SER I Preferred 59522J889 768 12,099 SH   SOLE   0 0 12,099
MONMOUTH REAL ESTATE INVT 6.125 PFD SER C Preferred 609720404 817 32,143 SH   SOLE   0 0 32,143
NATIONAL RETAIL PPTYS INC 5.2 SHS PFD F Preferred 637417874 128 5,000 SH   SOLE   0 0 5,000
OFFICE PROPERTY INCOME TRUST PFD 6.375 Preferred 67623C208 725 27,000 SH   SOLE   0 0 27,000
PEBBLEBROOK HOTEL TRUST 6.3 PFD F Preferred 70509V704 207 8,538 SH   SOLE   0 0 8,538
PEBBLEBROOK HOTEL TRUST 6.375 PFD E Preferred 70509V605 573 23,262 SH   SOLE   0 0 23,262
PROLOGIS INC PFD SER Q Preferred 74340W202 535 7,700 SH   SOLE   0 0 7,700
PS BUSINESS PARKS INC SHS 4.875 PFD Z Preferred 69360J552 530 20,000 SH   SOLE   0 0 20,000
PS BUSINESS PKS INC CALIF 5.25 PFD X Preferred 69360J594 444 17,000 SH   SOLE   0 0 17,000
PUBLIC STORAGE 5.6 PFD H Preferred 74460W644 973 35,000 SH   SOLE   0 0 35,000
REXFORD INDL RLTY INC 5.875 PFD SER A Preferred 76169C209 374 14,787 SH   SOLE   0 0 14,787
REXFORD INDL RLTY INC RED 5.875 PFD SER B Preferred 76169C308 283 11,000 SH   SOLE   0 0 11,000
REXFORD INDUSTRIAL REALTY INC 5.625 PFD C Preferred 76169C407 263 10,000 SH   SOLE   0 0 10,000
RLJ LODGING TRUST USD 1.95 CONV PFD A Preferred 74965L200 430 15,500 SH   SOLE   0 0 15,500
RPT REALTY 7.25 PFD D Preferred 74971D200 956 17,600 SH   SOLE   0 0 17,600
SAUL CENTERS INC 6 PFD E Preferred 804395879 492 19,000 SH   SOLE   0 0 19,000
SAUL CENTERS INC 6.125 PFD D Preferred 804395804 126 4,900 SH   SOLE   0 0 4,900
SITE CENTERS CORP 6.375 PFD SERIES A Preferred 82981J877 433 16,800 SH   SOLE   0 0 16,800
SL GREEN RLTY CORP 6.50 PFD SER I Preferred 78440X507 775 30,000 SH   SOLE   0 0 30,000
SPIRIT REALTY CAPITAL PFD A 6 Preferred 84860W201 36 1,350 SH   SOLE   0 0 1,350
SUMMIT HOTEL PPTYS 6.25 PFD SER E Preferred 866082605 970 39,500 SH   SOLE   0 0 39,500
SUNSTONE HOTEL INVESTORS, INC 6.45 PFD SHS F Preferred 867892705 220 8,700 SH   SOLE   0 0 8,700
SUNSTONE HOTEL INVESTORS, INC. 6.95 PFD E Preferred 867892606 177 7,000 SH   SOLE   0 0 7,000
UMH PROPERTIES INC 6.375 PFD D Preferred 903002509 250 10,000 SH   SOLE   0 0 10,000
UMH PROPERTIES INC 6.75 PFD C Preferred 903002400 679 26,500 SH   SOLE   0 0 26,500
URSTADT BIDDLE PPTYS INC 5.875 PFD SER K Preferred 917286874 1,052 42,500 SH   SOLE   0 0 42,500
VEREIT INC 6.70 PFD SER F Preferred 92339V209 500 19,850 SH   SOLE   0 0 19,850
VORNADO REALTY TRUST 5.25 PFD N Preferred 929042810 128 5,000 SH   SOLE   0 0 5,000
VORNADO RLTY TR 5.25 PFD SR M Preferred 929042828 1,484 58,500 SH   SOLE   0 0 58,500