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 279 12,711 SH   SOLE   12,711 0 0
AGREE REALTY CORPORATION Stock 008492100 486 6,894 SH   SOLE   6,894 0 0
ALEXANDRIA REAL ESTATE Stock 015271109 3,694 20,305 SH   SOLE   19,902 0 403
AMERICAN ASSETS TRUST INC Stock 024013104 317 8,503 SH   SOLE   8,503 0 0
AMERICAN CAMPUS COMMUNITIES Stock 024835100 2,174 46,543 SH   SOLE   22,643 0 23,900
AMERICAN HOMES 4 RENT CL A Stock 02665T306 1,593 41,001 SH   SOLE   41,001 0 0
AMERICAN TOWER CORP Stock 03027X100 518 1,916 SH   SOLE   1,916 0 0
AMERICOLD REALTY TRUST Stock 03064D108 1,363 36,000 SH   SOLE   36,000 0 0
APARTMENT INCOME REIT CORP Stock 03750L109 992 20,914 SH   SOLE   20,914 0 0
APPLE HOSPITALITY REIT INC Stock 03784Y200 485 31,814 SH   SOLE   31,814 0 0
ARMADA HOFFLER PROPERTIES, INC. Stock 04208T108 82 6,185 SH   SOLE   6,185 0 0
AVALONBAY CMNTYS INC COM Stock 053484101 5,744 27,523 SH   SOLE   22,123 0 5,400
BOSTON PROPERTIES INC COM Stock 101121101 2,860 24,961 SH   SOLE   22,661 0 2,300
BRANDYWINE RLTY TR Stock 105368203 949 69,219 SH   SOLE   26,719 0 42,500
BRIXMOR PROPERTY GROUP Stock 11120U105 1,101 48,090 SH   SOLE   48,090 0 0
BROADSTONE NET LEASE, INC. Stock 11135E203 788 33,654 SH   SOLE   16,654 0 17,000
CAMDEN PPTY TR SH BEN INT Stock 133131102 1,790 13,491 SH   SOLE   13,491 0 0
CARETRUST REIT INC Stock 14174T107 304 13,104 SH   SOLE   13,104 0 0
CENTERSPACE Stock 15202L107 77 970 SH   SOLE   970 0 0
COLUMBIA PROPERTY TRUST INC Stock 198287203 228 13,083 SH   SOLE   13,083 0 0
COMMUNITY HEALTHCARE TRUST INC Stock 20369C106 116 2,434 SH   SOLE   2,434 0 0
CORESITE REALTY CORP Stock 21870Q105 754 5,605 SH   SOLE   5,605 0 0
CORPORATE OFFICE PROPERTY Stock 22002T108 447 15,969 SH   SOLE   15,969 0 0
COUSINS PPTYS INC COM Stock 222795502 836 22,722 SH   SOLE   22,722 0 0
CROWN CASTLE INTL CORP Stock 22822V101 903 4,628 SH   SOLE   1,427 0 3,201
CUBESMART COM Stock 229663109 1,179 25,457 SH   SOLE   25,457 0 0
CYRUSONE INC Stock 23283R100 1,122 15,682 SH   SOLE   15,682 0 0
DIAMONDROCK HOSPITALITY CO Stock 252784301 933 96,147 SH   SOLE   34,247 0 61,900
DIGITAL REALTY TRUST INC Stock 253868103 5,212 34,642 SH   SOLE   34,642 0 0
DIGITALBRIDGE GROUP INC Stock 25401T108 519 65,648 SH   SOLE   65,648 0 0
DIVERSIFIED HEALTHCARE TRUST Stock 25525P107 111 26,654 SH   SOLE   26,654 0 0
DOUGLAS EMMETT INC Stock 25960P109 842 25,035 SH   SOLE   25,035 0 0
DUKE REALTY CORP Stock 264411505 2,551 53,873 SH   SOLE   53,873 0 0
EASTERLY GOVERNMENT PROPERTI Stock 27616P103 71 3,370 SH   SOLE   3,370 0 0
EASTGROUP PPTY INC COM Stock 277276101 1,096 6,662 SH   SOLE   6,662 0 0
EMPIRE STATE REALTY TRUST-A Stock 292104106 180 15,030 SH   SOLE   15,030 0 0
EPR PROPERTIES Stock 26884U109 459 8,710 SH   SOLE   8,710 0 0
EQUINIX INC Stock 29444U700 4,870 6,068 SH   SOLE   6,068 0 0
EQUITY COMWLTH COM SH BEN INT Stock 294628102 317 12,100 SH   SOLE   12,100 0 0
EQUITY LIFESTYLE PPTYS COM Stock 29472R108 2,023 27,227 SH   SOLE   27,227 0 0
EQUITY RESIDENTIAL SH BEN IN Stock 29476L107 5,634 73,171 SH   SOLE   51,791 0 21,380
ESSENTIAL PROPERTIES REALTY TRUST, INC. Stock 29670E107 482 17,829 SH   SOLE   17,829 0 0
ESSEX PPTY TR INC COM Stock 297178105 3,133 10,443 SH   SOLE   10,443 0 0
EXTRA SPACE STORAGE INC Stock 30225T102 4,478 27,333 SH   SOLE   18,133 0 9,200
FEDERAL REALTY INVT TR Stock 313747206 2,497 21,315 SH   SOLE   11,015 0 10,300
FIRST INDUSTRIAL RLTY Stock 32054K103 3,300 63,185 SH   SOLE   22,225 0 40,960
FOUR CORNERS PROPERTY TRUST Stock 35086T109 265 9,611 SH   SOLE   9,611 0 0
GAMING & LEISURE PPTYS INC COM Stock 36467J108 2,256 48,703 SH   SOLE   27,970 0 20,733
GETTY RLTY CORP NEW Stock 374297109 58 1,850 SH   SOLE   1,850 0 0
GLOBAL NET LEASE INC Stock 379378201 179 9,651 SH   SOLE   9,651 0 0
HANNON ARMSTRONG SUST INFR CAP COM Stock 41068X100 1,460 26,000 SH   SOLE   0 0 26,000
HEALTHCARE RLTY TR COM Stock 421946104 388 12,839 SH   SOLE   12,839 0 0
HEALTHCARE TRUST OF AME-CL A Stock 42225P501 644 24,115 SH   SOLE   24,115 0 0
HEALTHPEAK PROPERTIES INC. Stock 42250P103 2,801 84,143 SH   SOLE   84,143 0 0
HIGHWOODS PPTYS INC COM Stock 431284108 1,762 39,006 SH   SOLE   18,506 0 20,500
HILTON WORLDWIDE HOLDINGS INC Stock 43300A203 44 361 SH   SOLE   361 0 0
HOST HOTELS & RESORTS INC COM Stock 44107P104 1,722 100,743 SH   SOLE   100,743 0 0
HUDSON PACIFIC PROPERTIES Stock 444097109 626 22,499 SH   SOLE   22,499 0 0
INDEPENDENCE REALTY TRUST IN Stock 45378A106 1,212 66,489 SH   SOLE   19,789 0 46,700
INDUSTRIAL LOGISTICS PROPERTIES TRUST Stock 456237106 228 8,737 SH   SOLE   8,737 0 0
INNOVATIVE INDUSTRIAL PROPERTIES INC Stock 45781V101 534 2,793 SH   SOLE   2,793 0 0
INVITATION HOMES INC Stock 46187W107 3,512 94,193 SH   SOLE   84,193 0 10,000
IRON MOUNTAIN INC Stock 46284V101 1,088 25,700 SH   SOLE   0 0 25,700
JBG SMITH PPTYS COM Stock 46590V100 645 20,479 SH   SOLE   20,479 0 0
KENNEDY-WILSON HLDGS INC COM Stock 489398107 257 12,940 SH   SOLE   12,940 0 0
KILROY RLTY CORP Stock 49427F108 2,276 32,686 SH   SOLE   18,956 0 13,730
KIMCO RLTY CORP COM Stock 49446R109 2,183 104,677 SH   SOLE   72,377 0 32,300
KITE REALTY GROUP TRUST Stock 49803T300 215 9,786 SH   SOLE   9,786 0 0
LEXINGTON REALTY TRUST Stock 529043101 420 35,172 SH   SOLE   35,172 0 0
LIFE STORAGE INC COM Stock 53223X107 3,338 31,090 SH   SOLE   9,940 0 21,150
LTC PROPERTIES INC Stock 502175102 212 5,514 SH   SOLE   5,514 0 0
MACERICH CO COM Stock 554382101 579 31,710 SH   SOLE   16,416 0 15,294
MACK CALI RLTY CORP COM Stock 554489104 184 10,754 SH   SOLE   10,754 0 0
MARRIOTT INTERNATIONAL, INC. CLASS A Stock 571903202 44 321 SH   SOLE   321 0 0
MEDICAL PPTYS TR INC COM Stock 58463J304 1,255 62,446 SH   SOLE   62,446 0 0
MGM GROWTH PROPERTIES LLC-A Stock 55303A105 242 6,615 SH   SOLE   6,615 0 0
MID AMER APT COMM Stock 59522J103 3,975 23,602 SH   SOLE   17,316 0 6,286
NATIONAL HEALTH INVS Stock 63633D104 379 5,659 SH   SOLE   5,659 0 0
NATIONAL RETAIL PPTYS INC COM Stock 637417106 1,752 37,376 SH   SOLE   18,476 0 18,900
NATIONAL STORAGE AFFILIATES Stock 637870106 481 9,510 SH   SOLE   9,510 0 0
NEXPOINT RESIDENTIAL Stock 65341D102 173 3,151 SH   SOLE   3,151 0 0
OFFICE PROPERTIES INCOME TRUST Stock 67623C109 29 996 SH   SOLE   996 0 0
OMEGA HEALTHCARE INVS Stock 681936100 1,099 30,285 SH   SOLE   30,285 0 0
PARAMOUNT GROUP INC COM Stock 69924R108 246 24,455 SH   SOLE   24,455 0 0
PARK HOTELS & RESORTS INC Stock 700517105 608 29,483 SH   SOLE   29,483 0 0
PEBBLEBROOK HOTEL TRUST Stock 70509V100 773 32,845 SH   SOLE   20,241 0 12,604
PHYSICIANS REALTY TRUST Stock 71943U104 639 34,613 SH   SOLE   19,113 0 15,500
PIEDMONT OFFICE REALTY TR IN Stock 720190206 351 18,983 SH   SOLE   18,983 0 0
PREFERRED APARTMENT COMMUN-A Stock 74039L103 195 20,000 SH   SOLE   0 0 20,000
PROLOGIS INC COM Stock 74340W103 13,150 110,011 SH   SOLE   110,011 0 0
PS BUSINESS PKS INC CALIF COM Stock 69360J107 407 2,751 SH   SOLE   2,751 0 0
PUBLIC STORAGE COM Stock 74460D109 5,911 19,658 SH   SOLE   19,658 0 0
QTS REALTY TRUST INC-CL A Stock 74736A103 516 6,670 SH   SOLE   6,670 0 0
REALTY INCOME CORP COM Stock 756109104 2,837 42,512 SH   SOLE   42,512 0 0
REGENCY CTRS CORP COM Stock 758849103 2,166 33,813 SH   SOLE   24,813 0 9,000
RETAIL OPPORTUNITY INVTS CORP COM Stock 76131N101 342 19,381 SH   SOLE   19,381 0 0
RETAIL PPTYS AMER INC CL A Stock 76131V202 653 57,055 SH   SOLE   29,855 0 27,200
REXFORD INDL RLTY INC COM Stock 76169C100 1,311 23,019 SH   SOLE   23,019 0 0
RLJ LODGING TR COM Stock 74965L101 360 23,649 SH   SOLE   23,649 0 0
RPT REALTY Stock 74971D101 90 6,936 SH   SOLE   6,936 0 0
RYMAN HOSPITALITY PROPERTIES Stock 78377T107 665 8,425 SH   SOLE   8,425 0 0
SABRA HEALTH CARE REIT INC Stock 78573L106 571 31,387 SH   SOLE   31,387 0 0
SAFEHOLD INC Stock 78645L100 120 1,529 SH   SOLE   1,529 0 0
SBA COMMUNICATIONS CORP. CLASS A Stock 78410G104 271 849 SH   SOLE   849 0 0
SERVICE HOSPITALITY TRUST Stock 81761L102 129 10,213 SH   SOLE   10,213 0 0
SIMON PPTY GROUP INC NEW COM Stock 828806109 6,949 53,254 SH   SOLE   44,154 0 9,100
SITE CENTERS CORP. Stock 82981J109 593 39,395 SH   SOLE   18,345 0 21,050
SL GREEN RLTY CORP COM Stock 78440X804 1,323 16,539 SH   SOLE   10,747 0 5,792
SPIRIT REALTY CAPITAL INC Stock 84860W300 1,380 28,855 SH   SOLE   17,515 0 11,340
STAG INDL INC COM Stock 85254J102 1,803 48,157 SH   SOLE   27,157 0 21,000
STORE CAP CORP COM Stock 862121100 2,649 76,772 SH   SOLE   36,372 0 40,400
SUMMIT HOTEL PPTYS INC COM Stock 866082100 623 66,815 SH   SOLE   15,615 0 51,200
SUN COMMUNITIES Stock 866674104 2,833 16,526 SH   SOLE   16,526 0 0
SUNSTONE HOTEL INVESTORS INC Stock 867892101 421 33,924 SH   SOLE   33,924 0 0
TANGER FACTORY OUTLET Stock 875465106 243 12,895 SH   SOLE   12,895 0 0
TERRENO REALTY CORP Stock 88146M101 811 12,564 SH   SOLE   12,564 0 0
UDR INC COM Stock 902653104 2,345 47,872 SH   SOLE   47,872 0 0
UNIVERSAL HEALTH RLTY TR Stock 91359E105 76 1,240 SH   SOLE   1,240 0 0
URBAN EDGE PPTYS COM Stock 91704F104 253 13,225 SH   SOLE   13,225 0 0
VENTAS INC Stock 92276F100 4,380 76,713 SH   SOLE   54,713 0 22,000
VEREIT INC Stock 92339V308 1,232 26,814 SH   SOLE   26,814 0 0
VICI PROPERTIES INC Stock 925652109 3,553 114,541 SH   SOLE   84,541 0 30,000
VORNADO RLTY TR Stock 929042109 1,142 24,469 SH   SOLE   24,469 0 0
WASHINGTON REAL ESTATE INVT Stock 939653101 203 8,819 SH   SOLE   8,819 0 0
WEINGARTEN RLTY INVS SH BEN INT Stock 948741103 401 12,519 SH   SOLE   12,519 0 0
WELLTOWER INC Stock 95040Q104 6,657 80,106 SH   SOLE   65,006 0 15,100
WP CAREY INC Stock 92936U109 2,524 33,822 SH   SOLE   22,822 0 11,000
XENIA HOTELS & RESORTS INC Stock 984017103 352 18,777 SH   SOLE   18,777 0 0
AMERICAN FINANCE TRUST 7.375 PFD C Preferred 02607T505 703 26,777 SH   SOLE   0 0 26,777
AMERICAN HOMES 4 RENT 5.875 PFD F Preferred 02665T884 558 21,700 SH   SOLE   0 0 21,700
AMERICAN HOMES 4 RENT 5.875 PFD SER G Preferred 02665T876 460 17,800 SH   SOLE   0 0 17,800
ARMADA HOFFLER PROPERTIES INC 6.75 CUM PFD A Preferred 04208T207 730 27,285 SH   SOLE   0 0 27,285
BLUEROCK RESIDENTIAL GROWTH REIT INC 7.625 PFD C Preferred 09627J748 225 8,791 SH   SOLE   0 0 8,791
BROOKFIELD PROPERTIES REIT INC 6.375 PFD A Preferred 11282X202 1,504 59,600 SH   SOLE   0 0 59,600
CENTERSPACE 6.625 PREFERRED C Preferred 15202L206 539 20,363 SH   SOLE   0 0 20,363
CHATHAM LODGING TRUST 6.625 CUM CONV RED PFD A Preferred 16208T201 102 3,925 SH   SOLE   0 0 3,925
CTO REALTY GROWTH INC 6.375 PFD A Preferred 22948Q200 254 10,000 SH   SOLE   0 0 10,000
DIAMONDROCK HOSPITALITY CO PERP PFD A 8.25 Preferred 252784400 244 8,500 SH   SOLE   0 0 8,500
DIGITAL REALTY TRUST INC 5.2 CUM PFD L Preferred 253868822 704 25,000 SH   SOLE   0 0 25,000
DIGITAL RLTY TR INC 5.25 CUM PFD J Preferred 253868855 663 25,500 SH   SOLE   0 0 25,500
DIGITALBRIDGE GROUP INC 7.125 PFD J Preferred 25401T306 468 17,866 SH   SOLE   0 0 17,866
DIGITALBRIDGE GROUP INC 7.15 PFD I Preferred 25401T405 923 36,000 SH   SOLE   0 0 36,000
DIVERSIFIED HEALTHCARE TRUST 5.625 NOTES -01.08. Preferred 25525P206 387 16,000 SH   SOLE   0 0 16,000
DIVERSIFIED HEALTHCARE TRUST 6.25 NOTES -01.08.4 Preferred 25525P305 418 16,849 SH   SOLE   0 0 16,849
EPR PROPERTIES 5.75 PFD SER G Preferred 26884U505 446 17,350 SH   SOLE   0 0 17,350
EQUITY COMMONWEALTH 6.5 CUM CONV PFD D Preferred 294628201 354 11,000 SH   SOLE   0 0 11,000
FEDERAL REALTY INVT TR 5 PFD C Preferred 313747701 740 28,000 SH   SOLE   0 0 28,000
GLOBAL NET LEASE INC 6.875 PFD B Preferred 379378409 289 10,500 SH   SOLE   0 0 10,500
GLOBAL NET LEASE INC 7.25 PFD A Preferred 379378300 160 5,966 SH   SOLE   0 0 5,966
HEALTHCARE TRUST INC 7.375 CUM CONV PFD A Preferred 42226B204 681 26,800 SH   SOLE   0 0 26,800
HERSHA HOSPITALITY TR 6.5 PFD SER D Preferred 427825609 400 17,000 SH   SOLE   0 0 17,000
HERSHA HOSPITALITY TR PFD C 6.875 Preferred 427825401 425 17,100 SH   SOLE   0 0 17,100
HERSHA HOSPITALITY TRUST 6.50 PFD E Preferred 427825708 64 2,703 SH   SOLE   0 0 2,703
ISTAR FINANCIAL INC 7 1/2 PFD SHS SERIES I Preferred 45031U804 36 1,400 SH   SOLE   0 0 1,400
ISTAR FINANCIAL INC 7.65 PFD SHS SERIES G Preferred 45031U705 3 100 SH   SOLE   0 0 100
KIMCO RLTY CORP 5.125PFD L Preferred 49446R737 248 9,566 SH   SOLE   0 0 9,566
LEXINGTON REALTY TRUST 6.5 CUM CONV PFD SERIES C Preferred 529043309 48 800 SH   SOLE   0 0 800
LUMENT FINANCE COMPANY 7.875 PFD A Preferred 55025L207 368 14,500 SH   SOLE   0 0 14,500
MID AMER APT CMNTYS INC 8.5 PFD SER I Preferred 59522J889 800 12,099 SH   SOLE   0 0 12,099
MONMOUTH REAL ESTATE INVT 6.125 PFD SER C Preferred 609720404 812 32,143 SH   SOLE   0 0 32,143
NATIONAL RETAIL PPTYS INC 5.2 SHS PFD F Preferred 637417874 129 5,000 SH   SOLE   0 0 5,000
OFFICE PROPERTY INCOME TRUST PFD 6.375 Preferred 67623C208 727 27,000 SH   SOLE   0 0 27,000
PEBBLEBROOK HOTEL TRUST 6.3 PFD F Preferred 70509V704 216 8,538 SH   SOLE   0 0 8,538
PEBBLEBROOK HOTEL TRUST 6.375 PFD E Preferred 70509V605 585 23,262 SH   SOLE   0 0 23,262
PEBBLEBROOK HOTEL TRUST CUM 6.375 PFD G Preferred 70509V803 41 1,500 SH   SOLE   0 0 1,500
PROLOGIS INC PFD SER Q Preferred 74340W202 559 7,700 SH   SOLE   0 0 7,700
PS BUSINESS PARKS INC SHS 4.875 PFD Z Preferred 69360J552 556 20,000 SH   SOLE   0 0 20,000
PS BUSINESS PKS INC CALIF 5.25 PFD X Preferred 69360J594 452 17,000 SH   SOLE   0 0 17,000
PUBLIC STORAGE 5.6 PFD H Preferred 74460W644 1,001 35,000 SH   SOLE   0 0 35,000
REXFORD INDL RLTY INC 5.875 PFD SER A Preferred 76169C209 372 14,787 SH   SOLE   0 0 14,787
REXFORD INDL RLTY INC RED 5.875 PFD SER B Preferred 76169C308 295 11,000 SH   SOLE   0 0 11,000
REXFORD INDUSTRIAL REALTY INC 5.625 PFD C Preferred 76169C407 274 10,000 SH   SOLE   0 0 10,000
RLJ LODGING TRUST USD 1.95 CONV PFD A Preferred 74965L200 665 23,271 SH   SOLE   0 0 23,271
RPT REALTY 7.25 PFD D Preferred 74971D200 1,003 17,600 SH   SOLE   0 0 17,600
SAUL CENTERS INC 6 PFD E Preferred 804395879 518 19,000 SH   SOLE   0 0 19,000
SAUL CENTERS INC 6.125 PFD D Preferred 804395804 129 4,900 SH   SOLE   0 0 4,900
SITE CENTERS CORP 6.375 PFD SERIES A Preferred 82981J877 452 16,800 SH   SOLE   0 0 16,800
SL GREEN RLTY CORP 6.50 PFD SER I Preferred 78440X507 764 30,000 SH   SOLE   0 0 30,000
SPIRIT REALTY CAPITAL PFD A 6 Preferred 84860W201 35 1,350 SH   SOLE   0 0 1,350
SUMMIT HOTEL PPTYS 6.25 PFD SER E Preferred 866082605 1,031 39,500 SH   SOLE   0 0 39,500
SUNSTONE HOTEL INVESTORS INC 6.125 PFD H Preferred 867892804 199 7,000 SH   SOLE   0 0 7,000
SUNSTONE HOTEL INVESTORS, INC 6.45 PFD SHS F Preferred 867892705 225 8,700 SH   SOLE   0 0 8,700
UMH PROPERTIES INC 6.375 PFD D Preferred 903002509 263 10,000 SH   SOLE   0 0 10,000
UMH PROPERTIES INC 6.75 PFD C Preferred 903002400 694 26,500 SH   SOLE   0 0 26,500
URSTADT BIDDLE PPTYS INC 5.875 PFD SER K Preferred 917286874 1,114 42,500 SH   SOLE   0 0 42,500
VEREIT INC 6.70 PFD SER F Preferred 92339V209 502 19,850 SH   SOLE   0 0 19,850
VORNADO REALTY TRUST 5.25 PFD N Preferred 929042810 135 5,000 SH   SOLE   0 0 5,000
VORNADO RLTY TR 5.25 PFD SR M Preferred 929042828 1,570 58,500 SH   SOLE   0 0 58,500