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
Agree Realty Corporation COM 008492100   31,241 427,610 SH   SOLE   230,240 0 197,370
Alexandria Real Estate Equit COM 015271109   14,724 202,726 SH   SOLE   108,285 0 94,441
American Homes 4 Rent COM 02665T306   29,958 830,542 SH   SOLE   591,378 0 239,164
American Tower Corp. COM 03027X100   13,924 62,998 SH   SOLE   61,209 0 1,789
Americold Realty Trust COM 03064D108   7,807 469,411 SH   SOLE   184,515 0 284,896
AvalonBay Communities, Inc. COM 053484101   69,568 341,855 SH   SOLE   211,060 0 130,795
BXP, Inc. COM 101121101   8,862 131,341 SH   SOLE   131,341 0 0
Brookdale Senior Living COM 112463104   7,792 1,119,470 SH   SOLE   423,255 0 696,215
CBRE Group COM 12504L109   1,292 27,865 SH   SOLE   27,865 0 0
Cousins Properties, Inc. COM 222795502   27,115 902,912 SH   SOLE   567,892 0 335,020
Digital Realty Trust COM 253868103   70,977 407,136 SH   SOLE   235,460 0 171,676
Eastgroup Properties COM 277276101   32,062 191,849 SH   SOLE   128,548 0 63,301
Equinix Inc. COM 29444U700   111,371 140,006 SH   SOLE   86,411 0 53,595
Equity Lifestyle Properties COM 29472R108   41,592 674,425 SH   SOLE   427,405 0 247,020
Equity Residential COM 29476L107   52,665 780,332 SH   SOLE   497,243 0 283,089
Essential Properties Realty COM 29670E107   15,553 487,395 SH   SOLE   172,841 0 314,554
Extra Space Storage, Inc. COM 30225T102   35,838 243,070 SH   SOLE   146,002 0 97,068
First Industrial Realty Trus COM 32054K103   18,985 394,445 SH   SOLE   228,247 0 166,198
Healthpeak Properties COM 42250P103   13,510 771,586 SH   SOLE   307,330 0 464,256
Hudson Pacific Properties COM 444097109   60,259 3,043,383 SH   SOLE   1,126,813 0 1,916,570
Inventrust Properties COM 46124J201   9,982 364,286 SH   SOLE   140,319 0 223,967
Invitation Homes Inc COM 46187W107   9,475 467,453 SH   SOLE   175,706 0 291,747
Iron Mountain COM 46284V101   41,356 403,205 SH   SOLE   239,879 0 163,326
Kimco Realty Corp. COM 49446R109   44,873 2,134,766 SH   SOLE   1,343,795 0 790,971
Lamar Advertising Co-A COM 512816109   5,169 42,589 SH   SOLE   42,245 0 344
Marriott International-CL A COM 571903202   10,556 38,637 SH   SOLE   23,861 0 14,776
Mid-America Apartment Commun COM 59522J103   19,032 128,589 SH   SOLE   69,100 0 59,489
Omega Healthcare Investors COM 681936100   5,432 148,205 SH   SOLE   148,205 0 0
Potlach Corp COM 737630103   1,866 48,622 SH   SOLE   48,622 0 0
ProLogis Inc. COM 74340W103   20,847 1,167,878 SH   SOLE   718,618 0 449,260
Public Storage COM 74460D109   71,846 244,857 SH   SOLE   139,660 0 105,197
Realty Income COM 756109104   62,300 1,081,406 SH   SOLE   623,343 0 458,063
Regency Centers Corp. COM 758849103   26,791 376,117 SH   SOLE   238,274 0 137,843
Ryman Hospitality Properties COM 78377T107   25,672 260,178 SH   SOLE   157,491 0 102,687
SBA Communications COM 78410G104   3,233 13,765 SH   SOLE   13,085 0 680
Simon Property Group, Inc. COM 828806109   59,160 368,002 SH   SOLE   217,425 0 150,577
Tanger Factory Outlet Center COM 875465106   8,196 268,040 SH   SOLE   100,250 0 167,790
Ventas, Inc. COM 92276F100   38,737 613,415 SH   SOLE   397,575 0 215,840
Veris Residential, Inc. COM 554489104   10,989 737,945 SH   SOLE   289,575 0 448,370
Vici Properties COM 925652109   53,200 1,631,912 SH   SOLE   875,657 0 756,255
Vornado Realty Trust COM 929042109   13,841 361,948 SH   SOLE   133,073 0 228,875
Welltower Inc. COM 95040Q104   150,899 981,590 SH   SOLE   588,655 0 392,935