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
SWITCH INC CL A 87105L104 27,328 815,764 SH   OTR 1 815,764 0 0
PROLOGIS INC. COM 74340W103 23,308 198,110 SH   OTR 1 198,110 0 0
INVITATION HOMES INC COM 46187W107 23,178 651,439 SH   OTR 1 651,439 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 22,773 135,250 SH   OTR 1 135,250 0 0
DIGITALBRIDGE GROUP INC CL A COM 25401T108 20,819 4,266,205 SH   OTR 1 4,266,205 0 0
FORTRESS TRANS INFRST INVS L CL A COM SHS 34960P101 20,661 1,068,313 SH   OTR 1 1,068,313 0 0
WEWORK INC CL A 96209A104 20,397 4,063,081 SH   OTR 1 4,063,081 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 18,490 521,721 SH   OTR 1 521,721 0 0
AMERICAN TOWER CORP NEW COM 03027X100 16,640 65,104 SH   OTR 1 65,104 0 0
REXFORD INDL RLTY INC COM 76169C100 15,326 266,114 SH   OTR 1 266,114 0 0
EXTRA SPACE STORAGE INC COM 30225T102 14,571 85,654 SH   OTR 1 85,654 0 0
EQUINIX INC COM 29444U700 14,478 22,036 SH   OTR 1 22,036 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 14,250 284,596 SH   OTR 1 284,596 0 0
LIFE STORAGE INC COM 53223X107 14,115 126,408 SH   OTR 1 126,408 0 0
SWITCH INC CL A 87105L104 13,462 401,853 SH   SOLE 0 401,853 0 0
MID-AMER APT CMNTYS INC COM 59522J103 13,459 77,056 SH   OTR 1 77,056 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100 13,411 350,163 SH   OTR 1 350,163 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 13,393 190,051 SH   OTR 1 190,051 0 0
CAMDEN PPTY TR SH BEN INT 133131102 13,365 99,381 SH   OTR 1 99,381 0 0
SUN CMNTYS INC COM 866674104 13,069 82,007 SH   OTR 1 82,007 0 0
MGM RESORTS INTERNATIONAL COM 552953101 12,454 430,186 SH   OTR 1 430,186 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 12,309 73,103 SH   SOLE 0 73,103 0 0
CHINDATA GROUP HLDGS LTD ADS 16955F107 11,919 1,535,966 SH   OTR 1 1,535,966 0 0
DIGITALBRIDGE GROUP INC CL A COM 25401T108 11,727 2,403,120 SH   SOLE 0 2,403,120 0 0
TERRENO RLTY CORP COM 88146M101 10,992 197,228 SH   OTR 1 197,228 0 0
AMERICAN TOWER CORP NEW COM 03027X100 10,837 42,400 SH   SOLE 0 42,400 0 0
REXFORD INDL RLTY INC COM 76169C100 10,822 187,920 SH   SOLE 0 187,920 0 0
PROLOGIS INC. COM 74340W103 10,718 91,101 SH   SOLE 0 91,101 0 0
INVITATION HOMES INC COM 46187W107 10,687 300,357 SH   SOLE 0 300,357 0 0
FORTRESS TRANS INFRST INVS L CL A COM SHS 34960P101 10,038 519,032 SH   SOLE 0 519,032 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 9,705 30,324 SH   OTR 1 30,324 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 9,405 85,601 SH   OTR 1 85,601 0 0
EQUINIX INC COM 29444U700 9,401 14,308 SH   SOLE 0 14,308 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 9,122 62,897 SH   SOLE 0 62,897 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 8,988 61,973 SH   OTR 1 61,973 0 0
AVALONBAY CMNTYS INC COM 053484101 8,855 45,584 SH   OTR 1 45,584 0 0
WEWORK INC CL A 96209A104 8,785 1,750,034 SH   SOLE 0 1,750,034 0 0
EXTRA SPACE STORAGE INC COM 30225T102 8,516 50,060 SH   SOLE 0 50,060 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 8,158 230,202 SH   SOLE 0 230,202 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 7,718 154,142 SH   SOLE 0 154,142 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 7,633 108,311 SH   SOLE 0 108,311 0 0
SUN CMNTYS INC COM 866674104 7,502 47,078 SH   SOLE 0 47,078 0 0
MID-AMER APT CMNTYS INC COM 59522J103 7,389 42,300 SH   SOLE 0 42,300 0 0
LIFE STORAGE INC COM 53223X107 7,228 64,730 SH   SOLE 0 64,730 0 0
CAMDEN PPTY TR SH BEN INT 133131102 6,705 49,855 SH   SOLE 0 49,855 0 0
DRIVE SHACK INC COM 262077100 6,300 4,598,846 SH   OTR 1 4,598,846 0 0
DRIVE SHACK INC COM 262077100 6,247 4,559,997 SH   SOLE 0 4,559,997 0 0
AIRBNB INC COM CL A 009066101 5,894 66,162 SH   OTR 1 66,162 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100 5,825 152,086 SH   SOLE 0 152,086 0 0
MGM RESORTS INTERNATIONAL COM 552953101 5,652 195,222 SH   SOLE 0 195,222 0 0
CHINDATA GROUP HLDGS LTD ADS 16955F107 5,448 702,077 SH   SOLE 0 702,077 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 5,023 15,693 SH   SOLE 0 15,693 0 0
GDS HLDGS LTD SPONSORED ADS 36165L108 4,989 149,410 SH   OTR 1 149,410 0 0
AVALONBAY CMNTYS INC COM 053484101 4,918 25,318 SH   SOLE 0 25,318 0 0
VNET GROUP INC SPONSORED ADS A 90138A103 4,693 777,007 SH   OTR 1 777,007 0 0
TERRENO RLTY CORP COM 88146M101 4,457 79,976 SH   SOLE 0 79,976 0 0
AIRBNB INC COM CL A 009066101 4,262 47,849 SH   SOLE 0 47,849 0 0
DUKE REALTY CORP COM NEW 264411505 3,759 68,401 SH   OTR 1 68,401 0 0
GDS HLDGS LTD SPONSORED ADS 36165L108 3,054 91,479 SH   SOLE 0 91,479 0 0
VNET GROUP INC SPONSORED ADS A 90138A103 2,889 478,326 SH   SOLE 0 478,326 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 2,317 21,085 SH   SOLE 0 21,085 0 0
DUKE REALTY CORP COM NEW 264411505 1,932 35,157 SH   SOLE 0 35,157 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 1,325 51,154 SH   OTR 1 51,154 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 1,061 40,946 SH   SOLE 0 40,946 0 0
SMARTRENT INC COM CL A 83193G107 145 32,000 SH   SOLE 0 32,000 0 0