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
EQUINIX INC COM 29444U700 18,212 32,016 SH   SOLE   0 7,050 24,966
AMERICAN ASSETS TR INC COM 024013104 1,612 62,660 SH   SOLE   0 62,660 0
VENTAS INC COM 92276F100 8,935 222,420 SH   SOLE   0 57,750 164,670
WELLTOWER INC COM 95040Q104 16,152 251,120 SH   SOLE   0 70,660 180,460
INNOVATIVE INDL PPTYS INC COM 45781V101 1,879 21,230 SH   SOLE   0 8,815 12,415
PROLOGIS INC. COM 74340W103 27,936 274,961 SH   SOLE   0 79,429 195,532
REXFORD INDL RLTY INC COM 76169C100 12,021 231,166 SH   SOLE   0 58,300 172,866
AMERICAN TOWER CORP NEW COM 03027X100 4,478 20,855 SH   SOLE   0 0 20,855
CROWN CASTLE INTL CORP NEW COM 22822V101 8,897 61,550 SH   SOLE   0 0 61,550
SBA COMMUNICATIONS CORP NEW CL A 78410G104 22,559 79,250 SH   SOLE   0 5,820 73,430
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 12,768 91,077 SH   SOLE   0 22,521 68,556
APARTMENT INCOME REIT CORP COM 03750L109 6,407 165,911 SH   SOLE   0 41,333 124,578
AMERICAN HOMES 4 RENT CL A 02665T306 9,495 289,403 SH   SOLE   0 72,450 216,953
CAMDEN PPTY TR SH BEN INT 133131102 6,332 53,010 SH   SOLE   0 13,140 39,870
UDR INC COM 902653104 6,518 156,260 SH   SOLE   0 39,060 117,200
UMH PPTYS INC COM 903002103 12,337 763,885 SH   SOLE   0 198,672 565,213
VERIS RESIDENTIAL INC COM 554489104 5,774 507,800 SH   SOLE   0 130,800 377,000
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 5,854 300,994 SH   SOLE   0 78,750 222,244
GETTY RLTY CORP NEW COM 374297109 4,602 171,130 SH   SOLE   0 0 171,130
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 12,469 444,515 SH   SOLE   0 114,753 329,762
SIMON PPTY GROUP INC NEW COM 828806109 15,152 168,830 SH   SOLE   0 53,590 115,240
CUBESMART COM 229663109 6,363 158,840 SH   SOLE   0 41,240 117,600
NATIONAL STORAGE AFFILIATES COM SH BEN IN 637870106 12,039 289,549 SH   SOLE   0 78,250 211,299
GAMING & LEISURE PPTYS INC COM 36467J108 1,550 35,035 SH   SOLE   0 35,035 0
GLADSTONE LD CORP COM 376549101 2,857 157,837 SH   SOLE   0 40,562 117,275
SAFEHOLD INC COM 78645L100 10,029 379,036 SH   SOLE   0 98,600 280,436