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 198 13,985 SH   SOLE   13,985 0 0
AGREE REALTY CORPORATION Stock 008492100 540 8,115 SH   SOLE   8,115 0 0
ALEXANDERS INC COM Stock 014752109 23 84 SH   SOLE   84 0 0
ALEXANDRIA REAL ESTATE Stock 015271109 3,658 20,524 SH   SOLE   20,121 0 403
AMERICAN ASSETS TRUST INC Stock 024013104 222 7,679 SH   SOLE   7,679 0 0
AMERICAN CAMPUS COMMUNITIES Stock 024835100 1,965 45,941 SH   SOLE   22,041 0 23,900
AMERICAN HOMES 4 RENT CL A Stock 02665T306 1,326 44,212 SH   SOLE   44,212 0 0
AMERICAN TOWER CORP Stock 03027X100 106 474 SH   SOLE   474 0 0
AMERICOLD REALTY TRUST Stock 03064D108 1,396 37,393 SH   SOLE   37,393 0 0
APARTMENT INCOME REIT CORP Stock 03750L109 859 22,371 SH   SOLE   22,371 0 0
APARTMENT INVT AND MGMT CO Stock 03748R747 114 21,618 SH   SOLE   21,618 0 0
APPLE HOSPITALITY REIT INC Stock 03784Y200 463 35,900 SH   SOLE   35,900 0 0
ARMADA HOFFLER PROPERTIES, INC. Stock 04208T108 119 10,638 SH   SOLE   10,638 0 0
AVALONBAY CMNTYS INC COM Stock 053484101 4,070 25,371 SH   SOLE   19,971 0 5,400
BOSTON PROPERTIES INC COM Stock 101121101 2,451 25,923 SH   SOLE   23,623 0 2,300
BRANDYWINE RLTY TR Stock 105368203 909 76,360 SH   SOLE   33,860 0 42,500
BRIXMOR PROPERTY GROUP Stock 11120U105 832 50,258 SH   SOLE   50,258 0 0
BROADSTONE NET LEASE, INC. CLASS A Stock 11135E104 333 17,000 SH   SOLE   0 0 17,000
CAMDEN PPTY TR SH BEN INT Stock 133131102 1,638 16,398 SH   SOLE   16,398 0 0
CARETRUST REIT INC Stock 14174T107 290 13,053 SH   SOLE   13,053 0 0
CENTERSPACE Stock 15202L107 169 2,399 SH   SOLE   2,399 0 0
COLONY CAPITAL INC Stock 19626G108 316 65,648 SH   SOLE   65,648 0 0
COLUMBIA PROPERTY TRUST INC Stock 198287203 309 21,520 SH   SOLE   21,520 0 0
COMMUNITY HEALTHCARE TRUST INC Stock 20369C106 184 3,899 SH   SOLE   3,899 0 0
CORPORATE OFFICE PROPERTY Stock 22002T108 399 15,296 SH   SOLE   15,296 0 0
COUSINS PPTYS INC COM Stock 222795502 983 29,332 SH   SOLE   29,332 0 0
CROWN CASTLE INTL CORP Stock 22822V101 443 2,780 SH   SOLE   579 0 2,201
CUBESMART COM Stock 229663109 924 27,493 SH   SOLE   27,493 0 0
CYRUSONE INC Stock 23283R100 1,118 15,286 SH   SOLE   15,286 0 0
DIAMONDROCK HOSPITALITY CO Stock 252784301 771 93,442 SH   SOLE   31,542 0 61,900
DIGITAL REALTY TRUST INC Stock 253868103 4,957 35,531 SH   SOLE   35,531 0 0
DIVERSIFIED HEALTHCARE TRUST Stock 25525P107 108 26,167 SH   SOLE   26,167 0 0
DOUGLAS EMMETT INC Stock 25960P109 810 27,744 SH   SOLE   27,744 0 0
DUKE REALTY CORP Stock 264411505 2,682 67,094 SH   SOLE   67,094 0 0
EASTERLY GOVERNMENT PROPERTI Stock 27616P103 76 3,370 SH   SOLE   3,370 0 0
EASTGROUP PPTY INC COM Stock 277276101 966 6,999 SH   SOLE   6,999 0 0
EMPIRE STATE REALTY TRUST-A Stock 292104106 186 19,954 SH   SOLE   19,954 0 0
EPR PROPERTIES Stock 26884U109 262 8,049 SH   SOLE   8,049 0 0
EQUITY COMWLTH COM SH BEN INT Stock 294628102 90 3,306 SH   SOLE   3,306 0 0
EQUITY LIFESTYLE PPTYS COM Stock 29472R108 1,895 29,905 SH   SOLE   29,905 0 0
EQUITY RESIDENTIAL SH BEN IN Stock 29476L107 4,235 71,447 SH   SOLE   50,067 0 21,380
ESSENTIAL PROPERTIES REALTY TRUST, INC. Stock 29670E107 244 11,531 SH   SOLE   11,531 0 0
ESSEX PPTY TR INC COM Stock 297178105 2,235 9,413 SH   SOLE   9,413 0 0
EXTRA SPACE STORAGE INC Stock 30225T102 3,330 28,739 SH   SOLE   19,539 0 9,200
FEDERAL REALTY INVT TR Stock 313747206 1,878 22,061 SH   SOLE   11,761 0 10,300
FIRST INDUSTRIAL RLTY Stock 32054K103 2,712 64,373 SH   SOLE   23,413 0 40,960
FOUR CORNERS PROPERTY TRUST Stock 35086T109 285 9,586 SH   SOLE   9,586 0 0
GAMING & LEISURE PPTYS INC COM Stock 36467J108 2,452 57,827 SH   SOLE   37,094 0 20,733
GETTY RLTY CORP NEW Stock 374297109 58 2,097 SH   SOLE   2,097 0 0
GLOBAL NET LEASE INC Stock 379378201 137 8,011 SH   SOLE   8,011 0 0
HANNON ARMSTRONG SUST INFR CAP COM Stock 41068X100 1,649 26,000 SH   SOLE   0 0 26,000
HEALTHCARE RLTY TR COM Stock 421946104 646 21,815 SH   SOLE   21,815 0 0
HEALTHCARE TRUST OF AME-CL A Stock 42225P501 898 32,594 SH   SOLE   32,594 0 0
HEALTHPEAK PROPERTIES INC. Stock 42250P103 2,298 76,026 SH   SOLE   76,026 0 0
HIGHWOODS PPTYS INC COM Stock 431284108 1,630 41,118 SH   SOLE   20,618 0 20,500
HILTON WORLDWIDE HOLDINGS INC Stock 43300A203 248 2,232 SH   SOLE   2,232 0 0
HOST HOTELS & RESORTS INC COM Stock 44107P104 1,494 102,086 SH   SOLE   102,086 0 0
HUDSON PACIFIC PROPERTIES Stock 444097109 588 24,473 SH   SOLE   24,473 0 0
INDEPENDENCE REALTY TRUST IN Stock 45378A106 869 64,720 SH   SOLE   18,020 0 46,700
INDUSTRIAL LOGISTICS PROPERTIES TRUST Stock 456237106 177 7,609 SH   SOLE   7,609 0 0
INNOVATIVE INDUSTRIAL PROPERTIES INC Stock 45781V101 496 2,708 SH   SOLE   2,708 0 0
INVITATION HOMES INC Stock 46187W107 3,301 111,130 SH   SOLE   101,130 0 10,000
IRON MOUNTAIN INC Stock 46284V101 758 25,700 SH   SOLE   0 0 25,700
JBG SMITH PPTYS COM Stock 46590V100 483 15,454 SH   SOLE   15,454 0 0
KENNEDY-WILSON HLDGS INC COM Stock 489398107 251 14,029 SH   SOLE   14,029 0 0
KILROY RLTY CORP Stock 49427F108 1,678 29,233 SH   SOLE   15,503 0 13,730
KIMCO RLTY CORP COM Stock 49446R109 1,539 102,514 SH   SOLE   70,214 0 32,300
KITE REALTY GROUP TRUST Stock 49803T300 212 14,186 SH   SOLE   14,186 0 0
LEXINGTON REALTY TRUST Stock 529043101 286 26,966 SH   SOLE   26,966 0 0
LIFE STORAGE INC COM Stock 53223X107 2,498 20,921 SH   SOLE   6,821 0 14,100
LTC PROPERTIES INC Stock 502175102 201 5,162 SH   SOLE   5,162 0 0
MACERICH CO COM Stock 554382101 310 29,083 SH   SOLE   13,789 0 15,294
MACK CALI RLTY CORP COM Stock 554489104 142 11,402 SH   SOLE   11,402 0 0
MARRIOTT INTERNATIONAL, INC. CLASS A Stock 571903202 249 1,890 SH   SOLE   1,890 0 0
MEDICAL PPTYS TR INC COM Stock 58463J304 1,419 65,130 SH   SOLE   65,130 0 0
MGM GROWTH PROPERTIES LLC-A Stock 55303A105 340 10,877 SH   SOLE   10,877 0 0
MID AMER APT COMM Stock 59522J103 3,226 25,466 SH   SOLE   19,180 0 6,286
MONMOUTH REAL ESTATE INVT CO Stock 609720107 345 19,903 SH   SOLE   19,903 0 0
NATIONAL HEALTH INVS Stock 63633D104 372 5,384 SH   SOLE   5,384 0 0
NATIONAL RETAIL PPTYS INC COM Stock 637417106 1,744 42,630 SH   SOLE   23,730 0 18,900
NATIONAL STORAGE AFFILIATES Stock 637870106 322 8,937 SH   SOLE   8,937 0 0
NEXPOINT RESIDENTIAL Stock 65341D102 120 2,847 SH   SOLE   2,847 0 0
OFFICE PROPERTIES INCOME TRUST Stock 67623C109 68 3,010 SH   SOLE   3,010 0 0
OMEGA HEALTHCARE INVS Stock 681936100 1,141 31,423 SH   SOLE   31,423 0 0
PARAMOUNT GROUP INC COM Stock 69924R108 220 24,351 SH   SOLE   24,351 0 0
PARK HOTELS & RESORTS INC Stock 700517105 486 28,349 SH   SOLE   28,349 0 0
PEBBLEBROOK HOTEL TRUST Stock 70509V100 583 30,994 SH   SOLE   18,390 0 12,604
PHYSICIANS REALTY TRUST Stock 71943U104 885 49,704 SH   SOLE   34,204 0 15,500
PIEDMONT OFFICE REALTY TR IN Stock 720190206 407 25,049 SH   SOLE   25,049 0 0
PROLOGIS INC COM Stock 74340W103 10,505 105,412 SH   SOLE   105,412 0 0
PS BUSINESS PKS INC CALIF COM Stock 69360J107 419 3,153 SH   SOLE   3,153 0 0
PUBLIC STORAGE COM Stock 74460D109 4,676 20,247 SH   SOLE   20,247 0 0
QTS REALTY TRUST INC-CL A Stock 74736A103 509 8,233 SH   SOLE   8,233 0 0
REALTY INCOME CORP COM Stock 756109104 3,369 54,192 SH   SOLE   54,192 0 0
REGENCY CTRS CORP COM Stock 758849103 1,283 28,149 SH   SOLE   28,149 0 0
RETAIL OPPORTUNITY INVTS CORP COM Stock 76131N101 245 18,332 SH   SOLE   18,332 0 0
RETAIL PPTYS AMER INC CL A Stock 76131V202 497 58,094 SH   SOLE   30,894 0 27,200
REXFORD INDL RLTY INC COM Stock 76169C100 1,188 24,199 SH   SOLE   24,199 0 0
RLJ LODGING TR COM Stock 74965L101 286 20,201 SH   SOLE   20,201 0 0
RPT REALTY Stock 74971D101 137 15,828 SH   SOLE   15,828 0 0
RYMAN HOSPITALITY PROPERTIES Stock 78377T107 519 7,662 SH   SOLE   7,662 0 0
SABRA HEALTH CARE REIT INC Stock 78573L106 470 27,059 SH   SOLE   27,059 0 0
SAFEHOLD INC Stock 78645L100 144 1,990 SH   SOLE   1,990 0 0
SAUL CENTERS Stock 804395101 25 799 SH   SOLE   799 0 0
SBA COMMUNICATIONS CORP. CLASS A Stock 78410G104 97 343 SH   SOLE   343 0 0
SERVICE HOSPITALITY TRUST Stock 81761L102 238 20,741 SH   SOLE   20,741 0 0
SIMON PPTY GROUP INC NEW COM Stock 828806109 4,574 53,630 SH   SOLE   44,530 0 9,100
SITE CENTERS CORP. Stock 82981J109 477 47,149 SH   SOLE   26,099 0 21,050
SL GREEN RLTY CORP COM Stock 78440X804 982 16,478 SH   SOLE   10,678 0 5,800
SPIRIT REALTY CAPITAL INC Stock 84860W300 1,011 25,176 SH   SOLE   13,836 0 11,340
STAG INDL INC COM Stock 85254J102 1,590 50,765 SH   SOLE   29,765 0 21,000
STORE CAP CORP COM Stock 862121100 2,523 74,246 SH   SOLE   33,846 0 40,400
SUMMIT HOTEL PPTYS INC COM Stock 866082100 616 68,415 SH   SOLE   17,215 0 51,200
SUN COMMUNITIES Stock 866674104 2,390 15,729 SH   SOLE   15,729 0 0
SUNSTONE HOTEL INVESTORS INC Stock 867892101 415 36,596 SH   SOLE   36,596 0 0
TANGER FACTORY OUTLET Stock 875465106 108 10,890 SH   SOLE   10,890 0 0
TERRENO REALTY CORP Stock 88146M101 845 14,445 SH   SOLE   14,445 0 0
UDR INC COM Stock 902653104 1,668 43,400 SH   SOLE   43,400 0 0
UNIVERSAL HEALTH RLTY TR Stock 91359E105 124 1,935 SH   SOLE   1,935 0 0
URBAN EDGE PPTYS COM Stock 91704F104 261 20,164 SH   SOLE   20,164 0 0
VENTAS INC Stock 92276F100 3,693 75,296 SH   SOLE   53,296 0 22,000
VEREIT INC Stock 92339V308 1,136 30,060 SH   SOLE   30,060 0 0
VICI PROPERTIES INC Stock 925652109 2,902 113,821 SH   SOLE   83,821 0 30,000
VORNADO RLTY TR Stock 929042109 865 23,172 SH   SOLE   23,172 0 0
WASHINGTON REAL ESTATE INVT Stock 939653101 218 10,085 SH   SOLE   10,085 0 0
WEINGARTEN RLTY INVS SH BEN INT Stock 948741103 471 21,729 SH   SOLE   21,729 0 0
WELLTOWER INC Stock 95040Q104 4,827 74,691 SH   SOLE   59,591 0 15,100
WEYERHAEUSER COMPANY Stock 962166104 172 5,115 SH   SOLE   5,115 0 0
WP CAREY INC Stock 92936U109 2,578 36,523 SH   SOLE   25,523 0 11,000
XENIA HOTELS & RESORTS INC Stock 984017103 265 17,419 SH   SOLE   17,419 0 0
AMERICAN FINANCE TRUST 7.375 PFD C Preferred 02607T505 299 12,000 SH   SOLE   0 0 12,000
AMERICAN HOMES 4 RENT CUM RED PFD SHS Preferred 02665T884 560 21,700 SH   SOLE   0 0 21,700
AMERICAN HOMES 4 RENT RED PFD SER D Preferred 02665T702 380 15,000 SH   SOLE   0 0 15,000
AMERICAN HOMES 4 RENT RED PFD SER G Preferred 02665T876 462 17,800 SH   SOLE   0 0 17,800
ARMADA HOFFLER PROPERTIES INC 6.75 CUM RED PERP Preferred 04208T207 685 26,285 SH   SOLE   0 0 26,285
BLUEROCK RESIDENTIAL GROWTH REIT INC 7.625 PFD C Preferred 09627J748 184 7,091 SH   SOLE   0 0 7,091
BLUEROCK RESIDENTIAL GROWTH REIT INC 8.25 PFD A Preferred 09627J508 166 6,614 SH   SOLE   0 0 6,614
BROOKFIELD PROPERTIES REIT INC 6.375 PFD A Preferred 11282X202 1,226 53,600 SH   SOLE   0 0 53,600
CENTERSPACE 6.625 PREFERRED C Preferred 15202L206 529 20,363 SH   SOLE   0 0 20,363
COLONY CAPITAL INC 7.15 CUM CONV RED PERP PFD RE Preferred 19626G603 779 33,000 SH   SOLE   0 0 33,000
DIAMONDROCK HOSPITALITY CO PERP PFD A 8.25 Preferred 252784400 228 8,500 SH   SOLE   0 0 8,500
DIGITAL REALTY TRUST INC CUM CONV RED PFD L Preferred 253868822 682 25,000 SH   SOLE   0 0 25,000
DIGITAL RLTY TR INC CUM REDMBL PFD J Preferred 253868855 668 25,500 SH   SOLE   0 0 25,500
DIVERSIFIED HEALTHCARE TRUST 5.625 NOTES -01.08. Preferred 25525P206 354 15,000 SH   SOLE   0 0 15,000
DIVERSIFIED HEALTHCARE TRUST 6.25 NOTES -01.08.4 Preferred 25525P305 233 9,500 SH   SOLE   0 0 9,500
EPR PROPERTIES PFD SER G 5.75 Preferred 26884U505 406 17,350 SH   SOLE   0 0 17,350
EQUITY COMMONWEALTH 6 1/2 CUM CONV PFD SHS SERIE Preferred 294628201 299 10,000 SH   SOLE   0 0 10,000
FEDERAL REALTY INVT TR PFD C 5 Preferred 313747701 724 28,000 SH   SOLE   0 0 28,000
GLOBAL NET LEASE INC 6.875 PFD B Preferred 379378409 241 9,500 SH   SOLE   0 0 9,500
GLOBAL NET LEASE INC 7.25 PFD A Preferred 379378300 110 4,200 SH   SOLE   0 0 4,200
HERSHA HOSPITALITY TR PFD C 6.875 Preferred 427825401 333 17,100 SH   SOLE   0 0 17,100
HERSHA HOSPITALITY TR RED PFD SER D Preferred 427825609 320 17,000 SH   SOLE   0 0 17,000
HERSHA HOSPITALITY TRUST 6.50 PFD E Preferred 427825708 51 2,703 SH   SOLE   0 0 2,703
KIMCO RLTY CORP DEP PFD 1/1000 Preferred 49446R737 251 9,566 SH   SOLE   0 0 9,566
MID AMER APT CMNTYS INC PFD SER I 8.5 Preferred 59522J889 811 12,099 SH   SOLE   0 0 12,099
MONMOUTH REAL ESTATE INVT CORP PFD SER C Preferred 609720404 753 30,000 SH   SOLE   0 0 30,000
NATIONAL RETAIL PPTYS INC DEP SHS PFD F Preferred 637417874 129 5,000 SH   SOLE   0 0 5,000
OFFICE PROPERTY INCOME TRUST PFD 6.375 Preferred 67623C208 715 27,000 SH   SOLE   0 0 27,000
PEBBLEBROOK HOTEL TRUST 6.3 CUM RED PFD REGISTER Preferred 70509V704 207 8,538 SH   SOLE   0 0 8,538
PEBBLEBROOK HOTEL TRUST 6.375 CUM RED PFD REGIST Preferred 70509V605 588 23,262 SH   SOLE   0 0 23,262
PROLOGIS INC PFD SER Q Preferred 74340W202 531 7,700 SH   SOLE   0 0 7,700
PS BUSINESS PARKS INC DEPOSITARY SHS PFD Z Preferred 69360J552 548 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 1,008 35,000 SH   SOLE   0 0 35,000
REXFORD INDL RLTY INC RED PFD SER A Preferred 76169C209 376 14,787 SH   SOLE   0 0 14,787
REXFORD INDL RLTY INC RED PFD SER B 5.875 Preferred 76169C308 289 11,000 SH   SOLE   0 0 11,000
REXFORD INDUSTRIAL REALTY INC 5.625 CUM CONV RED Preferred 76169C407 269 10,000 SH   SOLE   0 0 10,000
RPT REALTY PFD D Preferred 74971D200 877 17,600 SH   SOLE   0 0 17,600
SAUL CENTERS INC 6 PFD E Preferred 804395879 353 15,000 SH   SOLE   0 0 15,000
SITE CENTERS CORP. DEPOSITARY A SHS REPR 6.375 Preferred 82981J877 308 12,800 SH   SOLE   0 0 12,800
SL GREEN RLTY CORP PFD SER I Preferred 78440X507 754 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
STAG INDUSTRIAL INC 6 7/8 CUM RED PFD SHS SERIES Preferred 85254J409 507 20,000 SH   SOLE   0 0 20,000
SUMMIT HOTEL PPTYS PFD SER E 6.25 Preferred 866082605 890 39,500 SH   SOLE   0 0 39,500
SUNSTONE HOTEL INVESTORS, INC 6.45 RED PFD SHS F Preferred 867892705 205 8,700 SH   SOLE   0 0 8,700
SUNSTONE HOTEL INVESTORS, INC. 6.95 PFD SHS E Preferred 867892606 147 6,000 SH   SOLE   0 0 6,000
TAUBMAN CTRS INC PFD SER K Preferred 876664707 828 33,100 SH   SOLE   0 0 33,100
TAUBMAN CTRS INC PFD-J Preferred 876664608 1,019 40,728 SH   SOLE   0 0 40,728
UMH PROPERTIES INC 6.75 PFD C Preferred 903002400 676 26,500 SH   SOLE   0 0 26,500
URSTADT BIDDLE PPTYS INC REDEEMABLE PFD SER K Preferred 917286874 1,057 42,500 SH   SOLE   0 0 42,500
VEREIT INC PFD SER F Preferred 92339V209 634 25,200 SH   SOLE   0 0 25,200
VORNADO REALTY TRUST 5.25 PFD N Preferred 929042810 134 5,000 SH   SOLE   0 0 5,000
VORNADO RLTY TR 5.25 PFD SR M Preferred 929042828 1,542 58,500 SH   SOLE   0 0 58,500