Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PLD	ProLogis Inc.	1,664,732	$209M	10.6%	$125.43 *	$45.61	+150.3%	COM	74340W103
EQIX	Equinix Inc.	221,274	$175M	8.9%	$790.13 *	$363.16	+109.9%	COM	29444U700
WELL	Welltower Inc.	1,406,177	$116M	5.9%	$82.40 *	$52.96	+45.0%	COM	95040Q104
EQR	Equity Residential	1,319,847	$107M	5.4%	$80.92 *	$41.24	+68.4%	COM	29476L107
EXR	Extra Space Storage, Inc.	583,964	$98.1M	5.0%	$167.99 *	$59.22	+150.4%	COM	30225T102
SPG	Simon Property Group, Inc.	744,889	$96.81M	4.9%	$129.97 *	$97.66	+4.7%	COM	828806109
ESS	Essex Property Trust, Inc.	293,258	$93.77M	4.8%	$319.74 *	$197.64	+39.3%	COM	297178105
CPT	Camden Property Trust	612,470	$90.32M	4.6%	$147.47 *	$75.62	+66.3%	COM	133131102
—	Duke Realty Corporation	1,811,381	$86.71M	4.4%	$47.87	$31.91	—	COM	264411505
INVH	Invitation Homes Inc	2,179,924	$83.56M	4.2%	$38.33 *	$23.83	+46.1%	COM	46187W107
KIM	Kimco Realty Corp.	3,705,009	$76.88M	3.9%	$20.75 *	$13.62	+29.0%	COM	49446R109
ARE	Alexandria Real Estate Equit	356,092	$68.04M	3.5%	$191.07 *	$78.77	+108.3%	COM	015271109
ELS	Equity Lifestyle Properties	750,416	$58.61M	3.0%	$78.10	$59.01	—	COM	29472R108
AMT	American Tower Corp.	204,698	$54.33M	2.8%	$265.41 *	$123.12	+102.0%	COM	03027X100
SUI	Sun Communities, Inc.	242,034	$44.8M	2.3%	$185.10	$149.99	—	COM	866674104
KRC	Kilroy Realty	643,817	$42.63M	2.2%	$66.21	$63.22	—	COM	49427F108
VTR	Ventas, Inc.	763,091	$42.13M	2.1%	$55.21 *	$45.94	+6.8%	COM	92276F100
CUBE	Cubesmart	821,226	$39.79M	2.0%	$48.45	$32.21	—	COM	229663109
AMH	American Homes 4 Rent	1,023,556	$39.02M	2.0%	$38.12	$28.90	—	COM	02665T306
BXP	Boston Properties, Inc.	316,961	$34.34M	1.7%	$108.35 *	$88.53	+2.0%	COM	101121101
PSA	Public Storage	112,534	$33.43M	1.7%	$297.09 *	$209.45	+22.9%	COM	74460D109
HIW	Highwoods Properties, Inc.	747,547	$32.79M	1.7%	$43.86	$43.12	—	COM	431284108
RHP	Ryman Hospitality Properties	347,128	$29.05M	1.5%	$83.70	$50.87	—	COM	78377T107
—	CoreSite Realty Corp.	181,958	$25.21M	1.3%	$138.54	$134.89	—	COM	21870Q105
—	Playa Hotels & Resorts	2,942,164	$24.39M	1.2%	$8.29	$7.50	—	COM	N70544106
XHR	Xenia Hotels & Resorts Inc	1,283,347	$22.77M	1.2%	$17.74	$12.99	—	COM	984017103
EGP	Eastgroup Properties	134,963	$22.49M	1.1%	$166.63	$123.81	—	COM	277276101
—	Retail Opportunity Investmen	1,106,457	$19.27M	1.0%	$17.42	$15.71	—	COM	76131N101
—	Federal Realty Investment Tr	143,969	$16.99M	0.9%	$117.99	$88.85	—	COM	313747206
—	Global Medical REIT	912,855	$13.42M	0.7%	$14.70	$14.75	—	COM	37954A204
VRE	Mack-Cali Realty Corporation	719,948	$12.32M	0.6%	$17.12	$17.15	—	COM	554489104
PCH	Potlach Corp	228,152	$11.77M	0.6%	$51.58	$52.86	—	COM	737630103
LAMR	Lamar Advertising Co-A	89,965	$10.21M	0.5%	$113.46	$104.60	—	COM	512816109
JBGS	JBG Smith Properties	338,559	$10.03M	0.5%	$29.61	$37.92	—	COM	46590V100
ALEX	Alexander & Baldwin Inc	381,131	$8.934M	0.5%	$23.44	$23.44	—	COM	014491104
JLL	Jones Lang Lasalle Inc	29,300	$7.269M	0.4%	$248.09 *	$228.30	0.0%	COM	48020Q107
CCI	Crown Castle Inc	12,955	$2.245M	0.1%	$173.29 *	$150.03	+3.9%	COM	22822V101
SBAC	SBA Communications	5,545	$1.833M	0.1%	$330.57	$280.45	+15.6%	COM	78410G104
CUZ	Cousins Properties, Inc.	44,495	$1.659M	0.1%	$37.29	$30.32	—	COM	222795502
O	Realty Income	25,340	$1.644M	0.1%	$64.88 *	$51.83	+3.8%	COM	756109104
HLT	Hilton, Inc.	10,912	$1.442M	0.1%	$132.15 *	$96.42	+29.5%	COM	43300A203
—	MGM Growth Properties	33,105	$1.268M	0.1%	$38.30	$36.76	—	COM	55303A105
VICI	Vici Properties	36,175	$1.028M	0.1%	$28.42 *	$24.21	-0.7%	COM	925652109
—	American Campus Communities	14,390	$697K	0.0%	$48.44	$34.61	—	COM	024835100