Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
EQIX	Equinix Inc.	176,538	$116M	9.7%	$655.03 *	$363.16	+59.4%	COM	29444U700
PSA	Public Storage	316,045	$88.55M	7.5%	$280.19 *	$269.08	-4.7%	COM	74460D109
WELL	Welltower Inc.	1,247,259	$81.76M	6.9%	$65.55 *	$54.95	+8.5%	COM	95040Q104
EQR	Equity Residential	1,371,208	$80.9M	6.8%	$59.00 *	$44.21	+23.7%	COM	29476L107
EXR	Extra Space Storage, Inc.	481,045	$70.8M	6.0%	$147.18 *	$59.22	+135.1%	COM	30225T102
KIM	Kimco Realty Corp.	3,317,338	$70.26M	5.9%	$21.18 *	$13.90	+29.7%	COM	49446R109
SPG	Simon Property Group, Inc.	564,930	$66.37M	5.6%	$117.48 *	$97.66	-4.3%	COM	828806109
ESS	Essex Property Trust, Inc.	291,773	$61.83M	5.2%	$211.92 *	$203.90	-5.4%	COM	297178105
ELS	Equity Lifestyle Properties	828,691	$53.53M	4.5%	$64.60	$60.60	—	COM	29472R108
ARE	Alexandria Real Estate Equit	363,551	$52.96M	4.5%	$145.67 *	$106.18	+16.0%	COM	015271109
CPT	Camden Property Trust	459,488	$51.41M	4.3%	$111.88 *	$75.92	+33.5%	COM	133131102
INVH	Invitation Homes Inc	1,356,665	$40.21M	3.4%	$29.64 *	$24.13	+17.2%	COM	46187W107
AMH	American Homes 4 Rent	1,274,192	$38.41M	3.2%	$30.14	$30.32	—	COM	02665T306
BXP	Boston Properties, Inc.	516,830	$34.93M	2.9%	$67.58 *	$86.42	-32.0%	COM	101121101
RHP	Ryman Hospitality Properties	329,226	$26.92M	2.3%	$81.78	$54.96	—	COM	78377T107
AVB	AvalonBay Communities, Inc.	164,015	$26.49M	2.2%	$161.52 *	$172.63	-12.2%	COM	053484101
AMT	American Tower Corp.	122,043	$25.86M	2.2%	$211.86 *	$131.73	+41.7%	COM	03027X100
DLR	Digital Realty Trust	221,941	$22.25M	1.9%	$100.27 *	$116.26	-21.5%	COM	253868103
—	Playa Hotels & Resorts	3,314,291	$21.64M	1.8%	$6.53	$7.62	—	COM	N70544106
KRC	Kilroy Realty	550,376	$21.28M	1.8%	$38.67	$62.17	—	COM	49427F108
MAR	Marriott International-CL A	135,158	$20.12M	1.7%	$148.89	$149.19	0.0%	COM	571903202
BRX	Brixmor Property Group	808,086	$18.32M	1.5%	$22.67	$22.67	—	COM	11120U105
MAA	Mid-America Apartment Commun	79,525	$12.48M	1.1%	$156.99 *	$137.82	0.0%	COM	59522J103
ALEX	Alexander & Baldwin Inc	647,170	$12.12M	1.0%	$18.73	$21.75	—	COM	014491104
HR	Healthcare Realty Trust	587,170	$11.31M	1.0%	$19.27	$20.85	—	COM	42226K105
EGP	Eastgroup Properties	68,117	$10.09M	0.8%	$148.05	$142.32	—	COM	277276101
NTST	Netstreit Corp	535,278	$9.812M	0.8%	$18.33	$17.92	—	COM	64119V303
LAMR	Lamar Advertising Co-A	98,510	$9.299M	0.8%	$94.40	$104.79	—	COM	512816109
FR	First Industrial Realty Trus	181,062	$8.738M	0.7%	$48.26	$45.10	—	COM	32054K103
REXR	Rexford Industrial Realty	141,740	$7.745M	0.7%	$54.64	$54.64	—	COM	76169C100
O	Realty Income	57,480	$3.646M	0.3%	$63.43 *	$54.51	-4.2%	COM	756109104
VICI	Vici Properties	107,285	$3.476M	0.3%	$32.40 *	$25.32	+6.5%	COM	925652109
SBAC	SBA Communications	7,490	$2.1M	0.2%	$280.37 *	$286.19	-7.9%	COM	78410G104
CCI	Crown Castle Inc	9,845	$1.335M	0.1%	$135.60 *	$142.15	-20.0%	COM	22822V101
PCH	Potlach Corp	23,720	$1.043M	0.1%	$43.97	$49.41	—	COM	737630103
HLT	Hilton, Inc.	8,101	$1.024M	0.1%	$126.40 *	$98.04	+33.1%	COM	43300A203
FRT	Federal Realty Investment Tr	7,796	$788K	0.1%	$101.08 *	$105.39	-16.5%	COM	313745101
IHS	IHS Holdings LTD	107,965	$664K	0.1%	$6.15	$15.03	-58.6%	COM	G4701H109
CUZ	Cousins Properties, Inc.	24,880	$629K	0.1%	$25.28	$30.27	—	COM	222795502
BNL	Broadstone Net Lease	36,745	$596K	0.1%	$16.22	$21.61	—	COM	11135E203
—	Retail Opportunity Investmen	894,523	$0	0.0%	$0.00	$15.64	—	COM	76131N101
VTR	Ventas, Inc.	865,575	$0	0.0%	$0.00	$46.51	-18.8%	COM	92276F100
PLD	ProLogis Inc.	2,047,863	$0	0.0%	$0.00	$60.64	+65.2%	COM	74340W103