Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PLD	ProLogis Inc.	1,400,344	$148M	9.8%	$105.70 *	$61.94	+77.9%	COM	74340W103
WELL	Welltower Inc.	1,171,232	$148M	9.7%	$126.03 *	$58.23	+121.0%	COM	95040Q104
EQIX	Equinix Inc.	151,087	$142M	9.4%	$942.89 *	$389.34	+130.5%	COM	29444U700
SPG	Simon Property Group, Inc.	535,740	$92.26M	6.1%	$172.21 *	$101.91	+62.5%	COM	828806109
DLR	Digital Realty Trust	507,703	$90.03M	5.9%	$177.33 *	$122.02	+40.3%	COM	253868103
AVB	AvalonBay Communities, Inc.	400,444	$88.09M	5.8%	$219.97	$167.85	+28.8%	COM	053484101
PSA	Public Storage	286,811	$85.88M	5.7%	$299.44 *	$267.06	+18.3%	COM	74460D109
EQR	Equity Residential	1,077,337	$77.31M	5.1%	$71.76 *	$44.48	+56.9%	COM	29476L107
BKD	Brookdale Senior Living	1,625,835	$75.36M	5.0%	$46.35 *	$6.69	-14.4%	COM	112463104
KIM	Kimco Realty Corp.	2,317,331	$54.3M	3.6%	$23.43 *	$16.16	+41.9%	COM	49446R109
IRM	Iron Mountain	445,897	$46.87M	3.1%	$105.11 *	$101.63	+11.0%	COM	46284V101
BXP	BXP, Inc.	559,494	$41.6M	2.7%	$74.36 *	$71.67	+6.4%	COM	101121101
RHP	Ryman Hospitality Properties	348,890	$36.4M	2.4%	$104.34	$64.62	—	COM	78377T107
ARE	Alexandria Real Estate Equit	357,889	$34.91M	2.3%	$97.55 *	$103.88	-2.2%	COM	015271109
EGP	Eastgroup Properties	215,909	$34.65M	2.3%	$160.49	$168.13	—	COM	277276101
AMH	American Homes 4 Rent	837,803	$31.35M	2.1%	$37.42	$31.62	—	COM	02665T306
VTR	Ventas, Inc.	522,956	$30.8M	2.0%	$58.89 *	$45.83	+32.3%	COM	92276F100
ELS	Equity Lifestyle Properties	429,028	$28.57M	1.9%	$66.60	$62.21	—	COM	29472R108
REG	Regency Centers Corp.	330,024	$24.4M	1.6%	$73.93 *	$69.72	0.0%	COM	758849103
INVH	Invitation Homes Inc	718,041	$22.95M	1.5%	$31.97	$26.58	+19.9%	COM	46187W107
SUI	Sun Communities, Inc.	159,147	$19.57M	1.3%	$122.97	$131.35	—	COM	866674104
BRX	Brixmor Property Group	606,342	$16.88M	1.1%	$27.84	$23.01	—	COM	11120U105
OHI	Omega Healthcare Investors	438,626	$16.6M	1.1%	$37.85	$36.28	—	COM	681936100
MAR	Marriott International-CL A	48,658	$13.57M	0.9%	$278.93 *	$189.79	+43.1%	COM	571903202
CUZ	Cousins Properties, Inc.	436,627	$13.38M	0.9%	$30.64	$30.64	—	COM	222795502
IVT	Inventrust Properties	424,769	$12.8M	0.8%	$30.13	$25.49	—	COM	46124J201
VNO	Vornado Realty Trust	297,058	$12.49M	0.8%	$42.04	$28.77	—	COM	929042109
FR	First Industrial Realty Trus	244,443	$12.25M	0.8%	$50.13	$47.60	—	COM	32054K103
VRE	Veris Residential, Inc.	625,229	$10.4M	0.7%	$16.63	$17.63	—	COM	554489104
COLD	Americold Realty Trust	441,492	$9.448M	0.6%	$21.40	$26.61	—	COM	03064D108
AMT	American Tower Corp.	39,844	$7.308M	0.5%	$183.42 *	$142.14	+39.5%	COM	03027X100
LAMR	Lamar Advertising Co-A	59,763	$7.276M	0.5%	$121.75	$108.00	—	COM	512816109
CBRE	CBRE Group	45,309	$5.949M	0.4%	$131.30	$109.03	+20.1%	COM	12504L109
EXR	Extra Space Storage, Inc.	291,112	$5.764M	0.4%	$19.80 *	$69.56	+123.3%	COM	30225T102
VICI	Vici Properties	148,132	$4.327M	0.3%	$29.21	$26.27	+12.3%	COM	925652109
O	Realty Income	58,145	$3.106M	0.2%	$53.42 *	$50.28	+8.4%	COM	756109104
MAA	Mid-America Apartment Commun	128,120	$2.287M	0.2%	$17.85 *	$134.88	+10.9%	COM	59522J103
SBAC	SBA Communications	8,820	$1.798M	0.1%	$203.85 *	$220.13	0.0%	COM	78410G104
EPRT	Essential Properties Realty	47,763	$1.494M	0.1%	$31.28	$29.89	—	COM	29670E107
PCH	Potlach Corp	33,880	$1.33M	0.1%	$39.26	$47.74	—	COM	737630103
ADC	Agree Realty Corporation	11,885	$837K	0.1%	$70.42	$70.42	—	COM	008492100
HLT	Hilton, Inc.	3,371	$833K	0.1%	$247.11	$105.16	+132.1%	COM	43300A203
ESS	Essex Property Trust, Inc.	2,161	$617K	0.0%	$285.52	$206.15	+36.9%	COM	297178105
CDP	COPT Defense Properties	18,329	$567K	0.0%	$30.93	$30.35	—	COM	22002T108
DOC	Healthpeak Properties	26,052	$528K	0.0%	$20.27	$19.78	+1.9%	COM	42250P103