Hazelview Securities Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BNL	BROADSTONE NET LEASE INC	830,050	$14,493	2.8%	$17.46	—	COM	11135E203
FRT	FEDERAL RLTY INVT TR NEW	139,940	$13,858	2.7%	$97.37	0.0%	SH BEN INT NEW	313745101
VNQ	VANGUARD INDEX FDS	9,180	$813	0.2%	$88.52	—	REAL ESTATE ETF	922908553
LXP	LXP INDUSTRIAL TRUST	11,186	$555	0.1%	$49.58	—	COM	529043408
KIM	KIMCO RLTY CORP	26,800	$538	0.1%	$20.57	0.0%	COM	49446R109
RHP	RYMAN HOSPITALITY PPTYS INC	3,940	$376	0.1%	$95.48	—	COM	78377T107
GLPI	GAMING & LEISURE PPTYS INC	6,330	$281	0.1%	$44.42	—	COM	36467J108
DEI	DOUGLAS EMMETT INC	24,510	$271	0.1%	$11.07	—	COM	25960P109
SBRA	SABRA HEALTH CARE REIT INC	13,920	$267	0.1%	$19.15	—	COM	78573L106
GTY	GETTY RLTY CORP NEW	9,670	$267	0.1%	$27.56	—	COM	374297109
PK	PARK HOTELS & RESORTS INC	15,860	$171	0.0%	$10.77	—	COM	700517105

Increased Positions (15)

EQIX EQUINIX INC 9.3%

Value ($000) $48,117 (+39.6%) Shares 62,971 (+43.1%) Est. Cost $717.43 Unrealized +8.9%

HST HOST HOTELS & RESORTS INC 2.1%

Value ($000) $10,964 (+3563.3%) Shares 603,755 (+3333.4%) Est. Cost $16.91 Unrealized +0.1%

INVH INVITATION HOMES INC 4.0%

Value ($000) $20,798 (+38.8%) Shares 750,290 (+46.9%) Est. Cost $28.06 Unrealized -1.5%

CPT CAMDEN PPTY TR 5.0%

Value ($000) $26,112 (+13.6%) Shares 237,016 (+10.1%) Est. Cost $112.24 Unrealized -8.1%

SLG SL GREEN RLTY CORP 2.8%

Value ($000) $14,579 (+18.1%) Shares 310,464 (+50.5%) Est. Cost $56.56 Unrealized —

SPG SIMON PPTY GROUP INC NEW 6.1%

Value ($000) $31,667 (+5.9%) Shares 172,134 (+8.0%) Est. Cost $158.27 Unrealized +13.7%

EXR EXTRA SPACE STORAGE INC 4.3%

Value ($000) $22,258 (-2.0%) Shares 169,950 (+5.5%) Est. Cost $140.33 Unrealized -3.8%

APLE APPLE HOSPITALITY REIT INC 0.1%

Value ($000) $494 (+68.6%) Shares 40,960 (+67.9%) Est. Cost $12.03 Unrealized —

AMT AMERICAN TOWER CORP NEW 0.1%

Value ($000) $375 (+51.7%) Shares 2,145 (+66.9%) Est. Cost $190.03 Unrealized -5.1%

PDM PIEDMONT REALTY TRUST INC 0.1%

Value ($000) $385 (+48.4%) Shares 46,430 (+61.1%) Est. Cost $8.73 Unrealized —

UMH UMH PPTYS INC 0.1%

Value ($000) $292 (+74.3%) Shares 18,360 (+62.8%) Est. Cost $15.25 Unrealized —

MAC MACERICH CO 0.1%

Value ($000) $441 (+21.0%) Shares 23,800 (+18.9%) Est. Cost $18.25 Unrealized —

ESRT EMPIRE ST RLTY TR INC 0.1%

Value ($000) $382 (+8.0%) Shares 59,110 (+27.9%) Est. Cost $7.40 Unrealized —

VRE VERIS RESIDENTIAL INC 0.3%

Value ($000) $1,749 (+1.1%) Shares 117,887 (+3.5%) Est. Cost $14.79 Unrealized —

AVB AVALONBAY CMNTYS INC 0.1%

Value ($000) $375 (+4.5%) Shares 2,080 (+11.8%) Est. Cost $189.97 Unrealized -5.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EQIX	EQUINIX INC	62,971 (+43.1%)	$48,117 (+39.6%)	9.3%	$717.43	+8.9%	COM	29444U700
HST	HOST HOTELS & RESORTS INC	603,755 (+3333.4%)	$10,964 (+3563.3%)	2.1%	$16.91	+0.1%	COM	44107P104
INVH	INVITATION HOMES INC	750,290 (+46.9%)	$20,798 (+38.8%)	4.0%	$28.06	-1.5%	COM	46187W107
CPT	CAMDEN PPTY TR	237,016 (+10.1%)	$26,112 (+13.6%)	5.0%	$112.24	-8.1%	SH BEN INT	133131102
SLG	SL GREEN RLTY CORP	310,464 (+50.5%)	$14,579 (+18.1%)	2.8%	$56.56	—	COM	78440X887
SPG	SIMON PPTY GROUP INC NEW	172,134 (+8.0%)	$31,667 (+5.9%)	6.1%	$158.27	+13.7%	COM	828806109
EXR	EXTRA SPACE STORAGE INC	169,950 (+5.5%)	$22,258 (-2.0%)	4.3%	$140.33	-3.8%	COM	30225T102
APLE	APPLE HOSPITALITY REIT INC	40,960 (+67.9%)	$494 (+68.6%)	0.1%	$12.03	—	COM NEW	03784Y200
AMT	AMERICAN TOWER CORP NEW	2,145 (+66.9%)	$375 (+51.7%)	0.1%	$190.03	-5.1%	COM	03027X100
PDM	PIEDMONT REALTY TRUST INC	46,430 (+61.1%)	$385 (+48.4%)	0.1%	$8.73	—	COM CL A	720190206
UMH	UMH PPTYS INC	18,360 (+62.8%)	$292 (+74.3%)	0.1%	$15.25	—	COM	903002103
MAC	MACERICH CO	23,800 (+18.9%)	$441 (+21.0%)	0.1%	$18.25	—	COM	554382101
ESRT	EMPIRE ST RLTY TR INC	59,110 (+27.9%)	$382 (+8.0%)	0.1%	$7.40	—	CL A	292104106
VRE	VERIS RESIDENTIAL INC	117,887 (+3.5%)	$1,749 (+1.1%)	0.3%	$14.79	—	COM	554489104
AVB	AVALONBAY CMNTYS INC	2,080 (+11.8%)	$375 (+4.5%)	0.1%	$189.97	-5.4%	COM	053484101

Exited Positions (5)

MAR MARRIOTT INTL INC NEW 0.1%

Value ($000) $300 Shares 1,150 Est. Cost $267.49 Unrealized +6.7%

PSA PUBLIC STORAGE OPER CO 0.0%

Value ($000) $251 Shares 870 Est. Cost $260.68 Unrealized +6.4%

KRG KITE RLTY GROUP TR 0.0%

Value ($000) $214 Shares 9,600 Est. Cost $22.30 Unrealized —

CHCT COMMUNITY HEALTHCARE TR INC 0.0%

Value ($000) $158 Shares 10,300 Est. Cost $15.30 Unrealized —

MPT MEDICAL PPTYS TRUST INC 0.0%

Value ($000) $119 Shares 23,560 Est. Cost $5.07 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MAR	MARRIOTT INTL INC NEW	1,150	$300	0.1%	$267.49	+6.7%	—	571903202
PSA	PUBLIC STORAGE OPER CO	870	$251	0.0%	$260.68	+6.4%	—	74460D109
KRG	KITE RLTY GROUP TR	9,600	$214	0.0%	$22.30	—	—	49803T300
CHCT	COMMUNITY HEALTHCARE TR INC	10,300	$158	0.0%	$15.30	—	—	20369C106
MPT	MEDICAL PPTYS TRUST INC	23,560	$119	0.0%	$5.07	—	—	58463J304

Decreased Positions (15)

DLR DIGITAL RLTY TR INC 6.1%

Value ($000) $31,797 (-30.3%) Shares 205,105 (-22.3%) Est. Cost $133.75 Unrealized +22.0%

REG REGENCY CTRS CORP 0.1%

Value ($000) $365 (-97.4%) Shares 5,370 (-97.2%) Est. Cost $69.71 Unrealized -0.3%

HIW HIGHWOODS PPTYS INC 0.1%

Value ($000) $271 (-97.9%) Shares 10,485 (-97.5%) Est. Cost $30.33 Unrealized —

WELL WELLTOWER INC 6.1%

Value ($000) $31,926 (-16.7%) Shares 170,783 (-20.6%) Est. Cost $83.63 Unrealized +123.0%

HLT HILTON WORLDWIDE HLDGS INC 2.5%

Value ($000) $12,818 (-30.4%) Shares 43,749 (-38.3%) Est. Cost $244.49 Unrealized +11.3%

CUBE CUBESMART 3.4%

Value ($000) $17,847 (-23.4%) Shares 504,160 (-12.0%) Est. Cost $42.38 Unrealized —

CCI CROWN CASTLE INC 1.9%

Value ($000) $9,954 (-34.3%) Shares 112,220 (-28.6%) Est. Cost $99.10 Unrealized -8.1%

EGP EASTGROUP PPTYS INC 2.4%

Value ($000) $12,434 (-29.4%) Shares 69,115 (-33.6%) Est. Cost $172.55 Unrealized —

BRX BRIXMOR PPTY GROUP INC 2.9%

Value ($000) $14,809 (-24.3%) Shares 570,452 (-19.3%) Est. Cost $27.04 Unrealized —

EPRT ESSENTIAL PPTYS RLTY TR INC 2.9%

Value ($000) $15,041 (-21.1%) Shares 500,358 (-21.9%) Est. Cost $29.76 Unrealized —

ADC AGREE RLTY CORP 2.4%

Value ($000) $12,637 (-23.7%) Shares 175,224 (-24.9%) Est. Cost $64.95 Unrealized —

EQR EQUITY RESIDENTIAL 5.1%

Value ($000) $26,279 (-9.2%) Shares 423,656 (-5.3%) Est. Cost $60.07 Unrealized +1.0%

CBRE CBRE GROUP INC 3.1%

Value ($000) $16,162 (-13.5%) Shares 100,894 (-14.9%) Est. Cost $88.48 Unrealized +77.7%

VTR VENTAS INC 4.3%

Value ($000) $22,204 (-1.2%) Shares 287,135 (-10.5%) Est. Cost $59.18 Unrealized +26.7%

SNDA SONIDA SENIOR LIVING INC 4.8%

Value ($000) $24,809 (+0.6%) Shares 776,975 (-12.7%) Est. Cost $27.44 Unrealized +8.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DLR	DIGITAL RLTY TR INC	205,105 (-22.3%)	$31,797 (-30.3%)	6.1%	$133.75	+22.0%	COM	253868103
REG	REGENCY CTRS CORP	5,370 (-97.2%)	$365 (-97.4%)	0.1%	$69.71	-0.3%	COM	758849103
HIW	HIGHWOODS PPTYS INC	10,485 (-97.5%)	$271 (-97.9%)	0.1%	$30.33	—	COM	431284108
WELL	WELLTOWER INC	170,783 (-20.6%)	$31,926 (-16.7%)	6.1%	$83.63	+123.0%	COM	95040Q104
HLT	HILTON WORLDWIDE HLDGS INC	43,749 (-38.3%)	$12,818 (-30.4%)	2.5%	$244.49	+11.3%	COM	43300A203
CUBE	CUBESMART	504,160 (-12.0%)	$17,847 (-23.4%)	3.4%	$42.38	—	COM	229663109
CCI	CROWN CASTLE INC	112,220 (-28.6%)	$9,954 (-34.3%)	1.9%	$99.10	-8.1%	COM	22822V101
EGP	EASTGROUP PPTYS INC	69,115 (-33.6%)	$12,434 (-29.4%)	2.4%	$172.55	—	COM	277276101
BRX	BRIXMOR PPTY GROUP INC	570,452 (-19.3%)	$14,809 (-24.3%)	2.9%	$27.04	—	COM	11120U105
EPRT	ESSENTIAL PPTYS RLTY TR INC	500,358 (-21.9%)	$15,041 (-21.1%)	2.9%	$29.76	—	COM	29670E107
ADC	AGREE RLTY CORP	175,224 (-24.9%)	$12,637 (-23.7%)	2.4%	$64.95	—	COM	008492100
EQR	EQUITY RESIDENTIAL	423,656 (-5.3%)	$26,279 (-9.2%)	5.1%	$60.07	+1.0%	SH BEN INT	29476L107
CBRE	CBRE GROUP INC	100,894 (-14.9%)	$16,162 (-13.5%)	3.1%	$88.48	+77.7%	CL A	12504L109
VTR	VENTAS INC	287,135 (-10.5%)	$22,204 (-1.2%)	4.3%	$59.18	+26.7%	COM	92276F100
SNDA	SONIDA SENIOR LIVING INC	776,975 (-12.7%)	$24,809 (+0.6%)	4.8%	$27.44	+8.1%	COM	140475203

Unchanged Positions (1)

PLD PROLOGIS INC. 11.4%

Value ($000) $59,237 Shares 459,025 Est. Cost $105.40 Unrealized +17.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLD	PROLOGIS INC.	459,025	$59,237	11.4%	$105.40	+17.5%	COM	74340W103