LASALLE INVESTMENT MANAGEMENT SECURITIES LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LXP	LXP INDUSTRIAL TRUST	1,710,791	$84,821	3.4%	$49.58	—	COMM STK	529043408
SBRA	SABRA HEALTHCARE REIT INC	3,534,217	$66,938	2.7%	$18.94	—	COMM STK	78573L106
FCPT	FOUR CORNERS PROPERTY TRUST	1,426,241	$32,889	1.3%	$23.06	—	COMM STK	35086T109
NNN	NNN REIT INC	603,176	$23,904	1.0%	$39.63	—	COMM STK	637417106
STAG	STAG INDUSTRIAL INC	6,611	$243	0.0%	$36.76	—	COMM STK	85254J102
LINE	LINEAGE INC	6,733	$236	0.0%	$35.00	—	COMM STK	53566V106
IVT	INVENTRUST PROPERTIES CORP	3,908	$110	0.0%	$28.21	—	COMM STK	46124J201

Increased Positions (18)

ESRT EMPIRE STATE REALTY TRUST INC 1.4%

Value ($000) $36,020 (+209.9%) Shares 5,524,484 (+264.1%) Est. Cost $6.83 Unrealized —

ARE ALEXANDRIA REAL ESTATE EQUITIES INC 3.3%

Value ($000) $83,356 (-15.8%) Shares 1,703,228 (+43.4%) Est. Cost $80.59 Unrealized -28.0%

EQR EQUITY RESIDENTIAL 3.5%

Value ($000) $87,578 (+15.3%) Shares 1,389,244 (+18.4%) Est. Cost $63.08 Unrealized -3.8%

KRG KITE REALTY GROUP TRUST 3.0%

Value ($000) $73,837 (+17.6%) Shares 3,080,378 (+9.4%) Est. Cost $22.47 Unrealized —

FRT FEDERAL REALTY INVESTMENT TRUST 1.4%

Value ($000) $36,180 (+28.7%) Shares 358,931 (+29.4%) Est. Cost $93.29 Unrealized +4.4%

FR FIRST INDUSTRIAL REALTY TRUST INC 1.8%

Value ($000) $45,115 (+19.5%) Shares 787,764 (+7.4%) Est. Cost $41.42 Unrealized —

CUBE CUBESMART 1.6%

Value ($000) $38,947 (-8.7%) Shares 1,080,351 (+3.0%) Est. Cost $41.30 Unrealized —

SPG SIMON PROPERTY GROUP INC 4.0%

Value ($000) $98,664 (+3.8%) Shares 533,003 (+5.3%) Est. Cost $114.06 Unrealized +57.8%

ADC AGREE REALTY CORP 1.9%

Value ($000) $48,586 (+7.6%) Shares 674,524 (+6.2%) Est. Cost $60.96 Unrealized —

INVH INVITATION HOMES INC 0.7%

Value ($000) $16,827 (+21.2%) Shares 605,488 (+27.9%) Est. Cost $24.76 Unrealized +11.6%

UDR UDR INC 2.0%

Value ($000) $48,868 (+6.2%) Shares 1,332,292 (+7.9%) Est. Cost $33.64 Unrealized +5.6%

GLPI GAMING AND LEISURE PROP INC 3.7%

Value ($000) $91,763 (+2.5%) Shares 2,053,320 (+6.9%) Est. Cost $44.63 Unrealized —

AMH AMERICAN HOMES 4 RENT 3.9%

Value ($000) $98,102 (+2.1%) Shares 3,056,123 (+5.8%) Est. Cost $35.64 Unrealized —

AVB AVALONBAY COMMUNITIES INC 2.4%

Value ($000) $60,354 (-2.6%) Shares 332,878 (+3.8%) Est. Cost $133.91 Unrealized +34.2%

AMT AMERICAN TOWER CORP 3.7%

Value ($000) $92,634 (-0.3%) Shares 527,616 (+9.2%) Est. Cost $175.96 Unrealized +2.5%

CCI CROWN CASTLE INTL CORP 0.0%

Value ($000) $618 (+27.8%) Shares 6,957 (+38.8%) Est. Cost $101.37 Unrealized -10.1%

LAMR LAMAR ADVERTISING CO 0.0%

Value ($000) $410 (+11.9%) Shares 3,238 (+8.2%) Est. Cost $121.78 Unrealized —

SBAC SBA COMMUNICATIONS CORP 0.1%

Value ($000) $2,008 (+1.9%) Shares 10,380 (+1.9%) Est. Cost $227.50 Unrealized -15.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ESRT	EMPIRE STATE REALTY TRUST INC	5,524,484 (+264.1%)	$36,020 (+209.9%)	1.4%	$6.83	—	COMM STK	292104106
ARE	ALEXANDRIA REAL ESTATE EQUITIES INC	1,703,228 (+43.4%)	$83,356 (-15.8%)	3.3%	$80.59	-28.0%	COMM STK	015271109
EQR	EQUITY RESIDENTIAL	1,389,244 (+18.4%)	$87,578 (+15.3%)	3.5%	$63.08	-3.8%	COMM STK	29476L107
KRG	KITE REALTY GROUP TRUST	3,080,378 (+9.4%)	$73,837 (+17.6%)	3.0%	$22.47	—	COMM STK	49803T300
FRT	FEDERAL REALTY INVESTMENT TRUST	358,931 (+29.4%)	$36,180 (+28.7%)	1.4%	$93.29	+4.4%	COMM STK	313745101
FR	FIRST INDUSTRIAL REALTY TRUST INC	787,764 (+7.4%)	$45,115 (+19.5%)	1.8%	$41.42	—	COMM STK	32054K103
CUBE	CUBESMART	1,080,351 (+3.0%)	$38,947 (-8.7%)	1.6%	$41.30	—	COMM STK	229663109
SPG	SIMON PROPERTY GROUP INC	533,003 (+5.3%)	$98,664 (+3.8%)	4.0%	$114.06	+57.8%	COMM STK	828806109
ADC	AGREE REALTY CORP	674,524 (+6.2%)	$48,586 (+7.6%)	1.9%	$60.96	—	COMM STK	008492100
INVH	INVITATION HOMES INC	605,488 (+27.9%)	$16,827 (+21.2%)	0.7%	$24.76	+11.6%	COMM STK	46187W107
UDR	UDR INC	1,332,292 (+7.9%)	$48,868 (+6.2%)	2.0%	$33.64	+5.6%	COMM STK	902653104
GLPI	GAMING AND LEISURE PROP INC	2,053,320 (+6.9%)	$91,763 (+2.5%)	3.7%	$44.63	—	COMM STK	36467J108
AMH	AMERICAN HOMES 4 RENT	3,056,123 (+5.8%)	$98,102 (+2.1%)	3.9%	$35.64	—	COMM STK	02665T306
AVB	AVALONBAY COMMUNITIES INC	332,878 (+3.8%)	$60,354 (-2.6%)	2.4%	$133.91	+34.2%	COMM STK	053484101
AMT	AMERICAN TOWER CORP	527,616 (+9.2%)	$92,634 (-0.3%)	3.7%	$175.96	+2.5%	COMM STK	03027X100
CCI	CROWN CASTLE INTL CORP	6,957 (+38.8%)	$618 (+27.8%)	0.0%	$101.37	-10.1%	COMM STK	22822V101
LAMR	LAMAR ADVERTISING CO	3,238 (+8.2%)	$410 (+11.9%)	0.0%	$121.78	—	COMM STK	512816109
SBAC	SBA COMMUNICATIONS CORP	10,380 (+1.9%)	$2,008 (+1.9%)	0.1%	$227.50	-15.3%	COMM STK	78410G104

Exited Positions (3)

— LXP INDUSTRIAL TRUST 3.5%

Value ($000) $87,414 Shares 9,756,056 Est. Cost $8.70 Unrealized —

OHI OMEGA HEALTHCARE INVESTORS INC 2.9%

Value ($000) $71,394 Shares 1,691,009 Est. Cost $37.19 Unrealized —

NTST NETSTREIT CORP 1.2%

Value ($000) $29,011 Shares 1,606,352 Est. Cost $16.09 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	LXP INDUSTRIAL TRUST	9,756,056	$87,414	3.5%	$8.70	—	—	529043101
OHI	OMEGA HEALTHCARE INVESTORS INC	1,691,009	$71,394	2.9%	$37.19	—	—	681936100
NTST	NETSTREIT CORP	1,606,352	$29,011	1.2%	$16.09	—	—	64119V303

Decreased Positions (17)

O REALTY INCOME CORP 1.7%

Value ($000) $41,777 (-52.7%) Shares 741,120 (-48.9%) Est. Cost $51.56 Unrealized +11.2%

DLR DIGITAL REALTY TRUST INC 2.5%

Value ($000) $62,414 (-29.9%) Shares 403,427 (-21.6%) Est. Cost $102.96 Unrealized +58.4%

VICI VICI PROPERTIES INC 2.0%

Value ($000) $48,722 (-32.5%) Shares 1,732,642 (-21.8%) Est. Cost $20.17 Unrealized +45.3%

PSA PUBLIC STORAGE 5.0%

Value ($000) $124,558 (-14.1%) Shares 479,993 (-4.4%) Est. Cost $221.65 Unrealized +25.1%

OUT OUTFRONT MEDIA INC 3.4%

Value ($000) $84,499 (+24.7%) Shares 3,506,182 (-5.2%) Est. Cost $17.47 Unrealized —

EQIX EQUINIX INC 9.8%

Value ($000) $244,700 (-3.8%) Shares 319,385 (-1.7%) Est. Cost $681.32 Unrealized +14.7%

CURB CURBLINE PROPERTIES CORP 0.7%

Value ($000) $18,258 (-30.0%) Shares 786,623 (-32.7%) Est. Cost $23.03 Unrealized —

CDP COPT DEFENSE PROPERTIES 0.2%

Value ($000) $5,150 (-59.8%) Shares 185,258 (-58.0%) Est. Cost $25.58 Unrealized —

PLD PROLOGIS INC 6.4%

Value ($000) $160,925 (+4.6%) Shares 1,260,576 (-6.2%) Est. Cost $69.90 Unrealized +77.2%

ELS EQUITY LIFESTYLE PROPERTIES INC 1.8%

Value ($000) $46,183 (-9.1%) Shares 761,971 (-9.0%) Est. Cost $60.70 Unrealized —

BXP BXP INC 0.7%

Value ($000) $16,562 (-17.2%) Shares 245,440 (-8.7%) Est. Cost $66.78 Unrealized +5.4%

COLD AMERICOLD REALTY TRUST 3.5%

Value ($000) $87,512 (+2.8%) Shares 6,804,956 (-2.2%) Est. Cost $19.58 Unrealized —

EXR EXTRA SPACE STORAGE INC 0.1%

Value ($000) $3,049 (-34.0%) Shares 23,416 (-28.6%) Est. Cost $121.22 Unrealized +11.4%

WELL WELLTOWER INC 8.5%

Value ($000) $211,669 (-0.4%) Shares 1,140,399 (-4.4%) Est. Cost $94.17 Unrealized +98.0%

VTR VENTAS INC 4.3%

Value ($000) $107,842 (-0.8%) Shares 1,393,670 (-10.3%) Est. Cost $64.36 Unrealized +16.5%

HST HOST HOTELS & RESORTS INC 1.1%

Value ($000) $28,644 (+1.6%) Shares 1,615,578 (-2.5%) Est. Cost $14.63 Unrealized +15.7%

DRH DIAMONDROCK HOSPITALITY CO 0.4%

Value ($000) $10,128 (-2.4%) Shares 1,130,355 (-13.3%) Est. Cost $8.83 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
O	REALTY INCOME CORP	741,120 (-48.9%)	$41,777 (-52.7%)	1.7%	$51.56	+11.2%	COMM STK	756109104
DLR	DIGITAL REALTY TRUST INC	403,427 (-21.6%)	$62,414 (-29.9%)	2.5%	$102.96	+58.4%	COMM STK	253868103
VICI	VICI PROPERTIES INC	1,732,642 (-21.8%)	$48,722 (-32.5%)	2.0%	$20.17	+45.3%	COMM STK	925652109
PSA	PUBLIC STORAGE	479,993 (-4.4%)	$124,558 (-14.1%)	5.0%	$221.65	+25.1%	COMM STK	74460D109
OUT	OUTFRONT MEDIA INC	3,506,182 (-5.2%)	$84,499 (+24.7%)	3.4%	$17.47	—	COMM STK	69007J304
EQIX	EQUINIX INC	319,385 (-1.7%)	$244,700 (-3.8%)	9.8%	$681.32	+14.7%	COMM STK	29444U700
CURB	CURBLINE PROPERTIES CORP	786,623 (-32.7%)	$18,258 (-30.0%)	0.7%	$23.03	—	COMM STK	23128Q101
CDP	COPT DEFENSE PROPERTIES	185,258 (-58.0%)	$5,150 (-59.8%)	0.2%	$25.58	—	COMM STK	22002T108
PLD	PROLOGIS INC	1,260,576 (-6.2%)	$160,925 (+4.6%)	6.4%	$69.90	+77.2%	COMM STK	74340W103
ELS	EQUITY LIFESTYLE PROPERTIES INC	761,971 (-9.0%)	$46,183 (-9.1%)	1.8%	$60.70	—	COMM STK	29472R108
BXP	BXP INC	245,440 (-8.7%)	$16,562 (-17.2%)	0.7%	$66.78	+5.4%	COMM STK	101121101
COLD	AMERICOLD REALTY TRUST	6,804,956 (-2.2%)	$87,512 (+2.8%)	3.5%	$19.58	—	COMM STK	03064D108
EXR	EXTRA SPACE STORAGE INC	23,416 (-28.6%)	$3,049 (-34.0%)	0.1%	$121.22	+11.4%	COMM STK	30225T102
WELL	WELLTOWER INC	1,140,399 (-4.4%)	$211,669 (-0.4%)	8.5%	$94.17	+98.0%	COMM STK	95040Q104
VTR	VENTAS INC	1,393,670 (-10.3%)	$107,842 (-0.8%)	4.3%	$64.36	+16.5%	COMM STK	92276F100
HST	HOST HOTELS & RESORTS INC	1,615,578 (-2.5%)	$28,644 (+1.6%)	1.1%	$14.63	+15.7%	COMM STK	44107P104
DRH	DIAMONDROCK HOSPITALITY CO	1,130,355 (-13.3%)	$10,128 (-2.4%)	0.4%	$8.83	—	COMM STK	252784301

Unchanged Positions (6)

DOC HEALTHPEAK PROPERTIES INC 0.3%

Value ($000) $8,586 Shares 533,956 Est. Cost $16.84 Unrealized +3.7%

SUI SUN COMMUNITIES INC 0.3%

Value ($000) $6,584 Shares 53,134 Est. Cost $126.18 Unrealized —

KRC KILROY REALTY CORP 0.1%

Value ($000) $1,319 Shares 35,300 Est. Cost $51.41 Unrealized —

ESS ESSEX PROPERTY TRUST INC 0.2%

Value ($000) $6,177 Shares 23,605 Est. Cost $255.37 Unrealized +0.4%

REG REGENCY CENTERS CORP 0.1%

Value ($000) $1,962 Shares 28,418 Est. Cost $58.45 Unrealized +18.9%

WY WEYERHAEUSER CO 0.0%

Value ($000) $748 Shares 31,568 Est. Cost $25.22 Unrealized -8.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DOC	HEALTHPEAK PROPERTIES INC	533,956	$8,586	0.3%	$16.84	+3.7%	COMM STK	42250P103
SUI	SUN COMMUNITIES INC	53,134	$6,584	0.3%	$126.18	—	COMM STK	866674104
KRC	KILROY REALTY CORP	35,300	$1,319	0.1%	$51.41	—	COMM STK	49427F108
ESS	ESSEX PROPERTY TRUST INC	23,605	$6,177	0.2%	$255.37	+0.4%	COMM STK	297178105
REG	REGENCY CENTERS CORP	28,418	$1,962	0.1%	$58.45	+18.9%	COMM STK	758849103
WY	WEYERHAEUSER CO	31,568	$748	0.0%	$25.22	-8.8%	COMM STK	962166104