Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
EQR	Vivmark Residential	52,347 (+102.5%)	$3.181M (+81.2%)	3.8%	$60.77	$57.44	—	COMMON STOCK	29476L107
VICI	VICI Properties Inc	101,500 (+6.3%)	$2.331M (-8.1%)	2.8%	$22.97	$26.23	—	COMMON STOCK	925652109
NHI	National Health Investors Inc	9,200 (+53.3%)	$604K (+31.9%)	0.7%	$65.65	$64.94	—	COMMON STOCK	63633D104
FCPT	Four Corners Property Trust Inc	28,000 (+36.6%)	$609K (+21.1%)	0.7%	$21.75	$23.94	—	COMMON STOCK	35086T109
UMH	UMH Properties Inc	45,564 (+7.0%)	$702K (+9.0%)	0.8%	$15.41	$14.31	—	COMMON STOCK	903002103
EPRT	Essential Properties Realty Trust Inc	33,500 (+13.6%)	$865K (-1.8%)	1.0%	$25.82	$21.24	—	COMMON STOCK	29670E107

Exited Positions (4)

AVB AvalonBay Communities Inc 2.4%

Value $1.982M Shares 10,502 Share Price $188.73 Est. Cost/Share $144.48 Unrealized @ Report Date —

SILA Sila Realty Trust Inc 1.1%

Value $880K Shares 29,000 Share Price $30.34 Est. Cost/Share $23.42 Unrealized @ Report Date —

NSA National Storage Affiliates Trust 0.1%

Value $116K Shares 2,600 Share Price $44.62 Est. Cost/Share $39.30 Unrealized @ Report Date —

— RETAIL VALUE INC liquidated 0.0%

Value $0 Shares 108 Share Price $0.00 Est. Cost/Share $92.31 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AVB	AvalonBay Communities Inc	10,502	$1.982M	2.4%	$188.73	$144.48	—	—	053484101
SILA	Sila Realty Trust Inc	29,000	$880K	1.1%	$30.34	$23.42	—	—	146280508
NSA	National Storage Affiliates Trust	2,600	$116K	0.1%	$44.62	$39.30	—	—	637870106
—	RETAIL VALUE INC liquidated	108	$0	0.0%	$0.00	$92.31	—	—	000000000

Decreased Positions (27)

EQIX Equinix Inc 8.1%

Value $6.687M (-9.5%) Shares 6,610 (-6.8%) Share Price $1011.65 Est. Cost/Share $673.88 Unrealized @ Report Date —

O Realty Income Corp 4.3%

Value $3.586M (-15.8%) Shares 66,038 (-3.9%) Share Price $54.30 Est. Cost/Share $51.59 Unrealized @ Report Date —

PLD Prologis Inc 9.5%

Value $7.915M (-7.2%) Shares 60,958 (-3.2%) Share Price $129.84 Est. Cost/Share $77.62 Unrealized @ Report Date —

SPG Simon Property Group Inc 4.7%

Value $3.936M (-12.0%) Shares 19,606 (-2.0%) Share Price $200.75 Est. Cost/Share $117.17 Unrealized @ Report Date —

PSA Public Storage 3.8%

Value $3.133M (-13.0%) Shares 11,077 (-2.1%) Share Price $282.84 Est. Cost/Share $218.96 Unrealized @ Report Date —

IRM Iron Mountain Inc 2.7%

Value $2.197M (-14.3%) Shares 19,800 (-2.5%) Share Price $110.96 Est. Cost/Share $34.07 Unrealized @ Report Date —

LAMR Lamar Advertising Co 1.3%

Value $1.038M (-22.6%) Shares 7,200 (-16.3%) Share Price $144.17 Est. Cost/Share $118.93 Unrealized @ Report Date —

LXP LXP Industrial Trust 0.8%

Value $694K (-30.0%) Shares 11,400 (-38.0%) Share Price $60.88 Est. Cost/Share $49.57 Unrealized @ Report Date —

DOC Healthpeak Properties Inc 2.1%

Value $1.732M (-14.6%) Shares 86,755 (-8.4%) Share Price $19.96 Est. Cost/Share $20.04 Unrealized @ Report Date —

INVH Invitation Homes Inc 1.5%

Value $1.284M (-18.7%) Shares 48,765 (-6.7%) Share Price $26.33 Est. Cost/Share $25.88 Unrealized @ Report Date —

OUT Outfront Media Inc 0.5%

Value $453K (-36.6%) Shares 16,308 (-25.2%) Share Price $27.78 Est. Cost/Share $16.24 Unrealized @ Report Date —

GTY Getty Realty Corp 0.7%

Value $565K (-30.8%) Shares 20,000 (-18.4%) Share Price $28.25 Est. Cost/Share $27.59 Unrealized @ Report Date —

WPC WP Carey Inc 1.6%

Value $1.364M (-14.5%) Shares 21,104 (-5.4%) Share Price $64.63 Est. Cost/Share $65.76 Unrealized @ Report Date —

NNN National Retail Properties Inc 1.2%

Value $1.019M (-18.3%) Shares 24,800 (-7.5%) Share Price $41.09 Est. Cost/Share $42.92 Unrealized @ Report Date —

ESS Essex Property Trust Inc 1.4%

Value $1.199M (-15.2%) Shares 4,450 (-8.2%) Share Price $269.44 Est. Cost/Share $205.56 Unrealized @ Report Date —

BNL Broadstone Net Lease Inc 0.8%

Value $703K (-22.7%) Shares 38,000 (-13.6%) Share Price $18.50 Est. Cost/Share $16.12 Unrealized @ Report Date —

AMH American Homes 4 Rent 1.2%

Value $972K (-14.7%) Shares 32,000 (-5.9%) Share Price $30.38 Est. Cost/Share $30.74 Unrealized @ Report Date —

HST Host Hotels and Resorts Inc 1.3%

Value $1.071M (-12.9%) Shares 47,843 (-7.7%) Share Price $22.39 Est. Cost/Share $14.44 Unrealized @ Report Date —

STAG STAG Industrial Inc 1.1%

Value $890K (-14.5%) Shares 24,863 (-9.1%) Share Price $35.80 Est. Cost/Share $26.30 Unrealized @ Report Date —

EPR EPR Properties 1.0%

Value $859K (-14.4%) Shares 15,300 (-11.6%) Share Price $56.14 Est. Cost/Share $47.99 Unrealized @ Report Date —

CUZ Cousins Properties Inc 0.7%

Value $564K (-19.7%) Shares 20,400 (-12.8%) Share Price $27.65 Est. Cost/Share $33.33 Unrealized @ Report Date —

MRP Millrose Properties Inc 0.7%

Value $584K (-19.0%) Shares 22,500 (-6.3%) Share Price $25.96 Est. Cost/Share $29.59 Unrealized @ Report Date —

CUBE CubeSmart 1.1%

Value $891K (-12.8%) Shares 23,700 (-7.8%) Share Price $37.59 Est. Cost/Share $32.24 Unrealized @ Report Date —

COLD Americold Realty Trust Inc 0.7%

Value $618K (-16.7%) Shares 44,200 (-6.4%) Share Price $13.98 Est. Cost/Share $17.11 Unrealized @ Report Date —

SBRA Sabra Health Care REIT Inc 1.0%

Value $836K (-12.4%) Shares 42,374 (-13.3%) Share Price $19.73 Est. Cost/Share $17.78 Unrealized @ Report Date —

OHI Omega Healthcare Investors Inc 1.2%

Value $1.019M (-7.1%) Shares 22,000 (-4.3%) Share Price $46.32 Est. Cost/Share $34.26 Unrealized @ Report Date —

LTC LTC Properties Inc 1.1%

Value $879K (+6.3%) Shares 20,500 (-4.7%) Share Price $42.88 Est. Cost/Share $35.37 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
EQIX	Equinix Inc	6,610 (-6.8%)	$6.687M (-9.5%)	8.1%	$1011.65	$673.88	—	COMMON STOCK	29444U700
O	Realty Income Corp	66,038 (-3.9%)	$3.586M (-15.8%)	4.3%	$54.30	$51.59	—	COMMON STOCK	756109104
PLD	Prologis Inc	60,958 (-3.2%)	$7.915M (-7.2%)	9.5%	$129.84	$77.62	—	COMMON STOCK	74340W103
SPG	Simon Property Group Inc	19,606 (-2.0%)	$3.936M (-12.0%)	4.7%	$200.75	$117.17	—	COMMON STOCK	828806109
PSA	Public Storage	11,077 (-2.1%)	$3.133M (-13.0%)	3.8%	$282.84	$218.96	—	COMMON STOCK	74460D109
IRM	Iron Mountain Inc	19,800 (-2.5%)	$2.197M (-14.3%)	2.7%	$110.96	$34.07	—	COMMON STOCK	46284V101
LAMR	Lamar Advertising Co	7,200 (-16.3%)	$1.038M (-22.6%)	1.3%	$144.17	$118.93	—	COMMON STOCK	512816109
LXP	LXP Industrial Trust	11,400 (-38.0%)	$694K (-30.0%)	0.8%	$60.88	$49.57	—	COMMON STOCK	529043408
DOC	Healthpeak Properties Inc	86,755 (-8.4%)	$1.732M (-14.6%)	2.1%	$19.96	$20.04	—	COMMON STOCK	42250P103
INVH	Invitation Homes Inc	48,765 (-6.7%)	$1.284M (-18.7%)	1.5%	$26.33	$25.88	—	COMMON STOCK	46187W107
OUT	Outfront Media Inc	16,308 (-25.2%)	$453K (-36.6%)	0.5%	$27.78	$16.24	—	COMMON STOCK	69007J304
GTY	Getty Realty Corp	20,000 (-18.4%)	$565K (-30.8%)	0.7%	$28.25	$27.59	—	COMMON STOCK	374297109
WPC	WP Carey Inc	21,104 (-5.4%)	$1.364M (-14.5%)	1.6%	$64.63	$65.76	—	COMMON STOCK	92936U109
NNN	National Retail Properties Inc	24,800 (-7.5%)	$1.019M (-18.3%)	1.2%	$41.09	$42.92	—	COMMON STOCK	637417106
ESS	Essex Property Trust Inc	4,450 (-8.2%)	$1.199M (-15.2%)	1.4%	$269.44	$205.56	—	COMMON STOCK	297178105
BNL	Broadstone Net Lease Inc	38,000 (-13.6%)	$703K (-22.7%)	0.8%	$18.50	$16.12	—	COMMON STOCK	11135E203
AMH	American Homes 4 Rent	32,000 (-5.9%)	$972K (-14.7%)	1.2%	$30.38	$30.74	—	COMMON STOCK	02665T306
HST	Host Hotels and Resorts Inc	47,843 (-7.7%)	$1.071M (-12.9%)	1.3%	$22.39	$14.44	—	COMMON STOCK	44107P104
STAG	STAG Industrial Inc	24,863 (-9.1%)	$890K (-14.5%)	1.1%	$35.80	$26.30	—	COMMON STOCK	85254J102
EPR	EPR Properties	15,300 (-11.6%)	$859K (-14.4%)	1.0%	$56.14	$47.99	—	COMMON STOCK	26884U109
CUZ	Cousins Properties Inc	20,400 (-12.8%)	$564K (-19.7%)	0.7%	$27.65	$33.33	—	COMMON STOCK	222795502
MRP	Millrose Properties Inc	22,500 (-6.3%)	$584K (-19.0%)	0.7%	$25.96	$29.59	—	COMMON STOCK	601137102
CUBE	CubeSmart	23,700 (-7.8%)	$891K (-12.8%)	1.1%	$37.59	$32.24	—	COMMON STOCK	229663109
COLD	Americold Realty Trust Inc	44,200 (-6.4%)	$618K (-16.7%)	0.7%	$13.98	$17.11	—	COMMON STOCK	03064D108
SBRA	Sabra Health Care REIT Inc	42,374 (-13.3%)	$836K (-12.4%)	1.0%	$19.73	$17.78	—	COMMON STOCK	78573L106
OHI	Omega Healthcare Investors Inc	22,000 (-4.3%)	$1.019M (-7.1%)	1.2%	$46.32	$34.26	—	COMMON STOCK	681936100
LTC	LTC Properties Inc	20,500 (-4.7%)	$879K (+6.3%)	1.1%	$42.88	$35.37	—	COMMON STOCK	502175102

Unchanged Positions (39)

BRX Brixmor Property Group Inc 1.5%

Value $1.22M Shares 44,211 Share Price $27.59 Est. Cost/Share $24.39 Unrealized @ Report Date —

MAA Mid-America Apartment Communities Inc 1.1%

Value $924K Shares 7,850 Share Price $117.71 Est. Cost/Share $94.77 Unrealized @ Report Date —

EXR Extra Space Storage Inc 1.6%

Value $1.296M Shares 9,855 Share Price $131.51 Est. Cost/Share $126.14 Unrealized @ Report Date —

CPT Camden Property Trust 0.9%

Value $728K Shares 7,531 Share Price $96.67 Est. Cost/Share $90.35 Unrealized @ Report Date —

UDR UDR Inc 0.8%

Value $701K Shares 20,888 Share Price $33.56 Est. Cost/Share $30.07 Unrealized @ Report Date —

VTR Ventas Inc 3.2%

Value $2.653M Shares 31,205 Share Price $85.02 Est. Cost/Share $46.31 Unrealized @ Report Date —

KRG Kite Realty Group Trust 0.9%

Value $717K Shares 29,400 Share Price $24.39 Est. Cost/Share $21.22 Unrealized @ Report Date —

WELL Welltower Inc 8.6%

Value $7.151M Shares 31,059 Share Price $230.24 Est. Cost/Share $74.77 Unrealized @ Report Date —

KIM Kimco Realty Corp 0.9%

Value $717K Shares 32,295 Share Price $22.20 Est. Cost/Share $19.40 Unrealized @ Report Date —

DLR Digital Realty Trust Inc 4.6%

Value $3.852M Shares 21,947 Share Price $175.51 Est. Cost/Share $95.66 Unrealized @ Report Date —

CHCT Community Healthcare Trust Inc 0.3%

Value $284K Shares 20,000 Share Price $14.20 Est. Cost/Share $17.56 Unrealized @ Report Date —

HR Healthcare Realty Trust Inc 0.7%

Value $578K Shares 32,582 Share Price $17.74 Est. Cost/Share $18.71 Unrealized @ Report Date —

CTRE CareTrust REIT Inc 0.8%

Value $695K Shares 19,000 Share Price $36.58 Est. Cost/Share $28.57 Unrealized @ Report Date —

PECO Phillips Edison and Co Inc 0.6%

Value $467K Shares 12,500 Share Price $37.36 Est. Cost/Share $38.90 Unrealized @ Report Date —

IRT Independence Realty Trust Inc 0.4%

Value $334K Shares 23,000 Share Price $14.52 Est. Cost/Share $15.91 Unrealized @ Report Date —

MPT Medical Properties Trust Inc 0.2%

Value $151K Shares 43,500 Share Price $3.47 Est. Cost/Share $13.06 Unrealized @ Report Date —

ARE Alexandria Real Estate Equities Inc 0.5%

Value $415K Shares 8,750 Share Price $47.43 Est. Cost/Share $83.68 Unrealized @ Report Date —

REG Regency Centers Corp 0.5%

Value $388K Shares 5,399 Share Price $71.87 Est. Cost/Share $66.68 Unrealized @ Report Date —

IIPR Innovative Industrial Properties Inc 0.3%

Value $232K Shares 4,404 Share Price $52.68 Est. Cost/Share $87.69 Unrealized @ Report Date —

XRN Chiron Real Estate Inc 0.6%

Value $492K Shares 14,140 Share Price $34.79 Est. Cost/Share $33.67 Unrealized @ Report Date —

BXP Boston Properties Inc 0.5%

Value $429K Shares 7,014 Share Price $61.16 Est. Cost/Share $79.82 Unrealized @ Report Date —

PK Park Hotels and Resorts Inc 0.5%

Value $449K Shares 29,106 Share Price $15.43 Est. Cost/Share $17.43 Unrealized @ Report Date —

VNO Vornado Realty Trust 0.3%

Value $211K Shares 6,237 Share Price $33.83 Est. Cost/Share $69.17 Unrealized @ Report Date —

KRC Kilroy Realty Corp 0.3%

Value $250K Shares 7,500 Share Price $33.33 Est. Cost/Share $54.54 Unrealized @ Report Date —

SKT TANGER INC 0.2%

Value $206K Shares 6,000 Share Price $34.33 Est. Cost/Share $32.21 Unrealized @ Report Date —

CURB Curbline Properties Corp 0.3%

Value $278K Shares 10,000 Share Price $27.80 Est. Cost/Share $23.20 Unrealized @ Report Date —

RLJ RLJ Lodging Trust 0.4%

Value $344K Shares 31,100 Share Price $11.06 Est. Cost/Share $25.34 Unrealized @ Report Date —

MAC Macerich Co/The 0.2%

Value $194K Shares 8,692 Share Price $22.32 Est. Cost/Share $78.02 Unrealized @ Report Date —

INN Summit Hotel Properties Inc 0.1%

Value $112K Shares 18,700 Share Price $5.99 Est. Cost/Share $13.19 Unrealized @ Report Date —

HPP Hudson Pacific Properties Inc 0.1%

Value $63,000 Shares 5,428 Share Price $11.61 Est. Cost/Share $10.87 Unrealized @ Report Date —

BDN Brandywine Realty Trust 0.2%

Value $130K Shares 46,500 Share Price $2.80 Est. Cost/Share $12.96 Unrealized @ Report Date —

HIW Highwoods Properties Inc 0.3%

Value $281K Shares 9,698 Share Price $28.98 Est. Cost/Share $41.54 Unrealized @ Report Date —

APLE Apple Hospitality REIT Inc 0.3%

Value $259K Shares 16,000 Share Price $16.19 Est. Cost/Share $14.43 Unrealized @ Report Date —

GNL Global Net Lease Inc 0.1%

Value $120K Shares 14,492 Share Price $8.28 Est. Cost/Share $14.81 Unrealized @ Report Date —

PW Power REIT 0.0%

Value $21,000 Shares 2,995 Share Price $7.01 Est. Cost/Share $9.68 Unrealized @ Report Date —

CSR Centerspace 0.3%

Value $246K Shares 4,519 Share Price $54.44 Est. Cost/Share $72.63 Unrealized @ Report Date —

PEB Pebblebrook Hotel Trust 0.1%

Value $119K Shares 6,355 Share Price $18.73 Est. Cost/Share $28.32 Unrealized @ Report Date —

CLDT Chatham Lodging Trust 0.2%

Value $201K Shares 15,000 Share Price $13.40 Est. Cost/Share $15.06 Unrealized @ Report Date —

SITC SITE Centers Corp 0.0%

Value $17,000 Shares 5,000 Share Price $3.40 Est. Cost/Share $60.60 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRX	Brixmor Property Group Inc	44,211	$1.22M	1.5%	$27.59	$24.39	—	COMMON STOCK	11120U105
MAA	Mid-America Apartment Communities Inc	7,850	$924K	1.1%	$117.71	$94.77	—	COMMON STOCK	59522J103
EXR	Extra Space Storage Inc	9,855	$1.296M	1.6%	$131.51	$126.14	—	COMMON STOCK	30225T102
CPT	Camden Property Trust	7,531	$728K	0.9%	$96.67	$90.35	—	COMMON STOCK	133131102
UDR	UDR Inc	20,888	$701K	0.8%	$33.56	$30.07	—	COMMON STOCK	902653104
VTR	Ventas Inc	31,205	$2.653M	3.2%	$85.02	$46.31	—	COMMON STOCK	92276F100
KRG	Kite Realty Group Trust	29,400	$717K	0.9%	$24.39	$21.22	—	COMMON STOCK	49803T300
WELL	Welltower Inc	31,059	$7.151M	8.6%	$230.24	$74.77	—	COMMON STOCK	95040Q104
KIM	Kimco Realty Corp	32,295	$717K	0.9%	$22.20	$19.40	—	COMMON STOCK	49446R109
DLR	Digital Realty Trust Inc	21,947	$3.852M	4.6%	$175.51	$95.66	—	COMMON STOCK	253868103
CHCT	Community Healthcare Trust Inc	20,000	$284K	0.3%	$14.20	$17.56	—	COMMON STOCK	20369C106
HR	Healthcare Realty Trust Inc	32,582	$578K	0.7%	$17.74	$18.71	—	COMMON STOCK	42226K105
CTRE	CareTrust REIT Inc	19,000	$695K	0.8%	$36.58	$28.57	—	COMMON STOCK	14174T107
PECO	Phillips Edison and Co Inc	12,500	$467K	0.6%	$37.36	$38.90	—	COMMON STOCK	71844V201
IRT	Independence Realty Trust Inc	23,000	$334K	0.4%	$14.52	$15.91	—	COMMON STOCK	45378A106
MPT	Medical Properties Trust Inc	43,500	$151K	0.2%	$3.47	$13.06	—	COMMON STOCK	58463J304
ARE	Alexandria Real Estate Equities Inc	8,750	$415K	0.5%	$47.43	$83.68	—	COMMON STOCK	015271109
REG	Regency Centers Corp	5,399	$388K	0.5%	$71.87	$66.68	—	COMMON STOCK	758849103
IIPR	Innovative Industrial Properties Inc	4,404	$232K	0.3%	$52.68	$87.69	—	COMMON STOCK	45781V101
XRN	Chiron Real Estate Inc	14,140	$492K	0.6%	$34.79	$33.67	—	COMMON STOCK	37954A303
BXP	Boston Properties Inc	7,014	$429K	0.5%	$61.16	$79.82	—	COMMON STOCK	101121101
PK	Park Hotels and Resorts Inc	29,106	$449K	0.5%	$15.43	$17.43	—	COMMON STOCK	700517105
VNO	Vornado Realty Trust	6,237	$211K	0.3%	$33.83	$69.17	—	COMMON STOCK	929042109
KRC	Kilroy Realty Corp	7,500	$250K	0.3%	$33.33	$54.54	—	COMMON STOCK	49427F108
SKT	TANGER INC	6,000	$206K	0.2%	$34.33	$32.21	—	COMMON STOCK	875465106
CURB	Curbline Properties Corp	10,000	$278K	0.3%	$27.80	$23.20	—	COMMON STOCK	23128Q101
RLJ	RLJ Lodging Trust	31,100	$344K	0.4%	$11.06	$25.34	—	COMMON STOCK	74965L101
MAC	Macerich Co/The	8,692	$194K	0.2%	$22.32	$78.02	—	COMMON STOCK	554382101
INN	Summit Hotel Properties Inc	18,700	$112K	0.1%	$5.99	$13.19	—	COMMON STOCK	866082100
HPP	Hudson Pacific Properties Inc	5,428	$63,000	0.1%	$11.61	$10.87	—	COMMON STOCK	444097406
BDN	Brandywine Realty Trust	46,500	$130K	0.2%	$2.80	$12.96	—	COMMON STOCK	105368203
HIW	Highwoods Properties Inc	9,698	$281K	0.3%	$28.98	$41.54	—	COMMON STOCK	431284108
APLE	Apple Hospitality REIT Inc	16,000	$259K	0.3%	$16.19	$14.43	—	COMMON STOCK	03784Y200
GNL	Global Net Lease Inc	14,492	$120K	0.1%	$8.28	$14.81	—	COMMON STOCK	379378201
PW	Power REIT	2,995	$21,000	0.0%	$7.01	$9.68	—	COMMON STOCK	73933H309
CSR	Centerspace	4,519	$246K	0.3%	$54.44	$72.63	—	COMMON STOCK	15202L107
PEB	Pebblebrook Hotel Trust	6,355	$119K	0.1%	$18.73	$28.32	—	COMMON STOCK	70509V100
CLDT	Chatham Lodging Trust	15,000	$201K	0.2%	$13.40	$15.06	—	COMMON STOCK	16208T102
SITC	SITE Centers Corp	5,000	$17,000	0.0%	$3.40	$60.60	—	COMMON STOCK	82981J851