The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 938,234 12,918 SH SOLE 12,918 0 0
AMERICAN TOWER CORP NEW COM 03027X100 3,306,459 14,960 SH SOLE 14,960 0 0
AMERICOLD REALTY TRUST INC COM 03064D108 1,105,745 66,491 SH SOLE 66,491 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 343,500 50,000 SH SOLE 50,000 0 0
BRAEMAR HOTELS & RESORTS INC 5.5 CUM CV PFD B 10482B200 1,769,046 134,222 SH SOLE 134,222 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 2,334,512 89,651 SH SOLE 89,651 0 0
COMMUNITY HEALTHCARE TR INC COM 20369C106 2,396,865 144,129 SH SOLE 144,129 0 0
CROWN CASTLE INC COM 22822V101 1,774,558 17,274 SH SOLE 17,274 0 0
CTO RLTY GROWTH INC NEW COM 22948Q101 1,184,036 68,600 SH SOLE 68,600 0 0
DIGITAL RLTY TR INC COM 253868103 1,157,377 6,639 SH SOLE 6,639 0 0
DIVERSIFIED HEALTHCARE TR COM SH BEN INT 25525P107 2,559,972 715,076 SH SOLE 715,076 0 0
ELME COMMUNITIES SH BEN INT 939653101 1,275,291 80,207 SH SOLE 80,207 0 0
EPR PPTYS PFD C CV 5.75% 26884U208 4,179,442 166,844 SH SOLE 166,844 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 8,720,827 279,693 SH SOLE 279,693 0 0
EQUINIX INC COM 29444U700 3,857,234 4,849 SH SOLE 4,849 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 2,823,191 45,779 SH SOLE 45,779 0 0
GLOBAL MED REIT INC COM NEW 37954A204 1,213,485 175,106 SH SOLE 175,106 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 2,238,969 127,868 SH SOLE 127,868 0 0
KITE RLTY GROUP TR COM NEW 49803T300 2,500,786 110,410 SH SOLE 110,410 0 0
LXP INDUSTRIAL TRUST PFD CONV SER C 529043309 2,155,314 46,541 SH SOLE 46,541 0 0
PEBBLEBROOK HOTEL TR 6.375 PFD SER E 70509V605 3,439,793 195,888 SH SOLE 195,888 0 0
PEBBLEBROOK HOTEL TR 6.3 CUM PFD SR F 70509V704 3,341,941 190,424 SH SOLE 190,424 0 0
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 479,035 13,675 SH SOLE 13,675 0 0
RITHM PPTY TR INC 9.875 FXD-FLT C 38983D862 2,542,116 102,052 SH SOLE 102,052 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 7,314,182 309,137 SH SOLE 309,137 0 0
STARWOOD PPTY TR INC COM 85571B105 2,526,472 125,883 SH SOLE 125,883 0 0
UMH PPTYS INC COM 903002103 2,319,841 138,168 SH SOLE 138,168 0 0
VERTIV HOLDINGS CO COM CL A 92537N108 1,286,155 10,016 SH SOLE 10,016 0 0
VICI PPTYS INC COM 925652109 6,191,979 189,938 SH SOLE 189,938 0 0