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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Alexander & Baldwin Inc COM 014491104   11,146 599,866 SH   SOLE   234,106 0 365,760
Alexandria Real Estate Equit COM 015271109   43,692 384,989 SH   SOLE   277,688 0 107,301
American Homes 4 Rent COM 02665T306   45,194 1,274,864 SH   SOLE   818,926 0 455,938
American Tower Corp. COM 03027X100   19,599 101,055 SH   SOLE   80,817 0 20,238
AvalonBay Communities, Inc. COM 053484101   22,797 120,451 SH   SOLE   47,786 0 72,665
Boston Properties, Inc. COM 101121101   37,782 656,055 SH   SOLE   381,810 0 274,245
Brixmor Property Group COM 11120U105   27,499 1,249,939 SH   SOLE   812,674 0 437,265
Broadstone Net Lease COM 11135E203   530 34,315 SH   SOLE   30,265 0 4,050
CBRE Group COM 12504L109   14,576 180,588 SH   SOLE   122,226 0 58,362
Camden Property Trust COM 133131102   37,115 340,913 SH   SOLE   204,625 0 136,288
Crown Castle Inc COM 22822V101   1,335 11,720 SH   SOLE   10,895 0 825
Cubesmart COM 229663109   9,647 216,000 SH   SOLE   88,035 0 127,965
DiamondRock Hospitality COM 252784301   620 77,365 SH   SOLE   77,365 0 0
Digital Realty Trust COM 253868103   21,475 188,588 SH   SOLE   73,300 0 115,288
Eastgroup Properties COM 277276101   10,859 62,550 SH   SOLE   25,085 0 37,465
Equinix Inc. COM 29444U700   137,597 175,520 SH   SOLE   115,162 0 60,358
Equity Lifestyle Properties COM 29472R108   47,641 712,226 SH   SOLE   493,641 0 218,585
Equity Residential COM 29476L107   87,671 1,328,961 SH   SOLE   893,511 0 435,450
Essex Property Trust, Inc. COM 297178105   47,377 202,207 SH   SOLE   141,762 0 60,445
Extra Space Storage, Inc. COM 30225T102   54,385 365,373 SH   SOLE   253,310 0 112,063
First Industrial Realty Trus COM 32054K103   7,229 137,329 SH   SOLE   56,999 0 80,330
Hilton, Inc. COM 43300A203   1,255 8,621 SH   SOLE   8,621 0 0
Invitation Homes Inc COM 46187W107   30,325 881,547 SH   SOLE   657,797 0 223,750
Iron Mountain COM 46284V101   547 9,625 SH   SOLE   8,830 0 795
Kimco Realty Corp. COM 49446R109   62,629 3,175,932 SH   SOLE   2,221,227 0 954,705
Lamar Advertising Co-A COM 512816109   5,745 57,880 SH   SOLE   57,350 0 530
Life Storage Inc COM 53223X107   725 5,450 SH   SOLE   5,450 0 0
Marriott International-CL A COM 571903202   14,916 81,199 SH   SOLE   52,979 0 28,220
Mid-America Apartment Commun COM 59522J103   20,409 134,392 SH   SOLE   134,392 0 0
Netstreit Corp COM 64119V303   12,037 673,613 SH   SOLE   278,198 0 395,415
Playa Hotels & Resorts COM N70544106   15,666 1,924,532 SH   SOLE   1,105,482 0 819,050
Potlach Corp COM 737630103   1,130 21,380 SH   SOLE   21,380 0 0
ProLogis Inc. COM 74340W103   0 1,787,097 SH   SOLE   1,208,046 0 579,051
Public Storage COM 74460D109   79,820 273,468 SH   SOLE   173,187 0 100,281
Realty Income COM 756109104   3,536 59,140 SH   SOLE   57,975 0 1,165
Retail Opportunity Investmen COM 76131N101   0 375,245 SH   SOLE   375,245 0 0
Rexford Industrial Realty COM 76169C100   15,605 298,836 SH   SOLE   223,146 0 75,690
Ryman Hospitality Properties COM 78377T107   24,636 265,130 SH   SOLE   196,535 0 68,595
SBA Communications COM 78410G104   1,665 7,185 SH   SOLE   6,685 0 500
Sabra Health Care REIT Inc COM 78573L106   19,800 1,682,193 SH   SOLE   927,263 0 754,930
Simon Property Group, Inc. COM 828806109   0 561,653 SH   SOLE   370,616 0 191,037
Sun Communities, Inc. COM 866674104   3,912 29,982 SH   SOLE   12,029 0 17,953
Ventas, Inc. COM 92276F100   37,806 799,800 SH   SOLE   564,940 0 234,860
Vici Properties COM 925652109   4,992 158,835 SH   SOLE   151,522 0 7,313
Welltower Inc. COM 95040Q104   93,432 1,155,055 SH   SOLE   789,272 0 365,783