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
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
Alexander & Baldwin Inc COM 014491104 9,750 414,895 SH   SOLE   68,230 0 346,665
Alexandria Real Estate Equit COM 015271109 89,096 706,161 SH   SOLE   376,495 0 329,666
American Campus Communities COM 024835100 14,254 332,410 SH   SOLE   54,685 0 277,725
American Tower Corp. COM 03027X100 39,106 271,249 SH   SOLE   187,768 0 83,481
Apartment Investment & Manag COM 03748R101 43,090 1,018,664 SH   SOLE   568,285 0 450,379
Camden Property Trust COM 133131102 829 9,101 SH   SOLE   9,048 0 53
CoreSite Realty Corp. COM 21870Q105 1,248 11,260 SH   SOLE   9,920 0 1,340
Corporate Office Properties COM 22002T108 47,736 1,646,651 SH   SOLE   1,090,841 0 555,810
Cubesmart COM 229663109 27,590 856,306 SH   SOLE   228,422 0 627,884
DCT Industrial Trust COM 233153204 67,435 1,010,570 SH   SOLE   435,761 0 574,809
DiamondRock Hospitality COM 252784301 15,512 1,263,160 SH   SOLE   207,775 0 1,055,385
Digital Realty Trust COM 253868103 20,235 181,349 SH   SOLE   40,845 0 140,504
Duke Realty Corporation COM 264411505 12,505 430,788 SH   SOLE   152,342 0 278,446
Equinix Inc. COM 29444U700 111,453 259,260 SH   SOLE   124,212 0 135,048
Equity Residential COM 29476L107 85,365 1,340,329 SH   SOLE   693,669 0 646,660
Essex Property Trust, Inc. COM 297178105 88,887 371,804 SH   SOLE   187,581 0 184,223
Extra Space Storage, Inc COM 30225T102 48,285 483,773 SH   SOLE   289,231 0 194,542
Four Corners Property Trust COM 35086T109 9,759 396,221 SH   SOLE   78,031 0 318,190
General Growth Properties COM 36174X101 29,380 1,438,070 SH   SOLE   292,833 0 1,145,237
Healthcare Trust of America COM 42225P501 46,397 1,720,986 SH   SOLE   893,855 0 827,131
Highwoods Properties, Inc. COM 431284108 36,206 713,704 SH   SOLE   141,826 0 571,878
Hilton Grand Vacations COM 43283X105 26,727 770,243 SH   SOLE   407,956 0 362,287
Hilton, Inc. COM 43300A203 9,309 117,586 SH   SOLE   115,258 0 2,328
Interxion Holdings COM N47279109 2,627 42,080 SH   SOLE   37,130 0 4,950
Invitation Homes Inc COM 46187W107 41,134 1,783,808 SH   SOLE   879,247 0 904,561
Kilroy Realty COM 49427F108 56,488 746,800 SH   SOLE   393,027 0 353,773
Kimco Realty Corp. COM 49446R109 34,823 2,049,615 SH   SOLE   1,022,754 0 1,026,861
Marriott International-CL A COM 571903202 51,792 409,096 SH   SOLE   231,252 0 177,844
Mid-America Apartment Commun COM 59522J103 21,007 208,670 SH   SOLE   34,330 0 174,340
National Retail Properties, COM 637417106 10,508 239,028 SH   SOLE   238,937 0 91
ProLogis Inc. COM 74340W103 90,168 1,372,624 SH   SOLE   760,730 0 611,894
Public Storage COM 74460D109 34,485 152,009 SH   SOLE   30,509 0 121,500
Regency Centers Corp. COM 758849103 67,965 1,094,798 SH   SOLE   509,494 0 585,304
Retail Opportunity Investmen COM 76131N101 21,333 1,113,433 SH   SOLE   1,101,538 0 11,895
Simon Property Group, Inc. COM 828806109 149,245 876,932 SH   SOLE   423,486 0 453,446
Sun Communities, Inc. COM 866674104 33,804 345,358 SH   SOLE   90,314 0 255,044
Sunstone Hotel Investors, In COM 867892101 31,565 1,899,245 SH   SOLE   836,677 0 1,062,568
Terreno Realty Corp COM 88146M101 18,741 497,510 SH   SOLE   111,575 0 385,935
Vanguard REIT VIPERs COM 922908553 786 9,655 SH   SOLE   0 0 9,655
Ventas, Inc. COM 92276F100 54,386 954,985 SH   SOLE   449,027 0 505,958
Vici Properties COM 925652109 11,568 560,481 SH   SOLE   555,293 0 5,188
Vornado Realty Trust COM 929042109 67,625 914,839 SH   SOLE   402,500 0 512,339
Welltower Inc. COM 95040Q104 57,776 921,611 SH   SOLE   417,636 0 503,975