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 8,291 365,390 SH   SOLE   57,250 0 308,140
Alexandria Real Estate Equit COM 015271109 85,906 682,939 SH   SOLE   357,165 0 325,774
American Tower Corp. COM 03027X100 40,423 278,204 SH   SOLE   188,010 0 90,194
Americold Realty Trust COM 03064D108 30,197 1,206,895 SH   SOLE   754,190 0 452,705
Apartment Investment & Manag COM 03748R101 48,496 1,098,940 SH   SOLE   562,117 0 536,823
CoreSite Realty Corp. COM 21870Q105 1,460 13,140 SH   SOLE   11,675 0 1,465
Corporate Office Properties COM 22002T108 27,906 935,513 SH   SOLE   930,689 0 4,824
Cubesmart COM 229663109 30,973 1,085,600 SH   SOLE   272,810 0 812,790
Cushman & Wakefield PLC COM G2717B108 2,558 150,555 SH   SOLE   74,400 0 76,155
DiamondRock Hospitality COM 252784301 22,089 1,892,785 SH   SOLE   296,680 0 1,596,105
Digital Realty Trust COM 253868103 25,849 229,811 SH   SOLE   50,882 0 178,929
Duke Realty Corporation COM 264411505 25,757 907,872 SH   SOLE   250,662 0 657,210
Equinix Inc. COM 29444U700 108,570 250,804 SH   SOLE   120,769 0 130,035
Equity Residential COM 29476L107 91,127 1,375,298 SH   SOLE   702,557 0 672,741
Essex Property Trust, Inc. COM 297178105 79,746 323,237 SH   SOLE   170,907 0 152,330
Extra Space Storage, Inc COM 30225T102 54,887 633,514 SH   SOLE   333,732 0 299,782
Four Corners Property Trust COM 35086T109 12,005 467,326 SH   SOLE   84,590 0 382,736
Healthcare Trust of America COM 42225P501 44,066 1,652,280 SH   SOLE   861,297 0 790,983
Highwoods Properties, Inc. COM 431284108 37,330 789,893 SH   SOLE   151,715 0 638,178
Hilton Grand Vacations COM 43283X105 28,819 870,676 SH   SOLE   448,336 0 422,340
Hilton, Inc. COM 43300A203 7,853 97,207 SH   SOLE   95,407 0 1,800
Interxion Holdings COM N47279109 2,720 40,410 SH   SOLE   35,900 0 4,510
Invitation Homes Inc COM 46187W107 34,575 1,509,183 SH   SOLE   693,556 0 815,627
iShares US Real Estate ETF ETF 464287739 21,685 271 SH   SOLE   271 0 0
JBG Smith Properties COM 46590V100 12,899 350,229 SH   SOLE   68,698 0 281,531
Kilroy Realty COM 49427F108 55,513 774,339 SH   SOLE   395,940 0 378,399
Kimco Realty Corp. COM 49446R109 42,854 2,559,963 SH   SOLE   1,312,555 0 1,247,408
Marriott International-CL A COM 571903202 31,589 239,262 SH   SOLE   164,298 0 74,964
Mid-America Apartment Commun COM 59522J103 29,938 298,840 SH   SOLE   46,840 0 252,000
National Retail Properties, COM 637417106 10,180 227,146 SH   SOLE   227,059 0 87
Pebblebrook Hotel Trust COM 70509V100 31,895 876,952 SH   SOLE   456,012 0 420,940
ProLogis Inc. COM 74340W103 145,828 2,151,182 SH   SOLE   1,098,156 0 1,053,026
Public Storage COM 74460D109 20,122 99,795 SH   SOLE   21,353 0 78,442
Regency Centers Corp. COM 758849103 70,603 1,091,739 SH   SOLE   506,968 0 584,771
Retail Opportunity Investmen COM 76131N101 14,165 758,705 SH   SOLE   753,315 0 5,390
Simon Property Group, Inc. COM 828806109 177,645 1,005,061 SH   SOLE   445,761 0 559,300
Sun Communities, Inc. COM 866674104 32,558 320,643 SH   SOLE   84,846 0 235,797
Sunstone Hotel Investors, In COM 867892101 23,479 1,435,196 SH   SOLE   834,463 0 600,733
Terreno Realty Corp COM 88146M101 16,573 439,605 SH   SOLE   102,230 0 337,375
Ventas, Inc. COM 92276F100 52,485 965,160 SH   SOLE   432,631 0 532,529
Vici Properties COM 925652109 6,839 316,307 SH   SOLE   311,589 0 4,718
Vornado Realty Trust COM 929042109 68,669 940,683 SH   SOLE   401,684 0 538,999
Welltower Inc. COM 95040Q104 56,986 885,978 SH   SOLE   382,385 0 503,593