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 10,771 586,036 SH   SOLE   78,455 0 507,581
Alexandria Real Estate Equit COM 015271109 85,004 737,631 SH   SOLE   368,072 0 369,559
American Tower Corp. COM 03027X100 38,885 245,812 SH   SOLE   171,992 0 73,820
Americold Realty Trust COM 03064D108 31,609 1,237,632 SH   SOLE   802,753 0 434,879
Apartment Investment & Manag COM 03748R101 24,924 568,012 SH   SOLE   76,235 0 491,777
Boston Properties, Inc. COM 101121101 67,147 596,593 SH   SOLE   256,399 0 340,194
Camden Property Trust COM 133131102 48,196 547,380 SH   SOLE   233,564 0 313,816
CoreSite Realty Corp. COM 21870Q105 15,420 176,770 SH   SOLE   40,820 0 135,950
Corporate Office Properties COM 22002T108 16,428 781,190 SH   SOLE   781,190 0 0
Cubesmart COM 229663109 42,062 1,466,052 SH   SOLE   298,639 0 1,167,413
Cushman & Wakefield PLC COM G2717B108 11,552 798,350 SH   SOLE   129,325 0 669,025
DiamondRock Hospitality COM 252784301 22,223 2,447,430 SH   SOLE   327,625 0 2,119,805
Digital Realty Trust COM 253868103 26,092 244,883 SH   SOLE   40,940 0 203,943
Duke Realty Corporation COM 264411505 33,896 1,308,760 SH   SOLE   296,148 0 1,012,612
Equinix Inc. COM 29444U700 97,351 276,128 SH   SOLE   122,345 0 153,783
Equity Residential COM 29476L107 108,327 1,641,067 SH   SOLE   767,482 0 873,585
Essex Property Trust, Inc. COM 297178105 81,921 334,085 SH   SOLE   169,480 0 164,605
Extra Space Storage, Inc COM 30225T102 78,085 863,006 SH   SOLE   374,460 0 488,546
Four Corners Property Trust COM 35086T109 13,123 500,882 SH   SOLE   67,235 0 433,647
Healthcare Trust of America COM 42225P501 41,526 1,640,715 SH   SOLE   822,785 0 817,930
Highwoods Properties, Inc. COM 431284108 29,111 752,410 SH   SOLE   133,748 0 618,662
Hilton Grand Vacations COM 43283X105 22,542 854,193 SH   SOLE   432,043 0 422,150
Hilton, Inc. COM 43300A203 1,741 24,253 SH   SOLE   22,878 0 1,375
Hudson Pacific Properties COM 444097109 1,156 39,765 SH   SOLE   35,375 0 4,390
Interxion Holdings COM N47279109 2,098 38,745 SH   SOLE   34,470 0 4,275
Invitation Homes Inc COM 46187W107 37,758 1,880,402 SH   SOLE   757,589 0 1,122,813
iShares US Real Estate ETF ETF 464287739 51 683 SH   SOLE   413 0 270
JBG Smith Properties COM 46590V100 15,189 436,340 SH   SOLE   113,871 0 322,469
Kilroy Realty COM 49427F108 60,925 968,895 SH   SOLE   430,806 0 538,089
Kimco Realty Corp. COM 49446R109 51,931 3,544,728 SH   SOLE   1,695,001 0 1,849,727
Marriott International-CL A COM 571903202 49,754 458,312 SH   SOLE   234,988 0 223,324
National Retail Properties, COM 637417106 11,076 228,329 SH   SOLE   228,248 0 81
Pebblebrook Hotel Trust COM 70509V100 30,107 1,063,477 SH   SOLE   590,888 0 472,589
ProLogis Inc. COM 74340W103 125,543 2,137,999 SH   SOLE   1,042,771 0 1,095,228
Public Storage COM 74460D109 769 3,797 SH   SOLE   3,773 0 24
Regency Centers Corp. COM 758849103 62,360 1,062,714 SH   SOLE   468,489 0 594,225
Retail Opportunity Investmen COM 76131N101 10,797 679,910 SH   SOLE   679,910 0 0
Simon Property Group, Inc. COM 828806109 166,887 993,429 SH   SOLE   449,497 0 543,932
Sun Communities, Inc. COM 866674104 38,367 377,217 SH   SOLE   92,509 0 284,708
Sunstone Hotel Investors, In COM 867892101 6,951 534,329 SH   SOLE   534,133 0 196
Terreno Realty Corp COM 88146M101 17,280 491,339 SH   SOLE   110,702 0 380,637
The Macerich Company COM 554382101 17,448 403,150 SH   SOLE   53,980 0 349,170
Ventas, Inc. COM 92276F100 82,324 1,405,088 SH   SOLE   565,207 0 839,881
Vornado Realty COM 929042109 1 13 SH   SOLE   6 0 7
Welltower Inc. COM 95040Q104 34,119 491,553 SH   SOLE   215,184 0 276,369