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 14,282 561,392 SH   SOLE   100,071 0 461,321
Alexandria Real Estate Equit COM 015271109 97,578 684,470 SH   SOLE   351,439 0 333,031
American Tower Corp. COM 03027X100 47,949 243,321 SH   SOLE   169,511 0 73,810
Americold Realty Trust COM 03064D108 53,852 1,765,056 SH   SOLE   1,049,922 0 715,134
Apartment Investment & Manag COM 03748R754 42,111 837,364 SH   SOLE   109,002 0 728,362
Boston Properties, Inc. COM 101121101 82,931 619,440 SH   SOLE   278,692 0 340,748
Camden Property Trust COM 133131102 73,999 729,058 SH   SOLE   319,156 0 409,902
CoreSite Realty Corp. COM 21870Q105 24,071 224,925 SH   SOLE   50,664 0 174,261
Corporate Office Properties COM 22002T108 14,102 516,575 SH   SOLE   516,575 0 0
Cubesmart COM 229663109 47,443 1,480,738 SH   SOLE   312,847 0 1,167,891
Cushman & Wakefield PLC COM G2717B108 12,955 727,824 SH   SOLE   95,052 0 632,772
DiamondRock Hospitality COM 252784301 40,358 3,726,501 SH   SOLE   1,163,269 0 2,563,232
Duke Realty Corporation COM 264411505 36,894 1,206,469 SH   SOLE   263,339 0 943,130
Equinix Inc. COM 29444U700 137,629 303,710 SH   SOLE   119,192 0 184,518
Equity Residential COM 29476L107 128,630 1,707,775 SH   SOLE   800,701 0 907,074
Essex Property Trust, Inc. COM 297178105 100,045 345,888 SH   SOLE   164,447 0 181,441
Extra Space Storage, Inc COM 30225T102 84,934 833,429 SH   SOLE   366,856 0 466,573
Four Corners Property Trust COM 35086T109 14,761 498,677 SH   SOLE   65,030 0 433,647
HCP Inc. COM 40414L109 58,184 1,858,913 SH   SOLE   718,991 0 1,139,922
Healthcare Trust of America COM 42225P501 43,295 1,514,351 SH   SOLE   779,065 0 735,286
Highwoods Properties, Inc. COM 431284108 41,298 882,822 SH   SOLE   139,554 0 743,268
Hilton Grand Vacations COM 43283X105 23,760 770,165 SH   SOLE   418,293 0 351,872
Hudson Pacific Properties COM 444097109 1,311 38,095 SH   SOLE   34,015 0 4,080
Interxion Holdings COM N47279109 2,663 39,900 SH   SOLE   35,635 0 4,265
JBG Smith Properties COM 46590V100 18,277 442,003 SH   SOLE   118,636 0 323,367
Kilroy Realty COM 49427F108 68,317 899,387 SH   SOLE   423,262 0 476,125
Kimco Realty Corp. COM 49446R109 62,446 3,375,444 SH   SOLE   1,661,481 0 1,713,963
Marriott International-CL A COM 571903202 47,834 382,395 SH   SOLE   196,420 0 185,975
National Retail Properties, COM 637417106 12,936 233,530 SH   SOLE   233,430 0 100
Pebblebrook Hotel Trust COM 70509V100 22,293 717,735 SH   SOLE   523,609 0 194,126
ProLogis Inc. COM 74340W103 148,412 2,062,704 SH   SOLE   1,002,325 0 1,060,379
Regency Centers Corp. COM 758849103 68,000 1,007,551 SH   SOLE   448,610 0 558,941
Retail Opportunity Investmen COM 76131N101 11,335 653,710 SH   SOLE   653,710 0 0
Simon Property Group, Inc. COM 828806109 194,841 1,069,320 SH   SOLE   450,343 0 618,977
Sun Communities, Inc. COM 866674104 52,741 444,992 SH   SOLE   160,463 0 284,529
Terreno Realty Corp COM 88146M101 20,749 493,554 SH   SOLE   112,942 0 380,612
Vanguard REIT VIPERs COM 922908553 452 5,200 SH   SOLE   0 0 5,200
Ventas, Inc. COM 92276F100 86,364 1,353,450 SH   SOLE   620,235 0 733,215