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

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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
AGREE REALTY CORP COMM STK 008492100 53,513 731,555 SH   SOLE   43,599 0 687,956
ALEXANDRIA REAL ESTATE EQUITIES INC COMM STK 015271109 125,640 815,630 SH   SOLE   38,651 0 776,979
AMERICAN CAMPUS COMMUNITIES INC COMM STK 024835100 126,271 2,626,259 SH   SOLE   261,431 0 2,364,828
AMERICAN TOWER CORP COMM STK 03027X100 24,390 110,298 SH   SOLE   110,298 0 0
AVALONBAY COMMUNITIES INC COMM STK 053484101 276,411 1,283,660 SH   SOLE   149,486 0 1,134,174
BOSTON PROPERTIES INC COMM STK 101121101 130,465 1,006,212 SH   SOLE   145,270 0 860,942
CORECIVIC INC COMM STK 21871N101 44,548 2,578,020 SH   SOLE   102,515 0 2,475,505
CROWN CASTLE INTL CORP COMM STK 22822V101 32,507 233,844 SH   SOLE   45,796 0 188,048
CUBESMART COMM STK 229663109 130,113 3,728,157 SH   SOLE   224,438 0 3,503,719
DIGITAL REALTY TRUST INC COMM STK 253868103 174,420 1,343,657 SH   SOLE   51,984 0 1,291,673
DOUGLAS EMMETT INC COMM STK 25960P109 3,663 85,514 SH   SOLE   85,514 0 0
DUKE REALTY CORP COMM STK 264411505 126,176 3,714,336 SH   SOLE   353,576 0 3,360,760
EQUINIX INC COMM STK 29444U700 118,659 205,720 SH   SOLE   2,644 0 203,076
EQUITY LIFESTYLE PROPERTIES INC COMM STK 29472R108 6,361 47,613 SH   SOLE   0 0 47,613
EQUITY RESIDENTIAL COMM STK 29476L107 189,963 2,202,220 SH   SOLE   216,643 0 1,985,577
ESSEX PROPERTY TRUST INC COMM STK 297178105 10,389 31,806 SH   SOLE   31,806 0 0
EXTRA SPACE STORAGE INC COMM STK 30225T102 4,447 38,064 SH   SOLE   0 0 38,064
FEDERAL REALTY INVESTMENT TRUST COMM STK 313747206 7,312 53,713 SH   SOLE   33,635 0 20,078
FIRST INDUSTRIAL REALTY TRUST INC COMM STK 32054K103 101,534 2,566,587 SH   SOLE   163,657 0 2,402,930
HCP INC COMM STK 40414L109 7,818 219,416 SH   SOLE   58,547 0 160,869
HEALTHCARE TRUST OF AMERICA COMM STK 42225P501 120,047 4,086,013 SH   SOLE   205,387 0 3,880,626
HIGHWOODS PROPERTIES INC COMM STK 431284108 67,498 1,501,964 SH   SOLE   73,535 0 1,428,429
HUDSON PACIFIC PROPERTIES INC COMM STK 444097109 103 3,070 SH   SOLE   3,070 0 0
INVITATION HOMES INC COMM STK 46187W107 147,994 4,998,117 SH   SOLE   262,975 0 4,735,142
IRON MOUNTAIN INC COMM STK 46284V101 3,150 97,243 SH   SOLE   0 0 97,243
KILROY REALTY CORP COMM STK 49427F108 2,750 35,300 SH   SOLE   35,300 0 0
MACERICH CO/THE COMM STK 554382101 46,699 1,478,284 SH   SOLE   66,676 0 1,411,608
NATIONAL HEALTH INVESTORS INC COMM STK 63633D104 63,076 765,575 SH   SOLE   33,261 0 732,314
NATIONAL RETAIL PROPERTIES INC COMM STK 637417106 79,999 1,418,430 SH   SOLE   49,048 0 1,369,382
OMEGA HEALTHCARE INVESTORS INC COMM STK 681936100 10,079 241,181 SH   SOLE   0 0 241,181
PARAMOUNT GROUP INC COMM STK 69924R108 142 10,668 SH   SOLE   10,668 0 0
PARK HOTELS & RESORTS INC COMM STK 700517105 44,114 1,766,681 SH   SOLE   72,084 0 1,694,597
PEBBLEBROOK HOTEL TRUST COMM STK 70509V100 63,378 2,278,151 SH   SOLE   152,988 0 2,125,163
PROLOGIS INC COMM STK 74340W103 100,805 1,182,875 SH   SOLE   131,649 0 1,051,226
PUBLIC STORAGE COMM STK 74460D109 222,737 908,128 SH   SOLE   114,074 0 794,054
REALTY INCOME CORP COMM STK 756109104 47,451 618,821 SH   SOLE   18,644 0 600,177
REGENCY CENTERS CORP COMM STK 758849103 122,173 1,758,139 SH   SOLE   184,013 0 1,574,126
SBA COMMUNICATIONS CORP COMM STK 78410G104 98,395 408,022 SH   SOLE   26,416 0 381,606
SIMON PROPERTY GROUP INC COMM STK 828806109 198,652 1,276,275 SH   SOLE   188,723 0 1,087,552
SIMON PROPERTY GROUP INC COMM STK 828806109 5,170 33,217 SH   OTR   0 0 33,217
SL GREEN REALTY CORP COMM STK 78440X101 95,514 1,168,363 SH   SOLE   72,656 0 1,095,707
SUNSTONE HOTEL INVESTORS INC COMM STK 867892101 58,646 4,268,246 SH   SOLE   242,758 0 4,025,488
TAUBMAN CENTERS INC COMM STK 876664103 58,429 1,431,031 SH   SOLE   140,204 0 1,290,827
VENTAS INC COMM STK 92276F100 14,690 201,144 SH   SOLE   125,729 0 75,415
VICI PROPERTIES INC COMM STK 925652109 113,585 5,014,808 SH   SOLE   257,940 0 4,756,868
VORNADO REALTY TRUST COMM STK 929042109 114,870 1,804,147 SH   SOLE   177,282 0 1,626,865
WEINGARTEN REALTY INVESTORS COMM STK 948741103 62,680 2,151,744 SH   SOLE   96,465 0 2,055,279
WELLTOWER INC COMM STK 95040Q104 216,857 2,392,244 SH   SOLE   143,328 0 2,248,916
WEYERHAEUSER CO COMM STK 962166104 35,572 1,284,195 SH   SOLE   126,715 0 1,157,480