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
Alexander & Baldwin Inc COM 014491104 14,103 575,394 SH   SOLE   114,158 0 461,236
Alexandria Real Estate Equit COM 015271109 103,633 672,766 SH   SOLE   381,164 0 291,602
American Tower Corp. COM 03027X100 42,075 190,270 SH   SOLE   136,617 0 53,653
Americold Realty Trust COM 03064D108 59,895 1,615,726 SH   SOLE   1,030,089 0 585,637
AvalonBay Communities, Inc. COM 053484101 32,448 150,690 SH   SOLE   21,050 0 129,640
Boston Properties, Inc. COM 101121101 83,660 645,227 SH   SOLE   325,867 0 319,360
Camden Property Trust COM 133131102 84,497 761,168 SH   SOLE   374,292 0 386,876
CoreSite Realty Corp. COM 21870Q105 21,696 178,052 SH   SOLE   42,351 0 135,701
Cubesmart COM 229663109 46,289 1,326,317 SH   SOLE   285,046 0 1,041,271
CyrusOne COM 23283R100 22,957 290,223 SH   SOLE   130,396 0 159,827
DiamondRock Hospitality COM 252784301 10,772 1,050,951 SH   SOLE   1,033,917 0 17,034
Duke Realty Corporation COM 264411505 42,716 1,257,451 SH   SOLE   276,993 0 980,458
Equinix Inc. COM 29444U700 142,010 246,204 SH   SOLE   111,289 0 134,915
Equity Residential COM 29476L107 138,935 1,610,656 SH   SOLE   772,647 0 838,009
Essex Property Trust, Inc. COM 297178105 80,780 247,298 SH   SOLE   121,467 0 125,831
Extra Space Storage, Inc COM 30225T102 82,708 707,995 SH   SOLE   328,778 0 379,217
Four Corners Property Trust COM 35086T109 14,056 497,022 SH   SOLE   69,470 0 427,552
HCP Inc. COM 40414L109 93,884 2,634,987 SH   SOLE   1,142,020 0 1,492,967
Healthcare Trust of America COM 42225P501 44,435 1,512,430 SH   SOLE   772,948 0 739,482
Highwoods Properties, Inc. COM 431284108 33,435 743,992 SH   SOLE   126,451 0 617,541
Hilton, Inc. COM 43300A203 34,054 365,736 SH   SOLE   61,479 0 304,257
Hudson Pacific Properties COM 444097109 1,327 39,670 SH   SOLE   35,185 0 4,485
Interxion Holdings COM N47279109 16,271 199,745 SH   SOLE   53,005 0 146,740
Invitation Homes Inc COM 46187W107 40,776 1,377,096 SH   SOLE   749,597 0 627,499
JBG Smith Properties COM 46590V100 30,976 789,990 SH   SOLE   448,692 0 341,298
Kilroy Realty COM 49427F108 64,379 826,537 SH   SOLE   428,049 0 398,488
Kimco Realty Corp. COM 49446R109 65,517 3,137,787 SH   SOLE   1,603,315 0 1,534,472
MGM Growth Properties COM 55303A105 15,972 531,534 SH   SOLE   112,527 0 419,007
Paramount Group Inc COM 69924R108 7,591 568,635 SH   SOLE   129,412 0 439,223
Pebblebrook Hotel Trust COM 70509V100 45,190 1,624,383 SH   SOLE   730,736 0 893,647
ProLogis Inc. COM 74340W103 162,206 1,903,380 SH   SOLE   951,328 0 952,052
Regency Centers Corp. COM 758849103 68,811 990,231 SH   SOLE   458,229 0 532,002
Simon Property Group, Inc. COM 828806109 141,282 907,689 SH   SOLE   388,401 0 519,288
Sun Communities, Inc. COM 866674104 60,409 406,928 SH   SOLE   153,334 0 253,594
Terreno Realty Corp COM 88146M101 21,574 422,274 SH   SOLE   108,791 0 313,483
Vanguard REIT VIPERs COM 922908553 489 5,240 SH   SOLE   0 0 5,240
Ventas, Inc. COM 92276F100 77,525 1,061,551 SH   SOLE   523,418 0 538,133