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 15,503 739,659 SH   SOLE   130,461 0 609,198
Alexandria Real Estate Equit COM 015271109 101,168 626,117 SH   SOLE   361,773 0 264,344
American Homes 4 Rent COM 02665T306 23,809 908,414 SH   SOLE   583,212 0 325,202
American Tower Corp. COM 03027X100 45,977 200,053 SH   SOLE   144,872 0 55,181
Americold Realty Trust COM 03064D108 37,449 1,068,156 SH   SOLE   701,695 0 366,461
AvalonBay Communities, Inc. COM 053484101 51,968 247,817 SH   SOLE   42,625 0 205,192
Boston Properties, Inc. COM 101121101 98,139 711,877 SH   SOLE   330,914 0 380,963
Camden Property Trust COM 133131102 83,254 784,671 SH   SOLE   395,122 0 389,549
CoreSite Realty Corp. COM 21870Q105 1,789 15,957 SH   SOLE   14,910 0 1,047
Cubesmart COM 229663109 40,712 1,293,271 SH   SOLE   245,727 0 1,047,544
CyrusOne COM 23283R100 24,778 378,696 SH   SOLE   130,372 0 248,324
DiamondRock Hospitality COM 252784301 9,570 863,672 SH   SOLE   852,093 0 11,579
Duke Realty Corporation COM 264411505 52,059 1,501,557 SH   SOLE   315,125 0 1,186,432
Equinix Inc. COM 29444U700 137,858 236,180 SH   SOLE   108,349 0 127,831
Equity Residential COM 29476L107 124,607 1,539,889 SH   SOLE   761,749 0 778,140
Essex Property Trust, Inc. COM 297178105 66,228 220,127 SH   SOLE   119,091 0 101,036
Extra Space Storage, Inc COM 30225T102 79,332 751,111 SH   SOLE   327,912 0 423,199
Healthcare Trust of America COM 42225P501 47,966 1,584,100 SH   SOLE   815,654 0 768,446
Healthpeak Properties COM 42250P103 99,145 2,876,266 SH   SOLE   1,207,681 0 1,668,585
Highwoods Properties, Inc. COM 431284108 21,359 436,685 SH   SOLE   78,089 0 358,596
Hilton, Inc. COM 43300A203 25,597 230,790 SH   SOLE   47,407 0 183,383
Hudson Pacific Properties COM 444097109 27,766 737,470 SH   SOLE   378,470 0 359,000
Interxion Holdings COM N47279109 29,647 353,743 SH   SOLE   73,117 0 280,626
Invitation Homes Inc COM 46187W107 48,570 1,620,604 SH   SOLE   836,233 0 784,371
JBG Smith Properties COM 46590V100 35,967 901,650 SH   SOLE   557,977 0 343,673
Kilroy Realty COM 49427F108 63,522 757,110 SH   SOLE   386,705 0 370,405
Kimco Realty Corp. COM 49446R109 53,528 2,584,648 SH   SOLE   1,484,533 0 1,100,115
MGM Growth Properties COM 55303A105 16,769 541,462 SH   SOLE   113,480 0 427,982
Pebblebrook Hotel Trust COM 70509V100 42,370 1,580,377 SH   SOLE   884,652 0 695,725
ProLogis Inc. COM 74340W103 162,430 1,822,185 SH   SOLE   886,228 0 935,957
Regency Centers Corp. COM 758849103 19,922 315,784 SH   SOLE   59,312 0 256,472
Retail Opportunity Investmen COM 76131N101 42,559 2,409,926 SH   SOLE   1,010,153 0 1,399,773
Ryman Hospitality Properties COM 78377T107 15,626 180,315 SH   SOLE   23,845 0 156,470
Simon Property Group, Inc. COM 828806109 138,638 930,708 SH   SOLE   399,929 0 530,779
Sun Communities, Inc. COM 866674104 59,492 396,350 SH   SOLE   133,485 0 262,865
Terreno Realty Corp COM 88146M101 24,031 443,858 SH   SOLE   107,061 0 336,797
Vanguard REIT VIPERs COM 922908553 773 8,326 SH   SOLE   151 0 8,175
Ventas, Inc. COM 92276F100 50,557 875,598 SH   SOLE   345,852 0 529,746