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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 170,288 1,242,436 SH   SOLE   1,071,898 0 170,538
AMERICAN TOWER CORP NEW COM 03027X100 162,180 744,801 SH   SOLE   640,531 0 104,270
BOSTON PROPERTIES INC COM 101121101 22,611 245,156 SH   SOLE   209,726 0 35,430
CAMDEN PPTY TR SH BEN INT 133131102 4,349 54,884 SH   SOLE   54,884 0 0
CUBESMART COM 229663109 74,939 2,797,282 SH   SOLE   2,449,144 0 348,138
CYRUSONE INC COM 23283R100 37,553 608,150 SH   SOLE   525,776 0 82,374
DIGITAL RLTY TR INC COM 253868103 28,566 205,643 SH   SOLE   166,952 0 38,691
EMPIRE ST RLTY TR INC CL A 292104106 48,640 5,428,602 SH   SOLE   4,698,424 0 730,178
EQUINIX INC COM 29444U700 138,853 222,317 SH   SOLE   194,559 0 27,758
EQUITY COMWLTH COM SH BEN INT 294628102 98,342 3,101,280 SH   SOLE   2,704,245 0 397,035
EQUITY LIFESTYLE PPTYS INC COM 29472R108 98,087 1,706,460 SH   SOLE   1,474,794 0 231,666
EQUITY RESIDENTIAL SH BEN INT 29476L107 239,174 3,875,778 SH   SOLE   3,343,424 0 532,354
ESSEX PPTY TR INC COM 297178105 57,566 261,379 SH   SOLE   224,740 0 36,639
HEALTHCARE RLTY TR COM 421946104 95,907 3,433,833 SH   SOLE   2,929,865 0 503,968
HEALTHPEAK PROPERTIES INC COM 42250P103 212,871 8,925,401 SH   SOLE   7,706,796 0 1,218,605
HOST HOTELS & RESORTS INC COM 44107P104 43,626 3,951,645 SH   SOLE   3,274,684 0 676,961
INVITATION HOMES INC COM 46187W107 168,584 7,888,802 SH   SOLE   6,812,663 0 1,076,139
JBG SMITH PPTYS COM 46590V100 17,906 562,565 SH   SOLE   485,090 0 77,475
KILROY RLTY CORP COM 49427F108 81,139 1,273,761 SH   SOLE   1,099,474 0 174,287
PROLOGIS INC. COM 74340W103 400,284 4,980,512 SH   SOLE   4,221,493 0 759,019
SIMON PPTY GROUP INC NEW COM 828806109 22,933 418,024 SH   SOLE   360,293 0 57,731
STORE CAP CORP COM 862121100 32,285 1,781,752 SH   SOLE   1,519,009 0 262,743
TERRENO RLTY CORP COM 88146M101 84,193 1,626,913 SH   SOLE   1,406,462 0 220,451
URBAN EDGE PPTYS COM 91704F104 43,028 4,883,966 SH   SOLE   4,208,339 0 675,627