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
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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 773 63,400 SH   SOLE   8,275 0 55,125
Alexandria Real Estate Equit COM 015271109 100,943 642,494 SH   SOLE   370,371 0 272,123
American Campus Communities COM 024835100 16,619 501,256 SH   SOLE   89,729 0 411,527
American Homes 4 Rent COM 02665T306 32,621 1,257,519 SH   SOLE   728,452 0 529,067
American Tower Corp. COM 03027X100 54,952 219,646 SH   SOLE   150,088 0 69,558
AvalonBay Communities, Inc. COM 053484101 56,026 377,191 SH   SOLE   78,391 0 298,800
Boston Properties, Inc. COM 101121101 53,179 604,981 SH   SOLE   296,354 0 308,627
Camden Property Trust COM 133131102 66,459 750,149 SH   SOLE   366,458 0 383,691
CoreSite Realty Corp. COM 21870Q105 10,829 99,463 SH   SOLE   37,341 0 62,122
Cousins Properties, Inc. COM 222795502 1,399 46,910 SH   SOLE   42,500 0 4,410
Cubesmart COM 229663109 31,736 1,236,586 SH   SOLE   218,606 0 1,017,980
CyrusOne COM 23283R100 29,774 409,265 SH   SOLE   133,790 0 275,475
DiamondRock Hospitality COM 252784301 3,447 623,250 SH   SOLE   618,350 0 4,900
Duke Realty Corporation COM 264411505 58,664 1,741,480 SH   SOLE   371,696 0 1,369,784
Eastgroup Properties COM 277276101 22,578 190,355 SH   SOLE   34,255 0 156,100
Equinix Inc. COM 29444U700 195,188 288,159 SH   SOLE   120,371 0 167,788
Equity Lifestyle Properties COM 29472R108 66,008 1,095,416 SH   SOLE   515,174 0 580,242
Equity Residential COM 29476L107 88,928 1,555,786 SH   SOLE   749,328 0 806,458
Essex Property Trust, Inc. COM 297178105 19,778 90,273 SH   SOLE   89,677 0 596
Extra Space Storage, Inc. COM 30225T102 81,269 905,812 SH   SOLE   458,222 0 447,590
Healthcare Trust of America COM 42225P501 40,804 1,590,002 SH   SOLE   759,503 0 830,499
Healthpeak Properties COM 42250P103 68,123 2,564,879 SH   SOLE   1,016,985 0 1,547,894
Highwoods Properties, Inc. COM 431284108 29,492 826,082 SH   SOLE   141,979 0 684,103
Hilton, Inc. COM 43300A203 11,617 166,258 SH   SOLE   38,524 0 127,734
Hudson Pacific Properties COM 444097109 9,008 358,064 SH   SOLE   358,064 0 0
Invitation Homes Inc COM 46187W107 56,245 2,114,812 SH   SOLE   1,095,742 0 1,019,070
JBG Smith Properties COM 46590V100 24,787 856,355 SH   SOLE   501,049 0 355,306
Kilroy Realty COM 49427F108 51,224 900,588 SH   SOLE   398,883 0 501,705
Kimco Realty Corp. COM 49446R109 56,020 4,362,912 SH   SOLE   1,725,479 0 2,637,433
Omega Healthcare Investors COM 681936100 19,046 675,401 SH   SOLE   335,420 0 339,981
Pebblebrook Hotel Trust COM 70509V100 9,094 665,736 SH   SOLE   665,736 0 0
ProLogis Inc. COM 74340W103 185,425 2,052,355 SH   SOLE   997,797 0 1,054,558
Retail Opportunity Investmen COM 76131N101 32,841 3,001,828 SH   SOLE   1,246,223 0 1,755,605
Ryman Hospitality Properties COM 78377T107 15,060 452,741 SH   SOLE   75,535 0 377,206
Simon Property Group, Inc. COM 828806109 55,978 844,887 SH   SOLE   361,915 0 482,972
Sun Communities, Inc. COM 866674104 1,745 12,860 SH   SOLE   11,410 0 1,450
Terreno Realty Corp COM 88146M101 1,223 23,324 SH   SOLE   21,139 0 2,185
Welltower Inc. COM 95040Q104 25,644 495,540 SH   SOLE   64,525 0 431,015
Xenia Hotels & Resorts Inc COM 984017103 10,104 1,129,966 SH   SOLE   228,449 0 901,517