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
Alexandria Real Estate Equit COM 015271109 92,721 579,506 SH   SOLE   339,538 0 259,511
American Campus Communities COM 024835100 17,167 491,605 SH   SOLE   89,174 0 426,121
American Homes 4 Rent COM 02665T306 30,133 1,058,028 SH   SOLE   713,305 0 387,511
American Tower Corp. COM 03027X100 43,538 180,111 SH   SOLE   130,558 0 55,688
AvalonBay Communities, Inc. COM 053484101 46,120 308,827 SH   SOLE   72,676 0 251,873
Boston Properties, Inc. COM 101121101 45,718 569,335 SH   SOLE   277,042 0 308,236
Camden Property Trust COM 133131102 68,157 765,980 SH   SOLE   372,864 0 413,935
CoreSite Realty Corp. COM 21870Q105 9,003 75,730 SH   SOLE   82,383 0 771
Cousins Properties, Inc. COM 222795502 1,213 42,420 SH   SOLE   38,520 0 3,900
Cubesmart COM 229663109 38,151 1,180,795 SH   SOLE   217,146 0 1,022,769
CyrusOne COM 23283R100 37,685 538,125 SH   SOLE   77,804 0 467,730
DiamondRock Hospitality COM 252784301 305 60,240 SH   SOLE   54,655 0 5,585
Duke Realty Corporation COM 264411505 66,038 1,789,652 SH   SOLE   627,466 0 1,238,091
Eastgroup Properties COM 277276101 24,988 193,215 SH   SOLE   45,913 0 156,412
Equinix Inc. COM 29444U700 200,767 264,122 SH   SOLE   115,554 0 158,261
Equity Lifestyle Properties COM 29472R108 66,572 1,086,002 SH   SOLE   540,723 0 580,037
Equity Residential COM 29476L107 77,530 1,510,427 SH   SOLE   745,552 0 806,217
Essex Property Trust, Inc. COM 297178105 31,108 154,928 SH   SOLE   101,142 0 57,369
Extra Space Storage, Inc. COM 30225T102 92,019 860,071 SH   SOLE   456,418 0 429,046
Healthcare Trust of America COM 42225P501 35,643 1,370,884 SH   SOLE   666,966 0 751,940
Healthpeak Properties COM 42250P103 59,708 2,199,203 SH   SOLE   885,232 0 1,399,482
Highwoods Properties, Inc. COM 431284108 26,349 784,901 SH   SOLE   145,900 0 679,781
Hilton, Inc. COM 43300A203 1,235 14,472 SH   SOLE   20,298 0 1,319
Invitation Homes Inc COM 46187W107 56,866 2,031,666 SH   SOLE   1,081,633 0 1,018,834
JBG Smith Properties COM 46590V100 11,626 434,771 SH   SOLE   458,870 0 3,720
Kilroy Realty COM 49427F108 40,712 783,534 SH   SOLE   346,656 0 463,762
Kimco Realty Corp. COM 49446R109 47,094 4,182,457 SH   SOLE   1,902,330 0 2,423,980
Omega Healthcare Investors COM 681936100 8,624 288,034 SH   SOLE   304,417 0 3,546
ProLogis Inc. COM 74340W103 205,992 2,047,230 SH   SOLE   1,003,986 0 1,106,983
Retail Opportunity Investmen COM 76131N101 32,553 3,125,554 SH   SOLE   1,381,060 0 1,852,844
Ryman Hospitality Properties COM 78377T107 24,475 665,083 SH   SOLE   225,437 0 456,314
SL Green Realty Corp. COM 78440X101 16,602 358,035 SH   SOLE   46,535 0 311,500
Simon Property Group, Inc. COM 828806109 54,443 841,726 SH   SOLE   353,748 0 513,574
Sun Communities, Inc. COM 866674104 1,822 12,960 SH   SOLE   11,550 0 1,410
Switch Inc A COM 87105L104 7,269 465,670 SH   SOLE   60,260 0 405,410
Terreno Realty Corp COM 88146M101 875 15,985 SH   SOLE   14,515 0 1,470
Welltower Inc. COM 95040Q104 64,665 1,173,810 SH   SOLE   481,970 0 713,926
Xenia Hotels & Resorts Inc COM 984017103 15,486 1,763,810 SH   SOLE   339,927 0 1,476,093