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
Alexandria Real Estate Equit COM 015271109 82,469 462,740 SH   SOLE   316,377 0 146,363
American Campus Communities COM 024835100 18,984 443,864 SH   SOLE   234,676 0 209,188
American Homes 4 Rent COM 02665T306 22,975 765,828 SH   SOLE   540,348 0 225,480
American Tower Corp. COM 03027X100 42,227 188,128 SH   SOLE   133,395 0 54,733
AvalonBay Communities, Inc. COM 053484101 10,050 62,644 SH   SOLE   13,167 0 49,477
Boston Properties, Inc. COM 101121101 38,391 406,131 SH   SOLE   264,454 0 141,677
Camden Property Trust COM 133131102 61,597 616,462 SH   SOLE   377,793 0 238,669
CoreSite Realty Corp. COM 21870Q105 10,096 80,591 SH   SOLE   79,751 0 840
Cousins Properties, Inc. COM 222795502 1,530 45,665 SH   SOLE   41,545 0 4,120
Cubesmart COM 229663109 22,130 658,428 SH   SOLE   186,209 0 472,219
CyrusOne COM 23283R100 20,671 282,575 SH   SOLE   66,430 0 216,145
Duke Realty Corporation COM 264411505 63,208 1,581,393 SH   SOLE   851,593 0 729,800
Eastgroup Properties COM 277276101 16,250 117,708 SH   SOLE   42,791 0 74,917
Equinix Inc. COM 29444U700 153,122 214,402 SH   SOLE   118,026 0 96,376
Equity Lifestyle Properties COM 29472R108 57,944 914,525 SH   SOLE   574,227 0 340,298
Equity Residential COM 29476L107 74,416 1,255,334 SH   SOLE   756,401 0 498,933
Essex Property Trust, Inc. COM 297178105 45,569 191,935 SH   SOLE   117,983 0 73,952
Extra Space Storage, Inc. COM 30225T102 78,082 673,935 SH   SOLE   430,278 0 243,657
Federal Realty Investment Tr COM 313747206 13,678 160,690 SH   SOLE   43,780 0 116,910
Healthcare Trust of America COM 42225P501 32,690 1,187,008 SH   SOLE   642,237 0 544,771
Healthpeak Properties COM 42250P103 24,427 808,013 SH   SOLE   215,423 0 592,590
Highwoods Properties, Inc. COM 431284108 17,401 439,090 SH   SOLE   123,447 0 315,643
Hilton, Inc. COM 43300A203 1,699 15,267 SH   SOLE   13,892 0 1,375
IShares DJ US Real Estate In COM 464287739 389 4,530 SH   SOLE   3,490 0 1,040
Invitation Homes Inc COM 46187W107 50,554 1,702,150 SH   SOLE   1,080,533 0 621,617
JBG Smith Properties COM 46590V100 13,755 439,876 SH   SOLE   436,723 0 3,153
Kilroy Realty COM 49427F108 34,032 592,888 SH   SOLE   335,392 0 257,496
Kimco Realty Corp. COM 49446R109 48,972 3,262,626 SH   SOLE   1,944,895 0 1,317,731
Omega Healthcare Investors COM 681936100 12,660 348,585 SH   SOLE   343,444 0 5,141
ProLogis Inc. COM 74340W103 163,454 1,640,110 SH   SOLE   1,015,816 0 624,294
Retail Opportunity Investmen COM 76131N101 15,313 1,143,600 SH   SOLE   1,132,531 0 11,069
Ryman Hospitality Properties COM 78377T107 29,980 442,443 SH   SOLE   216,447 0 225,996
SL Green Realty Corp. COM 78440X804 12,852 215,709 SH   SOLE   57,239 0 158,470
Simon Property Group, Inc. COM 828806109 54,668 641,037 SH   SOLE   368,516 0 272,521
Sun Communities, Inc. COM 866674104 22,037 145,029 SH   SOLE   105,270 0 39,759
Switch Inc A COM 87105L104 5,242 320,175 SH   SOLE   91,230 0 228,945
Terreno Realty Corp COM 88146M101 943 16,120 SH   SOLE   14,685 0 1,435
Welltower Inc. COM 95040Q104 76,370 1,181,826 SH   SOLE   646,955 0 534,871
Xenia Hotels & Resorts Inc COM 984017103 12,686 834,638 SH   SOLE   280,950 0 553,688