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 69,736 424,440 SH   SOLE   288,856 0 135,584
American Campus Communities COM 024835100 22,424 519,435 SH   SOLE   335,008 0 184,427
American Homes 4 Rent COM 02665T306 25,927 777,631 SH   SOLE   566,649 0 210,982
American Tower Corp. COM 03027X100 40,434 169,137 SH   SOLE   133,579 0 35,558
Boston Properties, Inc. COM 101121101 34,612 341,811 SH   SOLE   200,492 0 141,319
Camden Property Trust COM 133131102 65,147 592,731 SH   SOLE   363,956 0 228,775
Cousins Properties, Inc. COM 222795502 1,691 47,850 SH   SOLE   47,850 0 0
Cubesmart COM 229663109 25,437 672,398 SH   SOLE   213,652 0 458,746
Digital Realty Trust COM 253868103 43,049 305,656 SH   SOLE   149,597 0 156,059
Duke Realty Corporation COM 264411505 71,046 1,694,402 SH   SOLE   947,196 0 747,206
Eastgroup Properties COM 277276101 19,272 134,510 SH   SOLE   49,223 0 85,287
Equinix Inc. COM 29444U700 144,589 212,760 SH   SOLE   119,307 0 93,453
Equity Lifestyle Properties COM 29472R108 50,209 788,953 SH   SOLE   567,386 0 221,567
Equity Residential COM 29476L107 92,283 1,288,337 SH   SOLE   776,579 0 511,758
Essex Property Trust, Inc. COM 297178105 60,585 222,870 SH   SOLE   141,604 0 81,266
Extra Space Storage, Inc. COM 30225T102 77,066 581,406 SH   SOLE   406,411 0 174,995
Federal Realty Investment Tr COM 313747206 16,552 163,150 SH   SOLE   38,250 0 124,900
Healthcare Trust of America COM 42225P501 30,421 1,103,001 SH   SOLE   575,855 0 527,146
Highwoods Properties, Inc. COM 431284108 27,020 629,238 SH   SOLE   181,468 0 447,770
Hilton, Inc. COM 43300A203 1,200 9,927 SH   SOLE   9,927 0 0
Invitation Homes Inc COM 46187W107 60,681 1,896,857 SH   SOLE   1,219,571 0 677,286
JBG Smith Properties COM 46590V100 12,807 402,869 SH   SOLE   402,720 0 149
Kilroy Realty COM 49427F108 43,331 660,229 SH   SOLE   334,085 0 326,144
Kimco Realty Corp. COM 49446R109 59,751 3,186,742 SH   SOLE   1,963,088 0 1,223,654
Omega Healthcare Investors COM 681936100 13,438 366,870 SH   SOLE   366,675 0 195
Playa Hotels & Resorts COM N70544106 12,597 1,725,560 SH   SOLE   878,768 0 846,792
ProLogis Inc. COM 74340W103 169,876 1,602,600 SH   SOLE   1,047,675 0 554,925
Public Storage COM 74460D109 23,575 95,536 SH   SOLE   35,622 0 59,914
Retail Opportunity Investmen COM 76131N101 18,568 1,170,007 SH   SOLE   1,169,340 0 667
Ryman Hospitality Properties COM 78377T107 26,566 342,742 SH   SOLE   183,579 0 159,163
Simon Property Group, Inc. COM 828806109 71,294 626,648 SH   SOLE   376,938 0 249,710
Sun Communities, Inc. COM 866674104 35,108 233,991 SH   SOLE   142,359 0 91,632
Ventas, Inc. COM 92276F100 14,939 280,070 SH   SOLE   65,080 0 214,990
Welltower Inc. COM 95040Q104 96,152 1,342,342 SH   SOLE   748,007 0 594,335
Xenia Hotels & Resorts Inc COM 984017103 14,540 745,637 SH   SOLE   301,224 0 444,413