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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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 10,678 425,581 SH   SOLE   139,945 0 285,636
Alexandria Real Estate Equit COM 015271109 56,735 254,465 SH   SOLE   194,348 0 60,117
American Campus Communities COM 024835100 831 14,505 SH   SOLE   12,935 0 1,570
American Homes 4 Rent COM 02665T306 44,520 1,020,853 SH   SOLE   748,954 0 271,899
American Tower Corp. COM 03027X100 58,494 199,978 SH   SOLE   149,008 0 50,970
Boston Properties, Inc. COM 101121101 53,186 461,763 SH   SOLE   249,544 0 212,219
Broadstone Net Lease COM 11135E203 596 24,000 SH   SOLE   21,250 0 2,750
Camden Property Trust COM 133131102 105,583 590,903 SH   SOLE   356,469 0 234,434
Cousins Properties, Inc. COM 222795502 1,798 44,630 SH   SOLE   44,630 0 0
Crown Castle Inc COM 22822V101 1,226 5,875 SH   SOLE   5,875 0 0
Cubesmart COM 229663109 62,078 1,090,807 SH   SOLE   608,629 0 482,178
Duke Realty Corporation COM 264411505 113,280 1,725,774 SH   SOLE   980,592 0 745,182
Eastgroup Properties COM 277276101 12,011 52,711 SH   SOLE   23,783 0 28,928
Equinix Inc. COM 29444U700 177,892 210,314 SH   SOLE   120,147 0 90,167
Equity Lifestyle Properties COM 29472R108 53,869 614,529 SH   SOLE   452,968 0 161,561
Equity Residential COM 29476L107 123,049 1,359,656 SH   SOLE   828,800 0 530,856
Essex Property Trust, Inc. COM 297178105 110,677 314,218 SH   SOLE   197,091 0 117,127
Extra Space Storage, Inc. COM 30225T102 125,908 555,321 SH   SOLE   383,122 0 172,199
Federal Realty Investment Tr COM 313745101 12,714 93,265 SH   SOLE   40,456 0 52,809
Global Medical REIT COM 37954A204 15,848 892,823 SH   SOLE   357,570 0 535,253
Healthcare Realty Com COM 421946104 14,738 465,819 SH   SOLE   157,409 0 308,410
Highwoods Properties, Inc. COM 431284108 5,994 134,424 SH   SOLE   34,649 0 99,775
Hilton, Inc. COM 43300A203 1,482 9,502 SH   SOLE   9,502 0 0
IHS Holdings LTD COM G4701H109 1,776 125,950 SH   SOLE   122,660 0 3,290
Invitation Homes Inc COM 46187W107 94,856 2,092,107 SH   SOLE   1,381,000 0 711,107
JBG Smith Properties COM 46590V100 8,580 298,838 SH   SOLE   298,838 0 0
Jones Lang Lasalle Inc COM 48020Q107 8,548 31,735 SH   SOLE   31,735 0 0
Kilroy Realty COM 49427F108 42,723 642,842 SH   SOLE   333,900 0 308,942
Kimco Realty Corp. COM 49446R109 96,139 3,900,161 SH   SOLE   2,384,529 0 1,515,632
Lamar Advertising Co-A COM 512816109 11,359 93,640 SH   SOLE   93,265 0 375
MGM Growth Properties COM 55303A105 1,363 33,375 SH   SOLE   29,585 0 3,790
Playa Hotels & Resorts COM N70544106 31,251 3,916,163 SH   SOLE   2,271,717 0 1,644,446
Potlach Corp COM 737630103 16,064 266,766 SH   SOLE   95,173 0 171,593
ProLogis Inc. COM 74340W103 285,812 1,697,624 SH   SOLE   1,066,790 0 630,834
Public Storage COM 74460D109 36,042 96,225 SH   SOLE   31,777 0 64,448
Realty Income COM 756109104 1,071 14,960 SH   SOLE   12,980 0 1,980
Retail Opportunity Investmen COM 76131N101 21,512 1,097,526 SH   SOLE   1,097,193 0 333
Ryman Hospitality Properties COM 78377T107 30,694 333,779 SH   SOLE   223,519 0 110,260
SBA Communications COM 78410G104 2,350 6,040 SH   SOLE   5,485 0 555
Simon Property Group, Inc. COM 828806109 114,255 715,124 SH   SOLE   453,050 0 262,074
Sun Communities, Inc. COM 866674104 60,204 286,725 SH   SOLE   182,806 0 103,919
Switch Inc A COM 87105L104 16,372 571,651 SH   SOLE   185,413 0 386,238
Tanger Factory Outlet Center COM 875465106 8,932 463,275 SH   SOLE   171,646 0 291,629
Ventas, Inc. COM 92276F100 45,755 895,047 SH   SOLE   517,964 0 377,083
Veris Residential, Inc. COM 554489104 18,827 1,024,323 SH   SOLE   378,533 0 645,790
Vici Properties COM 925652109 984 32,680 SH   SOLE   28,515 0 4,165
Welltower Inc. COM 95040Q104 115,162 1,342,681 SH   SOLE   785,290 0 557,391
Xenia Hotels & Resorts Inc COM 984017103 18,754 1,035,562 SH   SOLE   585,621 0 449,941