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
Alexander & Baldwin Inc COM 014491104 10,258 571,483 SH   SOLE   223,339 0 348,144
Alexandria Real Estate Equit COM 015271109 57,964 399,670 SH   SOLE   307,116 0 92,554
American Campus Communities COM 024835100 750 11,630 SH   SOLE   10,230 0 1,400
American Homes 4 Rent COM 02665T306 39,575 1,116,684 SH   SOLE   805,107 0 311,577
American Tower Corp. COM 03027X100 36,709 143,623 SH   SOLE   118,019 0 25,604
Boston Properties, Inc. COM 101121101 40,296 452,863 SH   SOLE   267,405 0 185,458
Broadstone Net Lease COM 11135E203 522 25,470 SH   SOLE   22,235 0 3,235
Camden Property Trust COM 133131102 76,624 569,787 SH   SOLE   374,017 0 195,770
Cousins Properties, Inc. COM 222795502 922 31,555 SH   SOLE   31,555 0 0
Crown Castle Inc COM 22822V101 1,094 6,495 SH   SOLE   5,995 0 500
Digital Realty Trust COM 253868103 23,028 177,364 SH   SOLE   66,855 0 110,509
Duke Realty Corporation COM 264411505 83,281 1,515,577 SH   SOLE   934,859 0 580,718
Eastgroup Properties COM 277276101 11,137 72,167 SH   SOLE   26,978 0 45,189
Equinix Inc. COM 29444U700 131,463 200,089 SH   SOLE   125,023 0 75,066
Equity Lifestyle Properties COM 29472R108 44,614 633,084 SH   SOLE   484,445 0 148,639
Equity Residential COM 29476L107 98,460 1,363,338 SH   SOLE   901,046 0 462,292
Essex Property Trust, Inc. COM 297178105 78,923 301,795 SH   SOLE   206,603 0 95,192
Extra Space Storage, Inc. COM 30225T102 87,995 517,250 SH   SOLE   366,039 0 151,211
Federal Realty Investment Tr COM 313745101 11,228 117,276 SH   SOLE   52,323 0 64,953
Global Medical REIT COM 37954A204 9,037 804,671 SH   SOLE   371,130 0 433,541
Healthcare Trust of America COM 42225P501 14,269 511,235 SH   SOLE   202,716 0 308,519
Hilton, Inc. COM 43300A203 1,001 8,982 SH   SOLE   8,982 0 0
IHS Holdings LTD COM G4701H109 1,189 113,865 SH   SOLE   110,575 0 3,290
Invitation Homes Inc COM 46187W107 70,005 1,967,537 SH   SOLE   1,389,544 0 577,993
Jones Lang Lasalle Inc COM 48020Q107 3,992 22,829 SH   SOLE   22,801 0 28
Kilroy Realty COM 49427F108 32,361 618,408 SH   SOLE   344,033 0 274,375
Kimco Realty Corp. COM 49446R109 69,433 3,512,007 SH   SOLE   2,339,001 0 1,173,006
Lamar Advertising Co-A COM 512816109 8,538 97,060 SH   SOLE   96,630 0 430
Playa Hotels & Resorts COM N70544106 23,261 3,385,810 SH   SOLE   2,088,470 0 1,297,340
Potlach Corp COM 737630103 832 18,835 SH   SOLE   18,835 0 0
ProLogis Inc. COM 74340W103 187,856 1,596,735 SH   SOLE   1,064,758 0 531,977
Public Storage COM 74460D109 94,847 303,345 SH   SOLE   190,597 0 112,748
Realty Income COM 756109104 0 9,825 SH   SOLE   7,820 0 2,005
Retail Opportunity Investmen COM 76131N101 16,572 1,050,201 SH   SOLE   1,050,201 0 0
Ryman Hospitality Properties COM 78377T107 28,670 377,087 SH   SOLE   257,848 0 119,239
SBA Communications COM 78410G104 0 5,195 SH   SOLE   4,615 0 580
Simon Property Group, Inc. COM 828806109 59,304 624,779 SH   SOLE   401,962 0 222,817
Sun Communities, Inc. COM 866674104 42,783 268,462 SH   SOLE   178,615 0 89,847
Ventas, Inc. COM 92276F100 47,680 927,102 SH   SOLE   596,860 0 330,242
Veris Residential, Inc. COM 554489104 12,207 921,934 SH   SOLE   396,177 0 525,757
Vici Properties COM 925652109 0 64,705 SH   SOLE   55,192 0 9,513
Welltower Inc. COM 95040Q104 91,292 1,108,585 SH   SOLE   734,945 0 373,640
Xenia Hotels & Resorts Inc COM 984017103 12,265 844,121 SH   SOLE   510,237 0 333,884