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
Alexander & Baldwin Inc COM 014491104 8,843 533,385 SH   SOLE   185,573 0 347,812
Alexandria Real Estate Equit COM 015271109 57,274 408,550 SH   SOLE   304,713 0 103,837
American Homes 4 Rent COM 02665T306 39,027 1,189,490 SH   SOLE   818,776 0 370,714
American Tower Corp. COM 03027X100 33,572 156,366 SH   SOLE   122,012 0 34,354
AvalonBay Communities, Inc. COM 053484101 23,851 129,489 SH   SOLE   83,069 0 46,420
Boston Properties, Inc. COM 101121101 36,395 485,458 SH   SOLE   286,297 0 199,161
Broadstone Net Lease COM 11135E203 462 29,770 SH   SOLE   27,060 0 2,710
Camden Property Trust COM 133131102 54,245 454,128 SH   SOLE   303,588 0 150,540
Cousins Properties, Inc. COM 222795502 678 29,030 SH   SOLE   29,030 0 0
Crown Castle Inc COM 22822V101 1,169 8,085 SH   SOLE   7,460 0 625
Digital Realty Trust COM 253868103 19,140 192,991 SH   SOLE   63,900 0 129,091
Duke Realty Corporation COM 264411505 68,547 1,422,133 SH   SOLE   841,507 0 580,626
Eastgroup Properties COM 277276101 9,865 68,344 SH   SOLE   24,300 0 44,044
Equinix Inc. COM 29444U700 107,257 188,554 SH   SOLE   117,520 0 71,034
Equity Lifestyle Properties COM 29472R108 45,248 720,041 SH   SOLE   554,404 0 165,637
Equity Residential COM 29476L107 91,044 1,354,419 SH   SOLE   876,435 0 477,984
Essex Property Trust, Inc. COM 297178105 71,962 297,082 SH   SOLE   197,546 0 99,536
Extra Space Storage, Inc. COM 30225T102 85,045 492,415 SH   SOLE   344,937 0 147,478
Federal Realty Investment Tr COM 313745101 9,815 108,907 SH   SOLE   43,960 0 64,947
First Industrial Realty Trus COM 32054K103 7,424 165,680 SH   SOLE   49,795 0 115,885
Global Medical REIT COM 37954A204 5,847 686,328 SH   SOLE   253,519 0 432,809
Healthcare Realty Trust COM 42226K105 12,135 582,008 SH   SOLE   202,030 0 379,978
Hilton, Inc. COM 43300A203 931 7,716 SH   SOLE   7,716 0 0
IHS Holdings LTD COM G4701H109 599 107,415 SH   SOLE   103,840 0 3,575
Invitation Homes Inc COM 46187W107 54,469 1,612,927 SH   SOLE   1,186,353 0 426,574
Kilroy Realty COM 49427F108 24,775 588,338 SH   SOLE   313,994 0 274,344
Kimco Realty Corp. COM 49446R109 63,511 3,449,792 SH   SOLE   2,247,964 0 1,201,828
Lamar Advertising Co-A COM 512816109 7,993 96,900 SH   SOLE   96,535 0 365
Netstreit Corp COM 64119V303 7,514 421,880 SH   SOLE   130,220 0 291,660
Playa Hotels & Resorts COM N70544106 19,601 3,367,863 SH   SOLE   2,070,975 0 1,296,888
Potlach Corp COM 737630103 788 19,190 SH   SOLE   19,190 0 0
ProLogis Inc. COM 74340W103 155,562 1,531,126 SH   SOLE   1,045,848 0 485,278
Public Storage COM 74460D109 0 294,431 SH   SOLE   178,185 0 116,246
Realty Income COM 756109104 2,120 36,425 SH   SOLE   34,660 0 1,765
Retail Opportunity Investmen COM 76131N101 14,993 1,089,620 SH   SOLE   1,089,364 0 256
Ryman Hospitality Properties COM 78377T107 0 334,900 SH   SOLE   230,094 0 104,806
SBA Communications COM 78410G104 1,840 6,465 SH   SOLE   5,965 0 500
Simon Property Group, Inc. COM 828806109 54,268 604,654 SH   SOLE   381,358 0 223,296
Sun Communities, Inc. COM 866674104 13,859 102,411 SH   SOLE   38,995 0 63,416
Ventas, Inc. COM 92276F100 34,327 854,547 SH   SOLE   548,608 0 305,939
Veris Residential, Inc. COM 554489104 0 742,669 SH   SOLE   303,151 0 439,518
Vici Properties COM 925652109 2,177 72,925 SH   SOLE   65,652 0 7,273
Welltower Inc. COM 95040Q104 71,499 1,111,621 SH   SOLE   745,393 0 366,228
Xenia Hotels & Resorts Inc COM 984017103 11,270 817,299 SH   SOLE   483,425 0 333,874