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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Alexander & Baldwin Inc COM 014491104   12,122 647,170 SH   SOLE   234,697 0 412,473
Alexandria Real Estate Equit COM 015271109   52,959 363,551 SH   SOLE   278,626 0 84,925
American Homes 4 Rent COM 02665T306   38,405 1,274,192 SH   SOLE   870,933 0 403,259
American Tower Corp. COM 03027X100   25,856 122,043 SH   SOLE   97,919 0 24,124
AvalonBay Communities, Inc. COM 053484101   26,491 164,015 SH   SOLE   70,451 0 93,564
Boston Properties, Inc. COM 101121101   34,928 516,830 SH   SOLE   298,753 0 218,077
Brixmor Property Group COM 11120U105   18,320 808,086 SH   SOLE   371,214 0 436,872
Broadstone Net Lease COM 11135E203   596 36,745 SH   SOLE   33,450 0 3,295
Camden Property Trust COM 133131102   51,408 459,488 SH   SOLE   306,840 0 152,648
Cousins Properties, Inc. COM 222795502   629 24,880 SH   SOLE   24,880 0 0
Crown Castle Inc COM 22822V101   1,335 9,845 SH   SOLE   9,220 0 625
Digital Realty Trust COM 253868103   22,254 221,941 SH   SOLE   77,308 0 144,633
Eastgroup Properties COM 277276101   10,085 68,117 SH   SOLE   26,165 0 41,952
Equinix Inc. COM 29444U700   115,637 176,538 SH   SOLE   120,186 0 56,352
Equity Lifestyle Properties COM 29472R108   53,534 828,691 SH   SOLE   584,127 0 244,564
Equity Residential COM 29476L107   80,901 1,371,208 SH   SOLE   900,840 0 470,368
Essex Property Trust, Inc. COM 297178105   61,833 291,773 SH   SOLE   197,090 0 94,683
Extra Space Storage, Inc. COM 30225T102   70,800 481,045 SH   SOLE   334,788 0 146,257
Federal Realty Investment Tr COM 313745101   788 7,796 SH   SOLE   7,796 0 0
First Industrial Realty Trus COM 32054K103   8,738 181,062 SH   SOLE   70,588 0 110,474
Healthcare Realty Trust COM 42226K105   11,315 587,170 SH   SOLE   225,085 0 362,085
Hilton, Inc. COM 43300A203   1,024 8,101 SH   SOLE   8,101 0 0
IHS Holdings LTD COM G4701H109   664 107,965 SH   SOLE   104,390 0 3,575
Invitation Homes Inc COM 46187W107   40,212 1,356,665 SH   SOLE   950,557 0 406,108
Kilroy Realty COM 49427F108   21,283 550,376 SH   SOLE   289,519 0 260,857
Kimco Realty Corp. COM 49446R109   70,261 3,317,338 SH   SOLE   2,243,579 0 1,073,759
Lamar Advertising Co-A COM 512816109   9,299 98,510 SH   SOLE   98,145 0 365
Marriott International-CL A COM 571903202   20,124 135,158 SH   SOLE   92,529 0 42,629
Mid-America Apartment Commun COM 59522J103   12,485 79,525 SH   SOLE   79,525 0 0
Netstreit Corp COM 64119V303   9,812 535,278 SH   SOLE   203,421 0 331,857
Playa Hotels & Resorts COM N70544106   21,643 3,314,291 SH   SOLE   2,076,981 0 1,237,310
Potlach Corp COM 737630103   1,043 23,720 SH   SOLE   23,720 0 0
ProLogis Inc. COM 74340W103   0 2,047,863 SH   SOLE   1,375,085 0 672,778
Public Storage COM 74460D109   88,552 316,045 SH   SOLE   201,634 0 114,411
Realty Income COM 756109104   3,646 57,480 SH   SOLE   55,920 0 1,560
Retail Opportunity Investmen COM 76131N101   0 894,523 SH   SOLE   894,523 0 0
Rexford Industrial Realty COM 76169C100   7,745 141,740 SH   SOLE   94,005 0 47,735
Ryman Hospitality Properties COM 78377T107   26,924 329,226 SH   SOLE   231,863 0 97,363
SBA Communications COM 78410G104   2,100 7,490 SH   SOLE   7,010 0 480
Simon Property Group, Inc. COM 828806109   66,368 564,930 SH   SOLE   360,259 0 204,671
Ventas, Inc. COM 92276F100   0 865,575 SH   SOLE   575,429 0 290,146
Vici Properties COM 925652109   3,476 107,285 SH   SOLE   100,777 0 6,508
Welltower Inc. COM 95040Q104   81,757 1,247,259 SH   SOLE   851,871 0 395,388