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 EQ IN COM 015271109 235,403 1,528,196 SH   SOLE   1,400,183 0 128,013
AMERICAN TOWER CORP NEW COM 03027X100 140,630 635,961 SH   SOLE   584,866 0 51,095
BOSTON PROPERTIES INC COM 101121101 127,200 981,026 SH   SOLE   886,380 0 94,646
CAMDEN PPTY TR SH BEN INT 133131102 37,554 338,298 SH   SOLE   307,871 0 30,427
CUBESMART COM 229663109 54,460 1,560,468 SH   SOLE   1,423,394 0 137,074
DIGITAL RLTY TR INC COM 253868103 33,860 260,843 SH   SOLE   224,152 0 36,691
EMPIRE ST RLTY TR INC CL A 292104106 100,025 7,009,454 SH   SOLE   6,448,561 0 560,893
EQUITY COMWLTH COM SH BEN INT 294628102 65,648 1,916,732 SH   SOLE   1,754,296 0 162,436
EQUITY LIFESTYLE PPTYS INC COM 29472R108 134,589 1,007,402 SH   SOLE   924,512 0 82,890
EQUITY RESIDENTIAL SH BEN INT 29476L107 413,935 4,798,695 SH   SOLE   4,409,087 0 389,608
ESSEX PPTY TR INC COM 297178105 163,361 500,111 SH   SOLE   460,225 0 39,886
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 137,078 1,006,892 SH   SOLE   931,158 0 75,734
HCP INC COM 40414L109 346,822 9,733,993 SH   SOLE   8,907,329 0 826,664
HEALTHCARE RLTY TR COM 421946104 103,367 3,085,572 SH   SOLE   2,769,305 0 316,267
HOST HOTELS & RESORTS INC COM 44107P104 31,681 1,832,311 SH   SOLE   1,668,715 0 163,596
INTERXION HOLDING N.V SHS N47279109 121,853 1,495,866 SH   SOLE   1,427,066 0 68,800
INVITATION HOMES INC COM 46187W107 162,414 5,485,120 SH   SOLE   5,084,300 0 400,820
JBG SMITH PPTYS COM 46590V100 96,714 2,466,559 SH   SOLE   2,274,219 0 192,340
KILROY RLTY CORP COM 49427F108 117,314 1,506,152 SH   SOLE   1,379,216 0 126,936
PROLOGIS INC COM 74340W103 378,913 4,446,288 SH   SOLE   4,019,469 0 426,819
SIMON PPTY GROUP INC NEW COM 828806109 93,375 599,902 SH   SOLE   547,373 0 52,529
STORE CAP CORP COM 862121100 124,948 3,339,967 SH   SOLE   3,067,024 0 272,943
TERRENO RLTY CORP COM 88146M101 129,237 2,529,588 SH   SOLE   2,337,033 0 192,555
VENTAS INC COM 92276F100 3,505 48,000 SH   SOLE   0 0 48,000
VEREIT INC COM 92339V100 134,592 13,761,916 SH   SOLE   13,088,158 0 673,758