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
AGREE REALTY CORP COMM STK 008492100 65,024 976,634 SH   SOLE   60,871 0 915,763
ALEXANDRIA REAL ESTATE EQUITIES INC COMM STK 015271109 10,231 57,408 SH   SOLE   10,501 0 46,907
AMERICAN CAMPUS COMMUNITIES INC COMM STK 024835100 64,826 1,515,678 SH   SOLE   181,287 0 1,334,391
AMERICAN CAMPUS COMMUNITIES INC COMM STK 024835100 847 19,801 SH   OTR   0 0 19,801
AMERICAN HOMES 4 RENT COMM STK 02665T306 835 27,823 SH   SOLE   27,823 0 0
AMERICAN TOWER CORP COMM STK 03027X100 39,487 175,920 SH   SOLE   175,920 0 0
APARTMENT INCOME REIT CORP COMM STK 03750L109 129,110 3,361,367 SH   SOLE   210,275 0 3,151,092
APARTMENT INCOME REIT CORP COMM STK 03750L109 1,508 39,253 SH   OTR   0 0 39,253
AVALONBAY COMMUNITIES INC COMM STK 053484101 140,587 876,313 SH   SOLE   103,088 0 773,225
CAMDEN PROPERTY TRUST COMM STK 133131102 782 7,830 SH   SOLE   7,830 0 0
CARETRUST REIT INC COMM STK 14174T107 3,098 139,673 SH   SOLE   38,973 0 100,700
COLUMBIA PROPERTY TRUST INC COMM STK 198287203 14,733 1,027,399 SH   SOLE   53,589 0 973,810
CORPORATE OFFICE PROPERTIES TRUST COMM STK 22002T108 30,310 1,162,194 SH   SOLE   73,201 0 1,088,993
COUSINS PROPERTIES INC COMM STK 222795502 38,345 1,144,619 SH   SOLE   54,363 0 1,090,256
CROWN CASTLE INTL CORP COMM STK 22822V101 12,468 78,320 SH   SOLE   78,320 0 0
CUBESMART COMM STK 229663109 87,569 2,605,446 SH   SOLE   235,478 0 2,369,968
DIGITAL REALTY TRUST INC COMM STK 253868103 180,293 1,292,332 SH   SOLE   121,928 0 1,170,404
DOUGLAS EMMETT INC COMM STK 25960P109 63,640 2,180,930 SH   SOLE   168,046 0 2,012,884
DOUGLAS EMMETT INC COMM STK 25960P109 1,165 39,918 SH   OTR   0 0 39,918
DUKE REALTY CORP COMM STK 264411505 104,347 2,610,643 SH   SOLE   331,667 0 2,278,976
EQUINIX INC COMM STK 29444U700 232,156 325,066 SH   SOLE   29,791 0 295,275
EQUITY LIFESTYLE PROPERTIES INC COMM STK 29472R108 134,233 2,118,580 SH   SOLE   207,317 0 1,911,263
EQUITY RESIDENTIAL COMM STK 29476L107 57,152 964,103 SH   SOLE   133,114 0 830,989
ESSEX PROPERTY TRUST INC COMM STK 297178105 5,604 23,605 SH   SOLE   23,605 0 0
FEDERAL REALTY INVESTMENT TRUST COMM STK 313747206 1,316 15,464 SH   SOLE   15,464 0 0
FIRST INDUSTRIAL REALTY TRUST INC COMM STK 32054K103 126,596 3,004,896 SH   SOLE   197,148 0 2,807,748
FIRST INDUSTRIAL REALTY TRUST INC COMM STK 32054K103 818 19,410 SH   OTR   0 0 19,410
HEALTHCARE TRUST OF AMERICA COMM STK 42225P501 104,571 3,797,058 SH   SOLE   448,729 0 3,348,329
HEALTHPEAK PROPERTIES INC COMM STK 42250P103 8,533 282,258 SH   SOLE   70,449 0 211,809
HIGHWOODS PROPERTIES INC COMM STK 431284108 40,217 1,014,810 SH   SOLE   71,203 0 943,607
INVITATION HOMES INC COMM STK 46187W107 241,113 8,118,291 SH   SOLE   660,641 0 7,457,650
INVITATION HOMES INC COMM STK 46187W107 1,844 62,076 SH   OTR   0 0 62,076
IRON MOUNTAIN INC COMM STK 46284V101 2,867 97,243 SH   SOLE   0 0 97,243
KILROY REALTY CORP COMM STK 49427F108 2,026 35,300 SH   SOLE   35,300 0 0
LIFE STORAGE INC COMM STK 53223X107 34,529 289,212 SH   SOLE   23,035 0 266,177
NATIONAL RETAIL PROPERTIES INC COMM STK 637417106 43,496 1,062,952 SH   SOLE   65,264 0 997,688
PEBBLEBROOK HOTEL TRUST COMM STK 70509V100 16,484 876,789 SH   SOLE   50,878 0 825,911
PROLOGIS INC COMM STK 74340W103 142,766 1,432,532 SH   SOLE   154,817 0 1,277,715
PUBLIC STORAGE COMM STK 74460D109 110,202 477,210 SH   SOLE   91,080 0 386,130
REALTY INCOME CORP COMM STK 756109104 61,626 991,254 SH   SOLE   79,684 0 911,570
REGENCY CENTERS CORP COMM STK 758849103 59,038 1,294,973 SH   SOLE   105,206 0 1,189,767
RETAIL PROPERTIES OF AMERICA COMM STK 76131V202 93,506 10,923,587 SH   SOLE   733,408 0 10,190,179
RETAIL PROPERTIES OF AMERICA COMM STK 76131V202 1,459 170,401 SH   OTR   0 0 170,401
SBA COMMUNICATIONS CORP COMM STK 78410G104 113,644 402,807 SH   SOLE   48,766 0 354,041
SBA COMMUNICATIONS CORP COMM STK 78410G104 1,480 5,246 SH   OTR   0 0 5,246
SIMON PROPERTY GROUP INC COMM STK 828806109 36,285 425,479 SH   SOLE   76,381 0 349,098
SIMON PROPERTY GROUP INC COMM STK 828806109 2,833 33,217 SH   OTR   0 0 33,217
SUNSTONE HOTEL INVESTORS INC COMM STK 867892101 55,509 4,899,303 SH   SOLE   259,358 0 4,639,945
URBAN EDGE PROPERTIES COMM STK 91704F104 50,149 3,875,508 SH   SOLE   142,167 0 3,733,341
VENTAS INC COMM STK 92276F100 80,480 1,641,103 SH   SOLE   256,813 0 1,384,290
VEREIT INC COMM STK 92339V308 82,321 2,178,386 SH   SOLE   152,681 0 2,025,705
VEREIT INC COMM STK 92339V308 1,148 30,391 SH   OTR   0 0 30,391
VICI PROPERTIES INC COMM STK 925652109 63,034 2,471,939 SH   SOLE   189,222 0 2,282,717
WEINGARTEN REALTY INVESTORS COMM STK 948741103 31,802 1,467,542 SH   SOLE   71,206 0 1,396,336
WELLTOWER INC COMM STK 95040Q104 138,675 2,146,004 SH   SOLE   193,501 0 1,952,503
WEYERHAEUSER CO COMM STK 962166104 715 21,328 SH   SOLE   21,328 0 0