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 13,164 569,876 SH   SOLE   108,678 0 461,198
Alexandria Real Estate Equit COM 015271109 98,191 695,949 SH   SOLE   390,142 0 305,807
American Tower Corp. COM 03027X100 43,005 210,345 SH   SOLE   154,808 0 55,537
Americold Realty Trust COM 03064D108 61,640 1,901,311 SH   SOLE   1,252,520 0 648,791
Apartment Investment & Manag COM 03748R754 31,805 634,576 SH   SOLE   88,701 0 545,875
Boston Properties, Inc. COM 101121101 84,788 657,266 SH   SOLE   336,619 0 320,647
Camden Property Trust COM 133131102 76,149 729,463 SH   SOLE   362,947 0 366,516
CoreSite Realty Corp. COM 21870Q105 28,659 248,837 SH   SOLE   56,032 0 192,805
Cubesmart COM 229663109 44,920 1,343,298 SH   SOLE   302,620 0 1,040,678
DiamondRock Hospitality COM 252784301 42,281 4,089,076 SH   SOLE   1,488,293 0 2,600,783
Duke Realty Corporation COM 264411505 37,075 1,172,868 SH   SOLE   259,860 0 913,008
Equinix Inc. COM 29444U700 131,152 260,074 SH   SOLE   115,173 0 144,901
Equity Residential COM 29476L107 122,987 1,619,957 SH   SOLE   808,862 0 811,095
Essex Property Trust, Inc. COM 297178105 83,755 286,902 SH   SOLE   143,392 0 143,510
Extra Space Storage, Inc COM 30225T102 84,237 793,943 SH   SOLE   376,664 0 417,279
Four Corners Property Trust COM 35086T109 13,584 497,022 SH   SOLE   69,470 0 427,552
HCP Inc. COM 40414L109 83,309 2,605,050 SH   SOLE   1,113,616 0 1,491,434
Healthcare Trust of America COM 42225P501 39,183 1,428,471 SH   SOLE   771,076 0 657,395
Highwoods Properties, Inc. COM 431284108 30,654 742,239 SH   SOLE   124,713 0 617,526
Hudson Pacific Properties COM 444097109 1,314 39,500 SH   SOLE   35,370 0 4,130
Interxion Holdings COM N47279109 10,276 135,045 SH   SOLE   45,820 0 89,225
Invitation Homes Inc COM 46187W107 32,215 1,205,226 SH   SOLE   662,291 0 542,935
JBG Smith Properties COM 46590V100 26,160 664,978 SH   SOLE   325,345 0 339,633
Kilroy Realty COM 49427F108 62,193 842,603 SH   SOLE   430,105 0 412,498
Kimco Realty Corp. COM 49446R109 58,754 3,179,297 SH   SOLE   1,649,738 0 1,529,559
Marriott International-CL A COM 571903202 34,539 246,192 SH   SOLE   158,271 0 87,921
Paramount Group Inc COM 69924R108 7,933 566,308 SH   SOLE   125,272 0 441,036
Pebblebrook Hotel Trust COM 70509V100 37,512 1,331,144 SH   SOLE   648,331 0 682,813
ProLogis Inc. COM 74340W103 155,563 1,942,106 SH   SOLE   965,760 0 976,346
Regency Centers Corp. COM 758849103 63,058 944,827 SH   SOLE   445,020 0 499,807
Retail Opportunity Investmen COM 76131N101 6,050 353,180 SH   SOLE   353,180 0 0
Simon Property Group, Inc. COM 828806109 152,697 955,791 SH   SOLE   437,599 0 518,192
Sun Communities, Inc. COM 866674104 52,484 409,427 SH   SOLE   155,968 0 253,459
Terreno Realty Corp COM 88146M101 20,729 422,691 SH   SOLE   109,592 0 313,099
Vanguard REIT VIPERs COM 922908553 908 10,390 SH   SOLE   0 0 10,390
Ventas, Inc. COM 92276F100 69,059 1,010,379 SH   SOLE   535,910 0 474,469