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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Alexander & Baldwin Inc COM 014491104   11,412 603,489 SH   SOLE   234,859 0 368,630
Alexandria Real Estate Equit COM 015271109   45,698 363,866 SH   SOLE   279,176 0 84,690
American Homes 4 Rent COM 02665T306   44,566 1,417,073 SH   SOLE   952,023 0 465,050
American Tower Corp. COM 03027X100   24,441 119,612 SH   SOLE   98,490 0 21,122
AvalonBay Communities, Inc. COM 053484101   20,493 121,942 SH   SOLE   49,223 0 72,719
Boston Properties, Inc. COM 101121101   40,902 755,772 SH   SOLE   420,397 0 335,375
Brixmor Property Group COM 11120U105   21,967 1,020,755 SH   SOLE   672,610 0 348,145
Broadstone Net Lease COM 11135E203   584 34,315 SH   SOLE   30,265 0 4,050
Camden Property Trust COM 133131102   47,684 454,832 SH   SOLE   318,544 0 136,288
Cousins Properties, Inc. COM 222795502   737 34,490 SH   SOLE   34,490 0 0
Crown Castle Inc COM 22822V101   1,575 11,765 SH   SOLE   10,895 0 870
Digital Realty Trust COM 253868103   21,611 219,821 SH   SOLE   85,929 0 133,892
Eastgroup Properties COM 277276101   10,270 62,123 SH   SOLE   24,658 0 37,465
Equinix Inc. COM 29444U700   125,341 173,834 SH   SOLE   119,986 0 53,848
Equity Lifestyle Properties COM 29472R108   50,614 753,958 SH   SOLE   521,228 0 232,730
Equity Residential COM 29476L107   79,115 1,318,575 SH   SOLE   898,250 0 420,325
Essex Property Trust, Inc. COM 297178105   58,907 281,667 SH   SOLE   197,002 0 84,665
Extra Space Storage, Inc. COM 30225T102   69,093 424,064 SH   SOLE   312,001 0 112,063
First Industrial Realty Trus COM 32054K103   7,267 136,590 SH   SOLE   56,260 0 80,330
Healthcare Realty Trust COM 42226K105   10,832 560,366 SH   SOLE   236,581 0 323,785
Hilton, Inc. COM 43300A203   1,014 7,201 SH   SOLE   7,201 0 0
IHS Holdings LTD COM G4701H109   651 74,340 SH   SOLE   74,340 0 0
Invitation Homes Inc COM 46187W107   31,073 994,957 SH   SOLE   769,327 0 225,630
Iron Mountain COM 46284V101   603 11,405 SH   SOLE   10,610 0 795
Kimco Realty Corp. COM 49446R109   67,157 3,438,693 SH   SOLE   2,384,988 0 1,053,705
Lamar Advertising Co-A COM 512816109   9,081 90,910 SH   SOLE   90,380 0 530
Life Storage Inc COM 53223X107   13,860 105,730 SH   SOLE   69,330 0 36,400
Marriott International-CL A COM 571903202   15,890 95,702 SH   SOLE   68,412 0 27,290
Mid-America Apartment Commun COM 59522J103   18,762 124,217 SH   SOLE   124,217 0 0
Netstreit Corp COM 64119V303   12,043 658,792 SH   SOLE   263,377 0 395,415
Playa Hotels & Resorts COM N70544106   20,760 2,162,455 SH   SOLE   1,306,780 0 855,675
Potlach Corp COM 737630103   953 19,260 SH   SOLE   19,260 0 0
ProLogis Inc. COM 74340W103   0 1,920,037 SH   SOLE   1,318,713 0 601,324
Public Storage COM 74460D109   85,579 283,241 SH   SOLE   189,761 0 93,480
Realty Income COM 756109104   3,666 57,890 SH   SOLE   56,725 0 1,165
Retail Opportunity Investmen COM 76131N101   0 780,665 SH   SOLE   780,665 0 0
Rexford Industrial Realty COM 76169C100   12,609 211,383 SH   SOLE   152,978 0 58,405
Ryman Hospitality Properties COM 78377T107   25,709 286,509 SH   SOLE   221,954 0 64,555
SBA Communications COM 78410G104   1,876 7,185 SH   SOLE   6,685 0 500
Sabra Health Care REIT Inc COM 78573L106   8,245 716,956 SH   SOLE   287,456 0 429,500
Simon Property Group, Inc. COM 828806109   0 574,155 SH   SOLE   383,443 0 190,712
Ventas, Inc. COM 92276F100   31,402 724,386 SH   SOLE   529,576 0 194,810
Vici Properties COM 925652109   5,109 156,630 SH   SOLE   149,477 0 7,153
Welltower Inc. COM 95040Q104   85,451 1,191,961 SH   SOLE   838,611 0 353,350