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 COMMON 015271109 57,976 487,314 SH   SOLE   389,085 0 98,229
ALEXANDRIA REAL ESTATE EQ IN PREF CONV 015271505 9,041 252,900 SH   SOLE   0 0 252,900
AMERICAN HOMES 4 RENT COMMON 02665T306 44,918 2,068,995 SH   SOLE   1,676,270 0 392,725
APARTMENT INVT & MGMT CO COMMON 03748R101 43,940 1,001,820 SH   SOLE   772,320 0 229,500
APARTMENT INVT & MGMT CO PREFERRED 03748R762 75,330 2,813,975 SH   SOLE   1,545,225 0 1,268,750
AVALONBAY CMNTYS INC COMMON 053484101 102,976 577,156 SH   SOLE   467,313 0 109,843
BOSTON PROPERTIES INC COMMON 101121101 55,190 449,140 SH   SOLE   368,757 0 80,383
CAMDEN PPTY TR COMMON 133131102 192 2,100 SH   SOLE   0 0 2,100
COLUMBIA PPTY TR INC COMMON 198287203 254 11,675 SH   SOLE   0 0 11,675
CORESITE RLTY CORP COMMON 21870Q105 43,286 386,825 SH   SOLE   323,375 0 63,450
CUBESMART COMMON 229663109 85,120 3,278,879 SH   SOLE   2,654,654 0 624,225
CYRUSONE INC COMMON 23283R100 24,052 408,150 SH   SOLE   342,450 0 65,700
DCT INDUSTRIAL TRUST INC COMMON 233153204 2,637 45,531 SH   SOLE   14,236 0 31,295
DDR CORP COMMON 23317H102 98,421 10,744,670 SH   SOLE   8,870,683 0 1,873,987
DIGITAL RLTY TR INC COMMON 253868103 30,652 259,040 SH   SOLE   215,215 0 43,825
DOUGLAS EMMETT INC COMMON 25960P109 49,233 1,248,934 SH   SOLE   993,360 0 255,574
EQUINIX INC COMMON 29444U700 92,355 206,935 SH   SOLE   172,385 0 34,550
EQUITY COMWLTH COMMON 294628102 1,223 40,225 SH   SOLE   0 0 40,225
EQUITY LIFESTYLE PPTYS INC COMMON 29472R108 461 5,420 SH   SOLE   3,891 0 1,529
EQUITY RESIDENTIAL COMMON 29476L107 89,887 1,363,363 SH   SOLE   1,094,173 0 269,190
ESSEX PPTY TR INC COMMON 297178105 50,255 197,829 SH   SOLE   161,066 0 36,763
EXTRA SPACE STORAGE INC COMMON 30225T102 144,963 1,813,855 SH   SOLE   1,491,905 0 321,950
FEDERAL REALTY INVT TR COMMON 313747206 26,323 211,925 SH   SOLE   162,659 0 49,266
GGP INC COMMON 36174X101 14,980 721,218 SH   SOLE   702,414 0 18,804
HCP INC COMMON 40414L109 87,998 3,161,982 SH   SOLE   2,557,535 0 604,447
HIGHWOODS PPTYS INC COMMON 431284108 147 2,825 SH   SOLE   0 0 2,825
HOSPITALITY PPTYS TR COMMON 44106M102 7,922 278,055 SH   SOLE   278,055 0 0
HOST HOTELS & RESORTS INC COMMON 44107P104 46,972 2,540,422 SH   SOLE   2,101,334 0 439,088
HUDSON PAC PPTYS INC COMMON 444097109 44,045 1,313,610 SH   SOLE   1,027,435 0 286,175
JBG SMITH PPTYS COMMON 46590V100 199 5,829 SH   SOLE   4,071 0 1,758
KILROY RLTY CORP COMMON 49427F108 18,811 264,490 SH   SOLE   258,560 0 5,930
KIMCO RLTY CORP COMMON 49446R109 32,269 1,650,588 SH   SOLE   1,357,356 0 293,232
KITE RLTY GROUP TR COMMON 49803T300 77,792 3,841,585 SH   SOLE   3,139,685 0 701,900
LASALLE HOTEL PPTYS COMMON 517942108 17,183 592,120 SH   SOLE   489,745 0 102,375
LIBERTY PPTY TR COMMON 531172104 58,130 1,415,726 SH   SOLE   1,121,951 0 293,775
LIFE STORAGE INC COMMON 53223X107 301,113 3,680,640 SH   SOLE   2,980,455 0 700,185
MACERICH CO COMMON 554382101 121,458 2,209,539 SH   SOLE   1,764,265 0 445,274
MID AMER APT CMNTYS INC COMMON 59522J103 2,221 20,779 SH   SOLE   0 0 20,779
PARAMOUNT GROUP INC COMMON 69924R108 403 25,211 SH   SOLE   18,103 0 7,108
PARK HOTELS RESORTS INC COMMON 700517105 14,070 510,528 SH   SOLE   435,456 0 75,072
PEBBLEBROOK HOTEL TR COMMON 70509V100 23,293 644,535 SH   SOLE   532,910 0 111,625
PROLOGIS INC COMMON 74340W103 148,521 2,340,380 SH   SOLE   1,902,084 0 438,296
PUBLIC STORAGE COMMON 74460D109 212,131 991,311 SH   SOLE   807,485 0 183,826
REGENCY CTRS CORP COMMON 758849103 40,731 656,524 SH   SOLE   506,676 0 149,848
SENIOR HSG PPTYS TR COMMON 81721M109 137,401 7,028,168 SH   SOLE   5,801,884 0 1,226,284
SIMON PPTY GROUP INC NEW COMMON 828806109 169,366 1,051,895 SH   SOLE   850,021 0 201,874
SL GREEN RLTY CORP COMMON 78440X101 1,802 17,785 SH   SOLE   3,474 0 14,311
SUN CMNTYS INC COMMON 866674104 16,380 191,175 SH   SOLE   172,800 0 18,375
TAUBMAN CTRS INC COMMON 876664103 39,794 800,691 SH   SOLE   634,324 0 166,367
UDR INC COMMON 902653104 38,302 1,007,149 SH   SOLE   813,810 0 193,339
URSTADT BIDDLE PPTYS INC PREFERRED 917286809 22,878 876,200 SH   SOLE   633,900 0 242,300
VENTAS INC COMMON 92276F100 52,310 803,158 SH   SOLE   688,687 0 114,471
VORNADO RLTY TR COMMON 929042109 114,763 1,492,760 SH   SOLE   1,205,551 0 287,209
WEINGARTEN RLTY INVS COMMON 948741103 127,164 4,006,440 SH   SOLE   3,204,532 0 801,908
WELLTOWER INC COMMON 95040Q104 75,959 1,080,804 SH   SOLE   888,578 0 192,226