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 55,280 423,307 SH   SOLE   338,625 0 84,682
ALEXANDRIA REAL ESTATE EQ IN PREF CONV 015271505 9,356 252,900 SH   SOLE   0 0 252,900
AMERICAN HOMES 4 RENT COMMON 02665T306 103,335 4,731,445 SH   SOLE   3,913,320 0 818,125
APARTMENT INVT & MGMT CO COMMON 03748R101 106,978 2,447,445 SH   SOLE   1,939,095 0 508,350
APARTMENT INVT & MGMT CO PREFERRED 03748R762 76,016 2,774,300 SH   SOLE   1,450,250 0 1,324,050
AVALONBAY CMNTYS INC COMMON 053484101 97,999 549,290 SH   SOLE   446,149 0 103,141
BOSTON PROPERTIES INC COMMON 101121101 55,445 426,401 SH   SOLE   352,169 0 74,232
BRIXMOR PPTY GROUP INC COMMON 11120U105 25,026 1,341,175 SH   SOLE   1,114,375 0 226,800
CAMDEN PPTY TR COMMON 133131102 193 2,100 SH   SOLE   0 0 2,100
COLUMBIA PPTY TR INC COMMON 198287203 114 4,950 SH   SOLE   0 0 4,950
CORESITE RLTY CORP COMMON 21870Q105 41,792 366,920 SH   SOLE   309,320 0 57,600
CUBESMART COMMON 229663109 57,576 1,990,874 SH   SOLE   1,614,182 0 376,692
CYRUSONE INC COMMON 23283R100 20,093 337,525 SH   SOLE   285,425 0 52,100
DCT INDUSTRIAL TRUST INC COMMON 233153204 2,737 46,555 SH   SOLE   12,680 0 33,875
DDR CORP COMMON 23317H102 20,423 2,279,403 SH   SOLE   1,907,353 0 372,050
DIGITAL RLTY TR INC COMMON 253868103 39,598 347,655 SH   SOLE   291,555 0 56,100
DOUGLAS EMMETT INC COMMON 25960P109 43,705 1,064,414 SH   SOLE   853,149 0 211,265
EQUINIX INC COMMON 29444U700 88,906 196,165 SH   SOLE   164,740 0 31,425
EQUITY COMWLTH COMMON 294628102 15,189 497,825 SH   SOLE   313,600 0 184,225
EQUITY LIFESTYLE PPTYS INC COMMON 29472R108 442 4,965 SH   SOLE   3,466 0 1,499
EQUITY RESIDENTIAL COMMON 29476L107 82,660 1,296,215 SH   SOLE   1,045,027 0 251,188
ESSEX PPTY TR INC COMMON 297178105 41,494 171,911 SH   SOLE   142,252 0 29,659
EXTRA SPACE STORAGE INC COMMON 30225T102 12,283 140,455 SH   SOLE   140,455 0 0
FEDERAL REALTY INVT TR COMMON 313747206 26,858 202,225 SH   SOLE   155,328 0 46,897
GGP INC COMMON 36174X101 15,293 653,836 SH   SOLE   638,095 0 15,741
HCP INC COMMON 40414L109 244,442 9,372,788 SH   SOLE   7,613,225 0 1,759,563
HIGHWOODS PPTYS INC COMMON 431284108 144 2,825 SH   SOLE   0 0 2,825
HOSPITALITY PPTYS TR COMMON 44106M102 7,743 259,400 SH   SOLE   259,400 0 0
HOST HOTELS & RESORTS INC COMMON 44107P104 47,443 2,390,072 SH   SOLE   1,993,409 0 396,663
HUDSON PAC PPTYS INC COMMON 444097109 41,284 1,205,370 SH   SOLE   951,020 0 254,350
INVITATION HOMES INC COMMON 46187W107 21,103 895,325 SH   SOLE   723,300 0 172,025
JBG SMITH PPTYS COMMON 46590V100 184 5,306 SH   SOLE   3,580 0 1,726
KILROY RLTY CORP COMMON 49427F108 18,671 250,111 SH   SOLE   244,210 0 5,901
KIMCO RLTY CORP COMMON 49446R109 50,245 2,768,305 SH   SOLE   2,304,001 0 464,304
KITE RLTY GROUP TR COMMON 49803T300 46,586 2,376,835 SH   SOLE   1,931,060 0 445,775
LASALLE HOTEL PPTYS COMMON 517942108 15,636 557,045 SH   SOLE   464,545 0 92,500
LIBERTY PPTY TR COMMON 531172104 61,963 1,440,671 SH   SOLE   1,126,146 0 314,525
LIFE STORAGE INC COMMON 53223X107 237,719 2,668,900 SH   SOLE   2,158,790 0 510,110
MACERICH CO COMMON 554382101 59,135 900,348 SH   SOLE   701,184 0 199,164
MID AMER APT CMNTYS INC COMMON 59522J103 129 1,279 SH   SOLE   0 0 1,279
PARAMOUNT GROUP INC COMMON 69924R108 366 23,107 SH   SOLE   16,124 0 6,983
PARK HOTELS RESORTS INC COMMON 700517105 13,803 480,102 SH   SOLE   412,230 0 67,872
PEBBLEBROOK HOTEL TR COMMON 70509V100 22,540 606,400 SH   SOLE   505,500 0 100,900
PROLOGIS INC COMMON 74340W103 140,932 2,184,657 SH   SOLE   1,767,992 0 416,665
PUBLIC STORAGE COMMON 74460D109 320,630 1,534,114 SH   SOLE   1,240,436 0 293,678
REGENCY CTRS CORP COMMON 758849103 43,456 628,153 SH   SOLE   483,315 0 144,838
SENIOR HSG PPTYS TR COMMON 81721M109 216,901 11,326,407 SH   SOLE   9,354,123 0 1,972,284
SIMON PPTY GROUP INC NEW COMMON 828806109 146,192 851,238 SH   SOLE   684,965 0 166,272
SL GREEN RLTY CORP COMMON 78440X101 21,569 213,704 SH   SOLE   167,720 0 45,984
SUN CMNTYS INC COMMON 866674104 17,001 183,235 SH   SOLE   162,935 0 20,300
TAUBMAN CTRS INC COMMON 876664103 26,891 410,982 SH   SOLE   304,539 0 106,443
UDR INC COMMON 902653104 36,504 947,663 SH   SOLE   765,383 0 182,280
URSTADT BIDDLE PPTYS INC PREFERRED 917286809 22,724 864,375 SH   SOLE   612,025 0 252,350
VENTAS INC COMMON 92276F100 54,774 912,746 SH   SOLE   753,971 0 158,775
VORNADO RLTY TR COMMON 929042109 52,515 671,722 SH   SOLE   536,753 0 134,969
WEINGARTEN RLTY INVS COMMON 948741103 112,018 3,407,920 SH   SOLE   2,786,662 0 621,258
WELLTOWER INC COMMON 95040Q104 69,903 1,096,167 SH   SOLE   890,287 0 205,880