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 48,056 384,784 SH   SOLE   362,934 0 21,850
ALEXANDRIA REAL ESTATE EQ IN PREF CONV 015271505 9,087 252,900 SH   SOLE   0 0 252,900
AMERICAN HOMES 4 RENT COMMON 02665T306 34,298 1,708,045 SH   SOLE   1,653,445 0 54,600
APARTMENT INVT & MGMT CO COMMON 03748R101 130,642 3,205,945 SH   SOLE   2,774,370 0 431,575
APARTMENT INVT & MGMT CO PREFERRED 03748R762 62,177 2,402,500 SH   SOLE   1,078,450 0 1,324,050
AVALONBAY CMNTYS INC COMMON 053484101 71,004 431,743 SH   SOLE   408,918 0 22,825
BOSTON PROPERTIES INC COMMON 101121101 44,335 359,802 SH   SOLE   352,702 0 7,100
BRANDYWINE RLTY TR COMMON 105368203 14,512 913,825 SH   SOLE   913,825 0 0
BRIXMOR PPTY GROUP INC COMMON 11120U105 20,335 1,333,425 SH   SOLE   1,106,625 0 226,800
CORESITE RLTY CORP COMMON 21870Q105 33,496 334,095 SH   SOLE   334,095 0 0
CUBESMART COMMON 229663109 21,619 766,634 SH   SOLE   711,459 0 55,175
CYRUSONE INC COMMON 23283R100 10,675 208,450 SH   SOLE   208,450 0 0
DCT INDUSTRIAL TRUST INC COMMON 233153204 1,845 32,754 SH   SOLE   1,229 0 31,525
DDR CORP COMMON 23317H102 13,985 1,907,848 SH   SOLE   1,907,848 0 0
DIGITAL RLTY TR INC COMMON 253868103 33,754 320,305 SH   SOLE   320,305 0 0
DOUGLAS EMMETT INC COMMON 25960P109 29,613 805,570 SH   SOLE   764,220 0 41,350
EQUINIX INC COMMON 29444U700 74,372 177,865 SH   SOLE   177,865 0 0
EQUITY COMWLTH COMMON 294628102 593 19,350 SH   SOLE   0 0 19,350
EQUITY LIFESTYLE PPTYS INC COMMON 29472R108 29 336 SH   SOLE   336 0 0
EQUITY RESIDENTIAL COMMON 29476L107 60,244 977,667 SH   SOLE   938,142 0 39,525
ESSEX PPTY TR INC COMMON 297178105 32,523 135,129 SH   SOLE   126,954 0 8,175
EXTRA SPACE STORAGE INC COMMON 30225T102 12,043 137,855 SH   SOLE   137,855 0 0
FEDERAL REALTY INVT TR COMMON 313747206 19,024 163,848 SH   SOLE   151,698 0 12,150
GGP INC COMMON 36174X101 22,942 1,121,331 SH   SOLE   1,065,506 0 55,825
HCP INC COMMON 40414L109 245,106 10,551,279 SH   SOLE   8,958,302 0 1,592,977
HILTON WORLDWIDE HLDGS INC COMMON 43300A203 81 1,025 SH   SOLE   1,025 0 0
HOST HOTELS & RESORTS INC COMMON 44107P104 37,725 2,023,864 SH   SOLE   2,023,864 0 0
HUDSON PAC PPTYS INC COMMON 444097109 30,742 945,020 SH   SOLE   869,270 0 75,750
HYATT HOTELS CORP COMMON 448579102 16,703 219,025 SH   SOLE   219,025 0 0
INDUSTRIAL LOGISTICS PPTYS T COMMON 456237106 9,053 445,075 SH   SOLE   424,375 0 20,700
INVITATION HOMES INC COMMON 46187W107 25,959 1,137,050 SH   SOLE   1,102,800 0 34,250
JBG SMITH PPTYS COMMON 46590V100 15,684 465,275 SH   SOLE   445,025 0 20,250
KILROY RLTY CORP COMMON 49427F108 17,132 241,431 SH   SOLE   241,431 0 0
KIMCO RLTY CORP COMMON 49446R109 31,424 2,182,220 SH   SOLE   1,899,920 0 282,300
KITE RLTY GROUP TR COMMON 49803T300 33,861 2,223,310 SH   SOLE   2,008,785 0 214,525
LASALLE HOTEL PPTYS COMMON 517942108 13,680 471,570 SH   SOLE   471,570 0 0
LIBERTY PPTY TR COMMON 531172104 46,234 1,163,696 SH   SOLE   1,085,421 0 78,275
LIFE STORAGE INC COMMON 53223X107 225,393 2,698,675 SH   SOLE   2,209,165 0 489,510
MACERICH CO COMMON 554382101 41,300 737,244 SH   SOLE   698,644 0 38,600
PARAMOUNT GROUP INC COMMON 69924R108 22 1,562 SH   SOLE   1,562 0 0
PARK HOTELS RESORTS INC COMMON 700517105 10,579 391,518 SH   SOLE   391,518 0 0
PEBBLEBROOK HOTEL TR COMMON 70509V100 17,629 513,225 SH   SOLE   513,225 0 0
PROLOGIS INC COMMON 74340W103 115,002 1,825,716 SH   SOLE   1,734,266 0 91,450
PUBLIC STORAGE COMMON 74460D109 342,832 1,710,825 SH   SOLE   1,441,320 0 269,505
REGENCY CTRS CORP COMMON 758849103 29,718 503,869 SH   SOLE   475,769 0 28,100
SENIOR HSG PPTYS TR COMMON 81721M109 197,917 12,638,349 SH   SOLE   10,635,929 0 2,002,420
SIMON PPTY GROUP INC NEW COMMON 828806109 105,359 682,600 SH   SOLE   649,350 0 33,250
SL GREEN RLTY CORP COMMON 78440X101 17,565 181,400 SH   SOLE   167,925 0 13,475
SUN CMNTYS INC COMMON 866674104 20,877 228,485 SH   SOLE   205,960 0 22,525
TAUBMAN CTRS INC COMMON 876664103 13,987 245,776 SH   SOLE   236,601 0 9,175
UDR INC COMMON 902653104 21,711 609,512 SH   SOLE   565,237 0 44,275
URSTADT BIDDLE PPTYS INC PREFERRED 917286809 20,463 804,275 SH   SOLE   551,925 0 252,350
VENTAS INC COMMON 92276F100 42,311 854,244 SH   SOLE   825,194 0 29,050
VORNADO RLTY TR COMMON 929042109 37,150 552,009 SH   SOLE   522,259 0 29,750
WEINGARTEN RLTY INVS COMMON 948741103 81,176 2,890,895 SH   SOLE   2,512,387 0 378,508
WELLTOWER INC COMMON 95040Q104 47,861 879,305 SH   SOLE   856,780 0 22,525