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 52,614 417,009 SH   SOLE   396,309 0 20,700
ALEXANDRIA REAL ESTATE EQ IN PREF CONV 015271505 8,902 252,900 SH   SOLE   0 0 252,900
AMERICAN HOMES 4 RENT COMMON 02665T306 74,081 3,339,970 SH   SOLE   3,000,845 0 339,125
APARTMENT INVT & MGMT CO COMMON 03748R101 133,467 3,155,245 SH   SOLE   2,730,370 0 424,875
APARTMENT INVT & MGMT CO PREFERRED 03748R762 62,047 2,419,000 SH   SOLE   1,094,950 0 1,324,050
APPLE HOSPITALITY REIT INC COMMON 03784Y200 8,149 455,775 SH   SOLE   455,775 0 0
AVALONBAY CMNTYS INC COMMON 053484101 88,054 512,268 SH   SOLE   490,643 0 21,625
BOSTON PROPERTIES INC COMMON 101121101 45,086 359,477 SH   SOLE   352,752 0 6,725
BRANDYWINE RLTY TR COMMON 105368203 15,433 914,300 SH   SOLE   914,300 0 0
BRIXMOR PPTY GROUP INC COMMON 11120U105 23,136 1,327,350 SH   SOLE   1,100,550 0 226,800
CORESITE RLTY CORP COMMON 21870Q105 34,825 314,245 SH   SOLE   307,970 0 6,275
CUBESMART COMMON 229663109 13,732 426,209 SH   SOLE   426,209 0 0
DCT INDUSTRIAL TRUST INC COMMON 233153204 65 979 SH   SOLE   979 0 0
DDR CORP COMMON 23317H854 17,092 954,840 SH   SOLE   954,840 0 0
DIGITAL RLTY TR INC COMMON 253868103 53,849 482,605 SH   SOLE   476,255 0 6,350
DOUGLAS EMMETT INC COMMON 25960P109 32,291 803,670 SH   SOLE   764,470 0 39,200
DUKE REALTY CORP COMMON 264411505 66 2,275 SH   SOLE   2,275 0 0
EQUINIX INC COMMON 29444U700 76,570 178,115 SH   SOLE   171,815 0 6,300
EQUITY LIFESTYLE PPTYS INC COMMON 29472R108 31 336 SH   SOLE   336 0 0
EQUITY RESIDENTIAL COMMON 29476L107 64,737 1,016,442 SH   SOLE   978,967 0 37,475
ESSEX PPTY TR INC COMMON 297178105 21,565 90,204 SH   SOLE   82,454 0 7,750
EXTRA SPACE STORAGE INC COMMON 30225T102 11,324 113,455 SH   SOLE   113,455 0 0
FEDERAL REALTY INVT TR COMMON 313747206 20,776 164,173 SH   SOLE   152,648 0 11,525
GGP INC COMMON 36174X101 22,974 1,124,505 SH   SOLE   1,071,580 0 52,925
HCP INC COMMON 40414L109 327,411 12,680,529 SH   SOLE   10,627,902 0 2,052,627
HILTON WORLDWIDE HLDGS INC COMMON 43300A203 97 1,225 SH   SOLE   1,225 0 0
HOST HOTELS & RESORTS INC COMMON 44107P104 46,346 2,199,639 SH   SOLE   2,199,639 0 0
HUDSON PAC PPTYS INC COMMON 444097109 33,295 939,745 SH   SOLE   867,920 0 71,825
HYATT HOTELS CORP COMMON 448579102 20,944 271,475 SH   SOLE   271,475 0 0
INDUSTRIAL LOGISTICS PPTYS T COMMON 456237106 9,952 445,275 SH   SOLE   425,650 0 19,625
INVITATION HOMES INC COMMON 46187W107 48,800 2,116,200 SH   SOLE   1,885,150 0 231,050
JBG SMITH PPTYS COMMON 46590V100 16,943 464,575 SH   SOLE   445,375 0 19,200
KILROY RLTY CORP COMMON 49427F108 25,576 338,131 SH   SOLE   338,131 0 0
KIMCO RLTY CORP COMMON 49446R109 50,618 2,979,295 SH   SOLE   2,700,445 0 278,850
LIBERTY PPTY TR COMMON 531172104 51,409 1,159,696 SH   SOLE   1,085,471 0 74,225
LIFE STORAGE INC COMMON 53223X107 188,115 1,933,150 SH   SOLE   1,600,490 0 332,660
MACERICH CO COMMON 554382101 44,669 786,019 SH   SOLE   749,444 0 36,575
PARAMOUNT GROUP INC COMMON 69924R108 19 1,237 SH   SOLE   1,237 0 0
PARK HOTELS RESORTS INC COMMON 700517105 16,770 547,493 SH   SOLE   547,493 0 0
PEBBLEBROOK HOTEL TR COMMON 70509V100 5,404 139,275 SH   SOLE   139,275 0 0
PROLOGIS INC COMMON 74340W103 117,021 1,781,416 SH   SOLE   1,728,366 0 53,050
PUBLIC STORAGE COMMON 74460D109 321,285 1,416,225 SH   SOLE   1,200,695 0 215,530
REGENCY CTRS CORP COMMON 758849103 23,069 371,594 SH   SOLE   344,969 0 26,625
RETAIL PPTYS AMER INC COMMON 76131V202 7,139 558,575 SH   SOLE   558,575 0 0
SENIOR HSG PPTYS TR COMMON 81721M109 176,914 9,779,674 SH   SOLE   8,149,804 0 1,629,870
SIMON PPTY GROUP INC NEW COMMON 828806109 103,322 607,100 SH   SOLE   573,750 0 33,350
SL GREEN RLTY CORP COMMON 78440X101 16,904 168,150 SH   SOLE   168,150 0 0
SUN CMNTYS INC COMMON 866674104 22,085 225,635 SH   SOLE   204,285 0 21,350
TAUBMAN CTRS INC COMMON 876664103 26,765 455,501 SH   SOLE   446,801 0 8,700
UDR INC COMMON 902653104 22,673 603,962 SH   SOLE   561,987 0 41,975
URSTADT BIDDLE PPTYS INC PREFERRED 917286809 20,234 804,275 SH   SOLE   551,925 0 252,350
VENTAS INC COMMON 92276F100 48,719 855,469 SH   SOLE   827,894 0 27,575
VORNADO RLTY TR COMMON 929042109 30,217 408,784 SH   SOLE   380,584 0 28,200
WEINGARTEN RLTY INVS COMMON 948741103 80,446 2,611,045 SH   SOLE   2,307,862 0 303,183
WELLTOWER INC COMMON 95040Q104 55,026 877,755 SH   SOLE   856,405 0 21,350