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 46,774 331,522 SH   SOLE   271,737 0 59,785
ALEXANDRIA REAL ESTATE EQ IN PREF CONV 015271505 9,641 252,900 SH   SOLE   0 0 252,900
AMERICAN HOMES 4 RENT COMMON 02665T306 298,374 12,273,700 SH   SOLE   10,054,000 0 2,219,700
APARTMENT INVT & MGMT CO COMMON 03748R754 70,138 1,399,404 SH   SOLE   1,147,882 0 251,522
AVALONBAY CMNTYS INC COMMON 053484101 79,861 393,053 SH   SOLE   324,925 0 68,128
BOSTON PROPERTIES INC COMMON 101121101 20,086 155,705 SH   SOLE   134,530 0 21,175
BRANDYWINE RLTY TR COMMON 105368203 70,309 4,909,850 SH   SOLE   4,032,325 0 877,525
CORESITE RLTY CORP COMMON 21870Q105 53,096 461,020 SH   SOLE   398,720 0 62,300
COUSINS PPTYS INC COMMON 222795502 28,809 796,494 SH   SOLE   660,945 0 135,549
DIGITAL RLTY TR INC COMMON 253868103 87,722 744,730 SH   SOLE   694,005 0 50,725
DOUGLAS EMMETT INC COMMON 25960P109 57,502 1,443,313 SH   SOLE   1,193,273 0 250,040
EQUINIX INC COMMON 29444U700 92,154 182,740 SH   SOLE   150,765 0 31,975
EQUITY RESIDENTIAL COMMON 29476L107 68,828 906,587 SH   SOLE   750,962 0 155,625
HCP INC COMMON 40414L109 126,089 3,942,745 SH   SOLE   3,255,595 0 687,150
HOST HOTELS & RESORTS INC COMMON 44107P104 142,600 7,826,558 SH   SOLE   6,302,023 0 1,524,535
HUDSON PAC PPTYS INC COMMON 444097109 38,172 1,147,344 SH   SOLE   940,669 0 206,675
INVITATION HOMES INC COMMON 46187W107 18,829 704,400 SH   SOLE   553,525 0 150,875
KILROY RLTY CORP COMMON 49427F108 33,961 460,120 SH   SOLE   381,620 0 78,500
KIMCO RLTY CORP COMMON 49446R109 38,440 2,080,064 SH   SOLE   1,696,529 0 383,535
LIBERTY PPTY TR COMMON 531172104 73,514 1,469,097 SH   SOLE   1,204,972 0 264,125
LIFE STORAGE INC COMMON 53223X107 166,530 1,751,475 SH   SOLE   1,427,365 0 324,110
MACERICH CO COMMON 554382101 21,196 632,893 SH   SOLE   541,513 0 91,380
PEBBLEBROOK HOTEL TR COMMON 70509V100 10,663 378,375 SH   SOLE   320,600 0 57,775
PROLOGIS INC COMMON 74340W103 118,189 1,475,523 SH   SOLE   1,227,817 0 247,706
PUBLIC STORAGE COMMON 74460D109 70,678 296,756 SH   SOLE   244,316 0 52,440
QTS RLTY TR INC PREF CONV 74736A301 5,539 50,000 SH   SOLE   20,700 0 29,300
SAUL CTRS INC COMMON 804395101 2,815 50,150 SH   SOLE   37,275 0 12,875
SENIOR HSG PPTYS TR COMMON 81721M109 26,375 3,189,250 SH   SOLE   2,585,600 0 603,650
SIMON PPTY GROUP INC NEW COMMON 828806109 35,122 219,842 SH   SOLE   183,190 0 36,652
SUNSTONE HOTEL INVS INC NEW COMMON 867892101 11,067 807,250 SH   SOLE   683,375 0 123,875
TAUBMAN CTRS INC COMMON 876664103 59,257 1,451,310 SH   SOLE   1,185,360 0 265,950
URSTADT BIDDLE PPTYS INC PREFERRED 917286809 21,994 855,125 SH   SOLE   512,825 0 342,300
VENTAS INC COMMON 92276F100 24,553 359,225 SH   SOLE   294,375 0 64,850
WEINGARTEN RLTY INVS COMMON 948741103 36,181 1,319,525 SH   SOLE   1,091,700 0 227,825
WELLTOWER INC COMMON 95040Q104 22,402 274,775 SH   SOLE   238,650 0 36,125