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 95,050 588,255 SH   SOLE   502,077 0 86,178
AMERICAN HOMES 4 RENT COMMON 02665T306 248,589 9,484,505 SH   SOLE   8,131,450 0 1,353,055
APARTMENT INVT & MGMT CO COMMON 03748R754 146,539 2,837,161 SH   SOLE   2,406,744 0 430,417
AVALONBAY CMNTYS INC COMMON 053484101 126,404 602,783 SH   SOLE   508,995 0 93,788
BOSTON PROPERTIES INC COMMON 101121101 146,013 1,059,142 SH   SOLE   884,644 0 174,498
BRANDYWINE RLTY TR COMMON 105368203 148,708 9,441,765 SH   SOLE   7,734,465 0 1,707,300
CORESITE RLTY CORP COMMON 21870Q105 61,167 545,550 SH   SOLE   460,865 0 84,685
COUSINS PPTYS INC COMMON 222795502 13,161 319,438 SH   SOLE   280,778 0 38,660
CUBESMART COMMON 229663109 88,544 2,812,700 SH   SOLE   2,414,685 0 398,015
DIAMONDROCK HOSPITALITY CO COMMON 252784301 11,105 1,002,235 SH   SOLE   998,755 0 3,480
DIGITAL RLTY TR INC COMMON 253868103 140,522 1,173,560 SH   SOLE   976,075 0 197,485
DOUGLAS EMMETT INC COMMON 25960P109 73,264 1,668,878 SH   SOLE   1,387,658 0 281,220
DUKE REALTY CORP COMMON 264411505 26,628 768,050 SH   SOLE   604,770 0 163,280
EQUINIX INC COMMON 29444U700 90,214 154,555 SH   SOLE   136,805 0 17,750
EQUITY RESIDENTIAL COMMON 29476L107 85,291 1,054,017 SH   SOLE   881,397 0 172,620
ESSEX PPTY TR INC COMMON 297178105 10,678 35,490 SH   SOLE   27,475 0 8,015
FEDERAL REALTY INVT TR COMMON 313747206 15,836 123,015 SH   SOLE   95,290 0 27,725
HEALTHPEAK PPTYS INC COMMON 42250P103 116,361 3,375,730 SH   SOLE   2,873,120 0 502,610
HOST HOTELS & RESORTS INC COMMON 44107P104 49,376 2,661,790 SH   SOLE   2,188,335 0 473,455
HUDSON PAC PPTYS INC COMMON 444097109 65,806 1,747,844 SH   SOLE   1,528,279 0 219,565
INVITATION HOMES INC COMMON 46187W107 36,314 1,211,665 SH   SOLE   1,094,025 0 117,640
KILROY RLTY CORP COMMON 49427F108 10,018 119,410 SH   SOLE   92,485 0 26,925
LIFE STORAGE INC COMMON 53223X107 42,330 390,935 SH   SOLE   355,985 0 34,950
PEBBLEBROOK HOTEL TR COMMON 70509V100 4,387 163,625 SH   SOLE   118,005 0 45,620
PROLOGIS INC COMMON 74340W103 144,696 1,623,248 SH   SOLE   1,402,477 0 220,771
PUBLIC STORAGE COMMON 74460D109 87,806 412,313 SH   SOLE   328,358 0 83,955
QTS RLTY TR INC PREF CONV 74736A301 4,537 35,125 SH   SOLE   20,700 0 14,425
REGENCY CTRS CORP COMMON 758849103 32,904 521,545 SH   SOLE   466,170 0 55,375
RETAIL PPTYS AMER INC COMMON 76131V202 23,434 1,748,825 SH   SOLE   1,635,060 0 113,765
SIMON PPTY GROUP INC NEW COMMON 828806109 60,405 405,512 SH   SOLE   348,865 0 56,647
SL GREEN RLTY CORP COMMON 78440X101 33,802 367,890 SH   SOLE   330,040 0 37,850
SUNSTONE HOTEL INVS INC NEW COMMON 867892101 7,693 552,685 SH   SOLE   398,580 0 154,105
TAUBMAN CTRS INC COMMON 876664103 23,842 766,865 SH   SOLE   609,105 0 157,760
VENTAS INC COMMON 92276F100 15,949 276,215 SH   SOLE   213,895 0 62,320
VORNADO RLTY TR COMMON 929042109 7,864 118,260 SH   SOLE   91,600 0 26,660
WEINGARTEN RLTY INVS COMMON 948741103 28,052 897,945 SH   SOLE   780,675 0 117,270
WELLTOWER INC COMMON 95040Q104 66,857 817,525 SH   SOLE   709,560 0 107,965