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 95,955 700,095 SH   SOLE   586,072 0 114,023
AMERICAN HOMES 4 RENT COMMON 02665T306 147,862 6,373,380 SH   SOLE   5,209,840 0 1,163,540
APARTMENT INVT & MGMT CO COMMON 03748R754 127,831 3,636,718 SH   SOLE   3,033,531 0 603,187
AVALONBAY CMNTYS INC COMMON 053484101 101,347 688,638 SH   SOLE   569,940 0 118,698
BOSTON PROPERTIES INC COMMON 101121101 76,775 832,425 SH   SOLE   693,005 0 139,420
BRANDYWINE RLTY TR COMMON 105368203 79,175 7,526,185 SH   SOLE   6,171,065 0 1,355,120
CAMDEN PPTY TR COMMON 133131102 1,856 23,425 SH   SOLE   23,425 0 0
COLUMBIA PPTY TR INC COMMON 198287203 558 44,625 SH   SOLE   44,625 0 0
CORESITE RLTY CORP COMMON 21870Q105 100,438 866,595 SH   SOLE   721,990 0 144,605
COUSINS PPTYS INC COMMON 222795502 9,156 312,814 SH   SOLE   267,814 0 45,000
CUBESMART COMMON 229663109 63,692 2,377,455 SH   SOLE   1,941,655 0 435,800
DIGITAL RLTY TR INC COMMON 253868103 141,994 1,022,205 SH   SOLE   835,965 0 186,240
DOUGLAS EMMETT INC COMMON 25960P109 75,165 2,463,618 SH   SOLE   2,022,403 0 441,215
DUKE REALTY CORP COMMON 264411505 24,767 764,875 SH   SOLE   574,805 0 190,070
EQUINIX INC COMMON 29444U700 92,190 147,605 SH   SOLE   126,940 0 20,665
EQUITY RESIDENTIAL COMMON 29476L107 96,200 1,558,912 SH   SOLE   1,294,687 0 264,225
ESSEX PPTY TR INC COMMON 297178105 7,596 34,490 SH   SOLE   25,150 0 9,340
EXTRA SPACE STORAGE INC COMMON 30225T102 10,988 114,745 SH   SOLE   114,280 0 465
FEDERAL REALTY INVT TR COMMON 313747206 20,024 268,385 SH   SOLE   230,535 0 37,850
HEALTHPEAK PROPERTIES INC COMMON 42250P103 39,824 1,669,770 SH   SOLE   1,414,030 0 255,740
HOST HOTELS & RESORTS INC COMMON 44107P104 4,471 405,020 SH   SOLE   243,010 0 162,010
HUDSON PAC PPTYS INC COMMON 444097109 54,899 2,164,799 SH   SOLE   1,862,244 0 302,555
INVITATION HOMES INC COMMON 46187W107 29,572 1,383,810 SH   SOLE   1,246,010 0 137,800
ISHARES TR FUND 46434V647 6,655 347,500 SH   SOLE   347,500 0 0
KILROY RLTY CORP COMMON 49427F108 7,394 116,080 SH   SOLE   84,735 0 31,345
LIFE STORAGE INC COMMON 53223X107 10,021 105,985 SH   SOLE   77,450 0 28,535
PEBBLEBROOK HOTEL TR COMMON 70509V100 928 85,215 SH   SOLE   51,125 0 34,090
PROLOGIS INC. COMMON 74340W103 117,551 1,462,623 SH   SOLE   1,224,437 0 238,186
PUBLIC STORAGE COMMON 74460D109 53,136 267,538 SH   SOLE   219,463 0 48,075
QTS RLTY TR INC PREF CONV 74736A301 2,738 21,300 SH   SOLE   20,700 0 600
REGENCY CTRS CORP COMMON 758849103 23,478 610,935 SH   SOLE   517,820 0 93,115
RETAIL PPTYS AMER INC COMMON 76131V202 2,179 421,545 SH   SOLE   294,165 0 127,380
SIMON PPTY GROUP INC NEW COMMON 828806109 7,456 135,917 SH   SOLE   116,270 0 19,647
SL GREEN RLTY CORP COMMON 78440X101 65,921 1,529,495 SH   SOLE   1,266,010 0 263,485
SUNSTONE HOTEL INVS INC NEW COMMON 867892101 2,804 321,950 SH   SOLE   193,180 0 128,770
VANGUARD INDEX FDS FUND 922908553 37,055 530,500 SH   SOLE   530,500 0 0
VANGUARD INTL EQUITY INDEX F FUND 922042676 11,817 275,400 SH   SOLE   275,400 0 0
VENTAS INC COMMON 92276F100 12,375 461,745 SH   SOLE   351,145 0 110,600
VORNADO RLTY TR COMMON 929042109 4,161 114,920 SH   SOLE   83,890 0 31,030
WEINGARTEN RLTY INVS COMMON 948741103 13,963 967,640 SH   SOLE   830,470 0 137,170
WELLTOWER INC COMMON 95040Q104 21,899 478,360 SH   SOLE   375,890 0 102,470