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 161,278 994,012 SH   SOLE   829,312 0 164,700
AMERICAN HOMES 4 RENT COMMON 02665T306 222,158 8,258,664 SH   SOLE   6,672,909 0 1,585,755
APARTMENT INVT & MGMT CO COMMON 03748R754 181,338 4,817,693 SH   SOLE   3,955,349 0 862,344
AVALONBAY CMNTYS INC COMMON 053484101 133,340 862,258 SH   SOLE   712,755 0 149,503
BOSTON PPTYS LTD PARTNERSHIP COMMON 101121101 61,655 682,170 SH   SOLE   504,490 0 177,680
BRANDYWINE RLTY TR COMMON 105368203 60,303 5,537,465 SH   SOLE   4,464,215 0 1,073,250
CAMDEN PPTY TR COMMON 133131102 57,429 629,570 SH   SOLE   556,100 0 73,470
COLUMBIA PPTY TR INC COMMON 198287203 12,686 965,475 SH   SOLE   872,160 0 93,315
CORESITE RLTY CORP COMMON 21870Q105 163,678 1,352,040 SH   SOLE   1,138,150 0 213,890
COUSINS PPTYS INC COMMON 222795502 24,316 815,149 SH   SOLE   704,749 0 110,400
CUBESMART COMMON 229663109 25,338 938,795 SH   SOLE   744,375 0 194,420
DIGITAL RLTY TR INC COMMON 253868103 138,696 975,975 SH   SOLE   786,500 0 189,475
DOUGLAS EMMETT INC COMMON 25960P109 34,095 1,112,023 SH   SOLE   894,958 0 217,065
DUKE REALTY CORP COMMON 264411505 37,931 1,071,795 SH   SOLE   846,165 0 225,630
EQUINIX INC COMMON 29444U700 170,820 243,230 SH   SOLE   204,850 0 38,380
EQUITY RESIDENTIAL COMMON 29476L107 36,224 615,837 SH   SOLE   484,727 0 131,110
ESSEX PPTY TR INC COMMON 297178105 10,999 47,995 SH   SOLE   32,515 0 15,480
EXTRA SPACE STORAGE INC COMMON 30225T102 12,273 132,865 SH   SOLE   132,405 0 460
FEDERAL REALTY INVT TR COMMON 313747206 24,192 283,915 SH   SOLE   236,420 0 47,495
HEALTHPEAK PROPERTIES INC COMMON 42250P103 52,806 1,916,055 SH   SOLE   1,600,430 0 315,625
HOST HOTELS & RESORTS INC COMMON 44107P104 6,306 584,410 SH   SOLE   316,055 0 268,355
HUDSON PAC PPTYS INC COMMON 444097109 21,392 850,234 SH   SOLE   732,034 0 118,200
INVITATION HOMES INC COMMON 46187W107 204,497 7,428,145 SH   SOLE   6,207,545 0 1,220,600
ISHARES TR FUND 46434V647 13,261 635,100 SH   SOLE   635,100 0 0
KILROY RLTY CORP COMMON 49427F108 7,021 119,615 SH   SOLE   79,230 0 40,385
LIFE STORAGE INC COMMON 53223X107 7,001 73,735 SH   SOLE   49,480 0 24,255
PEBBLEBROOK HOTEL TR COMMON 70509V100 1,236 90,510 SH   SOLE   54,045 0 36,465
PROLOGIS INC. COMMON 74340W103 128,082 1,372,358 SH   SOLE   1,077,172 0 295,186
PUBLIC STORAGE COMMON 74460D109 76,958 401,053 SH   SOLE   326,838 0 74,215
REGENCY CTRS CORP COMMON 758849103 31,208 680,070 SH   SOLE   575,320 0 104,750
RETAIL PPTYS AMER INC COMMON 76131V202 3,430 468,575 SH   SOLE   304,075 0 164,500
SIMON PPTY GROUP INC NEW COMMON 828806109 5,291 77,375 SH   SOLE   51,138 0 26,237
SL GREEN RLTY CORP COMMON 78440X101 12,500 253,600 SH   SOLE   205,140 0 48,460
SUNSTONE HOTEL INVS INC NEW COMMON 867892101 8,075 990,760 SH   SOLE   815,960 0 174,800
TAUBMAN CTRS INC COMMON 876664103 576 15,250 SH   SOLE   8,625 0 6,625
UDR INC COMMON 902653104 66,886 1,789,360 SH   SOLE   1,524,200 0 265,160
VANGUARD INDEX FDS FUND 922908553 41,872 533,200 SH   SOLE   533,200 0 0
VANGUARD INTL EQUITY INDEX F FUND 922042676 11,397 244,250 SH   SOLE   244,250 0 0
VEREIT INC COMMON 92339V100 30,812 4,791,870 SH   SOLE   4,065,530 0 726,340
VENTAS INC COMMON 92276F100 15,274 417,085 SH   SOLE   276,290 0 140,795
WEINGARTEN RLTY INVS COMMON 948741103 9,424 497,845 SH   SOLE   341,965 0 155,880
WELLTOWER INC COMMON 95040Q104 36,938 713,780 SH   SOLE   589,660 0 124,120