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
Acadia Realty Trust COM SH BEN INT 004239109 9,525 262,837 SH   SOLE N/A 240,392 0 22,445
American Campus Communities In COM 024835100 13,840 272,070 SH   SOLE N/A 248,760 0 23,310
AvalonBay Communities Inc COM 053484101 6,608 37,159 SH   SOLE N/A 33,959 0 3,200
Boston Properties Inc COM 101121101 14,752 108,239 SH   SOLE N/A 98,965 0 9,274
Brandywine Realty Trust SH BEN INT NEW 105368203 4,014 256,963 SH   SOLE N/A 234,913 0 22,050
Brixmor Property Group Inc COM 11120U105 6,124 220,385 SH   SOLE N/A 201,417 0 18,968
Camden Property Trust SH BEN INT 133131102 10,420 124,431 SH   SOLE N/A 113,731 0 10,700
Chesapeake Lodging Trust SH BEN INT 165240102 406 17,710 SH   SOLE N/A 17,710 0 0
CyrusOne Inc COM 23283R100 16,341 343,506 SH   SOLE N/A 312,686 0 30,820
DiamondRock Hospitality Co COM 252784301 496 54,481 SH   SOLE N/A 54,481 0 0
Duke Realty Corp COM NEW 264411505 8,402 307,427 SH   SOLE N/A 280,917 0 26,510
Equinix Inc COM 29444U700 14,121 39,197 SH   SOLE N/A 35,837 0 3,360
Equity One Inc COM 294752100 7,623 249,020 SH   SOLE N/A 227,770 0 21,250
Equity Residential SH BEN INT 29476L107 3,237 50,325 SH   SOLE N/A 45,995 0 4,330
FelCor Lodging Trust Inc COM 31430F101 836 130,018 SH   SOLE N/A 130,018 0 0
First Industrial Realty Trust COM 32054K103 8,560 303,334 SH   SOLE N/A 277,044 0 26,290
GEO Group Inc/The COM 36162J106 2,479 104,253 SH   SOLE N/A 95,273 0 8,980
Highwoods Properties Inc COM 431284108 5,770 110,710 SH   SOLE N/A 101,216 0 9,494
Hilton Worldwide Holdings Inc COM 43300A104 4,089 178,323 SH   SOLE N/A 161,293 0 17,030
Kilroy Realty Corp COM 49427F108 8,549 123,280 SH   SOLE N/A 112,722 0 10,558
Macerich Co/The COM 554382101 13,784 170,451 SH   SOLE N/A 156,187 0 14,264
Mid-America Apartment Communit COM 59522J103 9,345 99,430 SH   SOLE N/A 90,910 0 8,520
National Health Investors Inc COM 63633D104 858 10,927 SH   SOLE N/A 10,927 0 0
Paramount Group Inc COM 69924R108 6,555 399,926 SH   SOLE N/A 365,661 0 34,265
Physicians Realty Trust COM 71943U104 7,351 341,261 SH   SOLE N/A 311,988 0 29,273
Post Properties Inc COM 737464107 5,755 87,030 SH   SOLE N/A 79,600 0 7,430
Prologis Inc COM 74340W103 21,022 392,646 SH   SOLE N/A 358,956 0 33,690
QTS Realty Trust Inc COM CL A 74736A103 7,865 148,813 SH   SOLE N/A 137,353 0 11,460
Ramco-Gershenson Properties Tr COM SH BEN INT 751452202 3,401 181,494 SH   SOLE N/A 165,904 0 15,590
Regency Centers Corp COM 758849103 7,798 100,630 SH   SOLE N/A 92,035 0 8,595
Simon Property Group Inc COM 828806109 26,626 128,620 SH   SOLE N/A 117,335 0 11,285
SL Green Realty Corp COM 78440X101 4,048 37,449 SH   SOLE N/A 34,249 0 3,200
Spirit Realty Capital Inc COM 84860W102 9,118 684,007 SH   SOLE N/A 625,197 0 58,810
STORE Capital Corp COM 862121100 4,151 140,862 SH   SOLE N/A 128,752 0 12,110
Tanger Factory Outlet Centers COM 875465106 4,208 107,997 SH   SOLE N/A 98,806 0 9,191
Taubman Centers Inc COM 876664103 5,180 69,618 SH   SOLE N/A 63,943 0 5,675
Ventas Inc COM 92276F100 23,152 327,792 SH   SOLE N/A 296,554 0 31,238
Welltower Inc COM 95040Q104 13,251 177,230 SH   SOLE N/A 163,678 0 13,552