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 8,765 268,209 SH   SOLE N/A 245,794 0 22,415
Agree Realty Corp COM 008492100 2,515 54,610 SH   SOLE N/A 48,890 0 5,720
American Campus Communities In COM 024835100 13,547 272,202 SH   SOLE N/A 249,462 0 22,740
American Homes 4 Rent CL A 02665T306 5,425 258,598 SH   SOLE N/A 237,178 0 21,420
AvalonBay Communities Inc COM 053484101 9,569 54,018 SH   SOLE N/A 49,508 0 4,510
Boston Properties Inc COM 101121101 14,213 112,998 SH   SOLE N/A 103,534 0 9,464
Brandywine Realty Trust SH BEN INT NEW 105368203 963 58,343 SH   SOLE N/A 58,343 0 0
Colony Starwood Homes COM 19625X102 6,105 211,895 SH   SOLE N/A 194,175 0 17,720
CyrusOne Inc COM 23283R100 7,996 178,756 SH   SOLE N/A 163,546 0 15,210
DiamondRock Hospitality Co COM 252784301 960 83,265 SH   SOLE N/A 83,265 0 0
Duke Realty Corp COM NEW 264411505 10,463 393,920 SH   SOLE N/A 361,870 0 32,050
Equinix Inc COM 29444U700 1,273 3,562 SH   SOLE N/A 3,562 0 0
Equity One Inc COM 294752100 8,451 275,377 SH   SOLE N/A 252,237 0 23,140
Extra Space Storage Inc COM 30225T102 14,531 188,124 SH   SOLE N/A 172,394 0 15,730
FelCor Lodging Trust Inc COM 31430F101 525 65,482 SH   SOLE N/A 65,482 0 0
First Industrial Realty Trust COM 32054K103 6,917 246,604 SH   SOLE N/A 226,994 0 19,610
GEO Group Inc/The COM 36162J106 4,305 119,808 SH   SOLE N/A 109,518 0 10,290
Highwoods Properties Inc COM 431284108 5,536 108,532 SH   SOLE N/A 99,408 0 9,124
Hilton Worldwide Holdings Inc COM 43300A104 7,469 274,613 SH   SOLE N/A 247,413 0 27,200
Hudson Pacific Properties Inc COM 444097109 8,778 252,386 SH   SOLE N/A 229,006 0 23,380
Kilroy Realty Corp COM 49427F108 10,270 140,257 SH   SOLE N/A 128,499 0 11,758
Macerich Co/The COM 554382101 14,335 202,352 SH   SOLE N/A 184,678 0 17,674
Mid-America Apartment Communit COM 59522J103 15,682 160,155 SH   SOLE N/A 146,815 0 13,340
National Health Investors Inc COM 63633D104 753 10,151 SH   SOLE N/A 10,151 0 0
National Retail Properties Inc COM 637417106 649 14,679 SH   SOLE N/A 14,679 0 0
Paramount Group Inc COM 69924R108 6,368 398,246 SH   SOLE N/A 364,951 0 33,295
Physicians Realty Trust COM 71943U104 9,671 510,090 SH   SOLE N/A 464,737 0 45,353
Prologis Inc COM 74340W103 18,161 344,027 SH   SOLE N/A 317,277 0 26,750
Ramco-Gershenson Properties Tr COM SH BEN INT 751452202 3,950 238,230 SH   SOLE N/A 218,320 0 19,910
Regency Centers Corp COM 758849103 7,007 101,624 SH   SOLE N/A 93,139 0 8,485
Simon Property Group Inc COM 828806109 19,505 109,780 SH   SOLE N/A 100,725 0 9,055
Spirit Realty Capital Inc COM 84860W102 8,156 751,017 SH   SOLE N/A 688,307 0 62,710
STORE Capital Corp COM 862121100 4,239 171,567 SH   SOLE N/A 157,397 0 14,170
Sunstone Hotel Investors Inc COM 867892101 887 58,148 SH   SOLE N/A 58,148 0 0
Tanger Factory Outlet Centers COM 875465106 3,772 105,427 SH   SOLE N/A 96,586 0 8,841
Taubman Centers Inc COM 876664103 4,751 64,268 SH   SOLE N/A 58,793 0 5,475
Ventas Inc COM 92276F100 13,967 223,404 SH   SOLE N/A 204,266 0 19,138
Welltower Inc COM 95040Q104 13,861 207,090 SH   SOLE N/A 190,018 0 17,072