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 COM 015271109 234,924 1,665,066 SH   SOLE   1,576,453 0 88,613
AMERICAN TOWER CORP NEW COM 03027X100 90,367 442,001 SH   SOLE   417,006 0 24,995
BOSTON PROPERTIES INC COM 101121101 218,734 1,695,612 SH   SOLE   1,605,666 0 89,946
CAMDEN PPTY TR SH BEN INT 133131102 54,259 519,772 SH   SOLE   490,250 0 29,522
DIGITAL RLTY TR INC COM 253868103 22,314 189,443 SH   SOLE   162,052 0 27,391
EMPIRE ST RLTY TR INC CL A 292104106 106,969 7,222,776 SH   SOLE   6,856,238 0 366,538
EQUITY COMWLTH COM SH BEN INT 294628102 72,507 2,229,599 SH   SOLE   2,108,593 0 121,006
EQUITY LIFESTYLE PPTYS INC COM 29472R108 119,363 983,706 SH   SOLE   931,816 0 51,890
EQUITY RESIDENTIAL SH BEN INT 29476L107 332,317 4,377,195 SH   SOLE   4,141,787 0 235,408
ESSEX PPTY TR INC COM 297178105 135,824 465,262 SH   SOLE   440,676 0 24,586
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 66,614 517,352 SH   SOLE   491,318 0 26,034
HCP INC COM 40414L109 280,077 8,757,892 SH   SOLE   8,260,277 0 497,615
HEALTHCARE RLTY TR COM 421946104 100,658 3,213,872 SH   SOLE   2,974,905 0 238,967
HOST HOTELS & RESORTS INC COM 44107P104 38,924 2,136,328 SH   SOLE   2,007,841 0 128,487
INTERXION HOLDING N.V SHS N47279109 91,922 1,208,066 SH   SOLE   1,208,066 0 0
INVITATION HOMES INC COM 46187W107 89,444 3,346,186 SH   SOLE   3,183,147 0 163,039
JBG SMITH PPTYS COM 46590V100 76,896 1,954,659 SH   SOLE   1,857,419 0 97,240
KILROY RLTY CORP COM 49427F108 143,940 1,950,147 SH   SOLE   1,845,311 0 104,836
PROLOGIS INC COM 74340W103 408,709 5,102,486 SH   SOLE   4,679,717 0 422,769
SIMON PPTY GROUP INC NEW COM 828806109 98,332 615,496 SH   SOLE   578,267 0 37,229
STORE CAP CORP COM 862121100 50,656 1,526,254 SH   SOLE   1,448,699 0 77,555
TERRENO RLTY CORP COM 88146M101 112,551 2,295,083 SH   SOLE   2,181,871 0 113,212
VENTAS INC COM 92276F100 76,570 1,120,258 SH   SOLE   1,065,469 0 54,789