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 347,224 1,725,337 SH   SOLE   1,288,716 0 436,621
AMEREN CORP COM 023608102 872 9,300 SH   SOLE   9,300 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 164,872 2,945,714 SH   SOLE   2,186,941 0 758,773
CAMDEN PPTY TR SH BEN INT 133131102 191,321 1,151,148 SH   SOLE   857,622 0 293,526
CUBESMART COM 229663109 289,654 5,567,064 SH   SOLE   4,171,072 0 1,395,992
EQUINIX INC COM 29444U700 497,197 670,420 SH   SOLE   497,692 0 172,728
EQUITY LIFESTYLE PPTYS INC COM 29472R108 238,467 3,118,037 SH   SOLE   2,356,640 0 761,397
EQUITY RESIDENTIAL SH BEN INT 29476L107 475,588 5,289,016 SH   SOLE   3,972,940 0 1,316,076
ESSEX PPTY TR INC COM 297178105 570,413 1,651,075 SH   SOLE   1,241,254 0 409,821
EXELON CORP COM 30161N101 809 16,980 SH   SOLE   16,980 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 305,875 2,505,733 SH   SOLE   1,867,054 0 638,679
HEALTHCARE RLTY TR COM 421946104 8,545 310,961 SH   SOLE   220,161 0 90,800
HEALTHPEAK PROPERTIES INC COM 42250P103 303,348 8,836,250 SH   SOLE   6,611,680 0 2,224,570
HOST HOTELS & RESORTS INC COM 44107P104 331,674 17,070,221 SH   SOLE   12,734,740 0 4,335,481
INVITATION HOMES INC COM 46187W107 563,477 14,023,826 SH   SOLE   10,507,363 0 3,516,463
KILROY RLTY CORP COM 49427F108 356,660 4,667,100 SH   SOLE   3,494,761 0 1,172,339
KIMCO RLTY CORP COM 49446R109 633,297 25,639,567 SH   SOLE   19,323,867 0 6,315,700
PROLOGIS INC. COM 74340W103 1,076,091 6,663,929 SH   SOLE   4,961,847 0 1,702,082
PUBLIC STORAGE COM 74460D109 438,120 1,122,579 SH   SOLE   836,240 0 286,339
PUBLIC SVC ENTERPRISE GRP IN COM 744573106 552 7,890 SH   SOLE   7,890 0 0
RAYONIER INC COM 754907103 160,688 3,907,774 SH   SOLE   2,954,228 0 953,546
REXFORD INDL RLTY INC COM 76169C100 415,640 5,572,335 SH   SOLE   4,171,086 0 1,401,249
SWITCH INC CL A 87105L104 169,092 5,486,445 SH   SOLE   4,083,864 0 1,402,581
TERRENO RLTY CORP COM 88146M101 58,318 787,544 SH   SOLE   590,112 0 197,432
UNION PAC CORP COM 907818108 587 2,150 SH   SOLE   2,150 0 0
URBAN EDGE PPTYS COM 91704F104 192,141 10,059,726 SH   SOLE   7,872,616 0 2,187,110
WELLTOWER INC COM 95040Q104 719,684 7,485,796 SH   SOLE   5,589,124 0 1,896,672
XCEL ENERGY INC COM 98389B100 517 7,170 SH   SOLE   7,170 0 0