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
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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 Equitie COM 015271109 148,075 1,339,799 SH   SOLE   556,030 0 783,769
American Campus Communities COM 024835100 166,401 3,496,553 SH   SOLE   1,887,311 0 1,609,242
American Electric Power Co. In COM 025537101 1,443 21,500 SH   SOLE   21,500 0 0
American Homes 4 Rent COM 02665T306 74,098 3,227,246 SH   SOLE   1,245,982 0 1,981,264
American Tower Corp. COM 03027X100 1,604 13,200 SH   SOLE   13,200 0 0
American Water Works Co. COM 030420103 1,120 14,400 SH   SOLE   14,400 0 0
Atmos Energy Corp. COM 049560105 1,082 13,700 SH   SOLE   13,700 0 0
AvalonBay Communities Inc. COM 053484101 319,127 1,738,165 SH   SOLE   785,656 0 952,509
Boston Properties Inc. COM 101121101 221,940 1,676,154 SH   SOLE   785,183 0 890,971
Brixmor Property Group COM 11120U105 17,224 802,625 SH   SOLE   488,722 0 313,903
Buckeye Partners L.P. COM 118230101 2,930 42,739 SH   SOLE   42,739 0 0
Cheniere Energy Inc. COM 16411R208 2,714 57,410 SH   SOLE   57,410 0 0
Cheniere Energy Partners, L.P. COM 16411Q101 2,195 67,935 SH   SOLE   67,935 0 0
Colony Starwood Homes COM 19625X102 106,665 3,141,826 SH   SOLE   1,939,848 0 1,201,978
Corporate Office Properties Tr COM 22002T108 34,284 1,035,780 SH   SOLE   417,728 0 618,052
Crown Castle International Cor COM 22822V101 132,905 1,407,145 SH   SOLE   873,347 0 533,798
CSX Corporation COM 126408103 1,075 23,100 SH   SOLE   23,100 0 0
CubeSmart COM 229663109 101,271 3,901,045 SH   SOLE   2,035,508 0 1,865,537
DCP Midstream LP COM 23311P100 1,517 38,665 SH   SOLE   38,665 0 0
DCT Industrial Trust COM 233153204 178,490 3,709,276 SH   SOLE   2,298,861 0 1,410,415
DDR Corp. COM 23317H102 205,820 16,426,158 SH   SOLE   9,377,444 0 7,048,714
Diamondrock Hospitality COM 252784301 73,022 6,549,072 SH   SOLE   3,260,739 0 3,288,333
Digital Realty Trust Inc. COM 253868103 282,654 2,656,772 SH   SOLE   1,193,809 0 1,462,963
DTE Energy Co. COM 233331107 929 9,100 SH   SOLE   9,100 0 0
Duke Realty Corporation COM 264411505 46,659 1,776,132 SH   SOLE   716,841 0 1,059,291
Enable Midstream Partners LP COM 292480100 3,205 192,050 SH   SOLE   192,050 0 0
Enbridge Energy Management L.L COM 29250X103 659 35,802 SH   SOLE   35,802 0 0
Enbridge Energy Partners L.P. COM 29250R106 6,531 343,749 SH   SOLE   343,749 0 0
Energy Transfer Partners L.P. COM 29273R109 11,811 323,420 SH   SOLE   323,420 0 0
EnLink Midstream Partners LP COM 29336U107 7,765 424,295 SH   SOLE   424,295 0 0
Enterprise Products Partners L COM 293792107 15,084 546,339 SH   SOLE   546,339 0 0
EQT Midstream Partners, L.P. COM 26885B100 2,527 32,855 SH   SOLE   32,855 0 0
Equinix Inc COM 29444U700 277,404 692,869 SH   SOLE   368,979 0 323,890
Equity Residential COM 29476L107 245,717 3,949,167 SH   SOLE   2,207,500 0 1,741,667
Eversource Energy COM 30040W108 559 9,510 SH   SOLE   9,510 0 0
Forest City Realty Trust - A COM 345605109 74,127 3,403,458 SH   SOLE   1,698,088 0 1,705,370
Gaming and Leisure Properties COM 36467J108 200,144 5,988,761 SH   SOLE   3,334,800 0 2,653,961
GGP Inc. COM 36174X101 427,311 18,434,451 SH   SOLE   9,914,812 0 8,519,639
HCP Inc. COM 40414L109 244,303 7,810,198 SH   SOLE   3,865,622 0 3,944,576
HealthCare Realty Trust COM 421946104 144,863 4,457,320 SH   SOLE   2,060,448 0 2,396,872
Healthcare Trust of America In COM 42225P501 164,094 5,215,962 SH   SOLE   3,026,368 0 2,189,594
Highwoods Properties Inc. COM 431284108 5,935 120,800 SH   SOLE   0 0 120,800
Host Hotels & Resorts Inc. COM 44107P104 240,368 12,881,466 SH   SOLE   6,506,313 0 6,375,153
Hudson Pacific Properties COM 444097109 164,470 4,747,985 SH   SOLE   3,201,737 0 1,546,248
Invitation Homes Inc COM 46187W107 94,319 4,320,636 SH   SOLE   3,048,721 0 1,271,915
Kilroy Realty Corp. COM 49427F108 149,167 2,069,467 SH   SOLE   864,534 0 1,204,933
Kimco Realty Corp. COM 49446R109 203,778 9,224,889 SH   SOLE   4,728,755 0 4,496,134
Kinder Morgan Inc. COM 49456B101 7,976 366,898 SH   SOLE   366,898 0 0
Liberty Property Trust COM 531172104 190,928 4,952,748 SH   SOLE   3,137,761 0 1,814,987
Macerich Co. COM 554382101 22,657 351,821 SH   SOLE   300,100 0 51,721
Magellan Midstream Partners L. COM 559080106 9,107 118,409 SH   SOLE   118,409 0 0
MGM Growth Properties LLC COM 55303A105 18,437 681,591 SH   SOLE   154,441 0 527,150
Mid-America Apt. Comm. COM 59522J103 190,894 1,876,291 SH   SOLE   899,429 0 976,862
MPLX LP COM 55336V100 7,233 200,479 SH   SOLE   200,479 0 0
Nextera Energy Inc COM 65339F101 2,281 17,770 SH   SOLE   17,770 0 0
NextEra Energy Partners LP COM 65341B106 376 11,349 SH   SOLE   11,349 0 0
Norfolk Southern Corp COM 655844108 963 8,600 SH   SOLE   8,600 0 0
NRG Yield, Inc. Class A COM 62942X306 887 51,000 SH   SOLE   51,000 0 0
ONEOK Partners L.P. COM 68268N103 7,341 135,975 SH   SOLE   135,975 0 0
Paramount Group Inc COM 69924R108 71,128 4,387,901 SH   SOLE   1,899,166 0 2,488,735
Park Hotels & Resorts Inc COM 700517105 15,759 613,912 SH   SOLE   158,305 0 455,607
Pattern Energy Group Inc. COM 70338P100 622 30,900 SH   SOLE   30,900 0 0
PG&E Corp. COM 69331C108 2,356 35,500 SH   SOLE   35,500 0 0
Phillips 66 Partners LP COM 718549207 5,802 112,982 SH   SOLE   112,982 0 0
Plains All American Pipeline, COM 726503105 13,228 418,472 SH   SOLE   418,472 0 0
Plains GP Holdings COM 72651A207 1,769 56,578 SH   SOLE   56,578 0 0
ProLogis Inc. COM 74340W103 425,052 8,192,981 SH   SOLE   3,830,540 0 4,362,441
Public Storage COM 74460D109 400,360 1,828,878 SH   SOLE   865,432 0 963,446
QTS Realty Trust Inc COM 74736A103 68,485 1,404,829 SH   SOLE   808,162 0 596,667
Regency Centers Corporation COM 758849103 247,280 3,724,663 SH   SOLE   2,013,310 0 1,711,353
Rice Midstream Partners LP COM 762819100 3,265 129,470 SH   SOLE   129,470 0 0
Sempra Energy COM 816851109 1,149 10,400 SH   SOLE   10,400 0 0
Simon Property Group Inc. COM 828806109 856,335 4,977,822 SH   SOLE   2,785,950 0 2,191,872
SL Green Realty Corp. COM 78440X101 413,696 3,880,101 SH   SOLE   2,582,083 0 1,298,018
Spirit Realty Capital Inc. COM 84860W102 211,201 20,849,091 SH   SOLE   10,482,747 0 10,366,344
STORE Capital Corp COM 862121100 31,346 1,312,626 SH   SOLE   202,262 0 1,110,364
Suburban Propane Partners L.P. COM 864482104 1,787 66,297 SH   SOLE   66,297 0 0
Sun Communities Inc. COM 866674104 316,861 3,944,497 SH   SOLE   2,320,324 0 1,624,173
Sunoco Logistics Partners L.P. COM 86764L108 3,575 146,409 SH   SOLE   146,409 0 0
Sunstone Hotel Investors Inc. COM 867892101 103,869 6,775,527 SH   SOLE   3,176,383 0 3,599,144
Tallgrass Energy Partners LP COM 874697105 5,690 106,956 SH   SOLE   106,956 0 0
Targa Resources Corp. COM 87612G101 3,809 63,584 SH   SOLE   63,584 0 0
Taubman Centers Inc. COM 876664103 2,003 30,342 SH   SOLE   7,819 0 22,523
Tesoro Logistics LP COM 88160T107 6,458 118,569 SH   SOLE   118,569 0 0
The Geo Group Inc. COM 36162J106 25,568 551,392 SH   SOLE   109,692 0 441,700
UDR Inc. COM 902653104 232,591 6,414,541 SH   SOLE   3,335,585 0 3,078,956
Valero Energy Partners LP COM 91914J102 3,397 70,894 SH   SOLE   70,894 0 0
Ventas Inc. COM 92276F100 26,518 407,711 SH   SOLE   291,256 0 116,455
VEREIT Inc COM 92339V100 313,650 36,943,480 SH   SOLE   22,067,595 0 14,875,885
Vornado Realty Trust COM 929042109 494,850 4,933,209 SH   SOLE   3,049,662 0 1,883,547
Weingarten Realty Investors COM 948741103 87,237 2,612,670 SH   SOLE   1,441,150 0 1,171,520
Welltower Inc. COM 95040Q104 418,443 5,908,538 SH   SOLE   3,010,113 0 2,898,425
Western Gas Partners LP COM 958254104 6,597 109,128 SH   SOLE   109,128 0 0
Weyerhaeuser Co. COM 962166104 4,071 119,800 SH   SOLE   119,800 0 0
Williams Cos. COM 969457100 5,022 169,729 SH   SOLE   169,729 0 0
Williams Partners LP COM 96949L105 10,216 250,211 SH   SOLE   250,211 0 0
Xcel Energy Inc. COM 98389B100 1,467 33,000 SH   SOLE   33,000 0 0
Xenia Hotels & Resorts Inc COM 984017103 314 18,411 SH   SOLE   18,411 0 0