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 270,380 2,244,374 SH   SOLE   1,122,468 0 1,121,906
American Campus Communities COM 024835100 99,806 2,110,063 SH   SOLE   1,079,984 0 1,030,079
American Electric Power Co. In COM 025537101 2,140 30,800 SH   SOLE   14,500 0 16,300
American Homes 4 Rent COM 02665T306 5,142 227,812 SH   SOLE   26,201 0 201,611
American Tower Corp. COM 03027X100 1,323 10,000 SH   SOLE   4,700 0 5,300
American Water Works Co. COM 030420103 1,411 18,100 SH   SOLE   9,900 0 8,200
Antero Midstream Partners LP COM 03673L103 2,885 86,950 SH   SOLE   86,950 0 0
Antero Resources Midstream Man COM 03675Y103 2,411 109,700 SH   SOLE   109,700 0 0
Apple Hospitality REIT Inc COM 03784Y200 276 14,759 SH   SOLE   14,759 0 0
Atmos Energy Corp. COM 049560105 1,443 17,400 SH   SOLE   8,200 0 9,200
AvalonBay Communities Inc. COM 053484101 379,982 1,977,322 SH   SOLE   952,856 0 1,024,466
Boardwalk Pipeline Partners L. COM 096627104 1,913 106,200 SH   SOLE   106,200 0 0
Boston Properties Inc. COM 101121101 150,281 1,221,599 SH   SOLE   554,154 0 667,445
Brixmor Property Group COM 11120U105 12,915 722,325 SH   SOLE   487,422 0 234,903
Buckeye Partners L.P. COM 118230101 2,272 35,539 SH   SOLE   35,539 0 0
Cheniere Energy Inc. COM 16411R208 3,950 81,085 SH   SOLE   71,085 0 10,000
Cheniere Energy Partners, L.P. COM 16411Q101 2,708 83,585 SH   SOLE   83,585 0 0
Corporate Office Properties Tr COM 22002T108 51,390 1,467,025 SH   SOLE   655,383 0 811,642
Cousins Properties Inc. COM 222795106 5,273 599,900 SH   SOLE   0 0 599,900
Crown Castle International Cor COM 22822V101 28,812 287,600 SH   SOLE   268,500 0 19,100
CSX Corporation COM 126408103 1,282 23,500 SH   SOLE   11,000 0 12,500
CubeSmart COM 229663109 152,041 6,324,509 SH   SOLE   3,621,228 0 2,703,281
CYRUSONE INC COM 23283R100 93,042 1,668,921 SH   SOLE   607,174 0 1,061,747
DCT Industrial Trust COM 233153204 185,172 3,465,036 SH   SOLE   1,993,819 0 1,471,217
DDR Corp. COM 23317H102 11,121 1,226,100 SH   SOLE   69,600 0 1,156,500
Diamondrock Hospitality COM 252784301 68,447 6,250,844 SH   SOLE   3,157,635 0 3,093,209
Digital Realty Trust Inc. COM 253868103 61,477 544,283 SH   SOLE   194,905 0 349,378
DTE Energy Co. COM 233331107 910 8,600 SH   SOLE   4,000 0 4,600
Duke Realty Corporation COM 264411505 422 15,100 SH   SOLE   15,100 0 0
Enable Midstream Partners LP COM 292480100 3,180 199,475 SH   SOLE   199,475 0 0
Enbridge Energy Management L.L COM 29250X103 353 22,938 SH   SOLE   11,909 0 11,029
Enbridge Energy Partners L.P. COM 29250R106 1,798 112,349 SH   SOLE   112,349 0 0
Energy Transfer Partners LP COM 29278N103 11,227 550,589 SH   SOLE   550,589 0 0
EnLink Midstream Partners LP COM 29336U107 4,726 278,645 SH   SOLE   278,645 0 0
Enterprise Products Partners L COM 293792107 11,362 419,589 SH   SOLE   419,589 0 0
Equinix Inc COM 29444U700 334,187 778,701 SH   SOLE   403,847 0 374,854
Equity Residential COM 29476L107 237,316 3,604,978 SH   SOLE   1,929,175 0 1,675,803
Essex Property Trust Inc. COM 297178105 1,199 4,661 SH   SOLE   4,661 0 0
Eversource Energy COM 30040W108 602 9,910 SH   SOLE   4,600 0 5,310
Extra Space Storage Inc. COM 30225T102 304,239 3,900,494 SH   SOLE   2,107,108 0 1,793,386
Forest City Realty Trust - A COM 345605109 29,885 1,236,433 SH   SOLE   652,900 0 583,533
Gaming and Leisure Properties COM 36467J108 207,917 5,519,430 SH   SOLE   3,063,600 0 2,455,830
GGP Inc. COM 36174X101 388,445 16,487,485 SH   SOLE   8,194,797 0 8,292,688
Gramercy Property Trust Inc COM 385002308 40,893 1,376,416 SH   SOLE   227,420 0 1,148,996
Great Plains Energy Incorporat COM 391164100 960 32,800 SH   SOLE   18,900 0 13,900
HCP Inc. COM 40414L109 294,798 9,223,958 SH   SOLE   4,926,935 0 4,297,023
HealthCare Realty Trust COM 421946104 22,618 662,300 SH   SOLE   10,300 0 652,000
Healthcare Trust of America In COM 42225P501 254,539 8,181,898 SH   SOLE   5,044,389 0 3,137,509
Hess Midstream Partners LP COM 428104103 2,051 100,675 SH   SOLE   89,575 0 11,100
Highwoods Properties Inc. COM 431284108 7,287 143,700 SH   SOLE   0 0 143,700
Host Hotels & Resorts Inc. COM 44107P104 199,226 10,904,528 SH   SOLE   5,929,417 0 4,975,111
Hudson Pacific Properties COM 444097109 185,206 5,416,970 SH   SOLE   3,475,940 0 1,941,030
Invitation Homes Inc COM 46187W107 107,509 4,970,343 SH   SOLE   3,140,935 0 1,829,408
Iron Mountain Incorporated COM 46284V101 5,532 161,000 SH   SOLE   152,400 0 8,600
Kilroy Realty Corp. COM 49427F108 155,993 2,075,750 SH   SOLE   889,427 0 1,186,323
Kimco Realty Corp. COM 49446R109 182,144 9,926,107 SH   SOLE   4,857,114 0 5,068,993
Kinder Morgan Inc. COM 49456B101 1,435 74,900 SH   SOLE   36,000 0 38,900
Liberty Property Trust COM 531172104 134,759 3,310,213 SH   SOLE   1,581,787 0 1,728,426
Macerich Co. COM 554382101 11,548 198,902 SH   SOLE   197,400 0 1,502
Magellan Midstream Partners L. COM 559080106 8,660 121,509 SH   SOLE   121,509 0 0
MGM Growth Properties LLC COM 55303A105 1,870 64,066 SH   SOLE   15,700 0 48,366
Mid-America Apt. Comm. COM 59522J103 203,873 1,934,644 SH   SOLE   987,646 0 946,998
MPLX LP COM 55336V100 8,962 268,329 SH   SOLE   268,329 0 0
Nextera Energy Inc COM 65339F101 2,532 18,070 SH   SOLE   8,800 0 9,270
Norfolk Southern Corp COM 655844108 1,071 8,800 SH   SOLE   4,100 0 4,700
NRG Yield, Inc. Class A COM 62942X306 1,198 70,200 SH   SOLE   36,500 0 33,700
Omega Healthcare Investors COM 681936100 11,900 360,400 SH   SOLE   360,400 0 0
ONEOK Partners L.P. COM 68268N103 2,166 42,414 SH   SOLE   42,414 0 0
Park Hotels & Resorts Inc COM 700517105 162,760 6,037,093 SH   SOLE   3,805,454 0 2,231,639
Pattern Energy Group Inc. COM 70338P100 753 31,600 SH   SOLE   15,000 0 16,600
PG&E Corp. COM 69331C108 2,555 38,500 SH   SOLE   18,100 0 20,400
Phillips 66 Partners LP COM 718549207 4,708 95,257 SH   SOLE   95,257 0 0
Physicians Realty Trust COM 71943U104 46,701 2,318,836 SH   SOLE   418,759 0 1,900,077
Plains All American Pipeline, COM 726503105 7,708 293,422 SH   SOLE   293,422 0 0
ProLogis Inc. COM 74340W103 522,030 8,902,292 SH   SOLE   4,417,788 0 4,484,504
Public Storage COM 74460D109 159,070 762,817 SH   SOLE   388,061 0 374,756
QTS Realty Trust Inc COM 74736A103 60,018 1,146,919 SH   SOLE   577,561 0 569,358
Regency Centers Corporation COM 758849103 254,295 4,059,624 SH   SOLE   2,295,183 0 1,764,441
Rice Midstream Partners LP COM 762819100 3,042 152,570 SH   SOLE   152,570 0 0
Sempra Energy COM 816851109 1,579 14,000 SH   SOLE   6,600 0 7,400
Simon Property Group Inc. COM 828806109 831,354 5,139,428 SH   SOLE   2,829,041 0 2,310,387
SL Green Realty Corp. COM 78440X101 349,446 3,302,891 SH   SOLE   2,006,930 0 1,295,961
STORE Capital Corp COM 862121100 109,791 4,890,472 SH   SOLE   2,032,368 0 2,858,104
Suburban Propane Partners L.P. COM 864482104 1,216 51,097 SH   SOLE   51,097 0 0
Sun Communities Inc. COM 866674104 318,251 3,629,272 SH   SOLE   2,130,867 0 1,498,405
Sunstone Hotel Investors Inc. COM 867892101 89,918 5,578,046 SH   SOLE   2,702,237 0 2,875,809
Tallgrass Energy Partners LP COM 874697105 4,968 99,182 SH   SOLE   99,182 0 0
Targa Resources Corp. COM 87612G101 4,337 95,959 SH   SOLE   82,593 0 13,366
TC Pipelines L.P. COM 87233Q108 3,066 55,750 SH   SOLE   55,750 0 0
The Geo Group Inc. COM 36162J106 34,592 1,169,827 SH   SOLE   294,720 0 875,107
UDR Inc. COM 902653104 219,353 5,628,772 SH   SOLE   2,245,545 0 3,383,227
Valero Energy Partners LP COM 91914J102 2,930 64,194 SH   SOLE   64,194 0 0
Ventas Inc. COM 92276F100 7,591 109,255 SH   SOLE   0 0 109,255
VEREIT Inc COM 92339V100 317,033 38,947,554 SH   SOLE   23,474,466 0 15,473,088
Vornado Realty Trust COM 929042109 369,488 3,934,909 SH   SOLE   2,241,991 0 1,692,918
Weingarten Realty Investors COM 948741103 81,067 2,693,253 SH   SOLE   1,520,663 0 1,172,590
Welltower Inc. COM 95040Q104 479,146 6,401,420 SH   SOLE   3,462,832 0 2,938,588
Western Gas Partners LP COM 958254104 5,575 99,653 SH   SOLE   99,653 0 0
Weyerhaeuser Co. COM 962166104 7,615 227,300 SH   SOLE   0 0 227,300
Williams Cos. COM 969457100 1,859 61,400 SH   SOLE   29,000 0 32,400
Williams Partners LP COM 96949L105 10,794 269,111 SH   SOLE   269,111 0 0
Xcel Energy Inc. COM 98389B100 996 21,700 SH   SOLE   10,200 0 11,500