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
Agree Realty Corp COM 008492100 901 18,361 SH   SOLE   6,822 0 11,539
Alexandria Real Estate Equitie COM 015271109 314,656 2,644,837 SH   SOLE   1,346,543 0 1,298,294
American Campus Communities COM 024835100 29,399 665,885 SH   SOLE   311,991 0 353,894
American Electric Power Co. In COM 025537101 2,999 42,700 SH   SOLE   21,600 0 21,100
American Tower Corp. COM 03027X100 697 5,100 SH   SOLE   2,400 0 2,700
American Water Works Co. COM 030420103 1,181 14,600 SH   SOLE   7,000 0 7,600
Andeavor Logistics LP COM 03350F106 4,717 94,219 SH   SOLE   94,219 0 0
Antero Midstream GP LP COM 03675Y103 2,140 104,528 SH   SOLE   104,528 0 0
Antero Midstream Partners LP COM 03673L103 3,861 122,450 SH   SOLE   122,450 0 0
Atmos Energy Corp. COM 049560105 1,409 16,800 SH   SOLE   8,000 0 8,800
AvalonBay Communities Inc. COM 053484101 319,908 1,793,005 SH   SOLE   837,146 0 955,859
Boardwalk Pipeline Partners L. COM 096627104 2,874 195,500 SH   SOLE   195,500 0 0
Boston Properties Inc. COM 101121101 70,250 571,699 SH   SOLE   255,220 0 316,479
Brandywine Realty Trust SBI COM 105368203 61,741 3,530,102 SH   SOLE   1,108,141 0 2,421,961
Brixmor Property Group COM 11120U105 132,523 7,049,103 SH   SOLE   3,265,153 0 3,783,950
Buckeye Partners L.P. COM 118230101 6,232 109,339 SH   SOLE   109,339 0 0
Camden Property Trust COM 133131102 167,735 1,834,171 SH   SOLE   886,187 0 947,984
Cheniere Energy Inc. COM 16411R208 4,556 101,164 SH   SOLE   75,727 0 25,437
Cheniere Energy Partners, L.P. COM 16411Q101 3,125 108,435 SH   SOLE   108,435 0 0
Crestwood Equity Partners LP COM 226344208 1,670 68,450 SH   SOLE   68,450 0 0
Crown Castle International Cor COM 22822V101 18,006 180,100 SH   SOLE   24,300 0 155,800
CSX Corporation COM 126408103 374 6,900 SH   SOLE   3,200 0 3,700
CubeSmart COM 229663109 203,678 7,845,855 SH   SOLE   4,351,738 0 3,494,117
CYRUSONE INC COM 23283R100 157,281 2,668,943 SH   SOLE   1,330,008 0 1,338,935
DCT Industrial Trust COM 233153204 198,622 3,429,253 SH   SOLE   1,993,544 0 1,435,709
Diamondrock Hospitality COM 252784301 66,662 6,087,838 SH   SOLE   3,041,412 0 3,046,426
Digital Realty Trust Inc. COM 253868103 26,945 227,708 SH   SOLE   9,508 0 218,200
Dominion Energy Inc. COM 25746U109 1,154 15,000 SH   SOLE   7,200 0 7,800
Douglas Emmett Inc. COM 25960P109 45,561 1,155,791 SH   SOLE   508,488 0 647,303
DTE Energy Co. COM 233331107 816 7,600 SH   SOLE   3,600 0 4,000
Duke Realty Corporation COM 264411505 2,979 103,353 SH   SOLE   28,953 0 74,400
Enable Midstream Partners LP COM 292480100 2,910 182,075 SH   SOLE   182,075 0 0
Energy Transfer Partners LP COM 29278N103 7,464 408,116 SH   SOLE   408,116 0 0
EnLink Midstream Partners LP COM 29336U107 2,262 134,962 SH   SOLE   134,962 0 0
Enterprise Products Partners L COM 293792107 8,877 340,488 SH   SOLE   340,488 0 0
Equinix Inc COM 29444U700 393,738 882,228 SH   SOLE   456,844 0 425,384
Equity Residential COM 29476L107 271,922 4,124,400 SH   SOLE   2,176,812 0 1,947,588
Essex Property Trust Inc. COM 297178105 261,239 1,028,378 SH   SOLE   554,820 0 473,558
Extra Space Storage Inc. COM 30225T102 339,556 4,248,704 SH   SOLE   2,355,822 0 1,892,882
Forest City Realty Trust - A COM 345605109 85,142 3,337,600 SH   SOLE   1,523,001 0 1,814,599
GGP Inc. COM 36174X101 306,984 14,780,164 SH   SOLE   7,572,474 0 7,207,690
Gramercy Property Trust Inc COM 385002308 55,531 1,835,748 SH   SOLE   738,865 0 1,096,883
Great Plains Energy Incorporat COM 391164100 1,318 43,500 SH   SOLE   23,900 0 19,600
HCP Inc. COM 40414L109 39,164 1,407,276 SH   SOLE   591,963 0 815,313
HealthCare Realty Trust COM 421946104 17,092 528,500 SH   SOLE   4,600 0 523,900
Healthcare Trust of America In COM 42225P501 202,335 6,789,764 SH   SOLE   3,806,321 0 2,983,443
Hess Midstream Partners LP COM 428104103 2,033 92,525 SH   SOLE   92,525 0 0
Highwoods Properties Inc. COM 431284108 5,365 103,000 SH   SOLE   0 0 103,000
Hilton Worldwide Holdings Inc. COM 43300A203 65,883 948,641 SH   SOLE   486,292 0 462,349
Host Hotels & Resorts Inc. COM 44107P104 121,355 6,563,261 SH   SOLE   3,178,057 0 3,385,204
Hudson Pacific Properties COM 444097109 201,687 6,015,130 SH   SOLE   3,848,088 0 2,167,042
Invitation Homes Inc COM 46187W107 96,398 4,255,980 SH   SOLE   2,787,318 0 1,468,662
Iron Mountain Incorporated COM 46284V101 55,326 1,422,275 SH   SOLE   627,210 0 795,065
Kilroy Realty Corp. COM 49427F108 100,792 1,417,206 SH   SOLE   688,473 0 728,733
Kimco Realty Corp. COM 49446R109 247,184 12,643,662 SH   SOLE   6,819,528 0 5,824,134
Liberty Property Trust COM 531172104 33,885 825,257 SH   SOLE   224,757 0 600,500
Macerich Co. COM 554382101 10,851 197,400 SH   SOLE   197,400 0 0
Macquarie Infrastructure Corp COM 55608B105 1,841 25,500 SH   SOLE   13,800 0 11,700
Magellan Midstream Partners L. COM 559080106 10,011 140,884 SH   SOLE   140,884 0 0
MGM Growth Properties LLC COM 55303A105 67,991 2,250,599 SH   SOLE   1,228,883 0 1,021,716
MPLX LP COM 55336V100 7,929 226,479 SH   SOLE   226,479 0 0
National Retail Properties Onc COM 637417106 29,334 704,126 SH   SOLE   201,753 0 502,373
Nextera Energy Inc COM 65339F101 1,945 13,270 SH   SOLE   6,300 0 6,970
NRG Yield, Inc. Class A COM 62942X306 1,259 66,355 SH   SOLE   35,020 0 31,335
Omega Healthcare Investors COM 681936100 11,411 357,600 SH   SOLE   357,600 0 0
ONEOK Inc. COM 682680103 944 17,028 SH   SOLE   17,028 0 0
Park Hotels & Resorts Inc COM 700517105 164,337 5,962,865 SH   SOLE   3,973,650 0 1,989,215
Pattern Energy Group Inc. COM 70338P100 848 35,200 SH   SOLE   16,700 0 18,500
Pennsylvania Real Estate COM 709102107 8,470 807,448 SH   SOLE   182,446 0 625,002
PG&E Corp. COM 69331C108 2,669 39,200 SH   SOLE   18,800 0 20,400
Phillips 66 Partners LP COM 718549207 3,537 67,302 SH   SOLE   67,302 0 0
Plains All American Pipeline, COM 726503105 3,015 142,272 SH   SOLE   142,272 0 0
ProLogis Inc. COM 74340W103 542,180 8,543,647 SH   SOLE   4,144,826 0 4,398,821
Public Storage COM 74460D109 76,937 359,534 SH   SOLE   112,210 0 247,324
QTS Realty Trust Inc COM 74736A103 10,119 193,266 SH   SOLE   122,552 0 70,714
Regency Centers Corporation COM 758849103 254,133 4,096,276 SH   SOLE   2,299,503 0 1,796,773
Rice Midstream Partners LP COM 762819100 2,106 100,570 SH   SOLE   100,570 0 0
RLJ Lodging Trust COM 74965L101 1,869 84,969 SH   SOLE   27,946 0 57,023
Sempra Energy COM 816851109 2,283 20,000 SH   SOLE   9,600 0 10,400
Simon Property Group Inc. COM 828806109 813,708 5,053,773 SH   SOLE   2,794,224 0 2,259,549
SL Green Realty Corp. COM 78440X101 285,546 2,818,258 SH   SOLE   1,730,179 0 1,088,079
Spirit Realty Capital Inc. COM 84860W102 34,179 3,988,180 SH   SOLE   1,798,992 0 2,189,188
Starwood Waypoint Homes COM 85572F105 175,601 4,828,172 SH   SOLE   2,821,055 0 2,007,117
STORE Capital Corp COM 862121100 140,522 5,650,270 SH   SOLE   3,146,699 0 2,503,571
Suburban Propane Partners L.P. COM 864482104 1,268 48,597 SH   SOLE   48,597 0 0
Sun Communities Inc. COM 866674104 233,746 2,728,130 SH   SOLE   1,555,007 0 1,173,123
Sunstone Hotel Investors Inc. COM 867892101 68,101 4,237,749 SH   SOLE   1,614,835 0 2,622,914
Tallgrass Energy Partners LP COM 874697105 4,266 89,082 SH   SOLE   89,082 0 0
Targa Resources Corp. COM 87612G101 2,902 61,346 SH   SOLE   50,980 0 10,366
TC Pipelines L.P. COM 87233Q108 3,079 58,850 SH   SOLE   58,850 0 0
The Geo Group Inc. COM 36162J106 24,557 912,906 SH   SOLE   291,950 0 620,956
UDR Inc. COM 902653104 9,929 261,083 SH   SOLE   20,000 0 241,083
Union Pacific Corp COM 907818108 239 2,065 SH   SOLE   445 0 1,620
Urban Edge Properties COM 91704F104 1,368 56,729 SH   SOLE   18,869 0 37,860
Valero Energy Partners LP COM 91914J102 2,682 61,334 SH   SOLE   61,334 0 0
Ventas Inc. COM 92276F100 232,953 3,576,736 SH   SOLE   2,077,497 0 1,499,239
VEREIT Inc COM 92339V100 320,092 38,611,776 SH   SOLE   23,148,240 0 15,463,536
Vornado Realty Trust COM 929042109 286,754 3,729,894 SH   SOLE   2,003,807 0 1,726,087
Weingarten Realty Investors COM 948741103 19,161 603,700 SH   SOLE   603,700 0 0
Welltower Inc. COM 95040Q104 354,067 5,037,946 SH   SOLE   2,646,171 0 2,391,775
Western Gas Partners LP COM 958254104 4,082 79,603 SH   SOLE   79,603 0 0
Weyerhaeuser Co. COM 962166104 7,735 227,300 SH   SOLE   0 0 227,300
Williams Cos. COM 969457100 1,762 58,700 SH   SOLE   28,100 0 30,600
Williams Partners LP COM 96949L105 8,904 228,899 SH   SOLE   228,899 0 0
Xcel Energy Inc. COM 98389B100 828 17,500 SH   SOLE   8,400 0 9,100