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 838 16,296 SH   SOLE   5,350 0 10,946
Alexandria Real Estate Equitie COM 015271109 401,694 3,075,993 SH   SOLE   1,774,695 0 1,301,298
American Electric Power Co. In COM 025537101 4,786 65,056 SH   SOLE   25,756 0 39,300
American Homes 4 Rent COM 02665T306 1,745 79,900 SH   SOLE   0 0 79,900
American Tower Corp. COM 03027X100 1,398 9,800 SH   SOLE   4,000 0 5,800
Andeavor Logistics LP COM 03350F106 5,178 112,094 SH   SOLE   112,094 0 0
Antero Midstream GP LP COM 03675Y103 1,962 99,477 SH   SOLE   99,477 0 0
Antero Midstream Partners LP COM 03673L103 3,415 117,608 SH   SOLE   117,608 0 0
Atmos Energy Corp. COM 049560105 2,899 33,752 SH   SOLE   13,552 0 20,200
AvalonBay Communities Inc. COM 053484101 275,112 1,542,022 SH   SOLE   733,086 0 808,936
Boardwalk Pipeline Partners L. COM 096627104 3,171 245,600 SH   SOLE   245,600 0 0
Boston Properties Inc. COM 101121101 50,283 386,705 SH   SOLE   154,723 0 231,982
Brandywine Realty Trust SBI COM 105368203 52,675 2,895,826 SH   SOLE   1,086,273 0 1,809,553
Brixmor Property Group COM 11120U105 147,043 7,880,121 SH   SOLE   3,945,857 0 3,934,264
Buckeye Partners L.P. COM 118230101 1,937 39,089 SH   SOLE   39,089 0 0
Cheniere Energy Inc. COM 16411R208 5,926 110,064 SH   SOLE   65,927 0 44,137
Cheniere Energy Partners, L.P. COM 16411Q101 2,924 98,635 SH   SOLE   98,635 0 0
Columbia Property Trust, Inc. COM 198287203 90,575 3,946,636 SH   SOLE   2,168,099 0 1,778,537
Crestwood Equity Partners LP COM 226344208 2,665 103,300 SH   SOLE   103,300 0 0
Crown Castle International Cor COM 22822V101 43,698 393,644 SH   SOLE   164,174 0 229,470
CSX Corporation COM 126408103 1,507 27,400 SH   SOLE   11,200 0 16,200
CubeSmart COM 229663109 219,878 7,602,961 SH   SOLE   4,363,103 0 3,239,858
CYRUSONE INC COM 23283R100 193,357 3,248,065 SH   SOLE   1,964,616 0 1,283,449
DCT Industrial Trust COM 233153204 179,622 3,055,837 SH   SOLE   1,900,379 0 1,155,458
DDR Corp. COM 23317H102 14,207 1,585,613 SH   SOLE   738,745 0 846,868
Digital Realty Trust Inc. COM 253868103 8,148 71,540 SH   SOLE   7,276 0 64,264
Dominion Energy Inc. COM 25746U109 4,045 49,900 SH   SOLE   21,000 0 28,900
Douglas Emmett Inc. COM 25960P109 49,896 1,215,204 SH   SOLE   572,856 0 642,348
DTE Energy Co. COM 233331107 1,149 10,500 SH   SOLE   4,200 0 6,300
Duke Realty Corporation COM 264411505 310 11,400 SH   SOLE   11,400 0 0
Enable Midstream Partners LP COM 292480100 2,517 177,025 SH   SOLE   177,025 0 0
Energy Transfer Partners LP COM 29278N103 6,862 382,939 SH   SOLE   382,939 0 0
Enterprise Products Partners L COM 293792107 7,577 285,821 SH   SOLE   285,821 0 0
Equinix Inc COM 29444U700 395,605 872,877 SH   SOLE   458,509 0 414,368
Equity Residential COM 29476L107 178,966 2,806,431 SH   SOLE   1,343,362 0 1,463,069
Essex Property Trust Inc. COM 297178105 263,368 1,091,140 SH   SOLE   628,315 0 462,825
Exelon Corp. COM 30161N101 1,974 50,100 SH   SOLE   23,700 0 26,400
Extra Space Storage Inc. COM 30225T102 348,834 3,988,956 SH   SOLE   2,311,122 0 1,677,834
Federal Realty Investment Trus COM 313747206 10,944 82,400 SH   SOLE   82,400 0 0
Forest City Realty Trust - A COM 345605109 187,935 7,798,125 SH   SOLE   4,602,226 0 3,195,899
Four Corners Property Trust COM 35086T109 12,948 503,798 SH   SOLE   183,948 0 319,850
GGP Inc. COM 36174X101 339,957 14,534,304 SH   SOLE   7,204,112 0 7,330,192
Gramercy Property Trust Inc COM 385002308 39,300 1,474,101 SH   SOLE   531,348 0 942,753
Great Plains Energy Incorporat COM 391164100 1,756 54,457 SH   SOLE   21,357 0 33,100
HealthCare Realty Trust COM 421946104 16,715 520,400 SH   SOLE   4,200 0 516,200
Healthcare Trust of America In COM 42225P501 234,569 7,808,567 SH   SOLE   4,708,568 0 3,099,999
Hess Midstream Partners LP COM 428104103 1,949 98,387 SH   SOLE   98,387 0 0
Hilton Worldwide Holdings Inc. COM 43300A203 116,646 1,460,632 SH   SOLE   956,139 0 504,493
Host Hotels & Resorts Inc. COM 44107P104 180,096 9,072,823 SH   SOLE   4,638,941 0 4,433,882
Hudson Pacific Properties COM 444097109 209,516 6,117,244 SH   SOLE   3,866,417 0 2,250,827
Hyatt Hotels Corp. - Cl A COM 448579102 928 12,613 SH   SOLE   12,613 0 0
Invitation Homes Inc COM 46187W107 274,397 11,641,783 SH   SOLE   7,525,462 0 4,116,321
Iron Mountain Incorporated COM 46284V101 207,371 5,496,196 SH   SOLE   2,985,915 0 2,510,281
Kilroy Realty Corp. COM 49427F108 71,439 956,986 SH   SOLE   419,156 0 537,830
Kimco Realty Corp. COM 49446R109 57,275 3,155,668 SH   SOLE   1,449,953 0 1,705,715
Kite Realty Group Trust COM 49803T300 19,634 1,001,746 SH   SOLE   351,044 0 650,702
Liberty Property Trust COM 531172104 18,621 432,945 SH   SOLE   6,400 0 426,545
Life Storage Inc COM 53223X107 10,604 119,048 SH   SOLE   14,248 0 104,800
Macerich Co. COM 554382101 210,517 3,205,186 SH   SOLE   1,841,849 0 1,363,337
Macquarie Infrastructure Corp COM 55608B105 2,485 38,712 SH   SOLE   17,412 0 21,300
Magellan Midstream Partners L. COM 559080106 7,714 108,734 SH   SOLE   108,734 0 0
Marriott International Inc. COM 571903202 104,785 772,007 SH   SOLE   484,781 0 287,226
MGM Growth Properties LLC COM 55303A105 76,530 2,625,394 SH   SOLE   1,552,189 0 1,073,205
MGM Mirage COM 552953101 3,426 102,600 SH   SOLE   2,300 0 100,300
MPLX LP COM 55336V100 6,259 176,454 SH   SOLE   176,454 0 0
Nextera Energy Inc COM 65339F101 3,369 21,570 SH   SOLE   8,700 0 12,870
NextEra Energy Partners LP COM 65341B106 1,000 23,200 SH   SOLE   9,100 0 14,100
Noble Midstream Partners LP COM 65506L105 2,258 45,150 SH   SOLE   45,150 0 0
NRG Yield, Inc. Class A COM 62942X306 1,999 106,055 SH   SOLE   44,120 0 61,935
Paramount Group Inc COM 69924R108 63,771 4,023,403 SH   SOLE   1,974,541 0 2,048,862
Park Hotels & Resorts Inc COM 700517105 122,450 4,259,138 SH   SOLE   2,487,798 0 1,771,340
Pattern Energy Group Inc. -A COM 70338P100 2,115 98,400 SH   SOLE   45,100 0 53,300
Pennsylvania Real Estate COM 709102107 9,322 784,030 SH   SOLE   157,784 0 626,246
Phillips 66 Partners LP COM 718549207 3,756 71,752 SH   SOLE   71,752 0 0
Physicians Realty Trust COM 71943U104 46,085 2,561,724 SH   SOLE   1,005,103 0 1,556,621
Plains All American Pipeline, COM 726503105 2,472 119,747 SH   SOLE   119,747 0 0
ProLogis Inc. COM 74340W103 521,632 8,086,061 SH   SOLE   4,156,090 0 3,929,971
QTS Realty Trust Inc COM 74736A103 4,717 87,087 SH   SOLE   16,673 0 70,414
Regency Centers Corporation COM 758849103 352,383 5,093,711 SH   SOLE   3,025,926 0 2,067,785
Retail Opportunity Investments COM 76131N101 20,920 1,048,611 SH   SOLE   533,756 0 514,855
RLJ Lodging Trust COM 74965L101 10,377 472,314 SH   SOLE   396,214 0 76,100
Sempra Energy COM 816851109 1,475 13,800 SH   SOLE   5,000 0 8,800
Simon Property Group Inc. COM 828806109 652,124 3,797,161 SH   SOLE   2,139,646 0 1,657,515
SL Green Realty Corp. COM 78440X101 74,216 735,317 SH   SOLE   485,833 0 249,484
Spirit Realty Capital Inc. COM 84860W102 85,736 9,992,562 SH   SOLE   4,707,647 0 5,284,915
STORE Capital Corp COM 862121100 150,010 5,760,739 SH   SOLE   3,375,759 0 2,384,980
Sun Communities Inc. COM 866674104 184,320 1,986,630 SH   SOLE   1,108,345 0 878,285
Sunstone Hotel Investors Inc. COM 867892101 45,200 2,734,421 SH   SOLE   1,209,836 0 1,524,585
Tallgrass Energy Partners LP COM 874697105 2,365 51,582 SH   SOLE   51,582 0 0
Tanger Factory Outlet Centers COM 875465106 6,921 261,068 SH   SOLE   16,068 0 245,000
Targa Resources Corp. COM 87612G101 2,372 48,996 SH   SOLE   35,330 0 13,666
Taubman Centers Inc. COM 876664103 176,250 2,693,724 SH   SOLE   1,560,212 0 1,133,512
TC Pipelines L.P. COM 87233Q108 2,380 44,823 SH   SOLE   44,823 0 0
The Geo Group Inc. COM 36162J106 24,278 1,028,732 SH   SOLE   336,060 0 692,672
TIER REIT Inc COM 88650V208 4,451 218,312 SH   SOLE   10,512 0 207,800
UDR Inc. COM 902653104 2,567 66,633 SH   SOLE   6,408 0 60,225
Valero Energy Partners LP COM 91914J102 3,068 68,934 SH   SOLE   68,934 0 0
Ventas Inc. COM 92276F100 171,735 2,861,777 SH   SOLE   1,529,428 0 1,332,349
VEREIT Inc COM 92339V100 116,328 14,932,954 SH   SOLE   6,749,586 0 8,183,368
Vornado Realty Trust COM 929042109 256,115 3,275,968 SH   SOLE   1,858,685 0 1,417,283
Weingarten Realty Investors COM 948741103 19,673 598,500 SH   SOLE   598,500 0 0
Welltower Inc. COM 95040Q104 122,617 1,922,799 SH   SOLE   859,029 0 1,063,770
Western Gas Partners LP COM 958254104 4,363 90,728 SH   SOLE   90,728 0 0
Williams Cos. COM 969457100 3,503 114,900 SH   SOLE   51,000 0 63,900
Williams Partners LP COM 96949L105 8,398 216,544 SH   SOLE   216,544 0 0
Wynn Resorts Ltd. COM 983134107 4,535 26,900 SH   SOLE   824 0 26,076
Xcel Energy Inc. COM 98389B100 1,131 23,500 SH   SOLE   9,300 0 14,200
Xenia Hotels & Resorts Inc COM 984017103 22,003 1,019,116 SH   SOLE   389,098 0 630,018