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 986 20,519 SH   SOLE   8,242 0 12,277
Alexandria Real Estate Equitie COM 015271109 404,091 3,235,578 SH   SOLE   1,950,012 0 1,285,566
American Electric Power Co. In COM 025537101 4,649 67,774 SH   SOLE   27,074 0 40,700
American Tower Corp. COM 03027X100 3,078 21,178 SH   SOLE   8,478 0 12,700
Americold Realty Trust COM 03064D108 4,248 222,618 SH   SOLE   77,751 0 144,867
Andeavor Logistics LP COM 03350F106 6,013 134,194 SH   SOLE   134,194 0 0
Antero Midstream GP LP COM 03675Y103 1,431 89,477 SH   SOLE   89,477 0 0
Antero Midstream Partners LP COM 03673L103 2,364 91,308 SH   SOLE   91,308 0 0
Atmos Energy Corp. COM 049560105 2,844 33,756 SH   SOLE   13,556 0 20,200
AvalonBay Communities Inc. COM 053484101 188,598 1,146,770 SH   SOLE   594,576 0 552,194
Boardwalk Pipeline Partners L. COM 096627104 2,826 278,400 SH   SOLE   278,400 0 0
Boston Properties Inc. COM 101121101 69,051 560,386 SH   SOLE   246,751 0 313,635
Brandywine Realty Trust SBI COM 105368203 90,397 5,692,494 SH   SOLE   3,386,365 0 2,306,129
Brixmor Property Group COM 11120U105 131,787 8,641,758 SH   SOLE   4,571,608 0 4,070,150
Caesars Entertainment Corp COM 127686103 140 12,476 SH   SOLE   12,476 0 0
Cheniere Energy Inc. COM 16411R208 4,616 86,367 SH   SOLE   54,130 0 32,237
Cheniere Energy Partners, L.P. COM 16411Q101 2,328 80,000 SH   SOLE   80,000 0 0
CMS Energy Corporation COM 125896100 1,216 26,849 SH   SOLE   12,365 0 14,484
Columbia Property Trust, Inc. COM 198287203 90,722 4,434,127 SH   SOLE   2,567,047 0 1,867,080
Crestwood Equity Partners LP COM 226344208 3,080 120,300 SH   SOLE   120,300 0 0
Crown Castle International Cor COM 22822V101 94,543 862,536 SH   SOLE   432,359 0 430,177
CSX Corporation COM 126408103 1,103 19,799 SH   SOLE   7,941 0 11,858
CubeSmart COM 229663109 214,303 7,599,413 SH   SOLE   4,524,430 0 3,074,983
CYRUSONE INC COM 23283R100 170,465 3,328,745 SH   SOLE   2,108,962 0 1,219,783
DCT Industrial Trust COM 233153204 169,670 3,011,542 SH   SOLE   1,958,566 0 1,052,976
Diamondrock Hospitality COM 252784301 3,125 299,300 SH   SOLE   0 0 299,300
Digital Realty Trust Inc. COM 253868103 8,932 84,764 SH   SOLE   0 0 84,764
Dominion Energy Inc. COM 25746U109 3,936 58,373 SH   SOLE   25,773 0 32,600
Dominion Energy Midstream Part COM 257454108 1,162 75,700 SH   SOLE   75,700 0 0
Douglas Emmett Inc. COM 25960P109 74,573 2,028,644 SH   SOLE   1,168,221 0 860,423
DTE Energy Co. COM 233331107 898 8,598 SH   SOLE   3,398 0 5,200
Duke Realty Corporation COM 264411505 273 10,300 SH   SOLE   10,300 0 0
Enable Midstream Partners LP COM 292480100 2,294 167,200 SH   SOLE   167,200 0 0
Energy Transfer Partners LP COM 29278N103 5,170 318,727 SH   SOLE   318,727 0 0
Enterprise Products Partners L COM 293792107 5,232 213,721 SH   SOLE   213,721 0 0
Equinix Inc COM 29444U700 352,850 843,857 SH   SOLE   484,546 0 359,311
Equity Residential COM 29476L107 246,879 4,006,479 SH   SOLE   2,377,707 0 1,628,772
Essex Property Trust Inc. COM 297178105 207,964 864,067 SH   SOLE   489,268 0 374,799
Exelon Corp. COM 30161N101 2,324 59,576 SH   SOLE   27,076 0 32,500
Extra Space Storage Inc. COM 30225T102 332,293 3,803,717 SH   SOLE   2,272,107 0 1,531,610
Federal Realty Investment Trus COM 313747206 17,381 149,695 SH   SOLE   46,109 0 103,586
Forest City Realty Trust - A COM 345605109 158,605 7,828,474 SH   SOLE   5,022,752 0 2,805,722
Four Corners Property Trust COM 35086T109 13,658 591,533 SH   SOLE   283,774 0 307,759
Gaming and Leisure Properties COM 36467J108 79,343 2,370,576 SH   SOLE   1,245,824 0 1,124,752
GGP Inc. COM 36174X101 316,190 15,454,081 SH   SOLE   8,150,268 0 7,303,813
Gramercy Property Trust Inc COM 385002308 27,686 1,274,085 SH   SOLE   625,535 0 648,550
Great Plains Energy Incorporat COM 391164100 1,922 60,468 SH   SOLE   24,368 0 36,100
HealthCare Realty Trust COM 421946104 48,698 1,757,431 SH   SOLE   680,007 0 1,077,424
Healthcare Trust of America In COM 42225P501 206,009 7,788,611 SH   SOLE   4,869,151 0 2,919,460
Hess Midstream Partners LP COM 428104103 1,751 91,987 SH   SOLE   91,987 0 0
Hilton Worldwide Holdings Inc. COM 43300A203 102,333 1,299,302 SH   SOLE   909,083 0 390,219
Host Hotels & Resorts Inc. COM 44107P104 106,699 5,724,177 SH   SOLE   2,523,025 0 3,201,152
Hudson Pacific Properties COM 444097109 55,479 1,705,475 SH   SOLE   940,333 0 765,142
Hyatt Hotels Corp. - Cl A COM 448579102 15,436 202,416 SH   SOLE   87,853 0 114,563
Invitation Homes Inc COM 46187W107 267,026 11,696,295 SH   SOLE   7,689,414 0 4,006,881
Iron Mountain Incorporated COM 46284V101 115,151 3,504,293 SH   SOLE   1,949,758 0 1,554,535
Kilroy Realty Corp. COM 49427F108 66,985 943,982 SH   SOLE   452,837 0 491,145
Kite Realty Group Trust COM 49803T300 2,796 183,600 SH   SOLE   183,600 0 0
Liberty Property Trust COM 531172104 12,832 322,981 SH   SOLE   0 0 322,981
Life Storage Inc COM 53223X107 2,322 27,800 SH   SOLE   0 0 27,800
Macerich Co. COM 554382101 212,837 3,799,305 SH   SOLE   2,301,336 0 1,497,969
Macquarie Infrastructure Corp COM 55608B105 1,256 33,998 SH   SOLE   16,098 0 17,900
Magellan Midstream Partners L. COM 559080106 5,558 95,254 SH   SOLE   95,254 0 0
Marriott International Inc. COM 571903202 139,816 1,028,212 SH   SOLE   805,885 0 222,327
MGM Growth Properties LLC COM 55303A105 75,831 2,857,227 SH   SOLE   1,643,262 0 1,213,965
MGM Mirage COM 552953101 3,537 101,000 SH   SOLE   5,600 0 95,400
Mid-America Apt. Comm. COM 59522J103 25,808 282,858 SH   SOLE   107,329 0 175,529
MPLX LP COM 55336V100 4,133 125,104 SH   SOLE   125,104 0 0
Nextera Energy Inc COM 65339F101 3,347 20,491 SH   SOLE   8,221 0 12,270
NextEra Energy Partners LP COM 65341B106 1,081 27,030 SH   SOLE   11,030 0 16,000
Noble Midstream Partners LP COM 65506L105 2,516 53,951 SH   SOLE   53,951 0 0
NRG Yield, Inc. Class A COM 62942X306 1,123 68,306 SH   SOLE   27,471 0 40,835
ONEOK Inc. COM 682680103 205 3,594 SH   SOLE   3,594 0 0
Paramount Group Inc COM 69924R108 57,053 4,006,549 SH   SOLE   2,176,908 0 1,829,641
Park Hotels & Resorts Inc COM 700517105 59,402 2,198,462 SH   SOLE   1,084,698 0 1,113,764
Pattern Energy Group Inc. -A COM 70338P100 1,693 97,928 SH   SOLE   44,628 0 53,300
PG&E Corp. COM 69331C108 1,623 36,942 SH   SOLE   14,598 0 22,344
Phillips 66 Partners LP COM 718549207 888 18,595 SH   SOLE   18,595 0 0
Physicians Realty Trust COM 71943U104 56,499 3,628,708 SH   SOLE   1,809,443 0 1,819,265
Plains All American Pipeline, COM 726503105 3,714 168,600 SH   SOLE   168,600 0 0
ProLogis Inc. COM 74340W103 485,566 7,708,622 SH   SOLE   4,167,949 0 3,540,673
QTS Realty Trust Inc COM 74736A103 7,622 210,450 SH   SOLE   33,523 0 176,927
Regency Centers Corporation COM 758849103 323,570 5,486,098 SH   SOLE   3,369,687 0 2,116,411
Retail Opportunity Investments COM 76131N101 58,086 3,287,270 SH   SOLE   1,757,153 0 1,530,117
RLJ Lodging Trust COM 74965L101 23,531 1,210,442 SH   SOLE   696,449 0 513,993
Ryman Hospitality Properties COM 78377T107 799 10,316 SH   SOLE   2,300 0 8,016
Sempra Energy COM 816851109 2,640 23,733 SH   SOLE   10,233 0 13,500
Shell Midstream Partners LP COM 822634101 2,271 107,900 SH   SOLE   107,900 0 0
Simon Property Group Inc. COM 828806109 584,623 3,787,642 SH   SOLE   2,253,508 0 1,534,134
SL Green Realty Corp. COM 78440X101 248,427 2,565,604 SH   SOLE   1,683,939 0 881,665
Southwest Gas Holdings Inc. COM 844895102 1,098 16,236 SH   SOLE   6,536 0 9,700
Spectra Energy Partners L.P. COM 84756N109 1,931 57,400 SH   SOLE   57,400 0 0
STORE Capital Corp COM 862121100 142,025 5,722,217 SH   SOLE   3,441,938 0 2,280,279
Summit Midstream Partners LP COM 866142102 843 60,000 SH   SOLE   60,000 0 0
Sun Communities Inc. COM 866674104 155,905 1,706,304 SH   SOLE   937,207 0 769,097
Tallgrass Energy Partners LP COM 874697105 1,247 32,916 SH   SOLE   32,916 0 0
Tanger Factory Outlet Centers COM 875465106 1,298 58,999 SH   SOLE   58,999 0 0
Targa Resources Corp. COM 87612G101 1,733 39,379 SH   SOLE   39,379 0 0
Taubman Centers Inc. COM 876664103 165,984 2,916,611 SH   SOLE   1,837,116 0 1,079,495
The Geo Group Inc. COM 36162J106 13,305 649,988 SH   SOLE   253,537 0 396,451
TIER REIT Inc COM 88650V208 1,863 100,800 SH   SOLE   6,200 0 94,600
Union Pacific Corp COM 907818108 2,250 16,740 SH   SOLE   6,740 0 10,000
Valero Energy Partners LP COM 91914J102 2,388 67,414 SH   SOLE   67,414 0 0
Ventas Inc. COM 92276F100 11,105 224,201 SH   SOLE   78,071 0 146,130
VEREIT Inc COM 92339V100 48,014 6,898,612 SH   SOLE   2,892,010 0 4,006,602
Vici Properties Inc. COM 925652109 137,400 7,500,004 SH   SOLE   4,886,285 0 2,613,719
Vornado Realty Trust COM 929042109 85,931 1,276,838 SH   SOLE   666,067 0 610,771
Welltower Inc. COM 95040Q104 6,015 110,512 SH   SOLE   31,440 0 79,072
Western Gas Equity Partners LP COM 95825R103 1,113 33,600 SH   SOLE   33,600 0 0
Western Gas Partners LP COM 958254104 2,362 55,353 SH   SOLE   55,353 0 0
Williams Cos. COM 969457100 3,654 146,992 SH   SOLE   68,892 0 78,100
Williams Partners LP COM 96949L105 6,965 202,298 SH   SOLE   202,298 0 0
Xenia Hotels & Resorts Inc COM 984017103 19,241 975,700 SH   SOLE   406,699 0 569,001