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 5,439 92,000 SH   SOLE   0 0 92,000
Alexandria Real Estate Equitie COM 015271109 203,420 1,765,189 SH   SOLE   1,108,012 0 657,177
American Campus Communities COM 024835100 105,655 2,552,663 SH   SOLE   1,322,573 0 1,230,090
American Electric Power Co. In COM 025537101 5,500 73,595 SH   SOLE   27,995 0 45,600
American Tower Corp. COM 03027X100 2,363 14,938 SH   SOLE   5,638 0 9,300
American Water Works Co. COM 030420103 1,152 12,696 SH   SOLE   4,796 0 7,900
Andeavor Logistics LP COM 03350F106 1,620 49,857 SH   SOLE   49,857 0 0
Antero Midstream GP LP COM 03675Y103 3,360 300,524 SH   SOLE   220,824 0 79,700
Antero Midstream Partners LP COM 03673L103 1,051 49,149 SH   SOLE   49,149 0 0
Atmos Energy Corp. COM 049560105 4,247 45,802 SH   SOLE   17,402 0 28,400
AvalonBay Communities Inc. COM 053484101 249,072 1,431,038 SH   SOLE   825,167 0 605,871
Bluerock Residential Growth In COM 09627J102 98 10,900 SH   SOLE   10,900 0 0
Brixmor Property Group COM 11120U105 133,044 9,056,802 SH   SOLE   5,479,441 0 3,577,361
Buckeye Partners L.P. COM 118230101 2,550 87,947 SH   SOLE   87,947 0 0
Cheniere Energy Inc. COM 16411R208 6,862 115,931 SH   SOLE   61,094 0 54,837
Cheniere Energy Partners, L.P. COM 16411Q101 986 27,300 SH   SOLE   27,300 0 0
CMS Energy Corporation COM 125896100 2,371 47,750 SH   SOLE   18,166 0 29,584
Columbia Property Trust, Inc. COM 198287203 115,224 5,954,710 SH   SOLE   3,960,206 0 1,994,504
CORECIVIC INC COM 21871N101 7,881 441,999 SH   SOLE   182,076 0 259,923
Cousins Properties Inc. COM 222795106 70,305 8,899,310 SH   SOLE   6,296,412 0 2,602,898
Crestwood Equity Partners LP COM 226344208 2,207 79,088 SH   SOLE   79,088 0 0
Crown Castle International Cor COM 22822V101 73,572 677,267 SH   SOLE   392,758 0 284,509
CubeSmart COM 229663109 199,629 6,958,137 SH   SOLE   4,307,204 0 2,650,933
CYRUSONE INC COM 23283R100 197,085 3,727,029 SH   SOLE   2,372,615 0 1,354,414
DCP Midstream LP COM 23311P100 1,236 46,650 SH   SOLE   46,650 0 0
Diamondrock Hospitality COM 252784301 14,393 1,585,167 SH   SOLE   761,075 0 824,092
Dominion Energy Inc. COM 25746U109 6,261 87,617 SH   SOLE   35,417 0 52,200
Douglas Emmett Inc. COM 25960P109 144,835 4,243,621 SH   SOLE   2,837,847 0 1,405,774
Duke Realty Corporation COM 264411505 91,371 3,527,823 SH   SOLE   1,934,977 0 1,592,846
Enable Midstream Partners LP COM 292480100 1,038 76,700 SH   SOLE   76,700 0 0
Energy Transfer LP COM 29273V100 5,111 386,938 SH   SOLE   386,938 0 0
EnLink Midstream Partners LP COM 29336U107 1,939 176,100 SH   SOLE   176,100 0 0
Enterprise Products Partners L COM 293792107 5,203 211,577 SH   SOLE   211,577 0 0
EPR Properties COM 26884U109 2,045 31,931 SH   SOLE   2,100 0 29,831
EQM Midstream Partners, L.P. COM 26885B100 2,627 60,742 SH   SOLE   60,742 0 0
Equinix Inc COM 29444U700 208,482 591,338 SH   SOLE   367,111 0 224,227
Equity Residential COM 29476L107 351,085 5,318,662 SH   SOLE   3,502,649 0 1,816,013
Essex Property Trust Inc. COM 297178105 12,479 50,891 SH   SOLE   42,022 0 8,869
Evergy Inc. COM 30034W106 3,242 57,106 SH   SOLE   22,796 0 34,310
Exelon Corp. COM 30161N101 3,206 71,094 SH   SOLE   27,194 0 43,900
Extra Space Storage Inc. COM 30225T102 268,285 2,965,130 SH   SOLE   1,822,865 0 1,142,265
FirstEnergy Corp. COM 337932107 3,661 97,490 SH   SOLE   37,190 0 60,300
Four Corners Property Trust COM 35086T109 12,761 487,064 SH   SOLE   183,783 0 303,281
Front Yard Residential Corp COM 35904G107 97 11,100 SH   SOLE   11,100 0 0
HCP Inc. COM 40414L109 72,133 2,582,626 SH   SOLE   1,235,609 0 1,347,017
Healthcare Trust of America In COM 42225P501 199,068 7,865,184 SH   SOLE   4,850,719 0 3,014,465
Hess Midstream Partners LP COM 428104103 1,109 65,287 SH   SOLE   65,287 0 0
Hilton Worldwide Holdings Inc. COM 43300A203 91,987 1,281,155 SH   SOLE   932,811 0 348,344
Host Hotels & Resorts Inc. COM 44107P104 331 19,865 SH   SOLE   0 0 19,865
Hudson Pacific Properties COM 444097109 171,412 5,898,541 SH   SOLE   3,726,680 0 2,171,861
Invitation Homes Inc COM 46187W107 162,453 8,090,288 SH   SOLE   5,163,737 0 2,926,551
JBG SMITH Properties COM 46590V100 54,435 1,563,764 SH   SOLE   958,104 0 605,660
Kansas City Southern COM 485170302 841 8,806 SH   SOLE   4,206 0 4,600
Liberty Property Trust COM 531172104 70,659 1,687,188 SH   SOLE   940,465 0 746,723
Life Storage Inc COM 53223X107 902 9,700 SH   SOLE   900 0 8,800
Magellan Midstream Partners L. COM 559080106 2,885 50,560 SH   SOLE   50,560 0 0
MGM Growth Properties LLC COM 55303A105 76,005 2,877,892 SH   SOLE   1,750,352 0 1,127,540
Mid-America Apt. Comm. COM 59522J103 96,564 1,009,027 SH   SOLE   594,824 0 414,203
MPLX LP COM 55336V100 3,057 100,879 SH   SOLE   100,879 0 0
NexPoint Residential Trust, In COM 65341D102 14,389 410,530 SH   SOLE   137,244 0 273,286
Nextera Energy Inc COM 65339F101 4,089 23,523 SH   SOLE   8,953 0 14,570
Park Hotels & Resorts Inc COM 700517105 4,944 190,283 SH   SOLE   91,753 0 98,530
Pebblebrook Hotel Trust COM 70509V100 33,889 1,197,053 SH   SOLE   742,037 0 455,016
Piedmont Office Realty Trust I COM 720190206 69,399 4,072,717 SH   SOLE   2,526,645 0 1,546,072
Plains All American Pipeline, COM 726503105 4,010 200,100 SH   SOLE   200,100 0 0
Plains GP Holdings COM 72651A207 1,175 58,455 SH   SOLE   29,455 0 29,000
ProLogis Inc. COM 74340W103 398,635 6,788,750 SH   SOLE   4,429,219 0 2,359,531
Public Storage COM 74460D109 9,665 47,748 SH   SOLE   47,748 0 0
QTS Realty Trust Inc COM 74736A103 12,622 340,680 SH   SOLE   135,142 0 205,538
Regency Centers Corporation COM 758849103 215,841 3,678,277 SH   SOLE   2,161,395 0 1,516,882
Ryman Hospitality Properties COM 78377T107 37,994 569,718 SH   SOLE   378,530 0 191,188
Sempra Energy COM 816851109 4,317 39,906 SH   SOLE   16,006 0 23,900
Shell Midstream Partners LP COM 822634101 1,854 113,000 SH   SOLE   113,000 0 0
Simon Property Group Inc. COM 828806109 489,451 2,913,571 SH   SOLE   1,843,634 0 1,069,937
Southwest Gas Holdings Inc. COM 844895102 946 12,367 SH   SOLE   4,667 0 7,700
Spirit Realty Capital Inc. COM 84860W300 6,054 171,740 SH   SOLE   0 0 171,740
STORE Capital Corp COM 862121100 186,085 6,573,111 SH   SOLE   3,999,243 0 2,573,868
Summit Midstream Partners LP COM 866142102 723 71,900 SH   SOLE   71,900 0 0
Sun Communities Inc. COM 866674104 237,143 2,331,563 SH   SOLE   1,508,085 0 823,478
Tallgrass Energy LP COM 874696107 2,707 111,202 SH   SOLE   111,202 0 0
Taubman Centers Inc. COM 876664103 101,725 2,236,205 SH   SOLE   1,332,605 0 903,600
TIER REIT Inc COM 88650V208 50,299 2,438,132 SH   SOLE   1,447,059 0 991,073
Union Pacific Corp COM 907818108 4,674 33,815 SH   SOLE   13,415 0 20,400
USA Compression Partners LP COM 90290N109 657 50,600 SH   SOLE   50,600 0 0
Ventas Inc. COM 92276F100 1,005 17,158 SH   SOLE   0 0 17,158
VEREIT Inc COM 92339V100 138,009 19,301,990 SH   SOLE   12,575,429 0 6,726,561
Vici Properties Inc. COM 925652109 154,268 8,214,458 SH   SOLE   5,434,995 0 2,779,463
Vornado Realty Trust COM 929042109 43,266 697,504 SH   SOLE   292,630 0 404,874
Welltower Inc. COM 95040Q104 363,636 5,238,964 SH   SOLE   3,351,497 0 1,887,467
Western Gas Equity Partners LP COM 95825R103 1,055 38,030 SH   SOLE   38,030 0 0
Western Gas Partners LP COM 958254104 621 14,712 SH   SOLE   14,712 0 0
Williams Cos. COM 969457100 9,027 409,408 SH   SOLE   242,308 0 167,100
Xenia Hotels & Resorts Inc COM 984017103 1,330 77,346 SH   SOLE   77,346 0 0
Zayo Group Holdings Inc COM 98919V105 1,064 46,580 SH   SOLE   20,580 0 26,000