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
Acadia Realty Trust COM 004239109 8,407 324,232 SH   SOLE   28,825 0 295,407
Alexandria Real Estate Equitie COM 015271109 155,894 964,811 SH   SOLE   509,158 0 455,653
American Assets Trust Inc. COM 024013104 1,453 31,666 SH   SOLE   0 0 31,666
American Campus Communities COM 024835100 99,944 2,125,101 SH   SOLE   1,156,785 0 968,316
American Electric Power Co. In COM 025537101 17,947 189,898 SH   SOLE   67,298 0 122,600
American Homes 4 Rent COM 02665T306 4,624 176,439 SH   SOLE   0 0 176,439
American Tower Corp. COM 03027X100 32,272 140,422 SH   SOLE   129,922 0 10,500
Americold Realty Trust COM 03064D108 10,971 312,919 SH   SOLE   172,090 0 140,829
Antero Midstream Corp COM 03676B102 4,690 617,926 SH   SOLE   277,824 0 340,102
Aqua America Inc. COM 03836W103 9,217 196,366 SH   SOLE   69,616 0 126,750
Atmos Energy Corp. COM 049560105 12,667 113,243 SH   SOLE   40,043 0 73,200
AvalonBay Communities Inc. COM 053484101 40,254 191,961 SH   SOLE   86,128 0 105,833
Boston Properties Inc. COM 101121101 14,067 102,039 SH   SOLE   0 0 102,039
Brandywine Realty Trust SBI COM 105368203 56,421 3,582,277 SH   SOLE   1,760,824 0 1,821,453
Brixmor Property Group COM 11120U105 122,263 5,657,715 SH   SOLE   2,852,639 0 2,805,076
California Water Service Group COM 130788102 670 13,000 SH   SOLE   13,000 0 0
Camden Property Trust COM 133131102 136,928 1,290,555 SH   SOLE   742,139 0 548,416
Cheniere Energy Inc. COM 16411R208 18,908 309,619 SH   SOLE   135,282 0 174,337
CMS Energy Corporation COM 125896100 10,106 160,814 SH   SOLE   54,704 0 106,110
Columbia Property Trust, Inc. COM 198287203 70,880 3,389,765 SH   SOLE   1,947,103 0 1,442,662
Corporate Office Properties Tr COM 22002T108 2,140 72,855 SH   SOLE   0 0 72,855
Cousins Properties Inc. COM 222795502 100,960 2,450,492 SH   SOLE   1,247,705 0 1,202,787
Crestwood Equity Partners LP COM 226344208 1,508 48,923 SH   SOLE   48,923 0 0
Crown Castle International Cor COM 22822V101 162,296 1,141,725 SH   SOLE   791,381 0 350,344
CubeSmart COM 229663109 147,010 4,669,944 SH   SOLE   2,320,025 0 2,349,919
CYRUSONE INC COM 23283R100 120,908 1,847,899 SH   SOLE   1,015,331 0 832,568
Digital Realty Trust Inc. COM 253868103 16,508 137,864 SH   SOLE   0 0 137,864
Dominion Energy Inc. COM 25746U109 3,285 39,659 SH   SOLE   14,159 0 25,500
Douglas Emmett Inc. COM 25960P109 8,898 202,678 SH   SOLE   0 0 202,678
Duke Realty Corporation COM 264411505 133,200 3,841,933 SH   SOLE   1,961,694 0 1,880,239
Edison International COM 281020107 11,626 154,165 SH   SOLE   54,465 0 99,700
Empire State Realty Trust Inc. COM 292104106 1,349 96,667 SH   SOLE   0 0 96,667
Enbridge Inc COM 29250N105 2,222 55,871 SH   SOLE   55,871 0 0
Energy Transfer LP COM 29273V100 3,451 268,993 SH   SOLE   268,993 0 0
Enterprise Products Partners L COM 293792107 3,461 122,888 SH   SOLE   122,888 0 0
EQM Midstream Partners, L.P. COM 26885B100 1,136 37,980 SH   SOLE   37,980 0 0
Equinix Inc COM 29444U700 132,861 227,618 SH   SOLE   116,834 0 110,784
Equity Lifestyle Properties COM 29472R108 617 8,765 SH   SOLE   0 0 8,765
Equity Residential COM 29476L107 259,832 3,210,970 SH   SOLE   1,760,764 0 1,450,206
Essex Property Trust Inc. COM 297178105 70,445 234,145 SH   SOLE   125,105 0 109,040
Exelon Corp. COM 30161N101 11,482 251,854 SH   SOLE   88,547 0 163,307
Extra Space Storage Inc. COM 30225T102 38,808 367,433 SH   SOLE   67,051 0 300,382
Federal Realty Investment Trus COM 313747206 21,649 168,174 SH   SOLE   96,201 0 71,973
FirstEnergy Corp. COM 337932107 13,360 274,904 SH   SOLE   98,204 0 176,700
Front Yard Residential Corp COM 35904G107 7,676 622,071 SH   SOLE   239,060 0 383,011
Healthcare Trust of America In COM 42225P501 145,350 4,800,213 SH   SOLE   2,626,958 0 2,173,255
Healthpeak Properties Inc. COM 42250P103 202,530 5,875,550 SH   SOLE   2,877,004 0 2,998,546
Host Hotels & Resorts Inc. COM 44107P104 97,153 5,237,376 SH   SOLE   3,333,633 0 1,903,743
Hudson Pacific Properties COM 444097109 133,025 3,533,210 SH   SOLE   1,922,574 0 1,610,636
Invitation Homes Inc COM 46187W107 193,576 6,458,977 SH   SOLE   3,628,516 0 2,830,461
Kinder Morgan Inc. COM 49456B101 1,269 59,954 SH   SOLE   59,954 0 0
Liberty Property Trust COM 531172104 25,776 429,246 SH   SOLE   198,483 0 230,763
Life Storage Inc COM 53223X107 27,822 256,944 SH   SOLE   109,782 0 147,162
Magellan Midstream Partners L. COM 559080106 3,823 60,813 SH   SOLE   60,813 0 0
Medical Properties Trust COM 58463J304 47,434 2,246,982 SH   SOLE   1,231,147 0 1,015,835
MGM Growth Properties LLC COM 55303A105 81,273 2,624,245 SH   SOLE   1,645,510 0 978,735
Mid-America Apt. Comm. COM 59522J103 43,761 331,877 SH   SOLE   69,777 0 262,100
MPLX LP COM 55336V100 1,420 55,771 SH   SOLE   55,771 0 0
National Retail Properties Inc COM 637417106 5,985 111,615 SH   SOLE   0 0 111,615
NexPoint Residential Trust, In COM 65341D102 260 5,767 SH   SOLE   1,774 0 3,993
Nextera Energy Inc COM 65339F101 11,513 47,541 SH   SOLE   17,371 0 30,170
Norfolk Southern Corp COM 655844108 7,257 37,384 SH   SOLE   14,784 0 22,600
NuSTAR Energy L.P. COM 67058H102 1,177 45,550 SH   SOLE   45,550 0 0
Office Properties Income Trust COM 67623C109 1,132 35,216 SH   SOLE   16,987 0 18,229
ONEOK Inc. COM 682680103 2,652 35,044 SH   SOLE   35,044 0 0
Park Hotels & Resorts Inc COM 700517105 712 27,522 SH   SOLE   0 0 27,522
Pebblebrook Hotel Trust COM 70509V100 1,538 57,370 SH   SOLE   22,329 0 35,041
Phillips 66 Partners LP COM 718549207 1,486 24,100 SH   SOLE   24,100 0 0
Piedmont Office Realty Trust I COM 720190206 80,946 3,639,679 SH   SOLE   1,997,754 0 1,641,925
Plains All American Pipeline, COM 726503105 2,940 159,887 SH   SOLE   159,887 0 0
ProLogis Inc. COM 74340W103 367,555 4,123,340 SH   SOLE   2,212,336 0 1,911,004
Public Service Enterprise Grou COM 744573106 7,071 119,739 SH   SOLE   42,239 0 77,500
QTS Realty Trust Inc COM 74736A103 56,891 1,048,304 SH   SOLE   544,960 0 503,344
Regency Centers Corporation COM 758849103 32,996 522,995 SH   SOLE   256,165 0 266,830
Retail Properties of America, COM 76131V202 55,322 4,128,500 SH   SOLE   2,163,942 0 1,964,558
Rexford Industrial Realty, Inc COM 76169C100 3,311 72,505 SH   SOLE   0 0 72,505
Ryman Hospitality Properties COM 78377T107 8,678 100,134 SH   SOLE   37,857 0 62,277
Sempra Energy COM 816851109 7,102 46,882 SH   SOLE   16,382 0 30,500
Simon Property Group Inc. COM 828806109 201,094 1,349,984 SH   SOLE   688,293 0 661,691
Site Centers Corp COM 82981J109 18,970 1,353,077 SH   SOLE   863,478 0 489,599
Southwest Gas Holdings Inc. COM 844895102 4,447 58,531 SH   SOLE   20,531 0 38,000
Spirit Realty Capital Inc. COM 84860W300 24,514 498,451 SH   SOLE   136,520 0 361,931
STAG Industrial, Inc. COM 85254J102 36,937 1,169,996 SH   SOLE   450,644 0 719,352
STORE Capital Corp COM 862121100 133,094 3,573,942 SH   SOLE   1,715,621 0 1,858,321
Sun Communities Inc. COM 866674104 59,994 399,693 SH   SOLE   155,787 0 243,906
Sunstone Hotel Investors Inc. COM 867892101 36,073 2,591,476 SH   SOLE   1,590,713 0 1,000,763
Targa Resources Corp. COM 87612G101 1,854 45,418 SH   SOLE   45,418 0 0
Taubman Centers Inc. COM 876664103 49,278 1,585,021 SH   SOLE   910,156 0 674,865
TC Energy Corp COM 87807B107 1,652 30,992 SH   SOLE   30,992 0 0
TC Pipelines L.P. COM 87233Q108 1,303 30,800 SH   SOLE   30,800 0 0
UDR Inc. COM 902653104 8,957 191,808 SH   SOLE   0 0 191,808
Union Pacific Corp COM 907818108 9,718 53,753 SH   SOLE   18,453 0 35,300
Urban Edge Properties COM 91704F104 18,742 977,175 SH   SOLE   470,417 0 506,758
Ventas Inc. COM 92276F100 7,219 125,024 SH   SOLE   0 0 125,024
VEREIT Inc COM 92339V100 176,809 19,135,175 SH   SOLE   10,041,120 0 9,094,055
Vici Properties Inc. COM 925652109 128,581 5,032,509 SH   SOLE   3,051,881 0 1,980,628
Vornado Realty Trust COM 929042109 59,203 890,268 SH   SOLE   439,014 0 451,254
Welltower Inc. COM 95040Q104 132,576 1,621,124 SH   SOLE   810,446 0 810,678
Western Midstream Partners LP COM 958669103 903 45,874 SH   SOLE   45,874 0 0
Williams Cos. COM 969457100 8,481 357,545 SH   SOLE   186,645 0 170,900
Zayo Group Holdings Inc COM 98919V105 1,991 57,451 SH   SOLE   19,651 0 37,800