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
Estimated average burden
hours per response: 23.8
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
AES Corporation COM 00130H105 2,278 167,500 SH   SOLE   167,500 0 0
Agree Realty Corp COM 008492100 2,600 42,000 SH   SOLE   0 0 42,000
Alexandria Real Estate Equitie COM 015271109 136,318 994,587 SH   SOLE   698,655 0 295,932
Ameren Corp. COM 023608102 10,418 143,040 SH   SOLE   143,040 0 0
American Assets Trust Inc. COM 024013104 1,142 45,666 SH   SOLE   0 0 45,666
American Campus Communities COM 024835100 22,408 807,493 SH   SOLE   511,525 0 295,968
American Electric Power Co. In COM 025537101 19,932 249,213 SH   SOLE   249,213 0 0
American Homes 4 Rent COM 02665T306 5,929 255,539 SH   SOLE   3,200 0 252,339
American Tower Corp. COM 03027X100 88,574 406,770 SH   SOLE   371,950 0 34,820
Apartment Investment and Manag COM 03748R754 25,649 729,708 SH   SOLE   590,743 0 138,965
Atmos Energy Corp. COM 049560105 11,146 112,329 SH   SOLE   112,329 0 0
AvalonBay Communities Inc. COM 053484101 131,780 895,428 SH   SOLE   610,975 0 284,453
Boston Properties Inc. COM 101121101 16,137 174,966 SH   SOLE   0 0 174,966
Brandywine Realty Trust SBI COM 105368203 24,033 2,284,536 SH   SOLE   1,637,840 0 646,696
Brixmor Property Group COM 11120U105 36,300 3,821,047 SH   SOLE   2,361,612 0 1,459,435
Camden Property Trust COM 133131102 85,382 1,077,511 SH   SOLE   801,450 0 276,061
Cheniere Energy Inc. COM 16411R208 11,918 355,774 SH   SOLE   355,774 0 0
CMS Energy Corporation COM 125896100 9,858 167,796 SH   SOLE   167,796 0 0
Columbia Property Trust, Inc. COM 198287203 30,309 2,424,738 SH   SOLE   1,776,035 0 648,703
Corporate Office Properties Tr COM 22002T108 2,351 106,255 SH   SOLE   0 0 106,255
Cousins Properties Inc. COM 222795502 56,851 1,942,309 SH   SOLE   1,420,841 0 521,468
Crestwood Equity Partners LP COM 226344208 272 64,241 SH   SOLE   64,241 0 0
Crown Castle International Cor COM 22822V101 169,349 1,172,775 SH   SOLE   997,981 0 174,794
CubeSmart COM 229663109 101,176 3,776,616 SH   SOLE   2,891,325 0 885,291
CYRUSONE INC COM 23283R100 84,228 1,364,018 SH   SOLE   1,006,604 0 357,414
Digital Realty Trust Inc. COM 253868103 49,497 356,322 SH   SOLE   75,628 0 280,694
Douglas Emmett Inc. COM 25960P109 4,878 159,878 SH   SOLE   0 0 159,878
Duke Realty Corporation COM 264411505 123,178 3,804,136 SH   SOLE   2,748,759 0 1,055,377
Edison International COM 281020107 13,004 237,351 SH   SOLE   237,351 0 0
Enbridge Inc COM 29250N105 1,312 45,093 SH   SOLE   45,093 0 0
Energy Transfer LP COM 29273V100 1,161 252,337 SH   SOLE   252,337 0 0
Enterprise Products Partners L COM 293792107 1,543 107,886 SH   SOLE   107,886 0 0
Equinix Inc COM 29444U700 192,230 307,779 SH   SOLE   243,025 0 64,754
Equity Lifestyle Properties COM 29472R108 9,419 163,865 SH   SOLE   0 0 163,865
Equity Residential COM 29476L107 212,165 3,438,104 SH   SOLE   2,524,726 0 913,378
Essential Utilities COM 29670G102 10,420 256,019 SH   SOLE   256,019 0 0
Essex Property Trust Inc. COM 297178105 13,491 61,255 SH   SOLE   0 0 61,255
Exelon Corp. COM 30161N101 13,874 376,916 SH   SOLE   376,916 0 0
Extra Space Storage Inc. COM 30225T102 48,180 503,129 SH   SOLE   259,174 0 243,955
Federal Realty Investment Trus COM 313747206 17,618 236,131 SH   SOLE   168,908 0 67,223
First Industrial Realty Trust COM 32054K103 1,542 46,400 SH   SOLE   0 0 46,400
FirstEnergy Corp. COM 337932107 16,596 414,169 SH   SOLE   414,169 0 0
HealthCare Realty Trust COM 421946104 3,522 126,100 SH   SOLE   0 0 126,100
Healthcare Trust of America In COM 42225P501 109,650 4,516,056 SH   SOLE   3,437,522 0 1,078,534
Healthpeak Properties Inc. COM 42250P103 130,949 5,490,515 SH   SOLE   3,892,311 0 1,598,204
Highwoods Properties Inc. COM 431284108 8,891 251,028 SH   SOLE   153,928 0 97,100
Holly Energy Partners L.P. COM 435763107 152 10,800 SH   SOLE   10,800 0 0
Host Hotels & Resorts Inc. COM 44107P104 750 67,942 SH   SOLE   0 0 67,942
Hudson Pacific Properties COM 444097109 86,433 3,408,226 SH   SOLE   2,608,613 0 799,613
Invitation Homes Inc COM 46187W107 128,429 6,009,780 SH   SOLE   4,429,633 0 1,580,147
Iron Mountain Incorporated COM 46284V101 1,200 50,420 SH   SOLE   0 0 50,420
JBG SMITH Properties COM 46590V100 3,764 118,254 SH   SOLE   0 0 118,254
Kilroy Realty Corp. COM 49427F108 8,474 133,022 SH   SOLE   9,122 0 123,900
Kimco Realty Corp. COM 49446R109 3,612 373,500 SH   SOLE   0 0 373,500
Kinder Morgan Inc. COM 49456B101 1,574 113,079 SH   SOLE   113,079 0 0
Life Storage Inc COM 53223X107 89,723 948,952 SH   SOLE   733,113 0 215,839
Magellan Midstream Partners L. COM 559080106 1,750 47,971 SH   SOLE   47,971 0 0
Medical Properties Trust COM 58463J304 33,706 1,949,437 SH   SOLE   1,395,205 0 554,232
MGM Growth Properties LLC COM 55303A105 37,145 1,569,269 SH   SOLE   1,180,267 0 389,002
Mid-America Apt. Comm. COM 59522J103 41,973 407,385 SH   SOLE   188,395 0 218,990
MPLX LP COM 55336V100 538 46,271 SH   SOLE   46,271 0 0
National Retail Properties Inc COM 637417106 5,244 162,915 SH   SOLE   0 0 162,915
Nextera Energy Inc COM 65339F101 18,739 77,878 SH   SOLE   77,878 0 0
NiSource Inc. COM 65473P105 4,966 198,869 SH   SOLE   198,869 0 0
Norfolk Southern Corp COM 655844108 12,252 83,917 SH   SOLE   83,917 0 0
NuSTAR Energy L.P. COM 67058H102 575 66,950 SH   SOLE   66,950 0 0
ONEOK Inc. COM 682680103 2,907 133,274 SH   SOLE   133,274 0 0
Paramount Group Inc COM 69924R108 1,630 185,200 SH   SOLE   0 0 185,200
Phillips 66 Partners LP COM 718549207 1,115 30,600 SH   SOLE   30,600 0 0
Physicians Realty Trust COM 71943U104 9,324 668,896 SH   SOLE   502,096 0 166,800
Piedmont Office Realty Trust I COM 720190206 52,993 3,000,727 SH   SOLE   2,299,745 0 700,982
Plains All American Pipeline, COM 726503105 1,040 196,987 SH   SOLE   196,987 0 0
ProLogis Inc. COM 74340W103 363,161 4,518,620 SH   SOLE   3,111,895 0 1,406,725
PS Business Parks Inc. COM 69360J107 2,575 19,000 SH   SOLE   0 0 19,000
Public Service Enterprise Grou COM 744573106 1,947 43,355 SH   SOLE   43,355 0 0
Public Storage COM 74460D109 30,142 151,764 SH   SOLE   9,967 0 141,797
QTS Realty Trust Inc COM 74736A103 51,602 889,537 SH   SOLE   689,256 0 200,281
Realty Income Corp COM 756109104 22,177 444,782 SH   SOLE   104,936 0 339,846
Regency Centers Corporation COM 758849103 9,799 254,971 SH   SOLE   4,981 0 249,990
Retail Properties of America, COM 76131V202 19,419 3,756,070 SH   SOLE   2,955,406 0 800,664
Rexford Industrial Realty, Inc COM 76169C100 4,302 104,905 SH   SOLE   0 0 104,905
Sempra Energy COM 816851109 5,774 51,101 SH   SOLE   51,101 0 0
Simon Property Group Inc. COM 828806109 55,749 1,016,204 SH   SOLE   546,856 0 469,348
Site Centers Corp COM 82981J109 6,624 1,271,463 SH   SOLE   1,003,467 0 267,996
SL Green Realty Corp. COM 78440X101 3,126 72,526 SH   SOLE   0 0 72,526
Spirit Realty Capital Inc. COM 84860W300 35,098 1,342,163 SH   SOLE   924,796 0 417,367
STAG Industrial, Inc. COM 85254J102 25,363 1,126,250 SH   SOLE   779,894 0 346,356
STORE Capital Corp COM 862121100 56,896 3,139,948 SH   SOLE   2,173,832 0 966,116
Sun Communities Inc. COM 866674104 44,232 354,282 SH   SOLE   202,270 0 152,012
Sunstone Hotel Investors Inc. COM 867892101 12,573 1,443,471 SH   SOLE   1,128,717 0 314,754
Tallgrass Energy LP COM 874696107 550 33,400 SH   SOLE   33,400 0 0
Targa Resources Corp. COM 87612G101 364 52,643 SH   SOLE   52,643 0 0
TC Energy Corp COM 87807B107 1,078 24,333 SH   SOLE   24,333 0 0
TC Pipelines L.P. COM 87233Q108 695 25,300 SH   SOLE   25,300 0 0
Terreno Realty Corp COM 88146M101 3,229 62,400 SH   SOLE   0 0 62,400
UDR Inc. COM 902653104 8,521 233,208 SH   SOLE   0 0 233,208
Union Pacific Corp COM 907818108 7,124 50,514 SH   SOLE   50,514 0 0
Urban Edge Properties COM 91704F104 12,003 1,362,390 SH   SOLE   1,084,651 0 277,739
Ventas Inc. COM 92276F100 19,066 711,410 SH   SOLE   267,053 0 444,357
VEREIT Inc COM 92339V100 86,657 17,721,186 SH   SOLE   13,173,601 0 4,547,585
Vici Properties Inc. COM 925652109 28,396 1,706,516 SH   SOLE   1,232,560 0 473,956
Vornado Realty Trust COM 929042109 19,927 550,312 SH   SOLE   377,622 0 172,690
Weingarten Realty Investors COM 948741103 1,655 114,700 SH   SOLE   0 0 114,700
Welltower Inc. COM 95040Q104 43,660 953,700 SH   SOLE   387,685 0 566,015
Williams Cos. COM 969457100 811 57,332 SH   SOLE   57,332 0 0
WP Carey Inc. COM 92936U109 9,409 162,000 SH   SOLE   0 0 162,000