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| | | 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 |
Alexandria Real Estate Equitie | COM | 015271109 | 354,001 | 2,814,219 | SH | | SOLE | | 1,690,471 | 0 | 1,123,748 |
American Campus Communities | COM | 024835100 | 68,415 | 1,662,169 | SH | | SOLE | | 905,053 | 0 | 757,116 |
American Electric Power Co. In | COM | 025537101 | 5,787 | 81,648 | SH | | SOLE | | 34,648 | 0 | 47,000 |
American Tower Corp. | COM | 03027X100 | 3,151 | 21,685 | SH | | SOLE | | 9,085 | 0 | 12,600 |
American Water Works Co. | COM | 030420103 | 1,004 | 11,408 | SH | | SOLE | | 4,908 | 0 | 6,500 |
Andeavor Logistics LP | COM | 03350F106 | 2,261 | 46,557 | SH | | SOLE | | 46,557 | 0 | 0 |
Antero Midstream GP LP | COM | 03675Y103 | 4,967 | 293,561 | SH | | SOLE | | 228,361 | 0 | 65,200 |
Antero Midstream Partners LP | COM | 03673L103 | 2,377 | 82,949 | SH | | SOLE | | 82,949 | 0 | 0 |
Atmos Energy Corp. | COM | 049560105 | 3,451 | 36,746 | SH | | SOLE | | 15,646 | 0 | 21,100 |
AvalonBay Communities Inc. | COM | 053484101 | 218,616 | 1,206,822 | SH | | SOLE | | 641,223 | 0 | 565,599 |
Brixmor Property Group | COM | 11120U105 | 210,033 | 11,995,029 | SH | | SOLE | | 6,638,916 | 0 | 5,356,113 |
Buckeye Partners L.P. | COM | 118230101 | 2,434 | 68,147 | SH | | SOLE | | 68,147 | 0 | 0 |
Camden Property Trust | COM | 133131102 | 2,919 | 31,200 | SH | | SOLE | | 0 | 0 | 31,200 |
Cheniere Energy Inc. | COM | 16411R208 | 6,760 | 97,279 | SH | | SOLE | | 59,742 | 0 | 37,537 |
Cheniere Energy Partners, L.P. | COM | 16411Q101 | 1,436 | 36,400 | SH | | SOLE | | 36,400 | 0 | 0 |
CMS Energy Corporation | COM | 125896100 | 2,242 | 45,760 | SH | | SOLE | | 21,576 | 0 | 24,184 |
Columbia Property Trust, Inc. | COM | 198287203 | 133,376 | 5,641,966 | SH | | SOLE | | 3,504,467 | 0 | 2,137,499 |
Cousins Properties Inc. | COM | 222795106 | 72,523 | 8,157,840 | SH | | SOLE | | 5,914,434 | 0 | 2,243,406 |
Crestwood Equity Partners LP | COM | 226344208 | 2,923 | 79,538 | SH | | SOLE | | 79,538 | 0 | 0 |
Crown Castle International Cor | COM | 22822V101 | 12,811 | 115,071 | SH | | SOLE | | 21,543 | 0 | 93,528 |
CubeSmart | COM | 229663109 | 214,932 | 7,533,534 | SH | | SOLE | | 4,432,356 | 0 | 3,101,178 |
Cushman & Wakefield PLC | COM | G2717B108 | 1,119 | 65,845 | SH | | SOLE | | 4,000 | 0 | 61,845 |
CYRUSONE INC | COM | 23283R100 | 188,167 | 2,967,938 | SH | | SOLE | | 1,935,674 | 0 | 1,032,264 |
DCP Midstream LP | COM | 23311P100 | 2,567 | 64,850 | SH | | SOLE | | 64,850 | 0 | 0 |
Diamondrock Hospitality | COM | 252784301 | 94,051 | 8,059,196 | SH | | SOLE | | 4,826,728 | 0 | 3,232,468 |
Digital Realty Trust Inc. | COM | 253868103 | 7,003 | 62,264 | SH | | SOLE | | 0 | 0 | 62,264 |
Dominion Energy Inc. | COM | 25746U109 | 5,750 | 81,820 | SH | | SOLE | | 37,320 | 0 | 44,500 |
Douglas Emmett Inc. | COM | 25960P109 | 217,111 | 5,755,869 | SH | | SOLE | | 3,679,802 | 0 | 2,076,067 |
Duke Realty Corporation | COM | 264411505 | 105,277 | 3,710,859 | SH | | SOLE | | 2,037,383 | 0 | 1,673,476 |
Enable Midstream Partners LP | COM | 292480100 | 1,650 | 98,000 | SH | | SOLE | | 98,000 | 0 | 0 |
Energy Transfer Partners LP | COM | 29278N103 | 6,514 | 292,640 | SH | | SOLE | | 292,640 | 0 | 0 |
Enterprise Products Partners L | COM | 293792107 | 6,761 | 235,327 | SH | | SOLE | | 235,327 | 0 | 0 |
EPR Properties | COM | 26884U109 | 2,786 | 40,725 | SH | | SOLE | | 2,100 | 0 | 38,625 |
EQM Midstream Partners, L.P. | COM | 26885B100 | 3,005 | 56,942 | SH | | SOLE | | 56,942 | 0 | 0 |
Equinix Inc | COM | 29444U700 | 403,024 | 931,009 | SH | | SOLE | | 566,323 | 0 | 364,686 |
Equity Residential | COM | 29476L107 | 365,194 | 5,511,524 | SH | | SOLE | | 3,544,173 | 0 | 1,967,351 |
Essex Property Trust Inc. | COM | 297178105 | 147,055 | 596,063 | SH | | SOLE | | 355,885 | 0 | 240,178 |
Evergy Inc. | COM | 30034W106 | 2,823 | 51,406 | SH | | SOLE | | 22,535 | 0 | 28,871 |
Exelon Corp. | COM | 30161N101 | 2,514 | 57,575 | SH | | SOLE | | 25,675 | 0 | 31,900 |
Extra Space Storage Inc. | COM | 30225T102 | 322,014 | 3,716,691 | SH | | SOLE | | 2,283,167 | 0 | 1,433,524 |
Federal Realty Investment Trus | COM | 313747206 | 4,262 | 33,700 | SH | | SOLE | | 0 | 0 | 33,700 |
FirstEnergy Corp. | COM | 337932107 | 2,752 | 74,050 | SH | | SOLE | | 33,450 | 0 | 40,600 |
Healthcare Trust of America In | COM | 42225P501 | 224,741 | 8,426,742 | SH | | SOLE | | 5,027,452 | 0 | 3,399,290 |
Hess Midstream Partners LP | COM | 428104103 | 1,578 | 69,187 | SH | | SOLE | | 69,187 | 0 | 0 |
Hilton Worldwide Holdings Inc. | COM | 43300A203 | 205,042 | 2,538,279 | SH | | SOLE | | 1,777,799 | 0 | 760,480 |
Host Hotels & Resorts Inc. | COM | 44107P104 | 3,232 | 153,183 | SH | | SOLE | | 37,678 | 0 | 115,505 |
Hudson Pacific Properties | COM | 444097109 | 177,821 | 5,434,618 | SH | | SOLE | | 3,099,025 | 0 | 2,335,593 |
Invitation Homes Inc | COM | 46187W107 | 205,346 | 8,963,156 | SH | | SOLE | | 5,649,312 | 0 | 3,313,844 |
JBG SMITH Properties | COM | 46590V100 | 62,402 | 1,694,334 | SH | | SOLE | | 958,851 | 0 | 735,483 |
Kansas City Southern | COM | 485170302 | 2,157 | 19,041 | SH | | SOLE | | 8,941 | 0 | 10,100 |
Kinder Morgan Inc. | COM | 49456B101 | 191 | 10,765 | SH | | SOLE | | 10,765 | 0 | 0 |
Kite Realty Group Trust | COM | 49803T300 | 1,365 | 82,000 | SH | | SOLE | | 11,000 | 0 | 71,000 |
Liberty Property Trust | COM | 531172104 | 1,880 | 44,498 | SH | | SOLE | | 0 | 0 | 44,498 |
Macerich Co. | COM | 554382101 | 156,999 | 2,839,547 | SH | | SOLE | | 1,802,015 | 0 | 1,037,532 |
Magellan Midstream Partners L. | COM | 559080106 | 4,461 | 65,874 | SH | | SOLE | | 65,874 | 0 | 0 |
MGM Growth Properties LLC | COM | 55303A105 | 80,985 | 2,746,193 | SH | | SOLE | | 1,750,695 | 0 | 995,498 |
Mid-America Apt. Comm. | COM | 59522J103 | 141,560 | 1,413,054 | SH | | SOLE | | 773,904 | 0 | 639,150 |
MPLX LP | COM | 55336V100 | 3,284 | 94,704 | SH | | SOLE | | 94,704 | 0 | 0 |
Nextera Energy Inc | COM | 65339F101 | 4,056 | 24,200 | SH | | SOLE | | 10,330 | 0 | 13,870 |
Noble Midstream Partners LP | COM | 65506L105 | 1,342 | 37,890 | SH | | SOLE | | 37,890 | 0 | 0 |
Park Hotels & Resorts Inc | COM | 700517105 | 36,615 | 1,115,628 | SH | | SOLE | | 480,744 | 0 | 634,884 |
Pattern Energy Group Inc. -A | COM | 70338P100 | 2,219 | 111,676 | SH | | SOLE | | 51,576 | 0 | 60,100 |
Phillips 66 Partners LP | COM | 718549207 | 776 | 15,171 | SH | | SOLE | | 15,171 | 0 | 0 |
Piedmont Office Realty Trust I | COM | 720190206 | 96,666 | 5,106,481 | SH | | SOLE | | 3,084,919 | 0 | 2,021,562 |
Plains All American Pipeline, | COM | 726503105 | 4,262 | 170,400 | SH | | SOLE | | 170,400 | 0 | 0 |
ProLogis Inc. | COM | 74340W103 | 474,541 | 7,000,163 | SH | | SOLE | | 4,101,050 | 0 | 2,899,113 |
QTS Realty Trust Inc | COM | 74736A103 | 24,642 | 577,501 | SH | | SOLE | | 236,180 | 0 | 341,321 |
Regency Centers Corporation | COM | 758849103 | 253,217 | 3,915,530 | SH | | SOLE | | 2,331,827 | 0 | 1,583,703 |
RLJ Lodging Trust | COM | 74965L101 | 27,639 | 1,254,619 | SH | | SOLE | | 719,716 | 0 | 534,903 |
Ryman Hospitality Properties | COM | 78377T107 | 20,063 | 232,827 | SH | | SOLE | | 128,310 | 0 | 104,517 |
Sempra Energy | COM | 816851109 | 3,756 | 33,020 | SH | | SOLE | | 14,820 | 0 | 18,200 |
Senior Housing Properties Trus | COM | 81721M109 | 34,719 | 1,977,161 | SH | | SOLE | | 829,936 | 0 | 1,147,225 |
Shell Midstream Partners LP | COM | 822634101 | 2,741 | 128,200 | SH | | SOLE | | 128,200 | 0 | 0 |
Simon Property Group Inc. | COM | 828806109 | 542,269 | 3,068,002 | SH | | SOLE | | 1,813,393 | 0 | 1,254,609 |
Southwest Gas Holdings Inc. | COM | 844895102 | 1,105 | 13,981 | SH | | SOLE | | 5,981 | 0 | 8,000 |
Spirit Realty Capital Inc. | COM | 84860W102 | 4,356 | 540,400 | SH | | SOLE | | 0 | 0 | 540,400 |
STORE Capital Corp | COM | 862121100 | 145,052 | 5,219,588 | SH | | SOLE | | 2,793,694 | 0 | 2,425,894 |
Summit Hotel Properties, Inc. | COM | 866082100 | 183 | 13,500 | SH | | SOLE | | 13,500 | 0 | 0 |
Summit Midstream Partners LP | COM | 866142102 | 1,767 | 123,600 | SH | | SOLE | | 123,600 | 0 | 0 |
Sun Communities Inc. | COM | 866674104 | 212,004 | 2,087,882 | SH | | SOLE | | 1,291,058 | 0 | 796,824 |
Tallgrass Energy LP | COM | 874696107 | 3,162 | 134,102 | SH | | SOLE | | 134,102 | 0 | 0 |
Taubman Centers Inc. | COM | 876664103 | 156,100 | 2,609,051 | SH | | SOLE | | 1,534,371 | 0 | 1,074,680 |
TIER REIT Inc | COM | 88650V208 | 46,958 | 1,948,462 | SH | | SOLE | | 1,000,838 | 0 | 947,624 |
Union Pacific Corp | COM | 907818108 | 3,683 | 22,620 | SH | | SOLE | | 10,020 | 0 | 12,600 |
Ventas Inc. | COM | 92276F100 | 124,157 | 2,283,140 | SH | | SOLE | | 1,285,470 | 0 | 997,670 |
VEREIT Inc | COM | 92339V100 | 120,527 | 16,601,550 | SH | | SOLE | | 11,330,179 | 0 | 5,271,371 |
Vici Properties Inc. | COM | 925652109 | 196,973 | 9,110,703 | SH | | SOLE | | 5,713,592 | 0 | 3,397,111 |
Vornado Realty Trust | COM | 929042109 | 54,042 | 740,297 | SH | | SOLE | | 268,456 | 0 | 471,841 |
Welltower Inc. | COM | 95040Q104 | 253,325 | 3,938,503 | SH | | SOLE | | 2,352,957 | 0 | 1,585,546 |
Western Gas Equity Partners LP | COM | 95825R103 | 1,291 | 43,130 | SH | | SOLE | | 43,130 | 0 | 0 |
Western Gas Partners LP | COM | 958254104 | 2,261 | 51,768 | SH | | SOLE | | 51,768 | 0 | 0 |
Williams Cos. | COM | 969457100 | 9,822 | 361,245 | SH | | SOLE | | 248,245 | 0 | 113,000 |
Xenia Hotels & Resorts Inc | COM | 984017103 | 1,545 | 65,204 | SH | | SOLE | | 65,204 | 0 | 0 |
Zayo Group Holdings Inc | COM | 98919V105 | 1,072 | 30,879 | SH | | SOLE | | 13,679 | 0 | 17,200 |