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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 |
Agree Realty Corp | COM | 008492100 | 5,208 | 75,103 | SH | | SOLE | | 0 | 0 | 75,103 |
Alexander & Baldwin Inc. | COM | 014491104 | 1,090 | 42,838 | SH | | SOLE | | 5,166 | 0 | 37,672 |
Alexandria Real Estate Equitie | COM | 015271109 | 187,693 | 1,316,592 | SH | | SOLE | | 809,497 | 0 | 507,095 |
American Campus Communities | COM | 024835100 | 140,670 | 2,956,502 | SH | | SOLE | | 1,946,637 | 0 | 1,009,865 |
American Electric Power Co. In | COM | 025537101 | 8,356 | 99,769 | SH | | SOLE | | 30,769 | 0 | 69,000 |
American Tower Corp. | COM | 03027X100 | 2,971 | 15,076 | SH | | SOLE | | 4,476 | 0 | 10,600 |
Americold Realty Trust | COM | 03064D108 | 20,727 | 679,357 | SH | | SOLE | | 473,212 | 0 | 206,145 |
Andeavor Logistics LP | COM | 03350F106 | 1,515 | 42,957 | SH | | SOLE | | 42,957 | 0 | 0 |
Antero Midstream Corp | COM | 03676B102 | 4,227 | 306,762 | SH | | SOLE | | 169,862 | 0 | 136,900 |
Aqua America Inc. | COM | 03836W103 | 1,245 | 34,167 | SH | | SOLE | | 10,167 | 0 | 24,000 |
Atmos Energy Corp. | COM | 049560105 | 6,754 | 65,618 | SH | | SOLE | | 20,718 | 0 | 44,900 |
AvalonBay Communities Inc. | COM | 053484101 | 228,160 | 1,136,650 | SH | | SOLE | | 601,111 | 0 | 535,539 |
Boston Properties Inc. | COM | 101121101 | 634 | 4,738 | SH | | SOLE | | 4,738 | 0 | 0 |
Brandywine Realty Trust SBI | COM | 105368203 | 55,867 | 3,522,513 | SH | | SOLE | | 2,255,933 | 0 | 1,266,580 |
Brixmor Property Group | COM | 11120U105 | 140,420 | 7,643,959 | SH | | SOLE | | 4,793,785 | 0 | 2,850,174 |
Brookfield Property REIT Inc. | COM | 11282X103 | 16,209 | 791,076 | SH | | SOLE | | 414,330 | 0 | 376,746 |
Buckeye Partners L.P. | COM | 118230101 | 3,301 | 97,025 | SH | | SOLE | | 97,025 | 0 | 0 |
Caesars Entertainment Corp | COM | 127686103 | 601 | 69,121 | SH | | SOLE | | 13,778 | 0 | 55,343 |
Camden Property Trust | COM | 133131102 | 79,827 | 786,476 | SH | | SOLE | | 533,013 | 0 | 253,463 |
Cheniere Energy Inc. | COM | 16411R208 | 9,184 | 134,353 | SH | | SOLE | | 62,116 | 0 | 72,237 |
Cheniere Energy Partners, L.P. | COM | 16411Q101 | 1,170 | 27,900 | SH | | SOLE | | 27,900 | 0 | 0 |
CMS Energy Corporation | COM | 125896100 | 4,035 | 72,643 | SH | | SOLE | | 24,159 | 0 | 48,484 |
Columbia Property Trust, Inc. | COM | 198287203 | 122,816 | 5,456,070 | SH | | SOLE | | 3,705,507 | 0 | 1,750,563 |
CORECIVIC INC | COM | 21871N101 | 7,077 | 363,881 | SH | | SOLE | | 151,113 | 0 | 212,768 |
Cousins Properties Inc. | COM | 222795106 | 77,761 | 8,049,804 | SH | | SOLE | | 5,437,857 | 0 | 2,611,947 |
Crestwood Equity Partners LP | COM | 226344208 | 2,565 | 72,881 | SH | | SOLE | | 72,881 | 0 | 0 |
Crown Castle International Cor | COM | 22822V101 | 33,846 | 264,418 | SH | | SOLE | | 113,486 | 0 | 150,932 |
CubeSmart | COM | 229663109 | 181,461 | 5,663,570 | SH | | SOLE | | 3,456,711 | 0 | 2,206,859 |
CYRUSONE INC | COM | 23283R100 | 14,723 | 280,764 | SH | | SOLE | | 100,609 | 0 | 180,155 |
DCP Midstream LP | COM | 23311P100 | 1,195 | 36,150 | SH | | SOLE | | 36,150 | 0 | 0 |
Diamondrock Hospitality | COM | 252784301 | 8,559 | 790,275 | SH | | SOLE | | 287,513 | 0 | 502,762 |
Digital Realty Trust Inc. | COM | 253868103 | 38,732 | 325,477 | SH | | SOLE | | 111,504 | 0 | 213,973 |
Dominion Energy Inc. | COM | 25746U109 | 8,042 | 104,911 | SH | | SOLE | | 33,611 | 0 | 71,300 |
Douglas Emmett Inc. | COM | 25960P109 | 113,029 | 2,796,353 | SH | | SOLE | | 1,964,824 | 0 | 831,529 |
Duke Realty Corporation | COM | 264411505 | 71,229 | 2,329,254 | SH | | SOLE | | 1,330,746 | 0 | 998,508 |
Enable Midstream Partners LP | COM | 292480100 | 1,795 | 125,357 | SH | | SOLE | | 125,357 | 0 | 0 |
Energy Transfer LP | COM | 29273V100 | 5,432 | 353,443 | SH | | SOLE | | 353,443 | 0 | 0 |
Enlink Midstream LLC | COM | 29336T100 | 2,992 | 234,132 | SH | | SOLE | | 234,132 | 0 | 0 |
Enterprise Products Partners L | COM | 293792107 | 5,177 | 177,913 | SH | | SOLE | | 177,913 | 0 | 0 |
EQM Midstream Partners, L.P. | COM | 26885B100 | 2,811 | 60,880 | SH | | SOLE | | 60,880 | 0 | 0 |
Equinix Inc | COM | 29444U700 | 233,995 | 516,362 | SH | | SOLE | | 331,500 | 0 | 184,862 |
Equity Residential | COM | 29476L107 | 367,277 | 4,876,228 | SH | | SOLE | | 3,216,529 | 0 | 1,659,699 |
Essex Property Trust Inc. | COM | 297178105 | 8,225 | 28,436 | SH | | SOLE | | 19,567 | 0 | 8,869 |
Evergy Inc. | COM | 30034W106 | 5,003 | 86,191 | SH | | SOLE | | 27,632 | 0 | 58,559 |
Exelon Corp. | COM | 30161N101 | 4,559 | 90,950 | SH | | SOLE | | 26,750 | 0 | 64,200 |
Extended Stay America, Inc. | COM | 30224P200 | 944 | 52,600 | SH | | SOLE | | 7,900 | 0 | 44,700 |
Extra Space Storage Inc. | COM | 30225T102 | 216,148 | 2,120,972 | SH | | SOLE | | 1,286,666 | 0 | 834,306 |
Federal Realty Investment Trus | COM | 313747206 | 13,385 | 97,097 | SH | | SOLE | | 97,097 | 0 | 0 |
FirstEnergy Corp. | COM | 337932107 | 5,281 | 126,923 | SH | | SOLE | | 36,923 | 0 | 90,000 |
Four Corners Property Trust | COM | 35086T109 | 11,339 | 383,063 | SH | | SOLE | | 147,357 | 0 | 235,706 |
Front Yard Residential Corp | COM | 35904G107 | 149 | 16,100 | SH | | SOLE | | 16,100 | 0 | 0 |
HCP Inc. | COM | 40414L109 | 87,725 | 2,802,727 | SH | | SOLE | | 1,362,914 | 0 | 1,439,813 |
Healthcare Trust of America In | COM | 42225P501 | 195,323 | 6,831,862 | SH | | SOLE | | 4,221,457 | 0 | 2,610,405 |
Hess Midstream Partners LP | COM | 428104103 | 1,134 | 53,487 | SH | | SOLE | | 53,487 | 0 | 0 |
Hilton Worldwide Holdings Inc. | COM | 43300A203 | 55,750 | 670,803 | SH | | SOLE | | 474,038 | 0 | 196,765 |
Host Hotels & Resorts Inc. | COM | 44107P104 | 68,308 | 3,614,206 | SH | | SOLE | | 2,542,026 | 0 | 1,072,180 |
Hudson Pacific Properties | COM | 444097109 | 166,651 | 4,841,704 | SH | | SOLE | | 3,032,115 | 0 | 1,809,589 |
Invitation Homes Inc | COM | 46187W107 | 158,839 | 6,528,521 | SH | | SOLE | | 4,246,351 | 0 | 2,282,170 |
Iron Mountain Incorporated | COM | 46284V101 | 453 | 12,762 | SH | | SOLE | | 12,762 | 0 | 0 |
JBG SMITH Properties | COM | 46590V100 | 15,096 | 365,077 | SH | | SOLE | | 99,226 | 0 | 265,851 |
Kimco Realty Corp. | COM | 49446R109 | 52,148 | 2,818,821 | SH | | SOLE | | 2,217,918 | 0 | 600,903 |
Liberty Property Trust | COM | 531172104 | 67,107 | 1,385,938 | SH | | SOLE | | 749,750 | 0 | 636,188 |
Mack-Cali Realty Corp. | COM | 554489104 | 1,110 | 50,000 | SH | | SOLE | | 5,300 | 0 | 44,700 |
Magellan Midstream Partners L. | COM | 559080106 | 4,093 | 67,513 | SH | | SOLE | | 67,513 | 0 | 0 |
Medical Properties Trust | COM | 58463J304 | 10,617 | 573,559 | SH | | SOLE | | 189,871 | 0 | 383,688 |
MGM Growth Properties LLC | COM | 55303A105 | 91,415 | 2,834,565 | SH | | SOLE | | 1,889,709 | 0 | 944,856 |
MPLX LP | COM | 55336V100 | 3,357 | 102,079 | SH | | SOLE | | 102,079 | 0 | 0 |
NexPoint Residential Trust, In | COM | 65341D102 | 14,196 | 370,273 | SH | | SOLE | | 103,385 | 0 | 266,888 |
Nextera Energy Inc | COM | 65339F101 | 5,108 | 26,422 | SH | | SOLE | | 7,852 | 0 | 18,570 |
Park Hotels & Resorts Inc | COM | 700517105 | 70,865 | 2,280,083 | SH | | SOLE | | 1,593,491 | 0 | 686,592 |
Pebblebrook Hotel Trust | COM | 70509V100 | 63,207 | 2,034,987 | SH | | SOLE | | 1,467,619 | 0 | 567,368 |
Piedmont Office Realty Trust I | COM | 720190206 | 89,529 | 4,293,959 | SH | | SOLE | | 2,584,231 | 0 | 1,709,728 |
Plains All American Pipeline, | COM | 726503105 | 4,495 | 183,387 | SH | | SOLE | | 183,387 | 0 | 0 |
ProLogis Inc. | COM | 74340W103 | 399,089 | 5,546,751 | SH | | SOLE | | 3,587,495 | 0 | 1,959,256 |
Public Service Enterprise Grou | COM | 744573106 | 3,791 | 63,803 | SH | | SOLE | | 18,703 | 0 | 45,100 |
Public Storage | COM | 74460D109 | 10,891 | 50,011 | SH | | SOLE | | 50,011 | 0 | 0 |
QTS Realty Trust Inc | COM | 74736A103 | 31,827 | 707,426 | SH | | SOLE | | 401,188 | 0 | 306,238 |
Regency Centers Corporation | COM | 758849103 | 198,843 | 2,946,260 | SH | | SOLE | | 1,715,598 | 0 | 1,230,662 |
Retail Properties of America, | COM | 76131V202 | 24,662 | 2,023,158 | SH | | SOLE | | 842,830 | 0 | 1,180,328 |
Ryman Hospitality Properties | COM | 78377T107 | 20,683 | 251,492 | SH | | SOLE | | 152,325 | 0 | 99,167 |
Sempra Energy | COM | 816851109 | 6,770 | 53,792 | SH | | SOLE | | 16,592 | 0 | 37,200 |
Shell Midstream Partners LP | COM | 822634101 | 2,035 | 99,500 | SH | | SOLE | | 99,500 | 0 | 0 |
Simon Property Group Inc. | COM | 828806109 | 351,431 | 1,928,712 | SH | | SOLE | | 1,204,378 | 0 | 724,334 |
Southwest Gas Holdings Inc. | COM | 844895102 | 1,617 | 19,658 | SH | | SOLE | | 5,758 | 0 | 13,900 |
Spirit Realty Capital Inc. | COM | 84860W300 | 34,416 | 866,242 | SH | | SOLE | | 453,847 | 0 | 412,395 |
STAG Industrial, Inc. | COM | 85254J102 | 23,331 | 786,878 | SH | | SOLE | | 298,219 | 0 | 488,659 |
STORE Capital Corp | COM | 862121100 | 189,504 | 5,656,830 | SH | | SOLE | | 3,558,574 | 0 | 2,098,256 |
Summit Midstream Partners LP | COM | 866142102 | 688 | 70,700 | SH | | SOLE | | 70,700 | 0 | 0 |
Sun Communities Inc. | COM | 866674104 | 159,805 | 1,348,337 | SH | | SOLE | | 792,852 | 0 | 555,485 |
Tallgrass Energy LP | COM | 874696107 | 2,105 | 83,732 | SH | | SOLE | | 83,732 | 0 | 0 |
Taubman Centers Inc. | COM | 876664103 | 112,600 | 2,129,358 | SH | | SOLE | | 1,340,948 | 0 | 788,410 |
TC Pipelines L.P. | COM | 87233Q108 | 631 | 16,900 | SH | | SOLE | | 16,900 | 0 | 0 |
TIER REIT Inc | COM | 88650V208 | 43,809 | 1,528,575 | SH | | SOLE | | 902,409 | 0 | 626,166 |
Union Pacific Corp | COM | 907818108 | 7,475 | 44,708 | SH | | SOLE | | 13,408 | 0 | 31,300 |
USA Compression Partners LP | COM | 90290N109 | 762 | 48,800 | SH | | SOLE | | 48,800 | 0 | 0 |
Ventas Inc. | COM | 92276F100 | 6,342 | 99,389 | SH | | SOLE | | 99,389 | 0 | 0 |
VEREIT Inc | COM | 92339V100 | 137,762 | 16,458,972 | SH | | SOLE | | 10,881,056 | 0 | 5,577,916 |
Vici Properties Inc. | COM | 925652109 | 151,122 | 6,906,863 | SH | | SOLE | | 4,794,462 | 0 | 2,112,401 |
Vornado Realty Trust | COM | 929042109 | 104,617 | 1,551,265 | SH | | SOLE | | 960,152 | 0 | 591,113 |
Welltower Inc. | COM | 95040Q104 | 359,605 | 4,634,079 | SH | | SOLE | | 3,001,795 | 0 | 1,632,284 |
Western Midstream Partners LP | COM | 958669103 | 1,959 | 62,474 | SH | | SOLE | | 62,474 | 0 | 0 |
Weyerhaeuser Co. | COM | 962166104 | 1,122 | 42,600 | SH | | SOLE | | 5,600 | 0 | 37,000 |
Williams Cos. | COM | 969457100 | 11,211 | 390,341 | SH | | SOLE | | 165,941 | 0 | 224,400 |
Xenia Hotels & Resorts Inc | COM | 984017103 | 628 | 28,678 | SH | | SOLE | | 28,678 | 0 | 0 |
Zayo Group Holdings Inc | COM | 98919V105 | 2,233 | 78,583 | SH | | SOLE | | 25,983 | 0 | 52,600 |