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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 |
TC Energy Corp. | COM | 87807B107 | 951 | 19,150 | SH | | SOLE | | 19,150 | 0 | 0 |
Agree Realty Corp | COM | 008492100 | 990 | 15,460 | SH | | SOLE | | 0 | 0 | 15,460 |
Alexandria Real Estate Equitie | COM | 015271109 | 138,841 | 984,059 | SH | | SOLE | | 531,244 | 0 | 452,815 |
American Campus Communities | COM | 024835100 | 109,779 | 2,378,226 | SH | | SOLE | | 1,357,279 | 0 | 1,020,947 |
American Electric Power Co. In | COM | 025537101 | 10,577 | 120,179 | SH | | SOLE | | 30,179 | 0 | 90,000 |
American Tower Corp. | COM | 03027X100 | 1,435 | 7,020 | SH | | SOLE | | 1,620 | 0 | 5,400 |
Americold Realty Trust | COM | 03064D108 | 52,188 | 1,609,738 | SH | | SOLE | | 946,480 | 0 | 663,258 |
Andeavor Logistics LP | COM | 03350F106 | 1,404 | 38,657 | SH | | SOLE | | 38,657 | 0 | 0 |
Antero Midstream Corp | COM | 03676B102 | 4,851 | 423,303 | SH | | SOLE | | 185,503 | 0 | 237,800 |
Aqua America Inc. | COM | 03836W103 | 5,609 | 135,589 | SH | | SOLE | | 35,939 | 0 | 99,650 |
Atmos Energy Corp. | COM | 049560105 | 8,511 | 80,630 | SH | | SOLE | | 20,230 | 0 | 60,400 |
AvalonBay Communities Inc. | COM | 053484101 | 164,650 | 810,365 | SH | | SOLE | | 439,202 | 0 | 371,163 |
Boston Properties Inc. | COM | 101121101 | 2,912 | 22,577 | SH | | SOLE | | 4,546 | 0 | 18,031 |
Brandywine Realty Trust SBI | COM | 105368203 | 28,320 | 1,977,671 | SH | | SOLE | | 883,670 | 0 | 1,094,001 |
Brixmor Property Group | COM | 11120U105 | 86,810 | 4,855,134 | SH | | SOLE | | 2,474,918 | 0 | 2,380,216 |
Brookfield Property REIT Inc. | COM | 11282X103 | 2,462 | 130,347 | SH | | SOLE | | 130,347 | 0 | 0 |
Buckeye Partners L.P. | COM | 118230101 | 2,045 | 49,825 | SH | | SOLE | | 49,825 | 0 | 0 |
Camden Property Trust | COM | 133131102 | 87,455 | 837,774 | SH | | SOLE | | 469,744 | 0 | 368,030 |
Cheniere Energy Inc. | COM | 16411R208 | 11,915 | 174,064 | SH | | SOLE | | 65,027 | 0 | 109,037 |
Cheniere Energy Partners, L.P. | COM | 16411Q101 | 1,042 | 24,700 | SH | | SOLE | | 24,700 | 0 | 0 |
CMS Energy Corporation | COM | 125896100 | 6,736 | 116,319 | SH | | SOLE | | 29,035 | 0 | 87,284 |
Columbia Property Trust, Inc. | COM | 198287203 | 74,864 | 3,609,626 | SH | | SOLE | | 2,125,351 | 0 | 1,484,275 |
Cousins Properties Inc. | COM | 222795502 | 91,520 | 2,530,286 | SH | | SOLE | | 1,439,122 | 0 | 1,091,164 |
Crestwood Equity Partners LP | COM | 226344208 | 2,173 | 60,756 | SH | | SOLE | | 60,756 | 0 | 0 |
Crown Castle International Cor | COM | 22822V101 | 62,398 | 478,694 | SH | | SOLE | | 258,692 | 0 | 220,002 |
CubeSmart | COM | 229663109 | 164,973 | 4,933,410 | SH | | SOLE | | 2,664,786 | 0 | 2,268,624 |
CYRUSONE INC | COM | 23283R100 | 21,493 | 372,366 | SH | | SOLE | | 96,961 | 0 | 275,405 |
DCP Midstream LP | COM | 23311P100 | 1,173 | 40,050 | SH | | SOLE | | 40,050 | 0 | 0 |
Diamondrock Hospitality | COM | 252784301 | 195 | 18,842 | SH | | SOLE | | 18,842 | 0 | 0 |
Digital Realty Trust Inc. | COM | 253868103 | 9,812 | 83,299 | SH | | SOLE | | 6,145 | 0 | 77,154 |
Dominion Energy Inc. | COM | 25746U109 | 3,929 | 50,809 | SH | | SOLE | | 11,809 | 0 | 39,000 |
Douglas Emmett Inc. | COM | 25960P109 | 75,005 | 1,882,658 | SH | | SOLE | | 1,080,666 | 0 | 801,992 |
Duke Realty Corporation | COM | 264411505 | 77,527 | 2,452,602 | SH | | SOLE | | 1,390,829 | 0 | 1,061,773 |
Enable Midstream Partners LP | COM | 292480100 | 1,640 | 119,657 | SH | | SOLE | | 119,657 | 0 | 0 |
Energy Transfer LP | COM | 29273V100 | 4,996 | 354,843 | SH | | SOLE | | 354,843 | 0 | 0 |
Enlink Midstream LLC | COM | 29336T100 | 1,396 | 138,355 | SH | | SOLE | | 138,355 | 0 | 0 |
Enterprise Products Partners L | COM | 293792107 | 4,843 | 167,763 | SH | | SOLE | | 167,763 | 0 | 0 |
EQM Midstream Partners, L.P. | COM | 26885B100 | 2,541 | 56,880 | SH | | SOLE | | 56,880 | 0 | 0 |
Equinix Inc | COM | 29444U700 | 160,101 | 317,479 | SH | | SOLE | | 171,990 | 0 | 145,489 |
Equity Residential | COM | 29476L107 | 249,674 | 3,288,646 | SH | | SOLE | | 1,842,703 | 0 | 1,445,943 |
Essex Property Trust Inc. | COM | 297178105 | 3,773 | 12,924 | SH | | SOLE | | 10,000 | 0 | 2,924 |
Evergy Inc. | COM | 30034W106 | 5,961 | 99,096 | SH | | SOLE | | 23,227 | 0 | 75,869 |
Exelon Corp. | COM | 30161N101 | 5,918 | 123,448 | SH | | SOLE | | 29,048 | 0 | 94,400 |
Extra Space Storage Inc. | COM | 30225T102 | 177,325 | 1,671,301 | SH | | SOLE | | 882,878 | 0 | 788,423 |
Federal Realty Investment Trus | COM | 313747206 | 9,715 | 75,450 | SH | | SOLE | | 75,450 | 0 | 0 |
FirstEnergy Corp. | COM | 337932107 | 8,185 | 191,184 | SH | | SOLE | | 46,884 | 0 | 144,300 |
Four Corners Property Trust | COM | 35086T109 | 10,049 | 367,673 | SH | | SOLE | | 146,721 | 0 | 220,952 |
Front Yard Residential Corp | COM | 35904G107 | 7,074 | 578,896 | SH | | SOLE | | 271,326 | 0 | 307,570 |
Genesee & Wyoming Inc | COM | 371559105 | 1,795 | 17,952 | SH | | SOLE | | 4,452 | 0 | 13,500 |
Genesis Energy L.P. | COM | 371927104 | 1,071 | 48,900 | SH | | SOLE | | 48,900 | 0 | 0 |
HCP Inc. | COM | 40414L109 | 166,125 | 5,194,660 | SH | | SOLE | | 2,875,936 | 0 | 2,318,724 |
Healthcare Trust of America In | COM | 42225P501 | 143,114 | 5,217,413 | SH | | SOLE | | 2,914,439 | 0 | 2,302,974 |
Hess Midstream Partners LP | COM | 428104103 | 1,066 | 54,687 | SH | | SOLE | | 54,687 | 0 | 0 |
Holly Energy Partners L.P. | COM | 435763107 | 935 | 34,000 | SH | | SOLE | | 34,000 | 0 | 0 |
Host Hotels & Resorts Inc. | COM | 44107P104 | 90,677 | 4,976,793 | SH | | SOLE | | 3,088,725 | 0 | 1,888,068 |
Hudson Pacific Properties | COM | 444097109 | 126,530 | 3,803,124 | SH | | SOLE | | 2,037,877 | 0 | 1,765,247 |
Invitation Homes Inc | COM | 46187W107 | 156,378 | 5,850,276 | SH | | SOLE | | 3,255,238 | 0 | 2,595,038 |
Iron Mountain Incorporated | COM | 46284V101 | 218 | 6,967 | SH | | SOLE | | 6,967 | 0 | 0 |
Kimco Realty Corp. | COM | 49446R109 | 3,491 | 188,926 | SH | | SOLE | | 188,926 | 0 | 0 |
Liberty Property Trust | COM | 531172104 | 81,869 | 1,636,074 | SH | | SOLE | | 901,283 | 0 | 734,791 |
Magellan Midstream Partners L. | COM | 559080106 | 4,420 | 69,063 | SH | | SOLE | | 69,063 | 0 | 0 |
MGM Growth Properties LLC | COM | 55303A105 | 72,770 | 2,374,233 | SH | | SOLE | | 1,521,900 | 0 | 852,333 |
MPLX LP | COM | 55336V100 | 3,225 | 100,179 | SH | | SOLE | | 100,179 | 0 | 0 |
NexPoint Residential Trust, In | COM | 65341D102 | 11,854 | 286,327 | SH | | SOLE | | 95,271 | 0 | 191,056 |
Nextera Energy Inc | COM | 65339F101 | 6,267 | 30,591 | SH | | SOLE | | 7,321 | 0 | 23,270 |
NiSource Inc. | COM | 65473P105 | 2,416 | 83,898 | SH | | SOLE | | 19,698 | 0 | 64,200 |
Park Hotels & Resorts Inc | COM | 700517105 | 26,071 | 945,965 | SH | | SOLE | | 606,569 | 0 | 339,396 |
Pebblebrook Hotel Trust | COM | 70509V100 | 43,586 | 1,546,698 | SH | | SOLE | | 988,663 | 0 | 558,035 |
Piedmont Office Realty Trust I | COM | 720190206 | 74,003 | 3,713,161 | SH | | SOLE | | 2,118,160 | 0 | 1,595,001 |
Plains All American Pipeline, | COM | 726503105 | 4,066 | 166,987 | SH | | SOLE | | 166,987 | 0 | 0 |
ProLogis Inc. | COM | 74340W103 | 298,984 | 3,732,630 | SH | | SOLE | | 2,047,481 | 0 | 1,685,149 |
Public Service Enterprise Grou | COM | 744573106 | 5,348 | 90,920 | SH | | SOLE | | 22,920 | 0 | 68,000 |
Public Storage | COM | 74460D109 | 6,197 | 26,018 | SH | | SOLE | | 15,530 | 0 | 10,488 |
QTS Realty Trust Inc | COM | 74736A103 | 48,985 | 1,060,746 | SH | | SOLE | | 557,987 | 0 | 502,759 |
Regency Centers Corporation | COM | 758849103 | 148,247 | 2,221,257 | SH | | SOLE | | 1,183,651 | 0 | 1,037,606 |
Retail Properties of America, | COM | 76131V202 | 30,367 | 2,582,237 | SH | | SOLE | | 1,070,191 | 0 | 1,512,046 |
Ryman Hospitality Properties | COM | 78377T107 | 14,079 | 173,625 | SH | | SOLE | | 70,668 | 0 | 102,957 |
Sempra Energy | COM | 816851109 | 8,612 | 62,662 | SH | | SOLE | | 15,462 | 0 | 47,200 |
Simon Property Group Inc. | COM | 828806109 | 171,554 | 1,073,824 | SH | | SOLE | | 587,945 | 0 | 485,879 |
Southwest Gas Holdings Inc. | COM | 844895102 | 2,093 | 23,358 | SH | | SOLE | | 5,558 | 0 | 17,800 |
Spirit Realty Capital Inc. | COM | 84860W300 | 33,006 | 773,691 | SH | | SOLE | | 281,254 | 0 | 492,437 |
STAG Industrial, Inc. | COM | 85254J102 | 28,817 | 952,937 | SH | | SOLE | | 357,182 | 0 | 595,755 |
STORE Capital Corp | COM | 862121100 | 139,828 | 4,212,969 | SH | | SOLE | | 2,251,987 | 0 | 1,960,982 |
Summit Midstream Partners LP | COM | 866142102 | 414 | 55,600 | SH | | SOLE | | 55,600 | 0 | 0 |
Sun Communities Inc. | COM | 866674104 | 120,939 | 943,436 | SH | | SOLE | | 482,135 | 0 | 461,301 |
Tallgrass Energy LP | COM | 874696107 | 1,641 | 77,732 | SH | | SOLE | | 77,732 | 0 | 0 |
Taubman Centers Inc. | COM | 876664103 | 82,066 | 2,009,939 | SH | | SOLE | | 1,102,073 | 0 | 907,866 |
TC Pipelines L.P. | COM | 87233Q108 | 1,377 | 36,600 | SH | | SOLE | | 36,600 | 0 | 0 |
Union Pacific Corp | COM | 907818108 | 7,632 | 45,128 | SH | | SOLE | | 10,028 | 0 | 35,100 |
USA Compression Partners LP | COM | 90290N109 | 801 | 45,100 | SH | | SOLE | | 45,100 | 0 | 0 |
Ventas Inc. | COM | 92276F100 | 25,809 | 377,605 | SH | | SOLE | | 199,559 | 0 | 178,046 |
VEREIT Inc | COM | 92339V100 | 109,972 | 12,205,564 | SH | | SOLE | | 6,668,958 | 0 | 5,536,606 |
Vici Properties Inc. | COM | 925652109 | 126,378 | 5,734,007 | SH | | SOLE | | 3,555,730 | 0 | 2,178,277 |
Vornado Realty Trust | COM | 929042109 | 70,825 | 1,104,916 | SH | | SOLE | | 602,523 | 0 | 502,393 |
Welltower Inc. | COM | 95040Q104 | 263,641 | 3,233,672 | SH | | SOLE | | 1,806,384 | 0 | 1,427,288 |
Western Midstream Partners LP | COM | 958669103 | 1,876 | 60,974 | SH | | SOLE | | 60,974 | 0 | 0 |
Williams Cos. | COM | 969457100 | 9,332 | 332,795 | SH | | SOLE | | 124,495 | 0 | 208,300 |
Zayo Group Holdings Inc | COM | 98919V105 | 4,467 | 135,740 | SH | | SOLE | | 34,640 | 0 | 101,100 |