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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 |
Acadia Realty Trust | COM | 004239109 | 5,677 | 198,640 | SH | | SOLE | | 23,455 | 0 | 175,185 |
Alexandria Real Estate Equitie | COM | 015271109 | 154,278 | 1,001,545 | SH | | SOLE | | 524,376 | 0 | 477,169 |
American Campus Communities | COM | 024835100 | 89,628 | 1,864,149 | SH | | SOLE | | 993,539 | 0 | 870,610 |
American Electric Power Co. In | COM | 025537101 | 13,369 | 142,695 | SH | | SOLE | | 33,395 | 0 | 109,300 |
American Tower Corp. | COM | 03027X100 | 2,716 | 12,283 | SH | | SOLE | | 2,683 | 0 | 9,600 |
Americold Realty Trust | COM | 03064D108 | 517 | 13,949 | SH | | SOLE | | 2,140 | 0 | 11,809 |
Antero Midstream Corp | COM | 03676B102 | 4,141 | 559,626 | SH | | SOLE | | 233,124 | 0 | 326,502 |
Aqua America Inc. | COM | 03836W103 | 6,986 | 155,839 | SH | | SOLE | | 39,289 | 0 | 116,550 |
Atmos Energy Corp. | COM | 049560105 | 9,461 | 83,074 | SH | | SOLE | | 19,074 | 0 | 64,000 |
AvalonBay Communities Inc. | COM | 053484101 | 44,512 | 206,716 | SH | | SOLE | | 118,463 | 0 | 88,253 |
Brandywine Realty Trust SBI | COM | 105368203 | 53,900 | 3,557,749 | SH | | SOLE | | 1,759,080 | 0 | 1,798,669 |
Brixmor Property Group | COM | 11120U105 | 95,798 | 4,721,423 | SH | | SOLE | | 2,335,029 | 0 | 2,386,394 |
Camden Property Trust | COM | 133131102 | 127,683 | 1,150,190 | SH | | SOLE | | 652,235 | 0 | 497,955 |
Cheniere Energy Inc. | COM | 16411R208 | 14,288 | 226,582 | SH | | SOLE | | 75,645 | 0 | 150,937 |
Cheniere Energy Partners, L.P. | COM | 16411Q101 | 709 | 15,600 | SH | | SOLE | | 15,600 | 0 | 0 |
CMS Energy Corporation | COM | 125896100 | 8,005 | 125,177 | SH | | SOLE | | 27,567 | 0 | 97,610 |
Columbia Property Trust, Inc. | COM | 198287203 | 65,663 | 3,104,657 | SH | | SOLE | | 1,811,169 | 0 | 1,293,488 |
Cousins Properties Inc. | COM | 222795502 | 111,920 | 2,977,382 | SH | | SOLE | | 1,557,406 | 0 | 1,419,976 |
Crestwood Equity Partners LP | COM | 226344208 | 1,943 | 53,223 | SH | | SOLE | | 53,223 | 0 | 0 |
Crown Castle International Cor | COM | 22822V101 | 84,036 | 604,534 | SH | | SOLE | | 320,086 | 0 | 284,448 |
CubeSmart | COM | 229663109 | 145,398 | 4,166,120 | SH | | SOLE | | 2,236,244 | 0 | 1,929,876 |
CYRUSONE INC | COM | 23283R100 | 83,153 | 1,051,237 | SH | | SOLE | | 536,630 | 0 | 514,607 |
DCP Midstream LP | COM | 23311P100 | 1,314 | 50,150 | SH | | SOLE | | 50,150 | 0 | 0 |
Diamondrock Hospitality | COM | 252784301 | 361 | 35,211 | SH | | SOLE | | 35,211 | 0 | 0 |
Digital Realty Trust Inc. | COM | 253868103 | 4,946 | 38,099 | SH | | SOLE | | 0 | 0 | 38,099 |
Dominion Energy Inc. | COM | 25746U109 | 3,571 | 44,065 | SH | | SOLE | | 9,365 | 0 | 34,700 |
Douglas Emmett Inc. | COM | 25960P109 | 48,595 | 1,134,606 | SH | | SOLE | | 804,725 | 0 | 329,881 |
Duke Realty Corporation | COM | 264411505 | 82,646 | 2,432,915 | SH | | SOLE | | 1,375,388 | 0 | 1,057,527 |
Edison International | COM | 281020107 | 7,208 | 95,576 | SH | | SOLE | | 22,076 | 0 | 73,500 |
Enable Midstream Partners LP | COM | 292480100 | 1,221 | 101,457 | SH | | SOLE | | 101,457 | 0 | 0 |
Energy Transfer LP | COM | 29273V100 | 4,184 | 319,893 | SH | | SOLE | | 319,893 | 0 | 0 |
Enlink Midstream LLC | COM | 29336T100 | 1,370 | 161,155 | SH | | SOLE | | 161,155 | 0 | 0 |
Enterprise Products Partners L | COM | 293792107 | 4,364 | 152,688 | SH | | SOLE | | 152,688 | 0 | 0 |
EQM Midstream Partners, L.P. | COM | 26885B100 | 1,749 | 53,480 | SH | | SOLE | | 53,480 | 0 | 0 |
Equinix Inc | COM | 29444U700 | 159,058 | 275,760 | SH | | SOLE | | 140,599 | 0 | 135,161 |
Equity Residential | COM | 29476L107 | 274,662 | 3,184,116 | SH | | SOLE | | 1,757,691 | 0 | 1,426,425 |
Essex Property Trust Inc. | COM | 297178105 | 59,438 | 181,963 | SH | | SOLE | | 118,152 | 0 | 63,811 |
Evergy Inc. | COM | 30034W106 | 6,872 | 103,251 | SH | | SOLE | | 22,100 | 0 | 81,151 |
Exelon Corp. | COM | 30161N101 | 8,005 | 165,711 | SH | | SOLE | | 35,504 | 0 | 130,207 |
Extra Space Storage Inc. | COM | 30225T102 | 166,869 | 1,428,428 | SH | | SOLE | | 731,170 | 0 | 697,258 |
Federal Realty Investment Trus | COM | 313747206 | 10,272 | 75,450 | SH | | SOLE | | 75,450 | 0 | 0 |
FirstEnergy Corp. | COM | 337932107 | 10,033 | 208,033 | SH | | SOLE | | 48,433 | 0 | 159,600 |
Front Yard Residential Corp | COM | 35904G107 | 7,009 | 606,274 | SH | | SOLE | | 247,207 | 0 | 359,067 |
Genesis Energy L.P. | COM | 371927104 | 1,299 | 60,500 | SH | | SOLE | | 60,500 | 0 | 0 |
Healthcare Trust of America In | COM | 42225P501 | 138,289 | 4,706,912 | SH | | SOLE | | 2,613,711 | 0 | 2,093,201 |
Hess Midstream Partners LP | COM | 428104103 | 928 | 48,187 | SH | | SOLE | | 48,187 | 0 | 0 |
Holly Energy Partners L.P. | COM | 435763107 | 1,077 | 42,600 | SH | | SOLE | | 42,600 | 0 | 0 |
Host Hotels & Resorts Inc. | COM | 44107P104 | 94,230 | 5,449,976 | SH | | SOLE | | 3,469,094 | 0 | 1,980,882 |
Hudson Pacific Properties | COM | 444097109 | 113,192 | 3,382,899 | SH | | SOLE | | 1,775,681 | 0 | 1,607,218 |
Invitation Homes Inc | COM | 46187W107 | 209,854 | 7,087,261 | SH | | SOLE | | 4,048,324 | 0 | 3,038,937 |
Kimco Realty Corp. | COM | 49446R109 | 2,781 | 133,188 | SH | | SOLE | | 133,188 | 0 | 0 |
Liberty Property Trust | COM | 531172104 | 71,894 | 1,400,627 | SH | | SOLE | | 789,239 | 0 | 611,388 |
Magellan Midstream Partners L. | COM | 559080106 | 4,487 | 67,713 | SH | | SOLE | | 67,713 | 0 | 0 |
MGM Growth Properties LLC | COM | 55303A105 | 66,448 | 2,211,232 | SH | | SOLE | | 1,419,462 | 0 | 791,770 |
Mid-America Apt. Comm. | COM | 59522J103 | 28,855 | 221,947 | SH | | SOLE | | 76,023 | 0 | 145,924 |
MPLX LP | COM | 55336V100 | 3,992 | 142,524 | SH | | SOLE | | 142,524 | 0 | 0 |
NexPoint Residential Trust, In | COM | 65341D102 | 11,082 | 237,005 | SH | | SOLE | | 67,043 | 0 | 169,962 |
Nextera Energy Inc | COM | 65339F101 | 8,633 | 37,053 | SH | | SOLE | | 9,083 | 0 | 27,970 |
Noble Midstream Partners LP | COM | 65506L105 | 692 | 28,700 | SH | | SOLE | | 28,700 | 0 | 0 |
NuSTAR Energy L.P. | COM | 67058H102 | 1,124 | 39,700 | SH | | SOLE | | 39,700 | 0 | 0 |
Omega Healthcare Investors | COM | 681936100 | 2,511 | 60,095 | SH | | SOLE | | 60,095 | 0 | 0 |
Park Hotels & Resorts Inc | COM | 700517105 | 747 | 29,922 | SH | | SOLE | | 0 | 0 | 29,922 |
Pebblebrook Hotel Trust | COM | 70509V100 | 37,272 | 1,339,771 | SH | | SOLE | | 826,888 | 0 | 512,883 |
Phillips 66 Partners LP | COM | 718549207 | 1,342 | 23,700 | SH | | SOLE | | 23,700 | 0 | 0 |
Piedmont Office Realty Trust I | COM | 720190206 | 69,388 | 3,323,173 | SH | | SOLE | | 1,886,768 | 0 | 1,436,405 |
Plains All American Pipeline, | COM | 726503105 | 3,361 | 161,987 | SH | | SOLE | | 161,987 | 0 | 0 |
ProLogis Inc. | COM | 74340W103 | 345,610 | 4,055,503 | SH | | SOLE | | 2,272,199 | 0 | 1,783,304 |
Public Service Enterprise Grou | COM | 744573106 | 6,507 | 104,811 | SH | | SOLE | | 24,911 | 0 | 79,900 |
Public Storage | COM | 74460D109 | 585 | 2,384 | SH | | SOLE | | 2,384 | 0 | 0 |
QTS Realty Trust Inc | COM | 74736A103 | 52,823 | 1,027,486 | SH | | SOLE | | 527,695 | 0 | 499,791 |
Regency Centers Corporation | COM | 758849103 | 83,549 | 1,202,318 | SH | | SOLE | | 676,662 | 0 | 525,656 |
Retail Properties of America, | COM | 76131V202 | 29,565 | 2,399,720 | SH | | SOLE | | 952,162 | 0 | 1,447,558 |
Ryman Hospitality Properties | COM | 78377T107 | 22,987 | 280,977 | SH | | SOLE | | 150,552 | 0 | 130,425 |
Sempra Energy | COM | 816851109 | 9,645 | 65,342 | SH | | SOLE | | 14,642 | 0 | 50,700 |
Simon Property Group Inc. | COM | 828806109 | 223,743 | 1,437,472 | SH | | SOLE | | 796,125 | 0 | 641,347 |
Site Centers Corp | COM | 82981J109 | 10,939 | 723,985 | SH | | SOLE | | 374,536 | 0 | 349,449 |
Southwest Gas Holdings Inc. | COM | 844895102 | 2,997 | 32,917 | SH | | SOLE | | 7,117 | 0 | 25,800 |
Spirit Realty Capital Inc. | COM | 84860W300 | 32,553 | 680,169 | SH | | SOLE | | 222,807 | 0 | 457,362 |
STAG Industrial, Inc. | COM | 85254J102 | 32,374 | 1,098,185 | SH | | SOLE | | 406,326 | 0 | 691,859 |
STORE Capital Corp | COM | 862121100 | 135,362 | 3,618,345 | SH | | SOLE | | 1,915,311 | 0 | 1,703,034 |
Sun Communities Inc. | COM | 866674104 | 119,786 | 806,910 | SH | | SOLE | | 394,694 | 0 | 412,216 |
Sunstone Hotel Investors Inc. | COM | 867892101 | 14,806 | 1,077,569 | SH | | SOLE | | 639,603 | 0 | 437,966 |
Tallgrass Energy LP | COM | 874696107 | 1,864 | 92,532 | SH | | SOLE | | 92,532 | 0 | 0 |
Taubman Centers Inc. | COM | 876664103 | 64,938 | 1,590,452 | SH | | SOLE | | 902,988 | 0 | 687,464 |
TC Pipelines L.P. | COM | 87233Q108 | 1,468 | 36,100 | SH | | SOLE | | 36,100 | 0 | 0 |
Union Pacific Corp | COM | 907818108 | 6,158 | 38,018 | SH | | SOLE | | 8,218 | 0 | 29,800 |
USA Compression Partners LP | COM | 90290N109 | 364 | 21,100 | SH | | SOLE | | 21,100 | 0 | 0 |
Ventas Inc. | COM | 92276F100 | 38,179 | 522,784 | SH | | SOLE | | 210,017 | 0 | 312,767 |
VEREIT Inc | COM | 92339V100 | 190,704 | 19,499,355 | SH | | SOLE | | 10,237,574 | 0 | 9,261,781 |
Vici Properties Inc. | COM | 925652109 | 123,929 | 5,471,467 | SH | | SOLE | | 3,378,448 | 0 | 2,093,019 |
Vornado Realty Trust | COM | 929042109 | 25,831 | 405,704 | SH | | SOLE | | 161,609 | 0 | 244,095 |
Welltower Inc. | COM | 95040Q104 | 210,111 | 2,317,823 | SH | | SOLE | | 1,314,805 | 0 | 1,003,018 |
Western Midstream Partners LP | COM | 958669103 | 1,254 | 50,374 | SH | | SOLE | | 50,374 | 0 | 0 |
Williams Cos. | COM | 969457100 | 8,564 | 355,927 | SH | | SOLE | | 113,527 | 0 | 242,400 |
Zayo Group Holdings Inc | COM | 98919V105 | 5,116 | 150,917 | SH | | SOLE | | 34,617 | 0 | 116,300 |