0001284812-13-000209.txt : 20130514 0001284812-13-000209.hdr.sgml : 20130514 20130514104511 ACCESSION NUMBER: 0001284812-13-000209 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130514 DATE AS OF CHANGE: 20130514 EFFECTIVENESS DATE: 20130514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COHEN & STEERS INC CENTRAL INDEX KEY: 0001284812 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 141904657 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-11197 FILM NUMBER: 13839852 BUSINESS ADDRESS: STREET 1: 280 PARK AVENUE 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212 832 3232 MAIL ADDRESS: STREET 1: 280 PARK AVENUE STREET 2: 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 13F-HR 1 final13fhr-033113.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 3/31/2013 Check here if Amendment []; Amendment Number: ------- This Amendment (Check only one.): [] is a restatement. [] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Cohen & Steers,Inc. Address: 280 Park Avenue 10th Floor New York, NY 10017 Form 13F File Number: 028-11197 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this submission. Persons Signing this Report on Behalf of Reporting Manager: Name: Lisa Phelan Title: Senior Vice President and Chief Compliance Officer Phone: (212) 832-3232 Signature, Place, and Date of Signing: /s/ Lisa Phelan New York, NY 5/14/2013 --------------------------------- --------------------------------- ---------- [Signature] [City, State] [Date] Report Type (Check only one): [ ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [X] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: 13F File Number Name 028-01190 FRANK RUSSELL COMPANY --------------- --------------------------------------------------------------- Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 2 Form 13F Information Table Entry Total: 417 Form 13F Information Table Value Total: $ 32,618,437 -------------- (In Thousands) List of Other Included Managers: Provide a numbered list of the name(s) and 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 13F File Number Name 01 028-02405 Cohen & Steers Capital Management, Inc. ---- -------------------- ---------------------------------------------------- 02 028-14984 Cohen & Steers Europe SPRL ---- -------------------- ----------------------------------------------------

FORM 13F INFORMATION TABLE 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 MANAGERS SOLE SHARED NONE ---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ---------- Abbott Laboratories COM 002824100 21,024 595,253 SH SOLE 1,2 495,753 0 99,500 Abbvie Inc COM 00287Y109 196 4,800 SH SOLE 1 - 0 4,800 Acadia Realty Trust COM 004239109 79,027 2,845,760 SH SOLE 1 460,207 0 2,385,553 Accenture Plc COM G1151C101 91 1,200 SH SOLE 1 - 0 1,200 Access Midstream Partners LP COM 00434L109 19,318 478,529 SH SOLE 1 478,529 0 - Advent Claymore Convertible COM 00764C109 693 40,900 SH SOLE 1 40,900 0 - Sec & Inc Fund Agco Corp COM 001084102 330 6,328 SH SOLE 1 6,328 0 - AGIC Convertible & Income COM 018825109 12,979 1,498,780 SH SOLE 1 1,498,780 0 - FD II AGIC Convertible & Income COM 018828103 15,646 1,650,400 SH SOLE 1 1,650,400 0 - Fund Alexander's Inc. COM 014752109 49,458 150,013 SH SOLE 1,2 137,197 0 12,816 Alexandria Real Estate COM 015271109 36,604 515,690 SH SOLE 1 - 0 515,690 Equities Alliance Holdings GP LP COM 01861G100 32 605 SH SOLE 1 605 0 - AllianceBernstein Global COM 01879R106 6,222 381,000 SH SOLE 1 381,000 0 - High Income Fund AllianceBernstein Income COM 01881E101 2,745 336,018 SH SOLE 1 336,018 0 - Fund Alpine Global Premier COM 02083A103 3,996 482,011 SH SOLE 1 482,011 0 - Properties Fund American Assets Trust Inc COM 024013104 168,092 5,251,240 SH SOLE 1,2 4,039,885 0 1,211,355 American Express Co. COM 025816109 54,529 808,322 SH SOLE 1,2 717,522 0 90,800 American International Group COM 026874784 47,015 1,211,100 SH SOLE 1,2 1,030,600 0 180,500 American Tower Corp COM 03027X100 206,332 2,682,427 SH SOLE 1,2 2,504,588 0 177,839 American Water Works Co. COM 030420103 26,024 627,995 SH SOLE 1 627,995 0 - Inc. Ameriprise Finl Inc COM 03076C106 44,584 605,350 SH SOLE 1,2 524,450 0 80,900 Amgen Inc. COM 031162100 3,239 31,600 SH SOLE 1,2 15,200 0 16,400 Anadarko Petroleum Corp. COM 032511107 611 6,991 SH SOLE 1 6,991 0 - Anheuser Busch InBev NV ADR 03524A108 15,161 152,300 SH SOLE 1 151,200 0 1,100 Apache Corp. COM 037411105 65,213 845,160 SH SOLE 1,2 769,010 0 76,150 Apartment Investment & COM 03748R101 438,739 14,309,831 SH SOLE 1,2 11,292,556 0 3,017,275 Management Co. Apollo Coml Real Est Fi COM 03762U105 3,414 194,079 SH SOLE 1 194,079 0 - Apple Inc. COM 037833100 72,789 164,446 SH SOLE 1,2 133,871 0 30,575 Archer-Daniels-Midland Co. COM 039483102 75 2,233 SH SOLE 1 2,233 0 - Ashford Hospitality Pr.E PFD 044103505 13,778 499,034 SH SOLE 1 432,083 0 66,951 Associated Estates Realty COM 045604105 56,176 3,013,713 SH SOLE 1 376,724 0 2,636,989 Corp. AT&T Inc. COM 00206R102 70,520 1,922,063 SH SOLE 1,2 1,762,763 0 159,300 Atlas Pipeline Partners LP COM 049392103 21 609 SH SOLE 1 609 0 - Atmos Energy Corp. COM 049560105 17,968 420,887 SH SOLE 1 420,887 0 - Avago Technologies L COM Y0486S104 1,063 29,600 SH SOLE 1 29,600 0 - Avalonbay Communities Inc COM 053484101 191,404 1,511,041 SH SOLE 1,2 229,876 0 1,281,165 Bank of America 7.25% CV PFD 060505682 31,259 25,661 SH SOLE 1 25,661 0 - (BAC L) Bank Of America Corp. COM 060505104 44,371 3,642,900 SH SOLE 1,2 3,206,800 0 436,100 Bank Of New York Mellon COM 064058100 26,776 956,623 SH SOLE 1 946,923 0 9,700 Corp. Bankunited Inc COM 06652K103 2,328 90,875 SH SOLE 1 90,875 0 - Banner Corporation COM 06652V208 311 9,770 SH SOLE 1 9,770 0 - Barclays Bank 7.10% (BCS A) PFD 06739H776 83 3,243 SH SOLE 1 3,243 0 - Barclays Bank 7.75% (BCS C) PFD 06739H511 11,098 432,687 SH SOLE 1 424,995 0 7,692 Barclays Bank 8.125% (BCS D) PFD 06739H362 104 4,075 SH SOLE 1 200 0 3,875 Barclays Bank PLC 6.625% PFD 06739F390 260 10,200 SH SOLE 1 10,200 0 - (BCS) Becton Dickinson & Co. COM 075887109 5,364 56,100 SH SOLE 1,2 7,600 0 48,500 BioMed Realty Trust Inc. COM 09063H107 55,263 2,558,471 SH SOLE 1 - 0 2,558,471

FORM 13F INFORMATION TABLE 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 MANAGERS SOLE SHARED NONE ---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ---------- Blackrock Build Amer Bd COM 09248X100 520 23,100 SH SOLE 1 23,100 0 - Blackrock Corporate High COM 09255P107 593 45,976 SH SOLE 1 45,976 0 - Yield Fund 6 Blackrock Debt Strategies COM 09255R103 371 83,300 SH SOLE 1 83,300 0 - Fund Blackrock Health Sciences COM 09250W107 1,303 42,000 SH SOLE 1 42,000 0 - Trust Blackrock Inc. COM 09247X101 35,573 138,481 SH SOLE 1,2 127,108 0 11,373 Blackrock Limited Duration COM 09249W101 1,642 86,600 SH SOLE 1 86,600 0 - Income Trust Blackrock Real Asset Equity COM 09254B109 4,488 448,800 SH SOLE 1 448,800 0 - Boardwalk Pipeline Partners COM 096627104 1,959 66,847 SH SOLE 1 66,847 0 - LP Boise Cascade LLC COM 09739D100 319 9,400 SH SOLE 1 9,400 0 - Boston Properties Inc. COM 101121101 493,497 4,883,209 SH SOLE 1,2 2,394,221 0 2,488,988 Brandywine Realty Trust COM 105368203 16,295 1,097,300 SH SOLE 1 1,097,300 0 - BRE Properties Inc. COM 05564E106 126,139 2,591,178 SH SOLE 1,2 944,541 0 1,646,637 Breitburn Energy Partners LP COM 106776107 15 750 SH SOLE 1 750 0 - Bristol-Myers Squibb Co. COM 110122108 152 3,700 SH SOLE 1 - 0 3,700 Brookfield Asset Management COM 112585104 7,442 203,805 SH SOLE 1 - 0 203,805 Inc Brookfield Properties Corp. COM 112900105 87,681 5,106,657 SH SOLE 1,2 3,713,895 0 1,392,762 Buckeye Partners LP COM 118230101 2,215 36,224 SH SOLE 1 36,224 0 - Calamos Convertible & High COM 12811P108 1,922 150,030 SH SOLE 1 150,030 0 - Income Fund Calumet Specialty Products COM 131476103 674 18,103 SH SOLE 1 18,103 0 - Partners LP Camden Property Trust COM 133131102 65,398 952,208 SH SOLE 1 - 0 952,208 Canadian Natl Railway COM 136375102 1,387 13,800 SH SOLE 1 13,800 0 - Capital Bank Financial-CL COM 139794101 1,359 79,213 SH SOLE 1 79,213 0 - CBL & Associates Properties COM 124830100 66,923 2,835,705 SH SOLE 1,2 2,608,893 0 226,812 CBRE Clarion Global Real COM 12504G100 3,961 405,812 SH SOLE 1 405,812 0 - Estate Income Fund Cedar Realty Trust COM 150602209 60,440 9,892,008 SH SOLE 1,2 8,968,847 0 923,161 CenterPoint Energy Inc. COM 15189T107 26,852 1,120,698 SH SOLE 1 1,120,698 0 - Central Fund Canada Cl A COM 153501101 5,179 267,386 SH SOLE 1 267,386 0 - Central GoldTrust COM 153546106 951 16,000 SH SOLE 1 16,000 0 - Cheniere Energy Partners LP COM 16411Q101 1,402 51,209 SH SOLE 1 51,209 0 - Chesapeake Lodging Trust COM 165240102 78,509 3,422,341 SH SOLE 1 3,142,777 0 279,564 Chevron Corp. COM 166764100 118,049 993,511 SH SOLE 1,2 881,511 0 112,000 China Mobile Ltd. Sponsored ADR 16941M109 20,465 385,196 SH SOLE 1 382,596 0 2,600 ADR Chubb Corp COM 171232101 42,571 486,354 SH SOLE 1,2 431,354 0 55,000 Cia De Saneamento Basico ADR ADR 20441A102 24,589 515,168 SH SOLE 1 515,168 0 - Cisco Systems Inc. COM 17275R102 74,686 3,571,782 SH SOLE 1,2 3,077,982 0 493,800 Citigroup Inc. COM 172967424 54,464 1,231,101 SH SOLE 1,2 1,132,001 0 99,100 Clearbridge Energy Mlp COM 184692101 420 15,700 SH SOLE 1 15,700 0 - Clough Global Opportunities COM 18914E106 3,678 285,800 SH SOLE 1 285,800 0 - Fund Coach Inc COM 189754104 26,790 535,900 SH SOLE 1,2 488,400 0 47,500 Colonial Properties Trust COM 195872106 232,397 10,278,518 SH SOLE 1,2 8,510,542 0 1,767,976 Colony Financial Inc. COM 19624R106 79,206 3,567,820 SH SOLE 1,2 3,395,920 0 171,900 Comerica Inc. COM 200340107 24,208 673,366 SH SOLE 1 668,666 0 4,700 Commonwealth REIT Pfd. D PFD 203233408 55,461 2,317,645 SH SOLE 1 517,056 0 1,800,589 Commonwealth REIT Pr. E PFD 203233606 42,627 1,658,000 SH SOLE 1 - 0 1,658,000 Consol Energy Inc COM 20854P109 478 14,209 SH SOLE 1 14,209 0 - Consumer Discretionary Selt COM 81369Y407 1,017 19,200 SH SOLE 1 19,200 0 - Corenergy Infrastructure COM 21870U205 6,574 963,867 SH SOLE 1 963,867 0 - Trust, Inc. Coresite Realty Corp COM 21870Q105 637 18,200 SH SOLE 1 18,200 0 -

FORM 13F INFORMATION TABLE 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 MANAGERS SOLE SHARED NONE ---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ---------- Corporate Office Properties COM 22002T108 288,240 10,803,603 SH SOLE 1,2 7,320,036 0 3,483,567 Costco Wholesale Corp. COM 22160K105 19,221 181,145 SH SOLE 1,2 139,945 0 41,200 Cousins Properties Inc. COM 222795106 59,440 5,560,292 SH SOLE 1,2 5,049,595 0 510,697 Covidien PLC COM G2554F113 67,407 993,616 SH SOLE 1,2 867,616 0 126,000 Crestwood Midstream COM 226372100 1,193 50,000 SH SOLE 1 50,000 0 - Partners LP Crosstex Energy LP COM 22765U102 983 53,400 SH SOLE 1 53,400 0 - Crown Castle International COM 228227104 123,765 1,777,208 SH SOLE 1 1,777,208 0 - Corp. CubeSmart COM 229663109 298,323 18,881,213 SH SOLE 1,2 11,588,174 0 7,293,039 CVS Caremark Corp. COM 126650100 73,744 1,341,047 SH SOLE 1,2 1,167,547 0 173,500 DCP Midstream Partners LP COM 23311P100 27 570 SH SOLE 1 570 0 - DCT Industrial Trust Inc. COM 233153105 249,516 33,718,428 SH SOLE 1,2 27,238,228 0 6,480,200 DDR Corp. COM 23317H102 547,598 31,435,014 SH SOLE 1,2 17,404,278 0 14,030,736 Deere & Co COM 244199105 33,288 387,157 SH SOLE 1 346,757 0 40,400 Devon Energy Corp. COM 25179M103 67,724 1,200,353 SH SOLE 1,2 1,103,153 0 97,200 Diamondrock Hospitality Co. COM 252784301 103,134 11,077,718 SH SOLE 1 - 0 11,077,718 Digital Realty Trust Inc. COM 253868103 733,247 10,958,700 SH SOLE 1,2 6,597,391 0 4,361,309 DNP Select Income Fund COM 23325P104 4,278 421,941 SH SOLE 1 421,941 0 - Douglas Emmett Inc. COM 25960P109 358,896 14,396,164 SH SOLE 1,2 9,786,775 0 4,609,389 Dow Chemical COM 260543103 1,270 39,900 SH SOLE 1 36,800 0 3,100 DR Horton Inc. COM 23331A109 39,785 1,637,234 SH SOLE 1,2 1,454,659 0 182,575 Duke Energy Corp. COM 26441C204 50,190 691,421 SH SOLE 1 691,421 0 - Duke Realty Corp. COM 264411505 434,805 25,606,894 SH SOLE 1,2 13,619,550 0 11,987,344 Dupont Fabros Technology COM 26613Q106 20,182 831,574 SH SOLE 1,2 594,793 0 236,781 Inc. Eaton Vance Floating Rate COM 278279104 6,421 366,258 SH SOLE 1 366,258 0 - Income Trust Eaton Vance Limited COM 27828H105 4,197 245,437 SH SOLE 1 245,437 0 - Duration Fund Eaton Vance Senior Income Tr COM 27826S103 5,488 723,987 SH SOLE 1 723,987 0 - Eaton Vance Sr Fltg Rate COM 27828Q105 5,820 349,526 SH SOLE 1 349,526 0 - Trust Eaton Vance T/A Global COM 27828S101 7,921 498,800 SH SOLE 1 498,800 0 - Dividend Income Eaton Vance T/M Buy-Write COM 27828Y108 15,006 1,147,272 SH SOLE 1 1,147,272 0 - Opportunity Eaton Vance Tax Adv Global COM 27828U106 5,705 245,900 SH SOLE 1 245,900 0 - Dividend O Eaton Vance Tax Man Global COM 27829C105 5,346 477,365 SH SOLE 1 477,365 0 - Br Eaton Vance Tax-Adv Dvd. COM 27828G107 12,501 669,951 SH SOLE 1 669,951 0 - Inc. Fund Eaton Vance Tax-Managed COM 27828N102 15,806 1,555,717 SH SOLE 1 1,555,717 0 - Dividend Eaton Vance Tax-Managed COM 27829F108 14,167 1,520,062 SH SOLE 1 1,520,062 0 - Global Ecolab Inc. COM 278865100 17,195 214,457 SH SOLE 1,2 187,787 0 26,670 Education Realty Trust Inc. COM 28140H104 97,752 9,283,186 SH SOLE 1,2 7,102,542 0 2,180,644 El Paso Pipeline Partners LP COM 283702108 4,295 97,925 SH SOLE 1 97,925 0 - Emeritus Corp COM 291005106 25,950 933,799 SH SOLE 1 933,799 0 - Emerson Electric Co COM 291011104 14,519 259,871 SH SOLE 1 253,971 0 5,900 Enbridge Energy Mana COM 29250X103 1,260 41,705 SH SOLE 1 41,705 0 - Enbridge Energy Partners LP COM 29250R106 55 1,831 SH SOLE 1 1,831 0 - Enbridge Inc COM 29250N105 96,070 2,063,477 SH SOLE 1 2,063,477 0 - Energy Select Sector Spdr COM 81369Y506 3,823 48,200 SH SOLE 1 48,200 0 - Energy Transfer Equity Lp COM 29273V100 24,119 412,431 SH SOLE 1 412,431 0 - Energy Transfer Partners LP COM 29273R109 5,147 101,535 SH SOLE 1 101,535 0 - Ensco PLC COM G3157S106 1,962 32,700 SH SOLE 1 32,700 0 - Enterprise Products Partners COM 293792107 51,283 850,608 SH SOLE 1 850,608 0 -

FORM 13F INFORMATION TABLE 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 MANAGERS SOLE SHARED NONE ---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ---------- EPR Properties 9% E PFD 26884U307 10,368 319,616 SH SOLE 1 211,000 0 108,616 EQT Midstream Partners LP COM 26885B100 23,186 597,575 SH SOLE 1 597,575 0 - Equity Lifestyle Properties COM 29472R108 47,294 615,804 SH SOLE 1,2 461,851 0 153,953 Equity Residential COM 29476L107 874,562 15,883,791 SH SOLE 1,2 7,779,077 0 8,104,714 Essex Property Trust Inc. COM 297178105 327,767 2,176,700 SH SOLE 1,2 1,416,573 0 760,127 EV Energy Partner LP COM 26926V107 49 900 SH SOLE 1 900 0 - Exelon Corp. COM 30161N101 40,473 1,173,822 SH SOLE 1 1,173,822 0 - Exterran Partners Lp COM 30225N105 1,222 46,510 SH SOLE 1 46,510 0 - Extra Space Storage Inc. COM 30225T102 367,539 9,359,272 SH SOLE 1,2 5,041,983 0 4,317,289 Exxon Mobil Corp. COM 30231G102 97,712 1,084,368 SH SOLE 1,2 960,168 0 124,200 Federal Realty Investment COM 313747206 175,928 1,628,361 SH SOLE 1,2 7,865 0 1,620,496 Trust Financial Select Sector SPDR COM 81369Y605 1,864 102,500 SH SOLE 1 102,500 0 - First Industrial Realty COM 32054K103 101,762 5,940,568 SH SOLE 1,2 990,645 0 4,949,923 Trust First Trust Aberdeen Global COM 337319107 3,744 210,700 SH SOLE 1 210,700 0 - Fund First Trust Energy Income COM 33738G104 8,111 226,880 SH SOLE 1 226,880 0 - and Growth Fund First Trust MLP and Energy COM 33739B104 6,935 331,639 SH SOLE 1 331,639 0 - Inc First Trust Strategic High COM 337353304 2,024 117,254 SH SOLE 1 117,254 0 - Income Fund II First Trust/Four Crns Sr F 2 COM 33733U108 356 22,000 SH SOLE 1 22,000 0 - Flah & Crum/Claymore COM 338478100 7,343 359,072 SH SOLE 1 359,072 0 - Preferred S I Flah & Crum/Claymore Total COM 338479108 5,339 252,100 SH SOLE 1 252,100 0 - Return Fund Ford Motor Co COM 345370860 44,611 3,392,500 SH SOLE 1,2 2,958,100 0 434,400 Forest City Enterprises Cl A COM 345550107 169,011 9,511,018 SH SOLE 1,2 8,008,988 0 1,502,030 Franco-Nevada Corp COM 351858105 388 8,498 SH SOLE 1 8,498 0 - Franklin Templeton Ltd COM 35472T101 1,248 84,200 SH SOLE 1 84,200 0 - Duration Inc Fund Freeport-Mcmoran Copper COM 35671D857 20,939 632,600 SH SOLE 1,2 571,500 0 61,100 Gabelli Dividend & Income COM 36242H104 12,289 648,169 SH SOLE 1 648,169 0 - Trust Gabelli Equity Trust COM 362397101 10,649 1,643,300 SH SOLE 1 1,643,300 0 - GasLog Ltd. COM G37585109 2,987 232,291 SH SOLE 1 232,291 0 - General Dynamics Corp. COM 369550108 42,591 604,044 SH SOLE 1 601,944 0 2,100 General Electric Co. COM 369604103 85,833 3,712,496 SH SOLE 1,2 3,257,296 0 455,200 General Growth Properties COM 370023103 628,912 31,635,420 SH SOLE 1,2 17,626,517 0 14,008,903 Genesis Energy LP COM 371927104 68 1,420 SH SOLE 1 1,420 0 - Gladstone Land Corp COM 376549101 123 7,900 SH SOLE 1 7,900 0 - Glimcher Realty Trust COM 379302102 237,536 20,477,270 SH SOLE 1,2 17,690,586 0 2,786,684 Golar LNG Partners LP COM Y2745C102 15,966 483,810 SH SOLE 1 483,810 0 - Goldman Sachs Group Inc. COM 38141G104 36,425 247,536 SH SOLE 1,2 230,236 0 17,300 Google Inc. Cl A COM 38259P508 5,399 6,800 SH SOLE 1,2 3,200 0 3,600 Grupo Aeroportuario PAC - ADR 400506101 3,914 66,781 SH SOLE 1 66,781 0 - ADR Guggenheim Strategic Opp COM 40167F101 2,060 88,300 SH SOLE 1 88,300 0 - Fund Halliburton Co COM 406216101 190 4,698 SH SOLE 1 4,698 0 - Harris Corp. COM 413875105 524 11,300 SH SOLE 1 10,200 0 1,100 Hartford Financial Svcs Grp COM 416515104 52 2,000 SH SOLE 1 - 0 2,000 HCC Insurance Holdings Inc. COM 404132102 21,855 519,975 SH SOLE 1 516,575 0 3,400 HCP Inc COM 40414L109 726,615 14,573,095 SH SOLE 1,2 6,574,688 0 7,998,407 Health Care REIT Inc. COM 42217K106 565,233 8,323,262 SH SOLE 1,2 4,894,888 0 3,428,374 Healthcare Trust of America COM 42225P105 110,922 9,440,186 SH SOLE 1,2 8,611,781 0 828,405 Hersha Hospitality Trust COM 427825104 164,035 28,088,126 SH SOLE 1,2 21,699,601 0 6,388,525 Highwoods Properties Inc. COM 431284108 264,214 6,677,138 SH SOLE 1,2 5,163,308 0 1,513,830

FORM 13F INFORMATION TABLE 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 MANAGERS SOLE SHARED NONE ---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ---------- Home Depot Inc. COM 437076102 4,040 57,900 SH SOLE 1,2 - 0 57,900 Home Properties Inc. COM 437306103 269,760 4,253,541 SH SOLE 1,2 2,271,486 0 1,982,055 Hospitality Properties Trust COM 44106M102 135,489 4,937,656 SH SOLE 1,2 4,020,863 0 916,793 Host Hotels & Resorts Inc. COM 44107P104 636,606 36,398,302 SH SOLE 1,2 7,190,295 0 29,208,007 HSBC Holdings PLC 6.20% PFD 404280604 362 14,297 SH SOLE 1 12,800 0 1,497 (HBC A) Hudson Pacific Prop COM 444097109 178,384 8,201,565 SH SOLE 1,2 6,732,664 0 1,468,901 Huntington Bancshares 8.5% PFD 446150401 53,739 41,755 SH SOLE 1 41,755 0 - CV (HBANP) Hyatt Hotels Corp CL A COM 448579102 178,190 4,121,916 SH SOLE 1,2 3,484,206 0 637,710 I Shares Gold Trust COM 464285105 4,867 313,600 SH SOLE 1 313,600 0 - Inergy LP COM 456615103 2,330 114,025 SH SOLE 1 114,025 0 - Inergy Midstream Lp COM 45671U106 1,001 41,000 SH SOLE 1 41,000 0 - ING Prime Rate Trust COM 44977W106 894 139,100 SH SOLE 1 139,100 0 - Intel Corp. COM 458140100 2,980 136,400 SH SOLE 1,2 26,500 0 109,900 International Business COM 459200101 10,437 48,933 SH SOLE 1,2 17,533 0 31,400 Machines Corp. Ishares Silver Trust COM 46428Q109 1,681 61,300 SH SOLE 1 61,300 0 - iStar Financial Inc. COM 45031U101 218 20,000 SH SOLE 1 20,000 0 - John Hancock Investors Trust COM 410142103 766 34,098 SH SOLE 1 34,098 0 - John Hancock T/A Dividend COM 41013V100 4,766 238,290 SH SOLE 1 238,290 0 - Income Fund Johnson & Johnson COM 478160104 42,656 523,200 SH SOLE 1,2 465,200 0 58,000 JP Morgan Chase & Co COM 46625H100 85,381 1,799,019 SH SOLE 1,2 1,675,119 0 123,900 Kayne Anderson Energy Total COM 48660P104 7,369 247,624 SH SOLE 1 247,624 0 - Return Kayne Anderson COM 48661E108 4,332 130,490 SH SOLE 1 130,490 0 - MidstreamEnergy Kayne Anderson MLP COM 486606106 1,920 55,300 SH SOLE 1 55,300 0 - Investment KB Home COM 48666K109 5 242 SH SOLE 1 242 0 - Keycorp 7.75% CV (KEY G) PFD 493267405 2,202 16,994 SH SOLE 1 16,994 0 - Kilroy Realty Corp. COM 49427F108 137,795 2,629,669 SH SOLE 1,2 259,799 0 2,369,870 Kimco Realty Corp. COM 49446R109 776,133 34,648,774 SH SOLE 1,2 18,839,578 0 15,809,196 Kinder Morgan Holdco LLC COM 49456B101 13,526 349,688 SH SOLE 1 349,688 0 - Kinder Morgan Manage COM 49455U100 9,035 102,847 SH SOLE 1 102,847 0 - L-3 Communications Holdings COM 502424104 27,552 340,481 SH SOLE 1,2 274,281 0 66,200 Lasalle Hotel Properties COM 517942108 49,008 1,930,980 SH SOLE 1 - 0 1,930,980 Legg Mason BW Global Income COM 52469B100 2,932 145,960 SH SOLE 1 145,960 0 - Lexington Corp Pr C CV PFD 529043309 11,132 226,349 SH SOLE 1 209,536 0 16,813 Liberty Property Trust COM 531172104 156,412 3,934,887 SH SOLE 1 - 0 3,934,887 Linn Co Llc COM 535782106 3,133 80,226 SH SOLE 1 80,226 0 - Linn Energy Llc-Units COM 536020100 74 1,965 SH SOLE 1 1,965 0 - LMP Real Estate Income Fund COM 50208C108 858 65,300 SH SOLE 1 65,300 0 - Mack-Cali Realty Corp. COM 554489104 330,537 11,553,209 SH SOLE 1,2 6,060,703 0 5,492,506 Macquarie Global Infr Tot Rt COM 55608D101 1,626 76,779 SH SOLE 1 76,779 0 - Magellan Midstream Partners COM 559080106 2,555 47,820 SH SOLE 1 47,820 0 - Marathon Oil Corp. COM 565849106 489 14,502 SH SOLE 1 14,502 0 - Marathon Petroleum Corp. COM 56585A102 33,915 378,516 SH SOLE 1,2 327,416 0 51,100 Market Vectors Gold Miners COM 57060U100 2,604 68,800 SH SOLE 1 68,800 0 - Market Vectors Oil Service COM 57060U191 5,479 127,600 SH SOLE 1 127,600 0 - ETF MarkWest Energy Partners LP COM 570759100 68,404 1,125,999 SH SOLE 1 1,125,999 0 - McDonald's Corp. COM 580135101 37,341 374,571 SH SOLE 1,2 328,071 0 46,500 Mckesson Corp. COM 58155Q103 227 2,100 SH SOLE 1 - 0 2,100 Merck & Co Inc COM 58933Y105 41,266 932,990 SH SOLE 1,2 847,690 0 85,300 MFS Multimarket Income Trust COM 552737108 1,370 186,100 SH SOLE 1 186,100 0 - Microsoft Corp. COM 594918104 24,604 859,975 SH SOLE 1,2 555,275 0 304,700 Mid-America Apartment COM 59522J103 166,100 2,405,153 SH SOLE 1,2 1,878,963 0 526,190 Communities

FORM 13F INFORMATION TABLE 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 MANAGERS SOLE SHARED NONE ---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ---------- Monsanto Co COM 61166W101 6,701 63,434 SH SOLE 1,2 25,034 0 38,400 Mosaic Company COM 61945C103 796 13,361 SH SOLE 1 13,361 0 - MPLX LP COM 55336V100 15,160 404,800 SH SOLE 1 404,800 0 - National Retail Properties COM 637417106 288,663 7,980,730 SH SOLE 1,2 5,362,674 0 2,618,056 National-Oilwell Inc COM 637071101 22,503 318,065 SH SOLE 1,2 273,665 0 44,400 NATL WESTMINSTER 7.76% (NW PFD 638539882 28,677 1,119,306 SH SOLE 1 1,113,587 0 5,719 C) Natural Resource Partners LP COM 63900P103 20 860 SH SOLE 1 860 0 - New America High Income Fund COM 641876800 6,844 648,678 SH SOLE 1 648,678 0 - Newmont Mining Corp COM 651639106 14,062 335,700 SH SOLE 1,2 289,700 0 46,000 News Corp Ltd COM 65248E104 22,315 731,145 SH SOLE 1,2 591,145 0 140,000 NextEra Energy Inc COM 65339F101 152,541 1,963,712 SH SOLE 1,2 1,870,512 0 93,200 NFJ Dividend Interest & COM 01883A107 2,203 131,000 SH SOLE 1 131,000 0 - Preferred Strategy NGL Energy Partners LP COM 62913M107 538 20,000 SH SOLE 1 20,000 0 - Noble Energy Inc COM 655044105 495 4,284 SH SOLE 1 4,284 0 - Nordstrom Inc. COM 655664100 27,280 493,939 SH SOLE 1,2 413,039 0 80,900 Norfolk Southern Corp. COM 655844108 46,776 606,850 SH SOLE 1,2 531,450 0 75,400 Northstar Rlty Fin C COM 66704R100 1,993 210,250 SH SOLE 1 210,250 0 - NuStar Energy LP COM 67058H102 421 7,900 SH SOLE 1 7,900 0 - NuStar GP Holdings LLC COM 67059L102 1,693 52,088 SH SOLE 1 52,088 0 - Nuveen Diversified Currency COM 67090N109 3,008 232,100 SH SOLE 1 232,100 0 - Opportunities Fund Nuveen Energy MLP Total COM 67074U103 5,181 253,223 SH SOLE 1 253,223 0 - Return Nuveen Equity Premium COM 6706EM102 1,566 124,300 SH SOLE 1 124,300 0 - Opportunity Fund Nuveen Floating rate Income COM 67072T108 4,108 311,900 SH SOLE 1 311,900 0 - Nuveen Floating Rate Income COM 6706EN100 2,873 212,000 SH SOLE 1 212,000 0 - Opportunity Fund Nuveen Global Government Enh COM 67073C104 2,076 148,100 SH SOLE 1 148,100 0 - Nuveen Mtg Opportunity COM 670735109 882 29,300 SH SOLE 1 29,300 0 - Nuveen Mtg Oppty Term F COM 67074R100 938 31,400 SH SOLE 1 31,400 0 - Nuveen Multi-Strategy COM 67073D102 22,088 2,113,647 SH SOLE 1 2,113,647 0 - Income & Growth 2 Nuveen Preferred & Income COM 67075A106 3,299 128,869 SH SOLE 1 128,869 0 - Term Fund Nuveen Preferred Income COM 67073B106 17,327 1,687,164 SH SOLE 1 1,687,164 0 - Opportunities Fund Nuveen Real Estate Income COM 67071B108 4,437 354,639 SH SOLE 1 354,639 0 - Fund Nuveen Short Duration Credit COM 67074X107 4,640 222,205 SH SOLE 1 222,205 0 - Nuveen Tax-Adv Tot Ret Strat COM 67090H102 1,796 153,900 SH SOLE 1 153,900 0 - Occidental Petroleum Corp. COM 674599105 59,335 757,112 SH SOLE 1,2 674,812 0 82,300 Oiltanking Partners LP COM 678049107 17,758 345,482 SH SOLE 1 345,482 0 - Omega Healthcare Investors COM 681936100 15,806 520,615 SH SOLE 1 520,615 0 - ONEOK Partners LP COM 68268N103 130 2,265 SH SOLE 1 2,265 0 - Oracle Corp. COM 68389X105 96,647 2,988,472 SH SOLE 1,2 2,588,272 0 400,200 Orient Express Hotels Ltd. COM G67743107 98,745 10,014,703 SH SOLE 1,2 8,622,779 0 1,391,924 A Owens Corning COM 690742101 46,078 1,168,600 SH SOLE 1,2 1,024,900 0 143,700 P G & E Corp. COM 69331C108 57,077 1,281,760 SH SOLE 1 1,281,760 0 - Paa Natural Gas Storage Lp COM 693139107 1,134 53,005 SH SOLE 1 53,005 0 - Parkway Properties Inc. COM 70159Q104 120,521 6,497,110 SH SOLE 1,2 5,624,431 0 872,679 Pebblebrook Hotel Trust COM 70509V100 36,991 1,434,320 SH SOLE 1 1,313,288 0 121,032 Pembina Pipeline Corp COM 706327103 799 25,300 SH SOLE 1 25,300 0 - Penn Natl Gaming Inc COM 707569109 73 1,339 SH SOLE 1 1,339 0 - Pepsico Inc. COM 713448108 21,594 272,960 SH SOLE 1,2 215,660 0 57,300 Petroleo Brasileiro SA ADR 71654V101 446 24,563 SH SOLE 1 24,563 0 - Petsmart Inc COM 716768106 26,004 418,744 SH SOLE 1,2 348,844 0 69,900

FORM 13F INFORMATION TABLE 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 MANAGERS SOLE SHARED NONE ---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ---------- Pfizer Inc. COM 717081103 66,034 2,288,094 SH SOLE 1,2 2,079,394 0 208,700 Philip Morris International COM 718172109 57,052 615,382 SH SOLE 1,2 494,782 0 120,600 PIMCO Corporate Opportunity COM 72201B101 8,305 385,933 SH SOLE 1 385,933 0 - Pimco Dynamic Credit Income COM 72202D106 1,822 73,400 SH SOLE 1 73,400 0 - Pimco Dynamic Income Fund COM 72201Y101 12,818 412,158 SH SOLE 1 412,158 0 - PIMCO High Income Fund COM 722014107 14,833 1,201,032 SH SOLE 1 1,201,032 0 - PIMCO Income Opportunity COM 72202B100 17,502 566,227 SH SOLE 1 566,227 0 - Fund PIMCO Income Strategy Fund COM 72201J104 6,868 599,300 SH SOLE 1 599,300 0 - II Pimco Municipal Income Fund COM 72200W106 71 5,514 SH SOLE 1 5,514 0 - II Pioneer Diversified High COM 723653101 7,131 330,161 SH SOLE 1 330,161 0 - Income Pioneer Floating Rate Trust COM 72369J102 6,179 447,123 SH SOLE 1 447,123 0 - Pioneer High Income Trust COM 72369H106 1,794 105,730 SH SOLE 1 105,730 0 - Plains All American COM 726503105 3,601 63,754 SH SOLE 1 63,754 0 - Pipeline LP Plum Creek Timber Co. COM 729251108 6,661 127,600 SH SOLE 1 127,600 0 - PNC Financial Services Group COM 693475105 279 4,200 SH SOLE 1 4,200 0 - Potash Corp of Saskatchewan COM 73755L107 4,477 114,000 SH SOLE 1,2 59,300 0 54,700 Potash Corp of Saskatchewan COM 73755L107 21,474 547,101 SH SOLE 1 542,701 0 4,400 - US PPL Corp. COM 69351T106 30,237 965,723 SH SOLE 1 965,723 0 - Proassurance Corp COM 74267C106 17,214 363,700 SH SOLE 1,2 316,700 0 47,000 Procter & Gamble Co. COM 742718109 35,673 462,921 SH SOLE 1,2 403,221 0 59,700 ProLogis Inc. COM 74340W103 1,356,094 33,919,308 SH SOLE 1,2 17,777,976 0 16,141,332 Prudential Finl Inc COM 744320102 45,487 771,098 SH SOLE 1,2 691,598 0 79,500 PS Business Parks Inc. COM 69360J107 106,687 1,351,832 SH SOLE 1,2 1,198,419 0 153,413 Public Storage COM 74460D109 1,090,467 7,159,055 SH SOLE 1,2 3,584,594 0 3,574,461 Putnam Premier Income Trust COM 746853100 1,926 347,600 SH SOLE 1 347,600 0 - PVR Partners LP COM 693665101 3,659 151,770 SH SOLE 1 151,770 0 - Qualcomm Inc. COM 747525103 41,975 626,965 SH SOLE 1,2 497,565 0 129,400 Questar Corp. COM 748356102 10,292 423,004 SH SOLE 1 423,004 0 - Ramco-Gershenson 7.25% CV PFD 751452608 313 5,000 SH SOLE 1 5,000 0 - Pr.D (RPT D) Ramco-Gershenson Properties COM 751452202 101,413 6,036,489 SH SOLE 1,2 4,811,252 0 1,225,237 Realty Income Corp. COM 756109104 280,833 6,192,565 SH SOLE 1,2 4,590,530 0 1,602,035 Reaves Utility Income Fund COM 756158101 802 30,300 SH SOLE 1 30,300 0 - Redwood Trust Inc. COM 758075402 890 38,410 SH SOLE 1 38,410 0 - Regency Centers Corp. COM 758849103 597,240 11,287,854 SH SOLE 1,2 6,081,577 0 5,206,277 Regency Energy Partners Lp COM 75885Y107 3,419 136,325 SH SOLE 1 136,325 0 - Republic Services Inc. COM 760759100 224 6,800 SH SOLE 1 - 0 6,800 Retail Properties of America COM 76131V202 2,899 195,845 SH SOLE 1 195,845 0 - RLJ Lodging Trust COM 74965L101 266,258 11,698,490 SH SOLE 1,2 6,229,821 0 5,468,669 Rogers Communications Inc COM 775109200 6,374 124,800 SH SOLE 1 55,500 0 69,300 Rose Rock Midstream LP COM 777149105 12,030 303,410 SH SOLE 1 303,410 0 - Ross Stores Inc COM 778296103 36,576 603,367 SH SOLE 1,2 531,767 0 71,600 Royal Bank of Scotland PFD 780097770 11,336 510,648 SH SOLE 1 504,750 0 5,898 6.35% (RBS N) Royal Bank of Scotland 6.6% PFD 780097739 21,687 937,221 SH SOLE 1 931,022 0 6,199 (RBS S) Royal Bank Scotland 6.4% PFD 780097796 13,276 594,817 SH SOLE 1 589,040 0 5,777 (RBS M) Royce Value Trust COM 780910105 7,129 473,400 SH SOLE 1 473,400 0 - SBA Communications Corp. Cl COM 78388J106 71,119 987,484 SH SOLE 1 987,484 0 - A Schlumberger Ltd. COM 806857108 52,855 705,773 SH SOLE 1,2 658,573 0 47,200 Semgroup Corp COM 81663A105 16,186 312,951 SH SOLE 1 312,951 0 - Sempra Energy COM 816851109 94,604 1,183,442 SH SOLE 1 1,180,042 0 3,400

FORM 13F INFORMATION TABLE 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 MANAGERS SOLE SHARED NONE ---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ---------- Senior Housing Properties COM 81721M109 123,574 4,605,821 SH SOLE 1 - 0 4,605,821 Trust Simon Property Group Inc. COM 828806109 3,552,490 22,404,707 SH SOLE 1,2 12,108,336 0 10,296,371 SL Green Realty Corp. COM 78440X101 633,745 7,359,714 SH SOLE 1,2 4,196,769 0 3,162,945 Southcross Energy Partners L COM 84130C100 6,087 300,600 SH SOLE 1 300,600 0 - Southern Co COM 842587107 55,743 1,188,054 SH SOLE 1 1,188,054 0 - Sovran Self Storage Inc. COM 84610H108 216,643 3,359,329 SH SOLE 1,2 2,763,790 0 595,539 SPDR Trust Series 1 COM 78462F103 2,035 13,000 SH SOLE 1 13,000 0 - Spectra Energy Corp. COM 847560109 18,889 614,274 SH SOLE 1 614,274 0 - Sprott Physical Gold Tr COM 85207H104 6,846 506,000 SH SOLE 1 506,000 0 - Sprott Physical Silver Trust COM 85207K107 2,151 191,900 SH SOLE 1 191,900 0 - STAG Industrial COM 85254J102 49,657 2,334,585 SH SOLE 1,2 2,117,193 0 217,392 Stanley Black & Decker Inc COM 854502101 13,118 162,010 SH SOLE 1,2 141,010 0 21,000 Starbucks Corp COM 855244109 3,184 55,900 SH SOLE 1 - 0 55,900 Starwood Hotels & Resorts COM 85590A401 106,035 1,663,810 SH SOLE 1 1,559,298 0 104,512 Starwood Property Trust Inc COM 85571B105 1,923 69,275 SH SOLE 1 69,275 0 - Stone Harbor Emerging Market COM 86164T107 1,845 75,100 SH SOLE 1 75,100 0 - Strategic Hotels & Resorts I COM 86272T106 175,432 21,009,872 SH SOLE 1,2 17,829,119 0 3,180,753 Stratus Properties Inc. COM 863167201 1,323 82,511 SH SOLE 1 82,511 0 - Suburban Propane Partners LP COM 864482104 2,182 49,044 SH SOLE 1 49,044 0 - Sun Communities Inc. COM 866674104 81,421 1,650,530 SH SOLE 1,2 1,499,008 0 151,522 Suncor Energy Inc COM 867224107 749 24,990 SH SOLE 1 20,590 0 4,400 Sunoco Logistics Partners LP COM 86764L108 79 1,215 SH SOLE 1 1,215 0 - Sunstone Hotel Investors COM 867892101 55,887 4,540,003 SH SOLE 1,2 3,003,300 0 1,536,703 Inc. Sunstone Hotel Pr. D PFD 867892507 21,986 824,045 SH SOLE 1 469,870 0 354,175 Symantec Corp COM 871503108 55,712 2,257,394 SH SOLE 1,2 1,990,594 0 266,800 Syngenta AG -ADR ADR 87160A100 1,307 15,600 SH SOLE 1 15,600 0 - Tanger Factory Outlet Center COM 875465106 270,124 7,466,105 SH SOLE 1,2 5,053,399 0 2,412,706 Targa Resources Corp COM 87612G101 5,587 82,210 SH SOLE 1 82,210 0 - Targa Resources Partners Lp COM 87611X105 845 18,351 SH SOLE 1 18,351 0 - Taubman Centers Inc. COM 876664103 13,522 174,121 SH SOLE 1 174,121 0 - TC Pipelines LP COM 87233Q108 35 715 SH SOLE 1 715 0 - Templeton Global Income Fund COM 880198106 4,720 503,199 SH SOLE 1 503,199 0 - Terreno Realty Corp COM 88146M101 5,239 291,404 SH SOLE 1 291,404 0 - Tesoro Logistics LP COM 88160T107 18,991 351,879 SH SOLE 1 351,879 0 - The Macerich Co. COM 554382101 212,408 3,299,289 SH SOLE 1 365,543 0 2,933,746 The St. Joe Co. COM 790148100 3,513 165,333 SH SOLE 1 165,333 0 - Thermo Fisher Scientific COM 883556102 43,962 574,744 SH SOLE 1,2 502,557 0 72,187 Inc. Tiffany & Co New COM 886547108 2,656 38,200 SH SOLE 1,2 10,100 0 28,100 Time Warner Cable In COM 88732J207 45,019 468,652 SH SOLE 1,2 416,952 0 51,700 Toll Brothers Inc COM 889478103 1,348 39,374 SH SOLE 1 39,374 0 - Toronto-Dominion Bank COM 891160509 1,141 13,700 SH SOLE 1,2 13,700 0 - Tri Pointe Homes LLC COM 87265H109 18,097 898,126 SH SOLE 1 898,126 0 - UDR Inc. COM 902653104 609,409 25,192,583 SH SOLE 1,2 14,565,580 0 10,627,003 UMH Properties 8.25% PFD 903002202 4,256 160,000 SH SOLE 1 50,000 0 110,000 (UMH.PRA) United Parcel Service Cl B COM 911312106 40,112 466,958 SH SOLE 1,2 374,658 0 92,300 United Technologies Corp. COM 913017109 8,602 92,073 SH SOLE 1,2 36,673 0 55,400 Unitedhealth Group Inc. COM 91324P102 63,562 1,111,021 SH SOLE 1,2 963,171 0 147,850 Universal Health Svc COM 913903100 35,307 552,800 SH SOLE 1,2 481,900 0 70,900 US Bancorp COM 902973304 56,945 1,678,302 SH SOLE 1,2 1,544,602 0 133,700 USA Compression Partners LP COM 90290N109 13,580 679,000 SH SOLE 1 679,000 0 - Valero Energy Corp. COM 91913Y100 415 9,126 SH SOLE 1 9,126 0 - Ventas Inc. COM 92276F100 1,383,429 18,899,300 SH SOLE 1,2 10,423,406 0 8,475,894 Verizon Communications Inc. COM 92343V104 19,970 406,300 SH SOLE 1 406,300 0 - Visa Inc.-Class A Shares COM 92826C839 58,397 343,834 SH SOLE 1,2 289,734 0 54,100 Vodafone Group PLC ADR ADR 92857W209 2,332 82,100 SH SOLE 1 82,100 0 - Vornado Realty Trust COM 929042109 1,159,087 13,858,048 SH SOLE 1,2 6,927,043 0 6,931,005

FORM 13F INFORMATION TABLE 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 MANAGERS SOLE SHARED NONE ---------------------------- -------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ---------- Wal-Mart Stores Inc. COM 931142103 7,767 103,800 SH SOLE 1,2 18,500 0 85,300 Walt Disney Co. COM 254687106 84,031 1,479,419 SH SOLE 1,2 1,324,619 0 154,800 Washington Real Estate COM 939653101 1,176 42,256 SH SOLE 1 42,256 0 - Investment Weingarten Realty Investors COM 948741103 234,068 7,418,958 SH SOLE 1,2 2,354,481 0 5,064,477 Wells Fargo & Co. COM 949746101 92,431 2,498,808 SH SOLE 1,2 2,274,308 0 224,500 Wells Fargo Advantage COM 94987B105 7,308 728,600 SH SOLE 1 728,600 0 - Income Opportunities Fund Wells Fargo Advantage COM 94987D101 3,209 195,800 SH SOLE 1 195,800 0 - Multi-sector Wells Fargo Co 7.5% (WFC L) PFD 949746804 55,932 43,400 SH SOLE 1 43,400 0 - Westar Energy Inc. COM 95709T100 196 5,900 SH SOLE 1 - 0 5,900 Western Asset Global Cp COM 95790C107 1,435 71,806 SH SOLE 1 71,806 0 - Western Asset Global High In COM 95766B109 4,742 342,100 SH SOLE 1 342,100 0 - Western Asset High Income COM 95766J102 2,025 202,535 SH SOLE 1 202,535 0 - Fund II Western Asset High Yield COM 95768B107 1,470 77,400 SH SOLE 1 77,400 0 - Defined Opportunity Western Asset Premier Bond COM 957664105 908 58,561 SH SOLE 1 58,561 0 - Western Gas Partners LP COM 958254104 53 895 SH SOLE 1 895 0 - Weyerhaeuser Co COM 962166104 31,802 1,013,449 SH SOLE 1,2 943,249 0 70,200 Williams Cos Inc. COM 969457100 75,337 2,011,120 SH SOLE 1 2,011,120 0 - Williams Partners LP COM 96950F104 1,466 28,305 SH SOLE 1 28,305 0 - Wisconsin Energy Corp. COM 976657106 78,065 1,820,117 SH SOLE 1,2 1,713,625 0 106,492 WP Carey Inc COM 92936U109 94,098 1,396,120 SH SOLE 1,2 1,241,208 0 154,912 WW Grainger Inc COM 384802104 4,320 19,200 SH SOLE 1,2 5,500 0 13,700 Yamana Gold Inc COM 98462Y100 310 20,133 SH SOLE 1 20,133 0 -