The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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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 MANAGER SOLE SHARED NONE
American Electric Power Co. In COM 025537101 1,146 20,550 SH   SOLE   20,550 0 0
American Homes 4 Rent COM 02665T306 47,903 2,697,250 SH   SOLE   1,846,250 0 851,000
American Realty Capital Proper COM 02917T104 267,625 21,358,714 SH   SOLE   9,072,181 0 12,286,533
American Residential Propertie COM 02927E303 20,079 1,070,855 SH   SOLE   668,455 0 402,400
American Tower Corp. COM 03027X100 1,585 17,620 SH   SOLE   17,620 0 0
American Water Works Co. COM 030420103 815 16,480 SH   SOLE   16,480 0 0
AvalonBay Communities Inc. COM 053484101 471,386 3,315,187 SH   SOLE   1,513,769 0 1,801,418
Aviv REIT Inc COM 05381L101 332 11,800 SH   SOLE   11,800 0 0
Biomed Realty Trust Inc. COM 09063H107 198,137 9,076,350 SH   SOLE   4,450,400 0 4,625,950
Boston Properties Inc. COM 101121101 373,261 3,158,407 SH   SOLE   1,372,724 0 1,785,683
Brandywine Realty Trust SBI COM 105368203 185,681 11,902,611 SH   SOLE   7,495,126 0 4,407,485
Brixmor Property Group COM 11120U105 98,381 4,286,774 SH   SOLE   2,003,774 0 2,283,000
Camden Property Trust COM 133131102 69,684 979,400 SH   SOLE   956,200 0 23,200
CBL and Associates Properties COM 124830100 28,750 1,513,132 SH   SOLE   1,417,332 0 95,800
Cousins Properties Inc. COM 222795106 56,338 4,525,120 SH   SOLE   2,389,380 0 2,135,740
CSX Corporation COM 126408103 1,361 44,190 SH   SOLE   44,190 0 0
CubeSmart COM 229663109 58,903 3,215,254 SH   SOLE   1,769,253 0 1,446,001
DCP Midstream Partners L.P. COM 23311P100 1,388 24,351 SH   SOLE   24,351 0 0
DCT Industrial Trust COM 233153105 162,136 19,748,556 SH   SOLE   9,749,116 0 9,999,440
DDR Corp. COM 23317H102 292,409 16,585,899 SH   SOLE   7,814,939 0 8,770,960
Digital Realty Trust Inc. COM 253868103 19,000 325,797 SH   SOLE   86,140 0 239,657
Dominion Resources Inc. (Virgi COM 25746U109 1,697 23,722 SH   SOLE   23,722 0 0
Douglas Emmett Inc. COM 25960P109 280,623 9,944,102 SH   SOLE   5,657,702 0 4,286,400
Duke Realty Corporation COM 264411505 261,900 14,421,831 SH   SOLE   6,308,431 0 8,113,400
Edison International COM 281020107 758 13,050 SH   SOLE   13,050 0 0
Energy Transfer Equity L.P. COM 29273V100 936 15,880 SH   SOLE   15,880 0 0
Energy Transfer Partners L.P. COM 29273R109 263 4,538 SH   SOLE   4,538 0 0
EnLink Midstream Partners LP COM 29336U107 1,326 42,184 SH   SOLE   42,184 0 0
Enterprise Products Partners L COM 293792107 1,712 21,873 SH   SOLE   21,873 0 0
EPR Properties COM 26884U109 43,858 785,000 SH   SOLE   404,800 0 380,200
EQT Midstream Partners, L.P. COM 26885B100 470 4,858 SH   SOLE   4,858 0 0
Equity Residential COM 29476L107 592,356 9,402,483 SH   SOLE   4,175,914 0 5,226,569
Essex Property Trust Inc. COM 297178105 479,024 2,590,577 SH   SOLE   1,103,501 0 1,487,076
Extended Stay America, Inc. COM 30224P200 24,125 1,041,688 SH   SOLE   333,100 0 708,588
Federal Realty Investment Trus COM 313747206 92,761 767,125 SH   SOLE   364,284 0 402,841
First Industrial Realty Trust COM 32054K103 21,118 1,120,900 SH   SOLE   956,900 0 164,000
FirstEnergy Corp. COM 337932107 642 18,500 SH   SOLE   18,500 0 0
Forest City Cl. A COM 345550107 1,264 63,600 SH   SOLE   35,400 0 28,200
General Growth Properties COM 370023103 395,265 16,776,937 SH   SOLE   7,822,991 0 8,953,946
HCP Inc. COM 40414L109 110,628 2,673,455 SH   SOLE   1,027,755 0 1,645,700
Health Care REIT Inc. COM 42217K106 562,250 8,971,594 SH   SOLE   4,087,043 0 4,884,551
HealthCare Realty Trust COM 421946104 184,882 7,273,110 SH   SOLE   3,685,888 0 3,587,222
Healthcare Trust of America In COM 42225P105 84,169 6,990,740 SH   SOLE   3,209,400 0 3,781,340
Hersha Hospitality Trust COM 427825104 356 53,000 SH   SOLE   53,000 0 0
Highwoods Properties Inc. COM 431284108 225,345 5,371,744 SH   SOLE   2,325,917 0 3,045,827
Hilton Worldwide Holdings Inc. COM 43300A104 202,153 8,676,085 SH   SOLE   4,895,985 0 3,780,100
Home Properties Inc. COM 437306103 25,539 399,300 SH   SOLE   375,900 0 23,400
Hospitality Properties Trust COM 44106M102 11,351 373,400 SH   SOLE   83,400 0 290,000
Host Hotels & Resorts Inc. COM 44107P104 741,970 33,710,582 SH   SOLE   16,926,667 0 16,783,915
Kilroy Realty Corp. COM 49427F108 421,709 6,771,180 SH   SOLE   3,656,580 0 3,114,600
Kimco Realty Corp. COM 49446R109 186,872 8,131,920 SH   SOLE   3,112,090 0 5,019,830
Lexington Corporate Properties COM 529043101 117,848 10,703,699 SH   SOLE   4,121,199 0 6,582,500
Liberty Property Trust COM 531172104 425,893 11,228,382 SH   SOLE   6,036,679 0 5,191,703
Macerich Co. COM 554382101 442,230 6,625,175 SH   SOLE   3,345,047 0 3,280,128
Mack-Cali Realty Corp. COM 554489104 256 11,900 SH   SOLE   6,300 0 5,600
Magellan Midstream Partners L. COM 559080106 382 4,547 SH   SOLE   4,547 0 0
National Retail Properties Onc COM 637417106 316 8,500 SH   SOLE   8,500 0 0
Nextera Energy Inc COM 65339F101 1,290 12,590 SH   SOLE   12,590 0 0
NiSource Inc. COM 65473P105 819 20,810 SH   SOLE   20,810 0 0
Northeast Utilities COM 664397106 1,114 23,560 SH   SOLE   23,560 0 0
Omega Healthcare Investors COM 681936100 34,832 944,970 SH   SOLE   944,970 0 0
ONEOK Inc. COM 682680103 878 12,898 SH   SOLE   12,898 0 0
Pattern Energy Group Inc. COM 70338P100 876 26,454 SH   SOLE   26,454 0 0
Pebblebrook Hotel Trust COM 70509V100 79,622 2,154,281 SH   SOLE   852,800 0 1,301,481
Plains All American Pipeline, COM 726503105 1,325 22,066 SH   SOLE   22,066 0 0
Post Properties Inc. COM 737464107 233,768 4,372,772 SH   SOLE   2,439,865 0 1,932,907
PPL Corp. COM 69351T106 807 22,700 SH   SOLE   22,700 0 0
ProLogis Inc. COM 74340W103 574,030 13,970,073 SH   SOLE   6,563,047 0 7,407,026
Public Storage COM 74460D109 286,515 1,672,103 SH   SOLE   693,933 0 978,170
Ramco Gershenson Properties Tr COM 751452202 61,259 3,685,838 SH   SOLE   1,283,900 0 2,401,938
Realty Income Corp COM 756109104 39,726 894,321 SH   SOLE   265,621 0 628,700
Regency Centers Corporation COM 758849103 91,959 1,651,561 SH   SOLE   817,525 0 834,036
Retail Properties of America, COM 76131V202 17,226 1,120,000 SH   SOLE   1,120,000 0 0
Rouse Properties Inc. COM 779287101 17,268 1,009,247 SH   SOLE   1,009,247 0 0
SBA Communications Corp. COM 78388J106 1,542 15,070 SH   SOLE   15,070 0 0
Semgroup Corp. COM 81663A105 1,238 15,700 SH   SOLE   15,700 0 0
Senior Housing Properties Trus COM 81721M109 112,150 4,617,129 SH   SOLE   1,993,829 0 2,623,300
Simon Property Group Inc. COM 828806109 949,704 5,711,472 SH   SOLE   2,322,674 0 3,388,798
SL Green Realty Corp. COM 78440X101 486,668 4,448,110 SH   SOLE   2,322,668 0 2,125,442
Spirit Realty Capital Inc. COM 84860W102 258,651 22,768,578 SH   SOLE   12,406,978 0 10,361,600
Starwood Hotels and Resorts Wo COM 85590A401 46,983 581,330 SH   SOLE   415,930 0 165,400
Strategic Hotels & Resorts, In COM 86272T106 104,244 8,902,140 SH   SOLE   4,470,540 0 4,431,600
Summit Midstream Partners LP COM 866142102 1,247 24,525 SH   SOLE   24,525 0 0
Sun Communities Inc. COM 866674104 54,668 1,096,872 SH   SOLE   557,481 0 539,391
Sunoco Logistics Partners L.P. COM 86764L108 1,572 33,370 SH   SOLE   33,370 0 0
Sunstone Hotel Investors Inc. COM 867892101 141,978 9,509,560 SH   SOLE   4,816,280 0 4,693,280
Tanger Factory Outlet Centers COM 875465106 57,708 1,650,203 SH   SOLE   647,299 0 1,002,904
Targa Resources Corp. COM 87612G101 688 4,928 SH   SOLE   4,928 0 0
Targa Resources Partners L.P. COM 87611X105 206 2,867 SH   SOLE   2,867 0 0
Taubman Centers Inc. COM 876664103 180,194 2,376,918 SH   SOLE   914,845 0 1,462,073
UDR Inc. COM 902653104 583,848 20,392,869 SH   SOLE   10,539,317 0 9,853,552
Union Pacific Corp COM 907818108 1,770 17,740 SH   SOLE   17,740 0 0
Ventas Inc. COM 92276F100 98,403 1,535,149 SH   SOLE   221,431 0 1,313,718
Vornado Realty Trust COM 929042109 494,824 4,636,222 SH   SOLE   2,076,995 0 2,559,227
Washington Prime Group Inc COM 939647103 78,083 4,166,664 SH   SOLE   2,504,271 0 1,662,393
Western Refining Logistics, LP COM 95931Q205 543 16,586 SH   SOLE   16,586 0 0
William Lyon Homes COM 552074700 7,265 238,679 SH   SOLE   238,679 0 0
Williams Cos. COM 969457100 1,802 30,965 SH   SOLE   30,965 0 0
Sunstone Hotels 8.00% Series D CV 8% CUM PFD-D 867892507 2,103 80,100 SH   SOLE   80,100 0 0