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
Alexandria Real Estate Equit COM 015271109 24,982 276,469 SH   SOLE   206,038 0 70,431
American Assets Trust COM 024013104 27,329 712,607 SH   SOLE   164,965 0 547,642
American Tower Corp. COM 03027X100 54,687 564,068 SH   SOLE   329,469 0 234,599
AvalonBay Communities, Inc. COM 053484101 112,054 608,562 SH   SOLE   248,699 0 359,863
Boston Properties, Inc. COM 101121101 68,524 537,272 SH   SOLE   260,590 0 276,682
Brixmor Property Group COM 11120U105 31,762 1,230,138 SH   SOLE   258,149 0 971,989
Brookdale Senrior Living COM 112463104 24,752 1,340,843 SH   SOLE   479,517 0 861,326
Care Capital Properties COM 141624106 24,477 800,671 SH   SOLE   185,853 0 614,818
Chesapeake Lodging Trust COM 165240102 36,565 1,453,267 SH   SOLE   407,632 0 1,045,635
Cousins Properties, Inc. COM 222795106 25,673 2,722,453 SH   SOLE   568,219 0 2,154,234
DCT Industrial Trust COM 233153204 32,118 859,471 SH   SOLE   252,668 0 606,803
DDR Corp. COM 23317H102 49,690 2,950,665 SH   SOLE   942,199 0 2,008,466
Duke Realty Corporation COM 264411505 11,755 559,208 SH   SOLE   433,893 0 125,315
Equinix Inc. COM 29444U700 38,703 127,986 SH   SOLE   53,523 0 74,463
Equity Residential COM 29476L107 163,170 1,999,876 SH   SOLE   825,320 0 1,174,556
Essex Property Trust, Inc. COM 297178105 117,627 491,320 SH   SOLE   227,084 0 264,236
Extra Space Storage, Inc COM 30225T102 69,752 790,749 SH   SOLE   308,225 0 482,524
Federal Realty Investment Tr COM 313747206 90,691 620,749 SH   SOLE   246,294 0 374,455
General Growth Properties COM 370023103 48,491 1,782,126 SH   SOLE   616,306 0 1,165,820
Healthcare Trust of America COM 42225P501 26,140 969,256 SH   SOLE   257,019 0 712,237
Hilton Worldwide Holdings COM 43300A104 17,690 826,655 SH   SOLE   139,240 0 687,415
IShares DJ US Real Estate In COM 464287739 7,765 103,430 SH   SOLE   88,075 0 15,355
Interxion Holdings COM N47279109 1,513 50,180 SH   SOLE   36,380 0 13,800
Kilroy Realty COM 49427F108 67,350 1,064,310 SH   SOLE   391,038 0 673,272
Kimco Realty Corp. COM 49446R109 15,021 567,700 SH   SOLE   423,200 0 144,500
Marriott International-CL A COM 571903202 25,493 380,264 SH   SOLE   283,538 0 96,726
Monogram Residential Trust COM 60979P105 15,837 1,622,648 SH   SOLE   413,827 0 1,208,821
Paramount Group Inc COM 69924R108 55,668 3,075,559 SH   SOLE   1,063,859 0 2,011,700
Pebblebrook Hotel Trust COM 70509V100 23,099 824,387 SH   SOLE   205,888 0 618,499
Post Properties, Inc. COM 737464107 39,244 663,347 SH   SOLE   231,445 0 431,902
ProLogis Inc. COM 74340W103 108,949 2,538,422 SH   SOLE   1,089,456 0 1,448,966
Public Storage COM 74460D109 130,806 528,079 SH   SOLE   240,523 0 287,556
Regency Centers Corp. COM 758849103 1,702 24,990 SH   SOLE   18,120 0 6,870
Retail Opportunity Investmen COM 76131N101 6,412 358,200 SH   SOLE   267,100 0 91,100
SL Green Realty Corp. COM 78440X101 49,272 436,112 SH   SOLE   115,622 0 320,490
Simon Property Group, Inc. COM 828806109 257,242 1,322,987 SH   SOLE   521,164 0 801,823
Starwood Hotels & Resorts Wo COM 85590A401 41,299 596,112 SH   SOLE   240,400 0 355,712
Store Capital Corp. COM 862121100 42,355 1,825,628 SH   SOLE   759,373 0 1,066,255
WP Carey Inc. COM 92936U109 600 10,164 SH   SOLE   10,164 0 0
WP Glimcher, Inc. COM 92939N102 21,974 2,071,096 SH   SOLE   374,385 0 1,696,711
Welltower Inc. COM 95040Q104 124,220 1,825,951 SH   SOLE   671,796 0 1,154,155