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 25,990 306,955 SH   SOLE   228,005 0 78,950
American Assets Trust COM 024013104 36,722 898,730 SH   SOLE   204,143 0 694,587
American Tower Corp. COM 03027X100 51,157 581,462 SH   SOLE   297,453 0 284,009
AvalonBay Communities, Inc. COM 053484101 97,521 557,833 SH   SOLE   207,497 0 350,336
Boston Properties, Inc. COM 101121101 68,241 576,361 SH   SOLE   266,395 0 309,966
Brixmor Property Group COM 11120U105 30,870 1,314,760 SH   SOLE   276,138 0 1,038,622
Brookdale Senior Living COM 112463104 24,511 1,067,542 SH   SOLE   408,395 0 659,147
Care Capital Properties COM 141624106 28,395 862,297 SH   SOLE   186,467 0 675,830
Chesapeake Lodging Trust COM 165240102 39,336 1,509,409 SH   SOLE   411,026 0 1,098,383
Cousins Properties, Inc. COM 222795106 28,649 3,107,254 SH   SOLE   677,439 0 2,429,815
DCT Industrial Trust COM 233153204 22,064 655,514 SH   SOLE   140,203 0 515,311
DDR Corp. COM 23317H102 48,171 3,132,061 SH   SOLE   1,017,722 0 2,114,339
Duke Realty Corporation COM 264411505 33,647 1,766,218 SH   SOLE   739,200 0 1,027,018
Equinix Inc. COM 29444U700 27,622 101,032 SH   SOLE   44,807 0 56,225
Equity Residential COM 29476L107 162,759 2,166,653 SH   SOLE   879,135 0 1,287,518
Essex Property Trust, Inc. COM 297178105 101,421 453,945 SH   SOLE   189,889 0 264,056
Extra Space Storage, Inc COM 30225T102 60,548 784,712 SH   SOLE   308,679 0 476,033
Federal Realty Investment Tr COM 313747206 76,560 561,087 SH   SOLE   231,999 0 329,088
General Growth Properties COM 370023103 67,325 2,592,417 SH   SOLE   920,338 0 1,672,079
Healthcare Trust of America COM 42225P501 29,337 1,196,926 SH   SOLE   273,228 0 923,698
Hilton Worldwide Holdings COM 43300A104 22,383 975,735 SH   SOLE   156,555 0 819,180
IShares DJ US Real Estate In COM 464287739 667 9,400 SH   SOLE   0 0 9,400
Interxion Holdings COM N47279109 967 35,710 SH   SOLE   25,890 0 9,820
Kilroy Realty COM 49427F108 50,345 772,626 SH   SOLE   304,978 0 467,648
Kimco Realty Corp. COM 49446R109 9,210 377,000 SH   SOLE   281,000 0 96,000
Marriott International-CL A COM 571903202 28,100 412,019 SH   SOLE   309,670 0 102,349
Monogram Residential Trust COM 60979P105 15,606 1,676,286 SH   SOLE   413,312 0 1,262,974
Paramount Group Inc COM 69924R108 59,143 3,520,457 SH   SOLE   1,241,500 0 2,278,957
Pebblebrook Hotel Trust COM 70509V100 15,161 427,665 SH   SOLE   94,915 0 332,750
Post Properties, Inc. COM 737464107 45,357 778,121 SH   SOLE   288,700 0 489,421
ProLogis Inc. COM 74340W103 104,357 2,682,697 SH   SOLE   1,098,351 0 1,584,346
Public Storage COM 74460D109 115,072 543,742 SH   SOLE   233,123 0 310,619
Regency Centers Corp. COM 758849103 950 15,280 SH   SOLE   11,080 0 4,200
SL Green Realty Corp. COM 78440X101 43,676 403,815 SH   SOLE   76,799 0 327,016
Simon Property Group, Inc. COM 828806109 242,035 1,317,412 SH   SOLE   512,648 0 804,764
Starwood Hotels & Resorts Wo COM 85590A401 33,628 505,838 SH   SOLE   212,799 0 293,039
Store Capital Corp. COM 862121100 36,929 1,787,450 SH   SOLE   708,829 0 1,078,621
Strategic Hotels & Resorts COM 86272T106 62,117 4,504,450 SH   SOLE   1,799,927 0 2,704,523
WP Carey COM 92936U109 116 1,998 SH   SOLE   1,998 0 0
WP Glimcher, Inc. COM 92939N102 20,739 1,778,648 SH   SOLE   334,881 0 1,443,767
Welltower Inc. COM 95040Q104 124,942 1,844,974 SH   SOLE   696,400 0 1,148,574