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
Acadia Realty Trust COM 004239109 1,435 49,280 SH   SOLE   35,740 0 13,540
Alexandria Real Estate Equit COM 015271109 47,177 539,405 SH   SOLE   285,853 0 253,552
American Assets Trust COM 024013104 37,485 956,004 SH   SOLE   217,600 0 738,404
American Tower Corp. COM 03027X100 55,617 596,176 SH   SOLE   293,418 0 302,758
AvalonBay Communities, Inc. COM 053484101 68,171 426,416 SH   SOLE   103,620 0 322,796
Boston Properties, Inc. COM 101121101 85,915 709,802 SH   SOLE   285,722 0 424,080
Brixmor Property Group COM 11120U105 30,077 1,300,338 SH   SOLE   279,534 0 1,020,804
Brookdale Senior Living COM 112463104 29,858 860,477 SH   SOLE   359,666 0 500,811
Camden Property Trust COM 133131102 10,137 136,470 SH   SOLE   101,570 0 34,900
Chesapeake Lodging Trust COM 165240102 39,627 1,300,113 SH   SOLE   343,078 0 957,035
Cousins Properties, Inc. COM 222795106 31,584 3,042,755 SH   SOLE   655,102 0 2,387,653
DDR Corp. COM 23317H102 47,885 3,097,317 SH   SOLE   1,066,232 0 2,031,085
Duke Realty Corporation COM 264411505 45,539 2,452,301 SH   SOLE   854,724 0 1,597,577
Eastgroup Properties COM 277276101 10,263 182,529 SH   SOLE   41,950 0 140,579
Equinix Inc. COM 29444U700 12,937 50,935 SH   SOLE   37,745 0 13,190
Equity Lifestyle Pptys Inc COM 29472R108 416 7,915 SH   SOLE   7,855 0 60
Equity Residential COM 29476L107 149,946 2,136,900 SH   SOLE   870,414 0 1,266,486
Essex Property Trust, Inc. COM 297178105 94,109 442,870 SH   SOLE   187,575 0 255,295
Extra Space Storage, Inc COM 30225T102 55,841 856,201 SH   SOLE   345,005 0 511,196
Federal Realty Investment Tr COM 313747206 71,067 554,824 SH   SOLE   230,579 0 324,245
First Industrial Realty Trus COM 32054K103 3 153 SH   SOLE   153 0 0
General Growth Properties COM 370023103 65,161 2,539,408 SH   SOLE   929,141 0 1,610,267
HCP Inc. COM 40414L109 47,041 1,289,859 SH   SOLE   530,864 0 758,995
Health Care REIT Com COM 42217K106 123,670 1,884,341 SH   SOLE   737,371 0 1,146,970
Healthcare Trust of America COM 42225P501 31,885 1,331,315 SH   SOLE   296,915 0 1,034,400
Host Hotels & Resorts, Inc. COM 44107P104 21,291 1,073,670 SH   SOLE   175,390 0 898,280
IShares DJ US Real Estate In COM 464287739 302 4,235 SH   SOLE   0 0 4,235
Kilroy Realty COM 49427F108 60,305 898,062 SH   SOLE   324,953 0 573,109
Marriott International-CL A COM 571903202 30,350 407,985 SH   SOLE   306,195 0 101,790
Monogram Residential Trust COM 60979P105 12,229 1,355,761 SH   SOLE   330,606 0 1,025,155
Paramount Group Inc COM 69924R108 59,658 3,476,582 SH   SOLE   1,233,182 0 2,243,400
Pebblebrook Hotel Trust COM 70509V100 1,683 39,260 SH   SOLE   28,470 0 10,790
Post Properties, Inc. COM 737464107 41,020 754,456 SH   SOLE   256,424 0 498,032
ProLogis Inc. COM 74340W103 99,096 2,671,053 SH   SOLE   1,103,728 0 1,567,325
Public Storage COM 74460D109 96,269 522,148 SH   SOLE   222,106 0 300,042
Simon Property Group, Inc. COM 828806109 219,718 1,269,901 SH   SOLE   494,584 0 775,317
Starwood Hotels & Resorts Wo COM 85590A401 40,478 499,172 SH   SOLE   211,412 0 287,760
Store Capital Corp. COM 862121100 35,592 1,770,753 SH   SOLE   708,339 0 1,062,414
Strategic Hotels & Resorts COM 86272T106 61,258 5,054,281 SH   SOLE   1,893,973 0 3,160,308
Taubman Centers, Inc. COM 876664103 13,023 187,369 SH   SOLE   31,086 0 156,283
Terreno Realty Corp COM 88146M101 2,534 128,632 SH   SOLE   20,425 0 108,207
WP Glimcher, Inc. COM 92939N102 8,051 595,020 SH   SOLE   97,290 0 497,730