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
Estimated average burden
hours per response: 23.8
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 2,559 73,370 SH   SOLE   53,300 0 20,070
Alexandria Real Estate Equit COM 015271109 61,879 631,153 SH   SOLE   280,890 0 350,263
American Assets Trust COM 024013104 37,291 861,619 SH   SOLE   199,293 0 662,326
American Tower Corp. COM 03027X100 29,887 317,438 SH   SOLE   238,585 0 78,853
AvalonBay Communities, Inc. COM 053484101 78,271 449,183 SH   SOLE   110,579 0 338,604
Boston Properties, Inc. COM 101121101 93,552 665,944 SH   SOLE   277,398 0 388,546
Brixmor Property Group COM 11120U105 37,795 1,423,540 SH   SOLE   303,875 0 1,119,665
Brookdale Senior Living COM 112463104 32,607 863,541 SH   SOLE   360,824 0 502,717
Camden Property Trust COM 133131102 15,985 204,600 SH   SOLE   152,400 0 52,200
Chesapeake Lodging Trust COM 165240102 38,686 1,143,523 SH   SOLE   222,691 0 920,832
CoreSite Realty Corp. COM 21870Q105 30,961 636,023 SH   SOLE   197,000 0 439,023
Cousins Properties, Inc. COM 222795106 38,427 3,625,195 SH   SOLE   803,049 0 2,822,146
DDR Corp. COM 23317H102 18,140 974,200 SH   SOLE   160,600 0 813,600
Douglas Emmett Inc. COM 25960P109 36,528 1,225,365 SH   SOLE   371,541 0 853,824
Duke Realty Corporation COM 264411505 61,178 2,810,202 SH   SOLE   920,668 0 1,889,534
Equinix Inc. COM 29444U700 13,891 59,655 SH   SOLE   44,245 0 15,410
Equity Lifestyle Properties COM 29472R108 624 11,356 SH   SOLE   11,272 0 84
Equity Residential COM 29476L107 164,624 2,114,349 SH   SOLE   849,095 0 1,265,254
Essex Property Trust, Inc. COM 297178105 99,452 432,589 SH   SOLE   179,191 0 253,398
Extra Space Storage, Inc COM 30225T102 47,203 698,581 SH   SOLE   281,661 0 416,920
Federal Realty Investment Tr COM 313747206 68,102 462,618 SH   SOLE   183,879 0 278,739
First Industrial Realty Trus COM 32054K103 2,386 111,353 SH   SOLE   89,893 0 21,460
General Growth Properties COM 370023103 78,656 2,661,792 SH   SOLE   1,016,761 0 1,645,031
HCP Inc. COM 40414L109 62,807 1,453,533 SH   SOLE   617,550 0 835,983
Health Care REIT Com COM 42217K106 133,213 1,721,980 SH   SOLE   663,800 0 1,058,180
Healthcare Trust of America COM 42225P501 32,851 1,179,150 SH   SOLE   271,645 0 907,505
IShares DJ US Real Estate In COM 464287739 1,348 17,000 SH   SOLE   0 0 17,000
Kilroy Realty COM 49427F108 48,765 640,206 SH   SOLE   262,619 0 377,587
Marriott International-CL A COM 571903202 58,998 734,547 SH   SOLE   392,292 0 342,255
Paramount Group Inc COM 69924R108 58,447 3,028,383 SH   SOLE   1,147,019 0 1,881,364
Pebblebrook Hotel Trust COM 70509V100 1,753 37,650 SH   SOLE   27,320 0 10,330
Post Properties, Inc. COM 737464107 36,908 648,300 SH   SOLE   199,500 0 448,800
ProLogis Inc. COM 74340W103 99,907 2,293,554 SH   SOLE   1,014,853 0 1,278,701
Public Storage COM 74460D109 105,861 536,983 SH   SOLE   214,875 0 322,108
Retail Opportunity Investmen COM 76131N101 38,035 2,078,436 SH   SOLE   930,313 0 1,148,123
Simon Property Group, Inc. COM 828806109 230,483 1,178,099 SH   SOLE   453,043 0 725,056
Starwood Hotels & Resorts Wo COM 85590A401 41,532 497,380 SH   SOLE   230,078 0 267,302
Store Capital Corp. COM 862121100 32,764 1,403,203 SH   SOLE   561,109 0 842,094
Strategic Hotels & Resorts COM 86272T106 60,322 4,852,950 SH   SOLE   1,757,293 0 3,095,657
Taubman Centers, Inc. COM 876664103 31,577 409,402 SH   SOLE   131,283 0 278,119
Terreno Realty Corp COM 88146M101 16,832 738,237 SH   SOLE   121,515 0 616,722
W P Carey Inc. COM 92936U109 123 1,815 SH   SOLE   1,815 0 0