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 1,785 64,710 SH   SOLE   42,370 0 22,340
Alexandria Real Estate Equit COM 015271109 39,796 539,612 SH   SOLE   197,434 0 342,178
American Assets Trust COM 024013104 32,623 989,458 SH   SOLE   235,963 0 753,495
American Residential Propert COM 02927E303 8,145 444,100 SH   SOLE   80,400 0 363,700
American Tower Corp. COM 03027X100 46,724 499,034 SH   SOLE   258,005 0 241,029
Apartment Investment & Manag COM 03748R101 51,310 1,612,511 SH   SOLE   608,892 0 1,003,619
AvalonBay Communities, Inc. COM 053484101 61,514 436,361 SH   SOLE   138,064 0 298,297
Boston Properties, Inc. COM 101121101 107,901 932,103 SH   SOLE   342,898 0 589,205
Brixmor Property Group COM 11120U105 46,201 2,075,533 SH   SOLE   776,835 0 1,298,698
Brookdale Senior Living COM 112463104 27,924 866,666 SH   SOLE   320,243 0 546,423
Camden Property Trust COM 133131102 11,013 160,700 SH   SOLE   114,500 0 46,200
Chesapeake Lodging Trust COM 165240102 29,310 1,005,499 SH   SOLE   201,757 0 803,742
CoreSite Realty Corp. COM 21870Q105 29,154 886,956 SH   SOLE   290,978 0 595,978
Cousins Properties, Inc. COM 222795106 48,244 4,037,152 SH   SOLE   1,423,251 0 2,613,901
Douglas Emmett Inc. COM 25960P109 1,977 77,000 SH   SOLE   50,780 0 26,220
Duke Realty Corporation COM 264411505 43,148 2,511,519 SH   SOLE   917,086 0 1,594,433
Equity Lifestyle Properties COM 29472R108 19,660 464,126 SH   SOLE   113,795 0 350,331
Equity One COM 294752100 28,976 1,339,593 SH   SOLE   272,262 0 1,067,331
Equity Residential COM 29476L107 133,328 2,165,122 SH   SOLE   836,275 0 1,328,847
Essex Property Trust, Inc. COM 297178105 80,820 452,143 SH   SOLE   180,058 0 272,085
Extra Space Storage, Inc COM 30225T102 46,824 907,968 SH   SOLE   326,439 0 581,529
Federal Realty Investment Tr COM 313747206 12,783 107,909 SH   SOLE   26,261 0 81,648
General Growth Properties COM 370023103 80,292 3,409,426 SH   SOLE   1,302,669 0 2,106,757
HCP Inc. COM 40414L109 79,733 2,007,890 SH   SOLE   812,989 0 1,194,901
Health Care REIT Com COM 42217K106 106,167 1,702,206 SH   SOLE   639,502 0 1,062,704
Healthcare Trust of America COM 42225P105 24,299 2,094,726 SH   SOLE   504,309 0 1,590,417
Kilroy Realty COM 49427F108 39,389 662,654 SH   SOLE   256,900 0 405,754
Kimco Realty Corp. COM 49446R109 9,669 441,300 SH   SOLE   314,000 0 127,300
Marriott International-CL A COM 571903202 49,684 710,786 SH   SOLE   352,030 0 358,756
ProLogis Inc. COM 74340W103 80,607 2,138,112 SH   SOLE   861,664 0 1,276,448
Public Storage COM 74460D109 82,497 497,449 SH   SOLE   192,333 0 305,116
RLJ Lodging Trust COM 74965L101 52,971 1,860,597 SH   SOLE   641,445 0 1,219,152
Retail Opportunity Investmen COM 76131N101 46,468 3,161,039 SH   SOLE   1,326,720 0 1,834,319
SL Green Realty Corp. COM 78440X101 66,459 655,929 SH   SOLE   239,965 0 415,964
Saul Centers, Inc. COM 804395101 12,900 275,988 SH   SOLE   49,971 0 226,017
Simon Property Group, Inc. COM 828806109 197,700 1,202,412 SH   SOLE   448,381 0 754,031
Starwood Hotels & Resorts Wo COM 85590A401 48,131 578,423 SH   SOLE   230,379 0 348,044
Strategic Hotels & Resorts COM 86272T106 8,756 751,625 SH   SOLE   135,325 0 616,300
Taubman Centers, Inc. COM 876664103 58,752 804,814 SH   SOLE   310,792 0 494,022
Terreno Realty Corp COM 88146M101 20,824 1,105,901 SH   SOLE   220,179 0 885,722