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 1,327 47,235 SH   SOLE   24,095 0 23,140
Alexander & Baldwin Inc COM 014491104 28 675 SH   SOLE   675 0 0
Alexandria Real Estate Equit COM 015271109 19,790 254,887 SH   SOLE   56,798 0 198,089
American Assets Trust COM 024013104 1,954 56,536 SH   SOLE   23,060 0 33,476
American Residential Propert COM 02927E303 7,503 400,170 SH   SOLE   81,954 0 318,216
American Tower Corp. COM 03027X100 46,279 514,324 SH   SOLE   271,512 0 242,812
Apartment Investment & Manag COM 03748R101 43,471 1,347,109 SH   SOLE   501,803 0 845,306
AvalonBay Communities, Inc. COM 053484101 96,698 680,058 SH   SOLE   254,264 0 425,794
Boston Properties, Inc. COM 101121101 104,782 886,629 SH   SOLE   336,109 0 550,520
Brixmor Property Group COM 11120U105 45,430 1,979,535 SH   SOLE   772,208 0 1,207,327
Brookdale Senior Living COM 112463104 14,390 431,600 SH   SOLE   89,500 0 342,100
Camden Property Trust COM 133131102 36 500 SH   SOLE   500 0 0
Chesapeake Lodging Trust COM 165240102 24,939 824,987 SH   SOLE   171,037 0 653,950
Cincinnati Bell COM 171871106 33 8,400 SH   SOLE   8,400 0 0
CoreSite Realty Corp. COM 21870Q105 25,551 772,623 SH   SOLE   246,506 0 526,117
Cousins Properties, Inc. COM 222795106 41,375 3,323,270 SH   SOLE   1,189,171 0 2,134,099
Douglas Emmett Inc. COM 25960P109 1,118 39,600 SH   SOLE   19,980 0 19,620
Duke Realty Corporation COM 264411505 21,868 1,204,135 SH   SOLE   475,614 0 728,521
Equity Lifestyle Properties COM 29472R108 18,103 409,943 SH   SOLE   92,390 0 317,553
Equity One COM 294752100 25,261 1,070,814 SH   SOLE   222,884 0 847,930
Equity Residential COM 29476L107 129,336 2,052,945 SH   SOLE   834,265 0 1,218,680
Essex Property Trust, Inc. COM 297178105 74,478 402,779 SH   SOLE   170,676 0 232,103
Extra Space Storage, Inc COM 30225T102 49,611 931,655 SH   SOLE   394,073 0 537,582
Federal Realty Investment Tr COM 313747206 827 6,844 SH   SOLE   1,382 0 5,462
General Growth Properties COM 370023103 77,053 3,270,521 SH   SOLE   1,285,652 0 1,984,869
HCP Inc. COM 40414L109 101,320 2,448,536 SH   SOLE   970,821 0 1,477,715
Health Care REIT Com COM 42217K106 45 725 SH   SOLE   725 0 0
Healthcare Trust of America COM 42225P105 22,775 1,891,584 SH   SOLE   424,672 0 1,466,912
Hyatt Hotels COM 448579102 19,726 323,479 SH   SOLE   66,990 0 256,489
Kilroy Realty COM 49427F108 46,328 743,869 SH   SOLE   286,772 0 457,097
Kimco Realty Corp. COM 49446R109 10,614 461,900 SH   SOLE   338,400 0 123,500
Kite Realty Group Trust COM 49803T102 17,129 2,789,810 SH   SOLE   582,112 0 2,207,698
Marriott International-CL A COM 571903202 54,255 846,422 SH   SOLE   416,910 0 429,512
Morgans Hotel Group Co. COM 61748W108 35 4,400 SH   SOLE   4,400 0 0
ProLogis Inc. COM 74340W103 82,514 2,008,129 SH   SOLE   817,897 0 1,190,232
Public Storage COM 74460D109 85,561 499,339 SH   SOLE   198,702 0 300,637
RLJ Lodging Trust COM 74965L101 50,383 1,743,948 SH   SOLE   612,099 0 1,131,849
Retail Opportunity Investmen COM 76131N101 47,375 3,011,759 SH   SOLE   1,306,145 0 1,705,614
SL Green Realty Corp. COM 78440X101 66,625 608,946 SH   SOLE   236,051 0 372,895
Saul Centers, Inc. COM 804395101 12,786 263,081 SH   SOLE   54,551 0 208,530
Simon Property Group, Inc. COM 828806109 197,066 1,185,141 SH   SOLE   463,362 0 721,779
Starwood Hotels & Resorts Wo COM 85590A401 30,165 373,242 SH   SOLE   165,369 0 207,873
Taubman Centers, Inc. COM 876664103 58,393 770,261 SH   SOLE   305,619 0 464,642
Terreno Realty Corp COM 88146M101 17,665 913,866 SH   SOLE   200,144 0 713,722
Ventas, Inc. COM 92276F100 88,315 1,377,782 SH   SOLE   573,552 0 804,230