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
Alexandria Real Estate Equit COM 015271109 17,097 268,736 SH   SOLE   58,579 0 210,157
American Assets Trust COM 024013104 19,443 618,635 SH   SOLE   140,673 0 477,962
American Campus Communities COM 024835100 14,546 451,605 SH   SOLE   96,530 0 355,075
American Residential Propert COM 02927E303 6,204 361,541 SH   SOLE   78,190 0 283,351
American Tower Corp. COM 03027X100 53,421 669,268 SH   SOLE   325,784 0 343,484
Apartment Investment & Manag COM 03748R101 36,509 1,409,088 SH   SOLE   473,339 0 935,749
AvalonBay Communities, Inc. COM 053484101 90,088 761,978 SH   SOLE   298,899 0 463,079
Boston Properties, Inc. COM 101121101 81,061 807,614 SH   SOLE   301,955 0 505,659
Brixmor Property Group COM 11120U105 32,955 1,621,035 SH   SOLE   637,596 0 983,439
Chesapeake Lodging Trust COM 165240102 43,172 1,707,100 SH   SOLE   692,905 0 1,014,195
Cole Real Estate Investments COM 19329V105 25,468 1,813,925 SH   SOLE   729,084 0 1,084,841
Cousins Properties, Inc. COM 222795106 34,840 3,382,543 SH   SOLE   1,134,757 0 2,247,786
DiamondRock Hospitality COM 252784301 4,870 421,664 SH   SOLE   311,694 0 109,970
Digital Realty Trust COM 253868103 21,069 428,915 SH   SOLE   94,246 0 334,669
Equity Lifestyle Properties COM 29472R108 15,856 437,655 SH   SOLE   100,362 0 337,293
Equity One COM 294752100 21,611 963,076 SH   SOLE   207,605 0 755,471
Equity Residential COM 29476L107 108,047 2,083,031 SH   SOLE   793,309 0 1,289,722
Essex Property Trust, Inc. COM 297178105 50,981 355,244 SH   SOLE   149,898 0 205,346
Extra Space Storage, Inc COM 30225T102 45,770 1,086,406 SH   SOLE   463,256 0 623,150
Federal Realty Investment Tr COM 313747206 223 2,200 SH   SOLE   2,200 0 0
General Growth Properties COM 370023103 71,256 3,550,379 SH   SOLE   1,381,787 0 2,168,592
HCP Inc. COM 40414L109 92,839 2,556,139 SH   SOLE   968,532 0 1,587,607
Healthcare Trust of America COM 42225P105 18,952 1,925,998 SH   SOLE   446,484 0 1,479,514
Hyatt Hotels COM 448579102 23,247 470,020 SH   SOLE   99,942 0 370,078
ISHARES TR DJ US REAL EST COM 464287739 27 423 SH   SOLE   423 0 0
Kilroy Realty COM 49427F108 46,805 932,733 SH   SOLE   353,759 0 578,974
Kimco Realty Corp. COM 49446R109 10,230 518,000 SH   SOLE   379,400 0 138,600
Kite Realty Group Trust COM 49803T102 19,053 2,899,913 SH   SOLE   634,440 0 2,265,473
LaSalle Hotel Properties COM 517942108 779 25,194 SH   SOLE   25,074 0 120
Marriott International-CL A COM 571903202 50,557 1,024,447 SH   SOLE   460,276 0 564,171
Post Properties, Inc. COM 737464107 8,901 196,800 SH   SOLE   144,100 0 52,700
ProLogis Inc. COM 74340W103 75,058 2,031,325 SH   SOLE   799,677 0 1,231,648
Public Storage COM 74460D109 78,432 521,073 SH   SOLE   206,224 0 314,849
RLJ Lodging Trust COM 74965L101 30,513 1,254,645 SH   SOLE   264,086 0 990,559
REGENCY CTRS CORP COM 758849103 300 6,485 SH   SOLE   6,440 0 45
Retail Opportunity Investmen COM 76131N101 37,220 2,528,552 SH   SOLE   1,246,871 0 1,281,681
SL Green Realty Corp. COM 78440X101 53,300 576,968 SH   SOLE   207,266 0 369,702
Saul Centers, Inc. COM 804395101 11,892 249,135 SH   SOLE   47,065 0 202,070
Simon Property Group, Inc. COM 828806109 187,420 1,231,732 SH   SOLE   473,771 0 757,961
Taubman Centers, Inc. COM 876664103 50,729 793,630 SH   SOLE   307,141 0 486,489
Terreno Realty Corp COM 88146M101 17,787 1,004,902 SH   SOLE   196,999 0 807,903
Ventas, Inc. COM 92276F100 87,967 1,535,745 SH   SOLE   622,191 0 913,554