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
Altisource Residential Corp COM 02153W100 11,505 500,665 SH   SOLE   168,665 0 332,000
American Assets Trust COM 024013104 23,705 776,958 SH   SOLE   155,135 0 621,823
American Campus Communities COM 024835100 15,508 454,106 SH   SOLE   86,823 0 367,283
American Tower Corp. COM 03027X100 53,485 721,504 SH   SOLE   335,146 0 386,358
Apartment Investment & Manag COM 03748R101 43,751 1,565,880 SH   SOLE   506,050 0 1,059,830
AvalonBay Communities, Inc. COM 053484101 98,678 776,436 SH   SOLE   296,112 0 480,324
Boston Properties, Inc. COM 101121101 94,567 884,633 SH   SOLE   298,466 0 586,167
Chesapeake Lodging Trust COM 165240102 40,265 1,710,493 SH   SOLE   666,952 0 1,043,541
Cole Real Estate Investments COM 19329V105 23,726 1,935,243 SH   SOLE   799,449 0 1,135,794
Cousins Properties, Inc. COM 222795106 31,159 3,028,164 SH   SOLE   897,221 0 2,130,943
DiamondRock Hospitality COM 252784301 8,014 751,042 SH   SOLE   552,872 0 198,170
Digital Realty Trust COM 253868103 20,685 389,538 SH   SOLE   78,658 0 310,880
Equity Lifestyle Properties COM 29472R108 11,722 343,055 SH   SOLE   60,155 0 282,900
Equity One COM 294752100 17,009 778,093 SH   SOLE   157,931 0 620,162
Equity Residential COM 29476L107 112,489 2,099,851 SH   SOLE   767,705 0 1,332,146
Essex Property Trust, Inc. COM 297178105 43,848 296,873 SH   SOLE   122,230 0 174,643
Extra Space Storage, Inc COM 30225T102 54,060 1,181,647 SH   SOLE   484,723 0 696,924
Federal Realty Investment Tr COM 313747206 223 2,200 SH   SOLE   2,200 0 0
General Growth Properties COM 370023103 68,583 3,555,376 SH   SOLE   1,321,771 0 2,233,605
HCP Inc. COM 40414L109 96,020 2,344,812 SH   SOLE   869,699 0 1,475,113
Healthcare Trust of America COM 42225P105 20,333 1,932,761 SH   SOLE   400,255 0 1,532,506
Hyatt Hotels COM 448579102 18,093 421,154 SH   SOLE   81,753 0 339,401
Kilroy Realty COM 49427F108 46,223 925,400 SH   SOLE   330,663 0 594,737
Kite Realty Group Trust COM 49803T102 13,338 2,249,118 SH   SOLE   431,182 0 1,817,936
LaSalle Hotel Properties COM 517942108 954 33,430 SH   SOLE   33,046 0 384
Marriott International-CL A COM 571903202 46,425 1,103,782 SH   SOLE   479,275 0 624,507
Pennsylvania Real Estate Inv COM 709102107 15,815 845,711 SH   SOLE   170,849 0 674,862
Post Properties, Inc. COM 737464107 15,528 344,919 SH   SOLE   257,470 0 87,449
ProLogis Inc. COM 74340W103 74,478 1,979,753 SH   SOLE   747,021 0 1,232,732
Public Storage COM 74460D109 79,353 494,254 SH   SOLE   187,880 0 306,374
RLJ Lodging Trust COM 74965L101 29,495 1,255,647 SH   SOLE   228,059 0 1,027,588
Retail Opportunity Investmen COM 76131N101 35,112 2,544,358 SH   SOLE   1,227,902 0 1,316,456
Rexford Industrial Realty COM 76169C100 6,170 456,700 SH   SOLE   74,400 0 382,300
SL Green Realty Corp. COM 78440X101 57,537 647,649 SH   SOLE   211,934 0 435,715
Saul Centers, Inc. COM 804395101 11,866 256,579 SH   SOLE   46,738 0 209,841
Simon Property Group, Inc. COM 828806109 182,282 1,229,723 SH   SOLE   448,543 0 781,180
Taubman Centers, Inc. COM 876664103 49,050 728,719 SH   SOLE   286,135 0 442,584
Terreno Realty Corp COM 88146M101 18,048 1,016,202 SH   SOLE   173,565 0 842,637
Ventas, Inc. COM 92276F100 97,636 1,587,567 SH   SOLE   612,213 0 975,354
Vornado Realty Trust COM 929042109 14,873 176,940 SH   SOLE   134,800 0 42,140