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
American Assets Trust COM 024013104 19,614 635,566 SH   SOLE   136,188 0 499,378
American Campus Communities COM 024835100 17,970 441,965 SH   SOLE   91,361 0 350,604
American Tower Corp. COM 03027X100 53,679 733,617 SH   SOLE   341,959 0 391,658
Apartment Investment & Manag COM 03748R101 44,820 1,492,012 SH   SOLE   465,097 0 1,026,915
AvalonBay Communities, Inc. COM 053484101 112,425 833,335 SH   SOLE   319,402 0 513,933
Boston Properties, Inc. COM 101121101 96,264 912,715 SH   SOLE   312,130 0 600,585
Chesapeake Lodging Trust COM 165240102 35,509 1,707,991 SH   SOLE   710,363 0 997,628
Cole Real Estate Investments COM 19329V105 21,708 1,897,548 SH   SOLE   798,257 0 1,099,291
DiamondRock Hospitality COM 252784301 7,181 770,442 SH   SOLE   566,972 0 203,470
Digital Realty Trust COM 253868103 28,095 460,582 SH   SOLE   96,787 0 363,795
Equinix Inc. COM 29444U502 1,552 8,400 SH   SOLE   6,200 0 2,200
Equity One COM 294752100 16,728 739,197 SH   SOLE   155,798 0 583,399
Equity Residential COM 29476L107 120,412 2,073,917 SH   SOLE   776,016 0 1,297,901
Essex Property Trust, Inc. COM 297178105 47,137 296,606 SH   SOLE   123,572 0 173,034
Extra Space Storage, Inc COM 30225T102 52,812 1,259,535 SH   SOLE   524,896 0 734,639
Federal Realty Investment Tr COM 313747206 254 2,450 SH   SOLE   2,450 0 0
General Growth Properties COM 370023103 73,905 3,719,409 SH   SOLE   1,393,668 0 2,325,741
HCP Inc. COM 40414L109 108,263 2,382,547 SH   SOLE   853,958 0 1,528,589
Health Care REIT, Inc. COM 42217K106 2 36 SH   SOLE   36 0 0
Healthcare Trust of America COM 42225P105 19,673 1,751,791 SH   SOLE   385,806 0 1,365,985
Hyatt Hotels COM 448579102 19,320 478,677 SH   SOLE   101,404 0 377,273
Kilroy Realty COM 49427F108 40,091 756,283 SH   SOLE   299,470 0 456,813
Kite Realty Group Trust COM 49803T102 10,657 1,767,467 SH   SOLE   371,425 0 1,396,042
LaSalle Hotel Properties COM 517942108 20,267 820,530 SH   SOLE   171,855 0 648,675
Marriott International-CL A COM 571903202 43,121 1,068,153 SH   SOLE   456,952 0 611,201
Pennsylvania Real Estate Inv COM 709102107 17,617 933,088 SH   SOLE   194,641 0 738,447
Post Properties, Inc. COM 737464107 46,668 942,962 SH   SOLE   371,033 0 571,929
ProLogis Inc. COM 74340W103 83,626 2,217,002 SH   SOLE   807,485 0 1,409,517
Public Storage COM 74460D109 87,830 572,818 SH   SOLE   214,035 0 358,783
RLJ Lodging Trust COM 74965L101 13,495 600,041 SH   SOLE   124,144 0 475,897
Regency Centers Corporation COM 758849103 444 8,748 SH   SOLE   8,616 0 132
Retail Opportunity Investmen COM 76131N101 34,728 2,498,413 SH   SOLE   1,182,235 0 1,316,178
SL Green Realty Corp. COM 78440X101 49,261 558,582 SH   SOLE   209,252 0 349,330
Saul Centers, Inc. COM 804395101 11,791 265,207 SH   SOLE   51,066 0 214,141
Simon Property Group, Inc. COM 828806109 196,438 1,243,906 SH   SOLE   453,147 0 790,759
Spirit Realty Capital, Inc. COM 84860F109 1 36 SH   SOLE   36 0 0
Taubman Centers, Inc. COM 876664103 60,222 801,356 SH   SOLE   314,573 0 486,783
Terreno Realty Corp COM 88146M101 9,251 499,250 SH   SOLE   93,025 0 406,225
Thomas Properties Group, Inc COM 884453101 3,440 649,069 SH   SOLE   140,330 0 508,739
Ventas, Inc. COM 92276F100 100,339 1,444,562 SH   SOLE   584,144 0 860,418
Vornado Realty Trust COM 929042109 60,403 729,059 SH   SOLE   266,420 0 462,639