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 76,341 690,749 SH   SOLE   409,522 0 281,227
American Assets Trust COM 024013104 12,249 292,741 SH   SOLE   84,758 0 207,983
American Tower Corp. COM 03027X100 40,680 334,705 SH   SOLE   255,362 0 79,343
Apartment Investment & Manag COM 03748R101 86,839 1,958,048 SH   SOLE   859,922 0 1,098,126
Boston Properties, Inc. COM 101121101 26,419 199,522 SH   SOLE   199,441 0 81
Brookdale Senior Living COM 112463104 18,306 1,363,075 SH   SOLE   552,060 0 811,015
Chesapeake Lodging Trust COM 165240102 10,838 452,335 SH   SOLE   72,715 0 379,620
Colony Starwood Homes COM 19625X102 24,837 731,584 SH   SOLE   317,328 0 414,256
Corporate Office Properties COM 22002T108 25,418 767,899 SH   SOLE   222,351 0 545,548
DCT Industrial Trust COM 233153204 51,573 1,071,755 SH   SOLE   458,416 0 613,339
DDR Corp. COM 23317H102 17,011 1,357,600 SH   SOLE   218,260 0 1,139,340
Duke Realty Corporation COM 264411505 23,797 905,849 SH   SOLE   281,845 0 624,004
Dupont Fabros Technology COM 26613Q106 41,143 829,660 SH   SOLE   417,206 0 412,454
Equinix Inc. COM 29444U700 73,344 183,190 SH   SOLE   113,716 0 69,474
Equity Residential COM 29476L107 97,522 1,567,375 SH   SOLE   759,012 0 808,363
Essex Property Trust, Inc. COM 297178105 71,785 310,045 SH   SOLE   167,539 0 142,506
Extra Space Storage, Inc COM 30225T102 66,426 892,945 SH   SOLE   435,654 0 457,291
Four Corners Property Trust COM 35086T109 14,679 642,969 SH   SOLE   153,612 0 489,357
General Growth Properties COM 36174X101 42,916 1,851,396 SH   SOLE   810,905 0 1,040,491
Healthcare Trust of America COM 42225P501 49,601 1,576,641 SH   SOLE   653,682 0 922,959
Highwoods Properties, Inc. COM 431284108 37,032 753,757 SH   SOLE   175,395 0 578,362
Hilton Grand Vacations COM 43283X105 19,747 688,983 SH   SOLE   336,782 0 352,201
Hilton, Inc. COM 43300A203 35,296 603,762 SH   SOLE   144,890 0 458,872
Interxion Holdings COM N47279109 2,208 55,820 SH   SOLE   46,480 0 9,340
Kilroy Realty COM 49427F108 70,208 974,036 SH   SOLE   461,072 0 512,964
Kimco Realty Corp. COM 49446R109 58,255 2,637,156 SH   SOLE   1,223,281 0 1,413,875
Marriott International-CL A COM 571903202 32,218 342,092 SH   SOLE   339,060 0 3,032
National Retail Properties, COM 637417106 13,479 308,996 SH   SOLE   305,641 0 3,355
Omega Healthcare Investors COM 681936100 11,084 335,987 SH   SOLE   83,903 0 252,084
Park Hotels & Resorts COM 700517105 2,106 82,048 SH   SOLE   46,831 0 35,217
ProLogis Inc. COM 74340W103 89,823 1,731,369 SH   SOLE   954,023 0 777,346
Public Storage COM 74460D109 98,534 450,110 SH   SOLE   232,536 0 217,574
Realty Income COM 756109104 15,834 265,990 SH   SOLE   57,425 0 208,565
Regency Centers Corp. COM 758849103 81,061 1,220,988 SH   SOLE   511,540 0 709,448
Retail Opportunity Investmen COM 76131N101 22,799 1,084,148 SH   SOLE   1,069,128 0 15,020
Simon Property Group, Inc. COM 828806109 206,716 1,201,627 SH   SOLE   598,066 0 603,561
Sun Communities, Inc. COM 866674104 34,850 433,836 SH   SOLE   118,573 0 315,263
Sunstone Hotel Investors, In COM 867892101 25,607 1,670,363 SH   SOLE   268,555 0 1,401,808
Terreno Realty Corp COM 88146M101 12,668 452,415 SH   SOLE   72,720 0 379,695
Ventas, Inc. COM 92276F100 25,795 396,595 SH   SOLE   392,030 0 4,565
Vornado Realty Trust COM 929042109 60,150 599,637 SH   SOLE   169,935 0 429,702
Welltower Inc. COM 95040Q104 89,343 1,261,551 SH   SOLE   564,185 0 697,366