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 73,578 618,464 SH   SOLE   358,431 0 260,033
American Assets Trust COM 024013104 15,124 380,267 SH   SOLE   97,188 0 283,079
American Tower Corp. COM 03027X100 40,948 299,585 SH   SOLE   211,818 0 87,767
Apartment Investment & Manag COM 03748R101 67,732 1,544,270 SH   SOLE   698,355 0 845,915
Boston Properties, Inc. COM 101121101 18,679 152,015 SH   SOLE   151,928 0 87
Brookdale Senior Living COM 112463104 14,556 1,373,210 SH   SOLE   666,535 0 706,675
Community HealthCare Trust COM 20369C106 6,740 250,000 SH   SOLE   42,600 0 207,400
Corporate Office Properties COM 22002T108 35,458 1,080,056 SH   SOLE   454,829 0 625,227
DCT Industrial Trust COM 233153204 61,061 1,054,230 SH   SOLE   451,389 0 602,841
DDR Corp. COM 23317H102 8,396 916,540 SH   SOLE   156,165 0 760,375
Digital Realty Trust COM 253868103 68,691 580,505 SH   SOLE   239,561 0 340,944
Duke Realty Corporation COM 264411505 893 30,995 SH   SOLE   26,195 0 4,800
Equinix Inc. COM 29444U700 76,568 171,561 SH   SOLE   90,389 0 81,172
Equity Residential COM 29476L107 106,124 1,609,639 SH   SOLE   773,690 0 835,949
Essex Property Trust, Inc. COM 297178105 72,815 286,643 SH   SOLE   153,890 0 132,753
Extra Space Storage, Inc COM 30225T102 49,039 613,599 SH   SOLE   320,983 0 292,616
Four Corners Property Trust COM 35086T109 12,652 507,686 SH   SOLE   107,783 0 399,903
General Growth Properties COM 36174X101 28,424 1,368,493 SH   SOLE   648,453 0 720,040
Healthcare Trust of America COM 42225P501 47,730 1,601,698 SH   SOLE   859,674 0 742,024
Highwoods Properties, Inc. COM 431284108 40,628 779,958 SH   SOLE   171,084 0 608,874
Hilton Grand Vacations COM 43283X105 17,518 453,490 SH   SOLE   177,533 0 275,957
Hilton, Inc. COM 43300A203 20,084 289,177 SH   SOLE   84,686 0 204,491
Interxion Holdings COM N47279109 2,446 48,035 SH   SOLE   40,650 0 7,385
Kilroy Realty COM 49427F108 63,406 891,530 SH   SOLE   440,273 0 451,257
Kimco Realty Corp. COM 49446R109 39,455 2,018,156 SH   SOLE   1,082,487 0 935,669
Marriott International-CL A COM 571903202 56,307 510,673 SH   SOLE   306,160 0 204,513
National Retail Properties, COM 637417106 11,700 280,858 SH   SOLE   277,454 0 3,404
ProLogis Inc. COM 74340W103 98,190 1,547,282 SH   SOLE   866,533 0 680,749
Public Storage COM 74460D109 82,136 383,831 SH   SOLE   183,963 0 199,868
Regency Centers Corp. COM 758849103 80,492 1,297,418 SH   SOLE   551,317 0 746,101
Retail Opportunity Investmen COM 76131N101 22,469 1,181,965 SH   SOLE   1,167,150 0 14,815
Simon Property Group, Inc. COM 828806109 171,703 1,066,411 SH   SOLE   497,601 0 568,810
Starwood Waypoint Homes COM 85572F105 31,256 859,388 SH   SOLE   406,862 0 452,526
Sun Communities, Inc. COM 866674104 33,849 395,066 SH   SOLE   103,024 0 292,042
Sunstone Hotel Investors, In COM 867892101 16,398 1,020,403 SH   SOLE   173,885 0 846,518
Terreno Realty Corp COM 88146M101 15,347 424,185 SH   SOLE   72,250 0 351,935
Vanguard REIT VIPERs COM 922908553 799 9,615 SH   SOLE   0 0 9,615
Ventas, Inc. COM 92276F100 22,648 347,740 SH   SOLE   343,235 0 4,505
Vornado Realty Trust COM 929042109 72,313 940,592 SH   SOLE   369,411 0 571,181
Welltower Inc. COM 95040Q104 109,463 1,557,532 SH   SOLE   605,079 0 952,453