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

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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
Alexandria Real Estate Equit COM 015271109 76,658 587,009 SH   SOLE   342,561 0 244,448
American Campus Communities COM 024835100 17,832 434,617 SH   SOLE   95,821 0 338,796
American Tower Corp. COM 03027X100 41,236 289,035 SH   SOLE   201,805 0 87,230
Apartment Investment & Manag COM 03748R101 58,470 1,337,684 SH   SOLE   626,904 0 710,780
Boston Properties Inc. COM 101121101 1,546 11,887 SH   SOLE   11,824 0 63
Brookdale Senior Living COM 112463104 13,375 1,378,915 SH   SOLE   672,240 0 706,675
Community HealthCare Trust COM 20369C106 7,087 252,215 SH   SOLE   43,145 0 209,070
Corporate Office Properties COM 22002T108 59,346 2,032,393 SH   SOLE   1,163,572 0 868,821
Cubesmart COM 229663109 13,426 464,225 SH   SOLE   139,981 0 324,244
DCT Industrial Trust COM 233153204 61,762 1,050,742 SH   SOLE   448,718 0 602,024
Digital Realty Trust COM 253868103 58,009 509,297 SH   SOLE   203,402 0 305,895
Equinix Inc. COM 29444U700 88,437 195,130 SH   SOLE   105,597 0 89,533
Equity Residential COM 29476L107 103,837 1,628,296 SH   SOLE   764,319 0 863,977
Essex Property Trust, Inc. COM 297178105 75,538 312,955 SH   SOLE   164,362 0 148,593
Extra Space Storage, Inc COM 30225T102 52,389 599,078 SH   SOLE   305,924 0 293,154
Four Corners Property Trust COM 35086T109 13,246 515,426 SH   SOLE   115,486 0 399,940
General Growth Properties COM 36174X101 25,783 1,102,344 SH   SOLE   575,147 0 527,197
Healthcare Trust of America COM 42225P501 48,289 1,607,504 SH   SOLE   865,042 0 742,462
Highwoods Properties, Inc. COM 431284108 39,774 781,254 SH   SOLE   172,667 0 608,587
Hilton Grand Vacations COM 43283X105 15,601 371,900 SH   SOLE   125,547 0 246,353
Hilton, Inc. COM 43300A203 2,951 36,961 SH   SOLE   33,961 0 3,000
IShares DJ US Real Estate In COM 464287739 3,148 38,857 SH   SOLE   38,857 0 0
Interxion Holdings COM N47279109 2,787 47,300 SH   SOLE   40,280 0 7,020
Invitation Homes Inc COM 46187W107 35,362 1,500,299 SH   SOLE   722,311 0 777,988
Kilroy Realty COM 49427F108 65,943 883,369 SH   SOLE   430,147 0 453,222
Kimco Realty Corp. COM 49446R109 43,389 2,390,591 SH   SOLE   1,034,764 0 1,355,827
LaSalle Hotel Properties COM 517942108 35,235 1,255,261 SH   SOLE   576,496 0 678,765
Marriott International-CL A COM 571903202 53,797 396,351 SH   SOLE   241,598 0 154,753
National Retail Properties, COM 637417106 12,163 282,014 SH   SOLE   278,695 0 3,319
Paramount Group Inc COM 69924R108 1,191 75,125 SH   SOLE   63,970 0 11,155
ProLogis Inc. COM 74340W103 96,558 1,496,791 SH   SOLE   817,124 0 679,667
Public Storage COM 74460D109 62,258 297,888 SH   SOLE   150,015 0 147,873
Regency Centers Corp. COM 758849103 88,498 1,279,251 SH   SOLE   543,633 0 735,618
Retail Opportunity Investmen COM 76131N101 23,463 1,176,067 SH   SOLE   1,161,621 0 14,446
Simon Property Group, Inc. COM 828806109 175,013 1,019,055 SH   SOLE   489,689 0 529,366
Sun Communities, Inc. COM 866674104 33,702 363,252 SH   SOLE   93,350 0 269,902
Sunstone Hotel Investors, In COM 867892101 16,778 1,014,978 SH   SOLE   173,630 0 841,348
Terreno Realty Corp COM 88146M101 15,618 445,470 SH   SOLE   90,580 0 354,890
The Macerich Company COM 554382101 14,303 217,776 SH   SOLE   61,469 0 156,307
Vanguard REIT VIPERs COM 922908553 897 10,810 SH   SOLE   0 0 10,810
Ventas, Inc. COM 92276F100 9,722 162,010 SH   SOLE   158,195 0 3,815
Vornado Realty Trust COM 929042109 75,250 962,529 SH   SOLE   416,864 0 545,665
Welltower Inc. COM 95040Q104 101,598 1,593,192 SH   SOLE   640,276 0 952,916