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 EQ IN COM 015271109 116,873 929,114 SH   SOLE   865,151 0 63,963
AMERICAN CAMPUS CMNTYS INC COM 024835100 53,637 369,148 SH   SOLE   340,330 0 28,818
AMERICAN TOWER CORP NEW COM 03027X100 187,429 1,522,702 SH   SOLE   1,427,486 0 95,216
BOSTON PROPERTIES INC COM 101121101 79,619 5,064,847 SH   SOLE   4,729,287 0 335,560
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 33,953 362,859 SH   SOLE   341,259 0 21,600
DIAMONDROCK HOSPITALITY CO COM 252784301 84,335 7,226,628 SH   SOLE   6,816,986 0 409,642
DIGITAL RLTY TR INC COM 253868103 100,478 893,295 SH   SOLE   820,785 0 72,510
DOUGLAS EMMETT INC COM 25960P109 12,088 320,466 SH   SOLE   300,971 0 19,495
EMPIRE ST RLTY TR INC CL A 292104106 143,321 8,628,618 SH   SOLE   8,172,337 0 456,281
EQUITY COMWLTH COM SH BEN INT 294628102 64,190 2,000,321 SH   SOLE   1,865,421 0 134,900
EQUITY LIFESTYLE PPTYS INC COM 29472R108 106,061 1,099,652 SH   SOLE   1,032,322 0 67,330
EQUITY RESIDENTIAL SH BEN INT 29476L107 234,513 3,539,279 SH   SOLE   3,319,629 0 219,650
ESSEX PPTY TR INC COM 297178105 153,104 620,583 SH   SOLE   586,752 0 33,831
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 135,677 1,072,797 SH   SOLE   1,009,593 0 63,204
HCP INC COM 40414L109 169,668 6,446,334 SH   SOLE   6,087,334 0 359,000
HEALTHCARE RLTY TR COM 421946104 90,086 3,078,826 SH   SOLE   2,904,726 0 174,100
HOST HOTELS & RESORTS INC COM 44107P104 79,534 3,769,407 SH   SOLE   3,556,107 0 213,300
INTERXION HOLDING N.V SHS N47279109 55,384 822,948 SH   SOLE   822,948 0 0
KILROY RLTY CORP COM 49427F108 148,891 2,076,873 SH   SOLE   1,958,605 0 118,268
PROLOGIS INC COM 74340W103 303,230 4,473,083 SH   SOLE   4,148,642 0 324,441
REGENCY CTRS CORP COM 758849103 63,286 978,603 SH   SOLE   916,603 0 62,000
RETAIL PPTYS AMER INC CL A 76131V202 44,619 3,660,284 SH   SOLE   3,459,184 0 201,100
SIMON PPTY GROUP INC NEW COM 828806109 310,573 1,757,134 SH   SOLE   1,657,932 0 99,202
TERRENO RLTY CORP COM 88146M101 53,268 1,412,953 SH   SOLE   1,331,441 0 81,512
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 40,319 1,315,449 SH   SOLE   1,242,882 0 72,567