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
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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
Access Midstream Partners LP COM 00434L109 716 15,010 SH   SOLE   15,010 0 0
Ameren Corp. COM 023608102 776 22,520 SH   SOLE   22,520 0 0
American Realty Capital Proper COM 02917T104 10,001 655,400 SH   SOLE   126,200 0 529,200
American Residential Propertie COM 02927E303 26,674 1,550,800 SH   SOLE   1,276,600 0 274,200
American Tower Corp. COM 03027X100 3,126 42,720 SH   SOLE   42,720 0 0
American Water Works Co. COM 030420103 648 15,710 SH   SOLE   15,710 0 0
Apartment Investment and Manag COM 03748R101 36,144 1,203,200 SH   SOLE   279,800 0 923,400
AvalonBay Communities Inc. COM 053484101 375,974 2,786,852 SH   SOLE   1,238,314 0 1,548,538
Aviv REIT Inc COM 05381L101 1,138 45,000 SH   SOLE   45,000 0 0
Biomed Realty Trust Inc. COM 09063H107 147,278 7,280,161 SH   SOLE   3,147,311 0 4,132,850
Boston Properties Inc. COM 101121101 425,831 4,037,465 SH   SOLE   1,713,997 0 2,323,468
Brandywine Realty Trust SBI COM 105368203 139,880 10,346,148 SH   SOLE   6,914,863 0 3,431,285
BRE Properties Inc. COM 05564E106 280,421 5,606,170 SH   SOLE   2,007,594 0 3,598,576
Camden Property Trust COM 133131102 76,365 1,104,497 SH   SOLE   1,074,597 0 29,900
Campus Crest Communities, Inc. COM 13466Y105 38,177 3,308,200 SH   SOLE   1,492,100 0 1,816,100
CBL and Associates Properties COM 124830100 95,202 4,444,540 SH   SOLE   2,423,340 0 2,021,200
Cheniere Energy Inc. COM 16411R208 670 24,150 SH   SOLE   24,150 0 0
CMS Energy Corporation COM 125896100 588 21,630 SH   SOLE   21,630 0 0
Colonial Properties Trust SBI COM 195872106 4,325 179,300 SH   SOLE   179,300 0 0
Commonwealth REIT COM 203233101 56,193 2,430,502 SH   SOLE   911,400 0 1,519,102
Corrections Corp Amer New COM 22025Y407 8,667 255,900 SH   SOLE   56,300 0 199,600
Crown Castle International Cor COM 228227104 594 8,200 SH   SOLE   8,200 0 0
CSX Corporation COM 126408103 1,794 77,340 SH   SOLE   77,340 0 0
CubeSmart COM 229663109 31,103 1,946,378 SH   SOLE   924,100 0 1,022,278
DCT Industrial Trust COM 233153105 12,603 1,762,600 SH   SOLE   1,445,500 0 317,100
DDR Corp. COM 23317H102 189,800 11,399,391 SH   SOLE   4,691,931 0 6,707,460
Digital Realty Trust Inc. COM 253868103 22,971 376,573 SH   SOLE   91,316 0 285,257
Dominion Resources Inc. (Virgi COM 25746U109 1,006 17,710 SH   SOLE   17,710 0 0
Douglas Emmett Inc. COM 25960P109 234,665 9,405,418 SH   SOLE   4,966,118 0 4,439,300
Duke Energy Corp. COM 26441C204 1,630 24,150 SH   SOLE   24,150 0 0
Duke Realty Corporation COM 264411505 227,466 14,590,508 SH   SOLE   6,272,808 0 8,317,700
Enterprise Products Partners L COM 293792107 973 15,660 SH   SOLE   15,660 0 0
EPR Properties COM 26884U109 31,067 618,000 SH   SOLE   191,900 0 426,100
Equity Residential COM 29476L107 471,353 8,118,371 SH   SOLE   3,361,202 0 4,757,169
Essex Property Trust Inc. COM 297178105 88,107 554,410 SH   SOLE   193,550 0 360,860
Federal Realty Investment Trus COM 313747206 58,384 563,114 SH   SOLE   192,013 0 371,101
Forest City Cl. A COM 345550107 2,142 119,600 SH   SOLE   65,800 0 53,800
General Growth Properties COM 370023103 427,746 21,527,202 SH   SOLE   9,782,642 0 11,744,560
HCP Inc. COM 40414L109 307,926 6,776,539 SH   SOLE   2,718,639 0 4,057,900
Health Care REIT Inc. COM 42217K106 437,398 6,525,403 SH   SOLE   2,920,652 0 3,604,751
HealthCare Realty Trust COM 421946104 94,920 3,722,338 SH   SOLE   1,900,022 0 1,822,316
Healthcare Trust of America In COM 42225P105 55,933 4,980,640 SH   SOLE   2,163,200 0 2,817,440
Highwoods Properties Inc. COM 431284108 235,039 6,600,373 SH   SOLE   2,685,846 0 3,914,527
Home Properties Inc. COM 437306103 510 7,800 SH   SOLE   7,800 0 0
Hospitality Properties Trust COM 44106M102 27,428 1,043,683 SH   SOLE   226,183 0 817,500
Host Hotels & Resorts Inc. COM 44107P104 604,626 35,840,320 SH   SOLE   17,312,069 0 18,528,251
ITC Holdings Corp. COM 465685105 786 8,605 SH   SOLE   8,605 0 0
Kilroy Realty Corp. COM 49427F108 314,461 5,932,107 SH   SOLE   3,044,407 0 2,887,700
Kimco Realty Corp. COM 49446R109 314,818 14,690,514 SH   SOLE   6,035,555 0 8,654,959
Kinder Morgan Inc. COM 49456B101 457 11,984 SH   SOLE   11,984 0 0
Kinder Morgan Management L.L.C COM 49455U100 685 8,190 SH   SOLE   8,190 0 0
LaSalle Hotels and Properties COM 517942108 3,974 160,900 SH   SOLE   160,900 0 0
Lexington Corporate Properties COM 529043101 105,925 9,068,900 SH   SOLE   4,226,500 0 4,842,400
Liberty Property Trust COM 531172104 478,565 12,948,181 SH   SOLE   6,817,361 0 6,130,820
LTC Properties Inc. COM 502175102 266 6,800 SH   SOLE   6,800 0 0
Macerich Co. COM 554382101 548,298 8,992,915 SH   SOLE   4,336,383 0 4,656,532
Mack-Cali Realty Corp. COM 554489104 7,203 294,127 SH   SOLE   290,027 0 4,100
National Retail Properties Onc COM 637417106 623 18,100 SH   SOLE   18,100 0 0
Nextera Energy Inc COM 65339F101 781 9,580 SH   SOLE   9,580 0 0
NiSource Inc. COM 65473P105 550 19,210 SH   SOLE   19,210 0 0
Northeast Utilities COM 664397106 729 17,360 SH   SOLE   17,360 0 0
Omega Healthcare Investors COM 681936100 58,990 1,901,670 SH   SOLE   1,901,670 0 0
Pebblebrook Hotel Trust COM 70509V100 63,790 2,467,681 SH   SOLE   1,008,100 0 1,459,581
Plains All American Pipeline, COM 726503105 916 16,410 SH   SOLE   16,410 0 0
Post Properties Inc. COM 737464107 208,147 4,205,838 SH   SOLE   1,902,693 0 2,303,145
ProLogis Inc. COM 74340W103 541,012 14,342,843 SH   SOLE   6,724,069 0 7,618,774
Public Storage COM 74460D109 333,304 2,173,770 SH   SOLE   870,096 0 1,303,674
Ramco Gershenson Properties Tr COM 751452202 47,964 3,088,500 SH   SOLE   1,332,500 0 1,756,000
Realogy Holdings Corporation COM 75605Y106 11,681 243,159 SH   SOLE   204,849 0 38,310
Realty Income Corp COM 756109104 20,377 486,097 SH   SOLE   93,797 0 392,300
Regency Centers Corporation COM 758849103 53,638 1,055,661 SH   SOLE   301,125 0 754,536
Retail Properties of America, COM 76131V202 19,544 1,368,646 SH   SOLE   1,368,646 0 0
SBA Communications Corp. COM 78388J106 1,591 21,470 SH   SOLE   21,470 0 0
Senior Housing Properties Trus COM 81721M109 182,813 7,050,237 SH   SOLE   3,359,037 0 3,691,200
Simon Property Group Inc. COM 828806109 955,935 6,053,287 SH   SOLE   2,385,704 0 3,667,583
SL Green Realty Corp. COM 78440X101 419,361 4,755,196 SH   SOLE   2,330,274 0 2,424,922
Starwood Hotels and Resorts Wo COM 85590A401 122,692 1,941,630 SH   SOLE   1,058,230 0 883,400
Strategic Hotels & Resorts, In COM 86272T106 84,916 9,584,230 SH   SOLE   4,618,900 0 4,965,330
Sun Communities Inc. COM 866674104 33,937 682,011 SH   SOLE   355,111 0 326,900
Sunstone Hotel Investors Inc. COM 867892101 105,049 8,696,130 SH   SOLE   4,258,350 0 4,437,780
Tanger Factory Outlet Centers COM 875465106 71,455 2,135,526 SH   SOLE   988,822 0 1,146,704
Targa Resources Partners L.P. COM 87611X105 470 9,320 SH   SOLE   9,320 0 0
Taubman Centers Inc. COM 876664103 187,497 2,494,969 SH   SOLE   896,366 0 1,598,603
UDR Inc. COM 902653104 447,167 17,542,833 SH   SOLE   7,631,549 0 9,911,284
Union Pacific Corp COM 907818108 1,841 11,930 SH   SOLE   11,930 0 0
Ventas Inc. COM 92276F100 364,228 5,243,714 SH   SOLE   1,745,279 0 3,498,435
Vornado Realty Trust COM 929042109 333,163 4,021,283 SH   SOLE   1,672,550 0 2,348,733
Washington REIT COM 939653101 2,476 92,000 SH   SOLE   92,000 0 0
Western Gas Partners LP COM 958254104 678 10,450 SH   SOLE   10,450 0 0
Weyerhaeuser Co. COM 962166104 109,581 3,846,300 SH   SOLE   1,733,200 0 2,113,100
William Lyon Homes COM 552074700 5,367 212,900 SH   SOLE   212,900 0 0
Ramco-Gershenson Pptys Tr 7.25 PERP PFD-D CV 751452608 676 11,500 SH   SOLE   11,500 0 0
Summit Hotel Properties 7.125% PFD SER C 7.125% 866082407 827 34,100 SH   SOLE   34,100 0 0
Sunstone Hotels 8.00% Series D CV 8% CUM PFD-D 867892507 2,103 80,100 SH   SOLE   80,100 0 0
Taubman Centers 6.25% Series K PFD SER K 876664707 1,794 73,100 SH   SOLE   73,100 0 0