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
Alexandria Real Estate Equitie COM 015271109 252,994 2,799,846 SH   SOLE 1 1,392,046 0 1,407,800
American Electric Power Co. In COM 025537101 1,043 17,900 SH   SOLE   17,900 0 0
American Residential Propertie COM 02927E303 13,227 699,844 SH   SOLE 1 115,444 0 584,400
American Tower Corp. COM 03027X100 1,241 12,800 SH   SOLE   12,800 0 0
AvalonBay Communities Inc. COM 053484101 539,470 2,929,834 SH   SOLE 1 1,318,958 0 1,610,876
Avangrid Inc COM 05351W103 461 12,000 SH   SOLE   12,000 0 0
Boardwalk Pipeline Partners L. COM 096627104 6,954 535,730 SH   SOLE 1 535,730 0 0
Boston Properties Inc. COM 101121101 428,865 3,362,594 SH   SOLE 1 1,514,911 0 1,847,683
Brandywine Realty Trust SBI COM 105368203 53,400 3,909,251 SH   SOLE   2,137,251 0 1,772,000
California Water Service Group COM 130788102 468 20,100 SH   SOLE   20,100 0 0
Columbia Pipeline Partners LP COM 198281107 8,100 463,400 SH   SOLE   463,400 0 0
Cone Midstream Partners LP COM 206812109 5,114 519,142 SH   SOLE   519,142 0 0
Crestwood Equity Partners LP COM 226344208 2,463 118,510 SH   SOLE   118,510 0 0
Crown Castle International Cor COM 22822V101 3,011 34,835 SH   SOLE   34,835 0 0
CubeSmart COM 229663109 87,302 2,851,143 SH   SOLE 1 1,216,165 0 1,634,978
DCT Industrial Trust COM 233153204 267,196 7,150,009 SH   SOLE 1 4,480,349 0 2,669,660
DDR Corp. COM 23317H102 277,184 16,459,879 SH   SOLE 1 8,006,179 0 8,453,700
Delek Logistics Partners COM 24664T103 5,457 152,887 SH   SOLE   152,887 0 0
Diamondrock Hospitality COM 252784301 26,846 2,781,926 SH   SOLE   667,226 0 2,114,700
Digital Realty Trust Inc. COM 253868103 321,763 4,255,003 SH   SOLE 1 2,188,858 0 2,066,145
Dominion Midstream COM 257454108 4,590 149,700 SH   SOLE   149,700 0 0
Dominion Resources Inc. (Virgi COM 25746U109 1,630 24,098 SH   SOLE   24,098 0 0
Douglas Emmett Inc. COM 25960P109 173,841 5,575,416 SH   SOLE 1 3,042,816 0 2,532,600
DTE Energy Co. COM 233331107 1,979 24,684 SH   SOLE   24,684 0 0
Duke Realty Corporation COM 264411505 59,436 2,827,576 SH   SOLE 1 642,976 0 2,184,600
Edison International COM 281020107 1,214 20,509 SH   SOLE   20,509 0 0
Energy Transfer Partners L.P. COM 29273R109 21,230 629,424 SH   SOLE   629,424 0 0
EnLink Midstream Partners LP COM 29336U107 2,188 131,937 SH   SOLE   131,937 0 0
Enterprise Products Partners L COM 293792107 20,377 796,595 SH   SOLE   796,595 0 0
EQT Midstream Partners, L.P. COM 26885B100 12,539 166,164 SH   SOLE   166,164 0 0
Equinix Inc COM 29444U700 179,808 594,604 SH   SOLE 1 233,729 0 360,875
Equity Residential COM 29476L107 937,656 11,492,296 SH   SOLE 1 6,147,447 0 5,344,849
Essex Property Trust Inc. COM 297178105 387,638 1,619,139 SH   SOLE 1 722,287 0 896,852
Eversource Energy COM 30040W108 1,051 20,572 SH   SOLE   20,572 0 0
Exelon Corp. COM 30161N101 1,947 70,098 SH   SOLE   70,098 0 0
General Growth Properties COM 370023103 596,171 21,909,988 SH   SOLE 1 10,663,558 0 11,246,430
Genesis Energy L.P. COM 371927104 10,147 276,175 SH   SOLE   276,175 0 0
HealthCare Realty Trust COM 421946104 195,013 6,886,050 SH   SOLE 1 3,667,928 0 3,218,122
Healthcare Trust of America In COM 42225P501 118,911 4,409,007 SH   SOLE 1 1,995,387 0 2,413,620
Highwoods Properties Inc. COM 431284108 177,446 4,069,851 SH   SOLE 1 1,876,114 0 2,193,737
Host Hotels & Resorts Inc. COM 44107P104 365,560 23,830,538 SH   SOLE 1 12,229,785 0 11,600,753
ITC Holdings Corp. COM 465685105 969 24,700 SH   SOLE   24,700 0 0
Kilroy Realty Corp. COM 49427F108 330,478 5,222,468 SH   SOLE 1 2,732,368 0 2,490,100
Kimco Realty Corp. COM 49446R109 435,433 16,456,279 SH   SOLE 1 9,003,849 0 7,452,430
Kite Realty Group Trust COM 49803T300 40,617 1,566,413 SH   SOLE 1 793,113 0 773,300
LaSalle Hotel Properties COM 517942108 36,001 1,430,899 SH   SOLE   1,379,199 0 51,700
Liberty Property Trust COM 531172104 109,178 3,516,200 SH   SOLE   2,505,800 0 1,010,400
Macerich Co. COM 554382101 33,139 410,697 SH   SOLE   294,018 0 116,679
Magellan Midstream Partners L. COM 559080106 18,840 277,380 SH   SOLE   277,380 0 0
MPLX LP COM 55336V100 12,237 311,138 SH   SOLE   311,138 0 0
New York REIT, Inc COM 64976L109 148 12,900 SH   SOLE   12,900 0 0
Nextera Energy Inc COM 65339F101 1,660 15,980 SH   SOLE   15,980 0 0
NextEra Energy Partners LP COM 65341B106 621 20,800 SH   SOLE   20,800 0 0
NiSource Inc. COM 65473P105 997 51,119 SH   SOLE   51,119 0 0
Norfolk Southern Corp COM 655844108 1,548 18,300 SH   SOLE   18,300 0 0
NRG Yield, Inc. Class A COM 62942X306 561 40,300 SH   SOLE   40,300 0 0
Paramount Group Inc COM 69924R108 185,921 10,271,888 SH   SOLE 1 6,105,788 0 4,166,100
Pebblebrook Hotel Trust COM 70509V100 173,421 6,189,182 SH   SOLE 1 3,184,135 0 3,005,047
Pennsylvania Real Estate COM 709102107 82,653 3,779,298 SH   SOLE 1 2,606,998 0 1,172,300
PG&E Corp. COM 69331C108 1,213 22,800 SH   SOLE   22,800 0 0
Plains All American Pipeline, COM 726503105 6,198 268,299 SH   SOLE   268,299 0 0
Post Properties Inc. COM 737464107 167,334 2,828,499 SH   SOLE 1 1,722,792 0 1,105,707
PPL Corp. COM 69351T106 717 21,000 SH   SOLE   21,000 0 0
ProLogis Inc. COM 74340W103 577,890 13,464,362 SH   SOLE 1 6,713,403 0 6,750,959
Public Storage COM 74460D109 556,172 2,245,344 SH   SOLE 1 961,868 0 1,283,476
QTS Realty Trust Inc COM 74736A103 56,416 1,250,640 SH   SOLE 1 570,132 0 680,508
Ramco Gershenson Properties Tr COM 751452202 28,963 1,743,688 SH   SOLE 1 390,850 0 1,352,838
Regency Centers Corporation COM 758849103 85,718 1,258,336 SH   SOLE 1 501,300 0 757,036
Rose Rock Midstream LP COM 777149105 1,124 74,736 SH   SOLE   74,736 0 0
Semgroup Corp. COM 81663A105 2,691 93,228 SH   SOLE   93,228 0 0
Sempra Energy COM 816851109 1,006 10,705 SH   SOLE   10,705 0 0
Simon Property Group Inc. COM 828806109 1,253,891 6,448,732 SH   SOLE 1 3,027,008 0 3,421,724
SL Green Realty Corp. COM 78440X101 488,199 4,321,106 SH   SOLE 1 2,407,376 0 1,913,730
Spirit Realty Capital Inc. COM 84860W102 236,954 23,648,129 SH   SOLE 1 11,711,629 0 11,936,500
Summit Midstream Partners LP COM 866142102 5,223 278,837 SH   SOLE   278,837 0 0
Sun Communities Inc. COM 866674104 121,716 1,776,098 SH   SOLE 1 785,727 0 990,371
Sunoco Logistics Partners L.P. COM 86764L108 14,251 554,504 SH   SOLE   554,504 0 0
Sunstone Hotel Investors Inc. COM 867892101 148,335 11,876,323 SH   SOLE 1 6,072,387 0 5,803,936
Tallgrass Energy Partners LP COM 874697105 6,327 153,533 SH   SOLE   153,533 0 0
Tanger Factory Outlet Centers COM 875465106 2,878 88,000 SH   SOLE   0 0 88,000
Taubman Centers Inc. COM 876664103 3,398 44,286 SH   SOLE   0 0 44,286
Tesoro Logistics LP COM 88160T107 12,752 253,409 SH   SOLE   253,409 0 0
UDR Inc. COM 902653104 496,657 13,219,509 SH   SOLE 1 6,958,916 0 6,260,593
Union Pacific Corp COM 907818108 1,051 13,438 SH   SOLE   13,438 0 0
Valero Energy Partners LP COM 91914J102 4,950 95,902 SH   SOLE   95,902 0 0
VEREIT Inc COM 92339V100 206,520 26,075,727 SH   SOLE 1 14,815,894 0 11,259,833
Vornado Realty Trust COM 929042109 468,567 4,687,541 SH   SOLE 1 2,297,070 0 2,390,471
VTTI Energy Partners LP COM Y9384M101 5,365 258,792 SH   SOLE   258,792 0 0
Welltower Inc. COM 95040Q104 669,305 9,838,379 SH   SOLE 1 4,724,242 0 5,114,137
Western Gas Partners LP COM 958254104 3,448 72,550 SH   SOLE   72,550 0 0
Western Refining Logistics, LP COM 95931Q205 5,676 231,388 SH   SOLE   231,388 0 0
Williams Cos. COM 969457100 853 33,200 SH   SOLE   33,200 0 0
Williams Partners LP COM 96949L105 17,360 623,352 SH   SOLE   623,352 0 0
WP Glimcher Inc COM 92939N102 13,005 1,225,772 SH   SOLE   1,101,900 0 123,872
Sunstone Hotels 8.00% Series D CV 8% CUM PFD-D 867892507 704 27,800 SH   SOLE   27,800 0 0