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
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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
AMERICAN ASSETS TRUST INC COMM STK 024013104 34,181 805,401 SH   SOLE   52,246 0 753,155
AMERICAN CAMPUS COMMUNITIES INC COMM STK 024835100 1,010 19,101 SH   SOLE   19,101 0 0
AMERICAN TOWER CORP COMM STK 03027X100 457,884 4,030,312 SH   SOLE   324,618 0 3,705,694
AVALONBAY COMMUNITIES INC COMM STK 053484101 582,113 3,226,972 SH   SOLE   231,118 0 2,995,854
BOSTON PROPERTIES INC COMM STK 101121101 593,864 4,502,381 SH   SOLE   308,260 0 4,194,121
BRIXMOR PROPERTY GROUP INC COMM STK 11120U105 164,777 6,227,396 SH   SOLE   292,260 0 5,935,136
CAMDEN PROPERTY TRUST COMM STK 133131102 488,052 5,519,707 SH   SOLE   284,229 0 5,235,478
CBL & ASSOCIATES PROPERTIES INC COMM STK 124830100 38,513 4,136,771 SH   SOLE   183,416 0 3,953,355
COLUMBIA PROPERTY TRUST INC COMM STK 198287203 72,642 3,394,491 SH   SOLE   154,993 0 3,239,498
CORPORATE OFFICE PROPERTIES TRUST COMM STK 22002T108 157,827 5,337,400 SH   SOLE   251,568 0 5,085,832
COUSINS PROPERTIES INC COMM STK 222795106 81,981 7,882,761 SH   SOLE   369,754 0 7,513,007
CROWN CASTLE INTL CORP COMM STK 22822V101 104,718 1,032,416 SH   SOLE   71,215 0 961,201
CUBESMART COMM STK 229663109 298,225 9,657,551 SH   SOLE   472,453 0 9,185,098
DDR CORP COMM STK 23317H102 149,665 8,250,573 SH   SOLE   318,855 0 7,931,718
DOUGLAS EMMETT INC COMM STK 25960P109 3,037 85,514 SH   SOLE   85,514 0 0
DUKE REALTY CORP COMM STK 264411505 92,459 3,468,094 SH   SOLE   262,405 0 3,205,689
DUPONT FABROS TECHNOLOGY INC COMM STK 26613Q106 135,904 2,858,729 SH   SOLE   126,568 0 2,732,161
EASTERLY GOVERNMENT PPTYS INC COMM STK 27616P103 124 6,263 SH   SOLE   6,263 0 0
EASTGROUP PROPERTIES INC COMM STK 277276101 55,803 809,685 SH   SOLE   46,350 0 763,335
EQUITY RESIDENTIAL COMM STK 29476L107 918,720 13,337,985 SH   SOLE   691,094 0 12,646,891
ESSEX PROPERTY TRUST INC COMM STK 297178105 7,801 34,200 SH   SOLE   34,200 0 0
FEDERAL REALTY INVESTMENT TRUST COMM STK 313747206 6,335 38,264 SH   SOLE   38,264 0 0
GENERAL GROWTH PROPERTIES INC COMM STK 370023103 200,245 6,715,135 SH   SOLE   381,841 0 6,333,294
HCP INC COMM STK 40414L109 1,925 54,400 SH   SOLE   54,400 0 0
HOST HOTELS & RESORTS INC COMM STK 44107P104 184,902 11,406,632 SH   SOLE   375,619 0 11,031,013
HUDSON PACIFIC PROPERTIES INC COMM STK 444097109 134,671 4,615,193 SH   SOLE   205,356 0 4,409,837
KILROY REALTY CORP COMM STK 49427F108 118,746 1,791,304 SH   SOLE   99,378 0 1,691,926
KIMCO REALTY CORP COMM STK 49446R109 2,940 93,700 SH   SOLE   93,700 0 0
LASALLE HOTEL PROPERTIES COMM STK 517942108 155,808 6,607,619 SH   SOLE   327,835 0 6,279,784
NATIONAL RETAIL PROPERTIES INC COMM STK 637417106 1,265 24,463 SH   SOLE   24,463 0 0
NEW YORK REIT INC COMM STK 64976L109 28,651 3,097,397 SH   SOLE   122,108 0 2,975,289
PARAMOUNT GROUP INC COMM STK 69924R108 120,689 7,571,429 SH   SOLE   455,675 0 7,115,754
POST PROPERTIES INC COMM STK 737464107 1,108 18,153 SH   SOLE   18,153 0 0
PROLOGIS INC COMM STK 74340W103 496,216 10,118,600 SH   SOLE   604,449 0 9,514,151
PUBLIC STORAGE COMM STK 74460D109 350,078 1,369,686 SH   SOLE   131,455 0 1,238,231
RAMCO-GERSHENSON PROPERTIES TRUST COMM STK 751452202 90,082 4,593,698 SH   SOLE   221,846 0 4,371,852
REGENCY CENTERS CORP COMM STK 758849103 6,712 80,165 SH   SOLE   80,165 0 0
RETAIL PROPERTIES OF AMERICA COMM STK 76131V202 140,309 8,302,302 SH   SOLE   368,748 0 7,933,554
RLJ LODGING TRUST COMM STK 74965L101 132,727 6,187,742 SH   SOLE   269,061 0 5,918,681
SENIOR HOUSING PROPERTIES TRUST COMM STK 81721M109 118,829 5,704,698 SH   SOLE   269,244 0 5,435,454
SERITAGE GROWTH PROPERTIES COMM STK 81752R100 488 9,800 SH   SOLE   9,800 0 0
SIMON PROPERTY GROUP INC COMM STK 828806109 1,459,881 6,730,665 SH   SOLE   399,344 0 6,331,321
SL GREEN REALTY CORP COMM STK 78440X101 211,013 1,981,905 SH   SOLE   75,355 0 1,906,550
SOVRAN SELF STORAGE INC COMM STK 84610H108 191,405 1,824,290 SH   SOLE   93,913 0 1,730,377
SPIRIT REALTY CAPITAL INC COMM STK 84860W102 205,585 16,099,023 SH   SOLE   675,483 0 15,423,540
SUNSTONE HOTEL INVESTORS INC COMM STK 867892101 146,313 12,122,002 SH   SOLE   432,606 0 11,689,396
TAUBMAN CENTERS INC COMM STK 876664103 253,414 3,415,284 SH   SOLE   249,940 0 3,165,344
URBAN EDGE PROPERTIES COMM STK 91704F104 890 29,800 SH   SOLE   29,800 0 0
VENTAS INC COMM STK 92276F100 228,434 3,136,972 SH   SOLE   260,116 0 2,876,856
VORNADO REALTY TRUST COMM STK 929042109 428,056 4,275,430 SH   SOLE   252,484 0 4,022,946
WELLTOWER INC COMM STK 95040Q104 733,608 9,631,189 SH   SOLE   446,310 0 9,184,879
WEYERHAEUSER CO COMM STK 962166104 37,798 1,269,659 SH   SOLE   191,905 0 1,077,754