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 227,210 2,683,480 SH   SOLE   1,333,180 0 1,350,300
American Electric Power Co. In COM 025537101 790 13,900 SH   SOLE   13,900 0 0
American Residential Propertie COM 02927E303 19,188 1,111,079 SH   SOLE   589,379 0 521,700
American Tower Corp. COM 03027X100 1,241 14,100 SH   SOLE   14,100 0 0
AvalonBay Communities Inc. COM 053484101 490,611 2,806,376 SH   SOLE   1,266,480 0 1,539,896
Boardwalk Pipeline Partners L. COM 096627104 5,890 500,430 SH   SOLE   500,430 0 0
Boston Properties Inc. COM 101121101 446,195 3,768,540 SH   SOLE   1,725,967 0 2,042,573
Brandywine Realty Trust SBI COM 105368203 61,849 5,020,235 SH   SOLE   3,410,135 0 1,610,100
Buckeye Partners L.P. COM 118230101 2,584 43,600 SH   SOLE   43,600 0 0
California Water Service Group COM 130788102 361 16,300 SH   SOLE   16,300 0 0
CBL and Associates Properties COM 124830100 23,892 1,737,579 SH   SOLE   1,395,679 0 341,900
Chatham Lodging Trust COM 16208T102 314 14,600 SH   SOLE   14,600 0 0
Columbia Pipeline Partners LP COM 198281107 6,390 504,700 SH   SOLE   504,700 0 0
Cone Midstream Partners LP COM 206812109 4,982 501,742 SH   SOLE   501,742 0 0
Crown Castle International Cor COM 22822V101 3,457 43,835 SH   SOLE   43,835 0 0
CubeSmart COM 229663109 96,551 3,548,355 SH   SOLE   1,968,177 0 1,580,178
DCT Industrial Trust COM 233153204 232,973 6,921,346 SH   SOLE   4,136,011 0 2,785,335
DDR Corp. COM 23317H102 263,759 17,149,479 SH   SOLE   8,284,593 0 8,864,886
Delek Logistics Partners COM 24664T103 7,465 247,191 SH   SOLE   247,191 0 0
Digital Realty Trust Inc. COM 253868103 213,130 3,262,863 SH   SOLE   1,582,124 0 1,680,739
Dominion Resources Inc. (Virgi COM 25746U109 1,724 24,498 SH   SOLE   24,498 0 0
Douglas Emmett Inc. COM 25960P109 180,158 6,272,921 SH   SOLE   3,638,721 0 2,634,200
DTE Energy Co. COM 233331107 1,936 24,084 SH   SOLE   24,084 0 0
Duke Realty Corporation COM 264411505 47,493 2,493,092 SH   SOLE   632,192 0 1,860,900
Edison International COM 281020107 1,155 18,309 SH   SOLE   18,309 0 0
Energy Transfer Partners L.P. COM 29273R109 23,433 570,574 SH   SOLE   570,574 0 0
EnLink Midstream Partners LP COM 29336U107 9,188 583,017 SH   SOLE   583,017 0 0
Enterprise Products Partners L COM 293792107 23,707 952,095 SH   SOLE   952,095 0 0
EQT Midstream Partners, L.P. COM 26885B100 14,175 213,699 SH   SOLE   213,699 0 0
Equinix Inc COM 29444U700 115,667 423,067 SH   SOLE   128,037 0 295,030
Equity Residential COM 29476L107 866,090 11,529,418 SH   SOLE   6,187,430 0 5,341,988
Essex Property Trust Inc. COM 297178105 334,766 1,498,373 SH   SOLE   610,973 0 887,400
Eversource Energy COM 30040W108 1,735 34,272 SH   SOLE   34,272 0 0
Exelon Corp. COM 30161N101 1,515 50,998 SH   SOLE   50,998 0 0
Federal Realty Investment Trus COM 313747206 28,245 207,000 SH   SOLE   196,600 0 10,400
First Industrial Realty Trust COM 32054K103 10,968 523,553 SH   SOLE   523,553 0 0
Forest City Cl. A COM 345550107 37,767 1,876,136 SH   SOLE   1,250,736 0 625,400
General Growth Properties COM 370023103 652,736 25,134,217 SH   SOLE   12,721,799 0 12,412,418
Genesee & Wyoming Inc COM 371559105 1,241 21,000 SH   SOLE   21,000 0 0
Genesis Energy L.P. COM 371927104 11,712 305,475 SH   SOLE   305,475 0 0
HealthCare Realty Trust COM 421946104 176,784 7,114,036 SH   SOLE   3,709,314 0 3,404,722
Healthcare Trust of America In COM 42225P501 107,319 4,378,570 SH   SOLE   2,069,550 0 2,309,020
Hersha Hospitality Trust COM 427825500 249 11,000 SH   SOLE   11,000 0 0
Highwoods Properties Inc. COM 431284108 158,852 4,099,415 SH   SOLE   1,506,778 0 2,592,637
Hospitality Properties Trust COM 44106M102 243 9,500 SH   SOLE   9,500 0 0
Host Hotels & Resorts Inc. COM 44107P104 366,208 23,163,057 SH   SOLE   11,705,804 0 11,457,253
ITC Holdings Corp. COM 465685105 570 17,100 SH   SOLE   17,100 0 0
Kilroy Realty Corp. COM 49427F108 325,148 4,989,988 SH   SOLE   2,594,488 0 2,395,500
Kimco Realty Corp. COM 49446R109 357,766 14,644,545 SH   SOLE   7,831,525 0 6,813,020
Kite Realty Group Trust COM 49803T300 37,054 1,556,245 SH   SOLE   811,445 0 744,800
LaSalle Hotel Properties COM 517942108 34,606 1,218,933 SH   SOLE   1,185,133 0 33,800
Liberty Property Trust COM 531172104 148,205 4,703,430 SH   SOLE   3,198,330 0 1,505,100
Macerich Co. COM 554382101 94,133 1,225,377 SH   SOLE   569,036 0 656,341
Magellan Midstream Partners L. COM 559080106 5,050 84,005 SH   SOLE   84,005 0 0
MarkWest Energy Partners, L.P. COM 570759100 6,292 146,621 SH   SOLE   146,621 0 0
Monogram Residential Trust, In COM 60979P105 3,731 400,800 SH   SOLE   400,800 0 0
Nextera Energy Inc COM 65339F101 1,403 14,380 SH   SOLE   14,380 0 0
NextEra Energy Partners LP COM 65341B106 545 25,000 SH   SOLE   25,000 0 0
NGL Energy Partners LP COM 62913M107 6,079 304,391 SH   SOLE   304,391 0 0
NiSource Inc. COM 65473P105 1,017 54,819 SH   SOLE   54,819 0 0
NRG Yield, Inc. Class A COM 62942X306 648 58,100 SH   SOLE   58,100 0 0
NuSTAR Energy L.P. COM 67058H102 5,138 114,643 SH   SOLE   114,643 0 0
Paramount Group Inc COM 69924R108 175,769 10,462,415 SH   SOLE   6,049,315 0 4,413,100
Pebblebrook Hotel Trust COM 70509V100 108,429 3,058,645 SH   SOLE   1,560,314 0 1,498,331
Pennsylvania Real Estate COM 709102107 62,753 3,164,532 SH   SOLE   2,312,832 0 851,700
PG&E Corp. COM 69331C108 781 14,800 SH   SOLE   14,800 0 0
Plains All American Pipeline, COM 726503105 10,284 338,527 SH   SOLE   338,527 0 0
Plains GP Holdings COM 72651A108 3,046 174,055 SH   SOLE   174,055 0 0
Post Properties Inc. COM 737464107 173,632 2,978,763 SH   SOLE   1,833,956 0 1,144,807
ProLogis Inc. COM 74340W103 506,959 13,032,355 SH   SOLE   6,154,247 0 6,878,108
Public Storage COM 74460D109 484,151 2,287,722 SH   SOLE   975,821 0 1,311,901
QTS Realty Trust Inc COM 74736A103 78,249 1,790,996 SH   SOLE   1,146,279 0 644,717
Ramco Gershenson Properties Tr COM 751452202 25,343 1,688,413 SH   SOLE   417,975 0 1,270,438
Regency Centers Corporation COM 758849103 57,682 928,107 SH   SOLE   235,371 0 692,736
RLJ Lodging Trust COM 74965L101 20,129 796,540 SH   SOLE   180,740 0 615,800
Rose Rock Midstream LP COM 777149105 3,123 128,311 SH   SOLE   128,311 0 0
Semgroup Corp. COM 81663A105 2,023 46,778 SH   SOLE   46,778 0 0
Sempra Energy COM 816851109 929 9,605 SH   SOLE   9,605 0 0
Senior Housing Properties Trus COM 81721M109 640 39,500 SH   SOLE   32,500 0 7,000
Simon Property Group Inc. COM 828806109 1,282,099 6,978,550 SH   SOLE   3,437,213 0 3,541,337
SL Green Realty Corp. COM 78440X101 498,634 4,610,155 SH   SOLE   2,567,988 0 2,042,167
Spirit Realty Capital Inc. COM 84860W102 233,072 25,500,266 SH   SOLE   13,308,966 0 12,191,300
Strategic Hotels & Resorts, In COM 86272T106 160,922 11,669,454 SH   SOLE   5,336,154 0 6,333,300
Summit Midstream Partners LP COM 866142102 6,064 343,987 SH   SOLE   343,987 0 0
Sun Communities Inc. COM 866674104 87,366 1,289,345 SH   SOLE   454,074 0 835,271
Sunoco Logistics Partners L.P. COM 86764L108 15,886 554,304 SH   SOLE   554,304 0 0
Sunstone Hotel Investors Inc. COM 867892101 141,966 10,730,614 SH   SOLE   5,643,529 0 5,087,085
Tallgrass Energy Partners LP COM 874697105 5,869 149,384 SH   SOLE   149,384 0 0
Tanger Factory Outlet Centers COM 875465106 3,449 104,600 SH   SOLE   0 0 104,600
Taubman Centers Inc. COM 876664103 3,349 48,486 SH   SOLE   4,200 0 44,286
TerraForm Power COM 88104R100 255 17,900 SH   SOLE   17,900 0 0
Tesoro Logistics LP COM 88160T107 15,208 337,955 SH   SOLE   337,955 0 0
UDR Inc. COM 902653104 492,129 14,272,892 SH   SOLE   7,445,299 0 6,827,593
Union Pacific Corp COM 907818108 1,940 21,938 SH   SOLE   21,938 0 0
Valero Energy Partners LP COM 91914J102 5,786 131,028 SH   SOLE   131,028 0 0
VEREIT Inc COM 92339V100 211,874 27,444,872 SH   SOLE   15,175,939 0 12,268,933
Vornado Realty Trust COM 929042109 211,333 2,337,240 SH   SOLE   994,076 0 1,343,164
VTTI Energy Partners LP COM Y9384M101 8,012 409,408 SH   SOLE   409,408 0 0
Welltower Inc. COM 95040Q104 646,519 9,546,942 SH   SOLE   4,576,438 0 4,970,504
Western Gas Partners LP COM 958254104 4,696 100,300 SH   SOLE   100,300 0 0
Western Refining Logistics, LP COM 95931Q205 5,038 241,388 SH   SOLE   241,388 0 0
Williams Cos. COM 969457100 6,330 171,789 SH   SOLE   171,789 0 0
Williams Partners LP COM 96949L105 16,290 510,342 SH   SOLE   510,342 0 0
WP Glimcher Inc COM 92939N102 14,293 1,225,772 SH   SOLE   1,101,900 0 123,872
Sunstone Hotels 8.00% Series D CV 8% CUM PFD-D 867892507 709 27,800 SH   SOLE   27,800 0 0