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 220,183 2,517,526 SH   SOLE   1,149,226 0 1,368,300
American Electric Power Co. In COM 025537101 694 13,100 SH   SOLE   13,100 0 0
American Residential Propertie COM 02927E303 19,572 1,057,939 SH   SOLE   563,539 0 494,400
Apartment Investment and Manag COM 03748R101 23,842 645,600 SH   SOLE   620,400 0 25,200
AvalonBay Communities Inc. COM 053484101 452,721 2,831,807 SH   SOLE   1,198,511 0 1,633,296
Boardwalk Pipeline Partners L. COM 096627104 6,851 471,829 SH   SOLE   471,829 0 0
Boston Properties Inc. COM 101121101 299,086 2,470,971 SH   SOLE   1,051,798 0 1,419,173
Brandywine Realty Trust SBI COM 105368203 81,411 6,130,349 SH   SOLE   4,690,349 0 1,440,000
Buckeye Partners L.P. COM 118230101 9,744 131,800 SH   SOLE   131,800 0 0
Camden Property Trust COM 133131102 27,409 369,000 SH   SOLE   98,600 0 270,400
CBL and Associates Properties COM 124830100 35,430 2,187,032 SH   SOLE   1,745,532 0 441,500
Cedar Shopping Centers Inc. COM 150602209 108 16,800 SH   SOLE   16,800 0 0
Chatham Lodging Trust COM 16208T102 10,477 395,800 SH   SOLE   370,500 0 25,300
CMS Energy Corporation COM 125896100 216 6,790 SH   SOLE   6,790 0 0
Columbia Pipeline Partners LP COM 198281107 5,197 206,237 SH   SOLE   206,237 0 0
Cone Midstream Partners LP COM 206812109 8,873 501,277 SH   SOLE   501,277 0 0
Corrections Corp of America COM 22025Y407 28,781 870,050 SH   SOLE   172,350 0 697,700
CrossAmerica Partners LP COM 22758A105 7,046 249,251 SH   SOLE   249,251 0 0
Crown Castle International Cor COM 22822V101 3,110 38,735 SH   SOLE   38,735 0 0
CubeSmart COM 229663109 92,361 3,987,948 SH   SOLE   2,085,870 0 1,902,078
DCT Industrial Trust COM 233153204 197,409 6,278,928 SH   SOLE   3,604,493 0 2,674,435
DDR Corp. COM 23317H102 249,508 16,138,968 SH   SOLE   7,352,582 0 8,786,386
Delek Logistics Partners COM 24664T103 12,111 263,001 SH   SOLE   263,001 0 0
Digital Realty Trust Inc. COM 253868103 40,612 609,057 SH   SOLE   276,000 0 333,057
Dominion Resources Inc. (Virgi COM 25746U109 1,638 24,498 SH   SOLE   24,498 0 0
Douglas Emmett Inc. COM 25960P109 187,938 6,976,164 SH   SOLE   3,916,664 0 3,059,500
DTE Energy Co. COM 233331107 1,447 19,384 SH   SOLE   19,384 0 0
Duke Realty Corporation COM 264411505 164,990 8,884,781 SH   SOLE   4,290,881 0 4,593,900
Edison International COM 281020107 1,018 18,309 SH   SOLE   18,309 0 0
Energy Transfer Equity L.P. COM 29273V100 13,713 213,704 SH   SOLE   213,704 0 0
Energy Transfer Partners L.P. COM 29273R109 32,103 615,004 SH   SOLE   615,004 0 0
Enlink Midstream LLC COM 29336T100 519 16,700 SH   SOLE   16,700 0 0
EnLink Midstream Partners LP COM 29336U107 13,930 634,045 SH   SOLE   634,045 0 0
Enterprise Products Partners L COM 293792107 29,753 995,404 SH   SOLE   995,404 0 0
EPR Properties COM 26884U109 40,169 733,272 SH   SOLE   409,372 0 323,900
EQT GP Holdings LP COM 26885J103 2,549 75,000 SH   SOLE   75,000 0 0
EQT Midstream Partners, L.P. COM 26885B100 16,610 203,700 SH   SOLE   203,700 0 0
Equinix Inc COM 29444U700 4,455 17,540 SH   SOLE   12,220 0 5,320
Equity Residential COM 29476L107 778,296 11,091,576 SH   SOLE   5,790,988 0 5,300,588
Essex Property Trust Inc. COM 297178105 340,344 1,601,619 SH   SOLE   639,119 0 962,500
Eversource Energy COM 30040W108 1,089 23,972 SH   SOLE   23,972 0 0
Exelon Corp. COM 30161N101 1,040 33,098 SH   SOLE   33,098 0 0
Federal Realty Investment Trus COM 313747206 25,400 198,300 SH   SOLE   188,200 0 10,100
First Industrial Realty Trust COM 32054K103 14,706 785,153 SH   SOLE   749,353 0 35,800
Forest City Cl. A COM 345550107 103,282 4,673,400 SH   SOLE   2,403,500 0 2,269,900
General Growth Properties COM 370023103 532,329 20,745,488 SH   SOLE   10,490,470 0 10,255,018
Genesis Energy L.P. COM 371927104 12,114 276,000 SH   SOLE   276,000 0 0
Golar LNG Partners LP COM Y2745C102 5,852 237,227 SH   SOLE   237,227 0 0
HCP Inc. COM 40414L109 48,162 1,320,597 SH   SOLE   333,726 0 986,871
Health Care REIT Inc. COM 42217K106 631,144 9,616,694 SH   SOLE   4,565,890 0 5,050,804
HealthCare Realty Trust COM 421946104 177,322 7,623,461 SH   SOLE   3,799,439 0 3,824,022
Healthcare Trust of America In COM 42225P501 125,137 5,224,921 SH   SOLE   2,546,351 0 2,678,570
Hersha Hospitality Trust COM 427825500 375 14,625 SH   SOLE   14,625 0 0
Highwoods Properties Inc. COM 431284108 170,667 4,272,027 SH   SOLE   1,574,190 0 2,697,837
Home Properties Inc. COM 437306103 89,215 1,221,290 SH   SOLE   836,490 0 384,800
Hospitality Properties Trust COM 44106M102 7,358 255,300 SH   SOLE   9,500 0 245,800
Host Hotels & Resorts Inc. COM 44107P104 479,032 24,156,929 SH   SOLE   12,140,876 0 12,016,053
ITC Holdings Corp. COM 465685105 994 30,900 SH   SOLE   30,900 0 0
Kilroy Realty Corp. COM 49427F108 328,220 4,887,867 SH   SOLE   2,429,767 0 2,458,100
Kimco Realty Corp. COM 49446R109 325,133 14,424,709 SH   SOLE   7,303,389 0 7,121,320
Kite Realty Group Trust COM 49803T300 35,766 1,461,610 SH   SOLE   810,310 0 651,300
LaSalle Hotels and Properties COM 517942108 23,476 662,033 SH   SOLE   631,833 0 30,200
Liberty Property Trust COM 531172104 226,628 7,033,781 SH   SOLE   3,973,352 0 3,060,429
Macerich Co. COM 554382101 92,741 1,243,181 SH   SOLE   483,540 0 759,641
MarkWest Energy Partners, L.P. COM 570759100 6,484 115,007 SH   SOLE   115,007 0 0
Monogram Residential Trust, In COM 60979P105 7,955 881,900 SH   SOLE   881,900 0 0
Nextera Energy Inc COM 65339F101 1,733 17,680 SH   SOLE   17,680 0 0
NextEra Energy Partners LP COM 65341B106 844 21,300 SH   SOLE   21,300 0 0
NGL Energy Partners LP COM 62913M107 11,552 380,891 SH   SOLE   380,891 0 0
NiSource Inc. COM 65473P105 1,022 22,419 SH   SOLE   22,419 0 0
NRG Yield, Inc. Class A COM 62942X306 792 36,000 SH   SOLE   36,000 0 0
NuSTAR Energy L.P. COM 67058H102 7,703 129,793 SH   SOLE   129,793 0 0
OGE Energy Corp. COM 670837103 580 20,300 SH   SOLE   20,300 0 0
ONEOK Partners L.P. COM 68268N103 8,592 252,700 SH   SOLE   252,700 0 0
Paramount Group Inc COM 69924R108 177,859 10,364,748 SH   SOLE   5,717,348 0 4,647,400
Pebblebrook Hotel Trust COM 70509V100 87,800 2,047,586 SH   SOLE   700,905 0 1,346,681
Pennsylvania Real Estate COM 709102107 68,691 3,218,900 SH   SOLE   2,256,600 0 962,300
Plains All American Pipeline, COM 726503105 3,105 71,254 SH   SOLE   71,254 0 0
Plains GP Holdings COM 72651A108 10,227 395,786 SH   SOLE   395,786 0 0
Post Properties Inc. COM 737464107 179,591 3,303,120 SH   SOLE   1,997,513 0 1,305,607
ProLogis Inc. COM 74340W103 391,161 10,543,426 SH   SOLE   4,474,918 0 6,068,508
Public Storage COM 74460D109 381,671 2,070,134 SH   SOLE   866,533 0 1,203,601
QEP Midstream Partners LP COM 74735R115 4,009 228,700 SH   SOLE   228,700 0 0
QTS Realty Trust Inc COM 74736A103 55,122 1,512,260 SH   SOLE   925,960 0 586,300
Ramco Gershenson Properties Tr COM 751452202 68,707 4,209,958 SH   SOLE   1,398,720 0 2,811,238
Regency Centers Corporation COM 758849103 53,588 908,581 SH   SOLE   228,945 0 679,636
RLJ Lodging Trust COM 74965L101 38,526 1,293,680 SH   SOLE   300,980 0 992,700
Rose Rock Midstream LP COM 777149105 7,672 164,110 SH   SOLE   164,110 0 0
Sempra Energy COM 816851109 1,237 12,505 SH   SOLE   12,505 0 0
Senior Housing Properties Trus COM 81721M109 1,053 60,000 SH   SOLE   32,500 0 27,500
Simon Property Group Inc. COM 828806109 1,042,628 6,026,055 SH   SOLE   2,713,718 0 3,312,337
SL Green Realty Corp. COM 78440X101 413,958 3,767,022 SH   SOLE   1,877,255 0 1,889,767
Spirit Realty Capital Inc. COM 84860W102 265,807 27,487,784 SH   SOLE   15,469,684 0 12,018,100
Starwood Hotels and Resorts Wo COM 85590A401 19,089 235,400 SH   SOLE   235,400 0 0
Strategic Hotels & Resorts, In COM 86272T106 200,466 16,540,101 SH   SOLE   9,182,901 0 7,357,200
Summit Midstream Partners LP COM 866142102 13,992 423,486 SH   SOLE   423,486 0 0
Sun Communities Inc. COM 866674104 100,432 1,624,321 SH   SOLE   564,350 0 1,059,971
Sunoco Logistics Partners L.P. COM 86764L108 20,289 533,512 SH   SOLE   533,512 0 0
Sunstone Hotel Investors Inc. COM 867892101 147,863 9,850,977 SH   SOLE   4,854,892 0 4,996,085
Tallgrass Energy Partners LP COM 874697105 6,524 135,700 SH   SOLE   135,700 0 0
Tanger Factory Outlet Centers COM 875465106 20,456 645,300 SH   SOLE   510,900 0 134,400
Targa Resources Partners L.P. COM 87611X105 5,704 147,767 SH   SOLE   147,767 0 0
Taubman Centers Inc. COM 876664103 110,753 1,593,564 SH   SOLE   822,075 0 771,489
TerraForm Power COM 88104R100 912 24,000 SH   SOLE   24,000 0 0
Tesoro Logistics LP COM 88160T107 14,798 259,071 SH   SOLE   259,071 0 0
UDR Inc. COM 902653104 450,605 14,068,230 SH   SOLE   6,809,137 0 7,259,093
Union Pacific Corp COM 907818108 2,512 26,338 SH   SOLE   26,338 0 0
Valero Energy Partners LP COM 91914J102 8,786 172,000 SH   SOLE   172,000 0 0
Ventas Inc. COM 92276F100 36,164 582,440 SH   SOLE   143,752 0 438,688
VEREIT Inc COM 92339V100 204,418 25,143,706 SH   SOLE   11,901,973 0 13,241,733
Vornado Realty Trust COM 929042109 357,781 3,768,898 SH   SOLE   1,511,234 0 2,257,664
VTTI Energy Partners LP COM Y9384M101 10,313 411,871 SH   SOLE   411,871 0 0
Western Gas Partners LP COM 958254104 7,547 119,100 SH   SOLE   119,100 0 0
Williams Partners LP COM 96949L105 22,416 462,862 SH   SOLE   462,862 0 0
WP Glimcher Inc COM 92939N102 13,101 968,272 SH   SOLE   844,400 0 123,872
Sunstone Hotels 8.00% Series D CV 8% CUM PFD-D 867892507 731 27,800 SH   SOLE   27,800 0 0