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
hours per response: 23.8
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 224,561 2,290,500 SH   SOLE   867,500 0 1,423,000
American Electric Power Co. In COM 025537101 703 12,500 SH   SOLE   12,500 0 0
American Realty Capital Proper COM 02917T104 267,118 27,118,587 SH   SOLE   13,126,754 0 13,991,833
American Residential Propertie COM 02927E303 19,089 1,061,097 SH   SOLE   560,197 0 500,900
Apartment Investment and Manag COM 03748R101 24,998 635,100 SH   SOLE   617,900 0 17,200
Assoc. Estates Realty COM 045604105 17,249 698,900 SH   SOLE   680,000 0 18,900
AvalonBay Communities Inc. COM 053484101 531,518 3,050,319 SH   SOLE   1,275,273 0 1,775,046
Aviv REIT Inc COM 05381L101 383 10,500 SH   SOLE   10,500 0 0
Biomed Realty Trust Inc. COM 09063H107 34,299 1,513,638 SH   SOLE   800,600 0 713,038
Boardwalk Pipeline Partners L. COM 096627104 6,904 428,829 SH   SOLE   428,829 0 0
Boston Properties Inc. COM 101121101 337,858 2,405,027 SH   SOLE   993,764 0 1,411,263
Brandywine Realty Trust SBI COM 105368203 202,654 12,681,711 SH   SOLE   8,103,926 0 4,577,785
Buckeye Partners L.P. COM 118230101 14,084 186,500 SH   SOLE   186,500 0 0
Camden Property Trust COM 133131102 48,253 617,600 SH   SOLE   149,900 0 467,700
CBL and Associates Properties COM 124830100 91,112 4,601,632 SH   SOLE   2,889,832 0 1,711,800
Chatham Lodging Trust COM 16208T102 11,579 393,700 SH   SOLE   368,400 0 25,300
Columbia Pipeline Partners LP COM 198281107 3,825 138,137 SH   SOLE   138,137 0 0
Cone Midstream Partners LP COM 206812109 8,539 490,477 SH   SOLE   490,477 0 0
Corrections Corp of America COM 22025Y407 36,085 896,300 SH   SOLE   171,900 0 724,400
Cousins Properties Inc. COM 222795106 8,178 771,544 SH   SOLE   771,544 0 0
CrossAmerica Partners LP COM 22758A105 7,339 225,551 SH   SOLE   225,551 0 0
Crown Castle International Cor COM 22822V101 3,863 46,801 SH   SOLE   46,801 0 0
CSX Corporation COM 126408103 1,814 54,767 SH   SOLE   54,767 0 0
CubeSmart COM 229663109 85,099 3,523,778 SH   SOLE   1,591,300 0 1,932,478
DCP Midstream Partners L.P. COM 23311P100 4,780 129,352 SH   SOLE   129,352 0 0
DCT Industrial Trust COM 233153204 189,882 5,478,408 SH   SOLE   3,023,373 0 2,455,035
DDR Corp. COM 23317H102 320,536 17,214,625 SH   SOLE   7,986,339 0 9,228,286
Delek Logistics Partners COM 24664T103 9,233 212,101 SH   SOLE   212,101 0 0
Diamondrock Hospitality COM 252784301 625 44,200 SH   SOLE   0 0 44,200
Digital Realty Trust Inc. COM 253868103 52,586 797,237 SH   SOLE   385,180 0 412,057
Dominion Resources Inc. (Virgi COM 25746U109 1,431 20,198 SH   SOLE   20,198 0 0
Douglas Emmett Inc. COM 25960P109 230,129 7,719,858 SH   SOLE   4,308,258 0 3,411,600
DTE Energy Co. COM 233331107 983 12,184 SH   SOLE   12,184 0 0
Duke Realty Corporation COM 264411505 272,457 12,515,231 SH   SOLE   6,100,931 0 6,414,300
Edison International COM 281020107 994 15,909 SH   SOLE   15,909 0 0
Energy Transfer Equity L.P. COM 29273V100 14,142 223,204 SH   SOLE   223,204 0 0
Energy Transfer Partners L.P. COM 29273R109 23,165 415,513 SH   SOLE   415,513 0 0
EnLink Midstream Partners LP COM 29336U107 13,739 555,345 SH   SOLE   555,345 0 0
Enterprise Products Partners L COM 293792107 31,208 947,704 SH   SOLE   947,704 0 0
EPR Properties COM 26884U109 46,253 770,502 SH   SOLE   411,102 0 359,400
EQT Midstream Partners, L.P. COM 26885B100 10,139 130,550 SH   SOLE   130,550 0 0
Equity Residential COM 29476L107 880,476 11,308,455 SH   SOLE   6,011,967 0 5,296,488
Essex Property Trust Inc. COM 297178105 419,152 1,823,194 SH   SOLE   745,634 0 1,077,560
Eversource Energy COM 30040W108 1,135 22,472 SH   SOLE   22,472 0 0
Exelon Corp. COM 30161N101 1,112 33,098 SH   SOLE   33,098 0 0
Federal Realty Investment Trus COM 313747206 21,022 142,800 SH   SOLE   133,100 0 9,700
First Industrial Realty Trust COM 32054K103 16,907 788,953 SH   SOLE   753,153 0 35,800
Forest City Cl. A COM 345550107 39,824 1,560,500 SH   SOLE   668,900 0 891,600
General Growth Properties COM 370023103 596,258 20,177,951 SH   SOLE   10,098,933 0 10,079,018
Genesis Energy L.P. COM 371927104 14,692 312,600 SH   SOLE   312,600 0 0
Golar LNG Partners LP COM Y2745C102 6,379 237,227 SH   SOLE   237,227 0 0
HCP Inc. COM 40414L109 48,481 1,121,987 SH   SOLE   283,716 0 838,271
Health Care REIT Inc. COM 42217K106 813,049 10,509,947 SH   SOLE   5,299,343 0 5,210,604
HealthCare Realty Trust COM 421946104 214,053 7,705,275 SH   SOLE   3,817,153 0 3,888,122
Healthcare Trust of America In COM 42225P501 159,560 5,727,220 SH   SOLE   2,910,750 0 2,816,470
Hersha Hospitality Trust COM 427825104 336 51,900 SH   SOLE   51,900 0 0
Highwoods Properties Inc. COM 431284108 211,920 4,629,095 SH   SOLE   1,816,358 0 2,812,737
Home Properties Inc. COM 437306103 28,139 406,100 SH   SOLE   391,700 0 14,400
Hospitality Properties Trust COM 44106M102 10,821 328,000 SH   SOLE   38,000 0 290,000
Host Hotels & Resorts Inc. COM 44107P104 470,609 23,320,545 SH   SOLE   11,285,492 0 12,035,053
ITC Holdings Corp. COM 465685105 1,003 26,800 SH   SOLE   26,800 0 0
Kilroy Realty Corp. COM 49427F108 418,288 5,491,509 SH   SOLE   2,847,209 0 2,644,300
Kimco Realty Corp. COM 49446R109 405,478 15,101,587 SH   SOLE   7,523,767 0 7,577,820
Kite Realty Group Trust COM 49803T300 39,151 1,389,800 SH   SOLE   772,700 0 617,100
LaSalle Hotels and Properties COM 517942108 16,368 421,200 SH   SOLE   421,200 0 0
Lexington Corporate Properties COM 529043101 13,791 1,403,000 SH   SOLE   274,800 0 1,128,200
Liberty Property Trust COM 531172104 267,069 7,480,938 SH   SOLE   4,027,109 0 3,453,829
Macerich Co. COM 554382101 249,994 2,964,469 SH   SOLE   1,425,409 0 1,539,060
Magellan Midstream Partners L. COM 559080106 3,601 46,947 SH   SOLE   46,947 0 0
MarkWest Energy Partners, L.P. COM 570759100 8,081 122,257 SH   SOLE   122,257 0 0
Martin Midstream Partners L.P. COM 573331105 8,093 228,350 SH   SOLE   228,350 0 0
Medical Properties Trust COM 58463J304 13,405 909,400 SH   SOLE   879,100 0 30,300
Monogram Residential Trust, In COM 60979P105 8,129 872,200 SH   SOLE   872,200 0 0
National Retail Properties Onc COM 637417106 332 8,100 SH   SOLE   8,100 0 0
New York REIT, Inc COM 64976L109 2,335 222,790 SH   SOLE   161,190 0 61,600
Nextera Energy Inc COM 65339F101 1,725 16,580 SH   SOLE   16,580 0 0
NGL Energy Partners LP COM 62913M107 9,167 349,491 SH   SOLE   349,491 0 0
NiSource Inc. COM 65473P105 968 21,919 SH   SOLE   21,919 0 0
NuSTAR Energy L.P. COM 67058H102 16,868 277,893 SH   SOLE   277,893 0 0
NuSTAR GP Holdings LLC COM 67059L102 5,105 144,197 SH   SOLE   144,197 0 0
OGE Energy Corp. COM 670837103 620 19,600 SH   SOLE   19,600 0 0
Omega Healthcare Investors COM 681936100 1,059 26,100 SH   SOLE   26,100 0 0
Paramount Group Inc COM 69924R108 216,810 11,233,700 SH   SOLE   6,227,300 0 5,006,400
Pattern Energy Group Inc. COM 70338P100 1,138 40,191 SH   SOLE   40,191 0 0
Pebblebrook Hotel Trust COM 70509V100 99,431 2,135,081 SH   SOLE   831,600 0 1,303,481
Pennsylvania Real Estate COM 709102107 46,360 1,995,700 SH   SOLE   1,852,100 0 143,600
Plains All American Pipeline, COM 726503105 3,475 71,254 SH   SOLE   71,254 0 0
Plains GP Holdings COM 72651A108 8,156 287,486 SH   SOLE   287,486 0 0
Post Properties Inc. COM 737464107 230,990 4,057,447 SH   SOLE   2,345,140 0 1,712,307
PPL Corp. COM 69351T106 825 24,500 SH   SOLE   24,500 0 0
ProLogis Inc. COM 74340W103 568,537 13,051,809 SH   SOLE   5,683,001 0 7,368,808
Public Storage COM 74460D109 315,169 1,598,705 SH   SOLE   678,193 0 920,512
QEP Midstream Partners LP COM 74735R115 3,580 228,300 SH   SOLE   228,300 0 0
QTS Realty Trust Inc COM 74736A103 26,543 729,000 SH   SOLE   347,600 0 381,400
Ramco Gershenson Properties Tr COM 751452202 79,017 4,248,238 SH   SOLE   1,566,400 0 2,681,838
Regency Centers Corporation COM 758849103 66,180 972,661 SH   SOLE   248,825 0 723,836
Regency Energy Partners L.P. COM 75885Y107 9,226 403,400 SH   SOLE   403,400 0 0
RLJ Lodging Trust COM 74965L101 42,813 1,367,400 SH   SOLE   303,600 0 1,063,800
Rose Rock Midstream LP COM 777149105 9,353 196,910 SH   SOLE   196,910 0 0
SBA Communications Corp. COM 78388J106 581 4,961 SH   SOLE   4,961 0 0
Seadrill Partners LLC COM Y7545W109 5,223 444,550 SH   SOLE   444,550 0 0
Semgroup Corp. COM 81663A105 1,322 16,249 SH   SOLE   16,249 0 0
Sempra Energy COM 816851109 1,265 11,605 SH   SOLE   11,605 0 0
Senior Housing Properties Trus COM 81721M109 44,373 1,999,700 SH   SOLE   1,032,600 0 967,100
Simon Property Group Inc. COM 828806109 1,129,338 5,772,529 SH   SOLE   2,597,782 0 3,174,747
SL Green Realty Corp. COM 78440X101 514,318 4,006,214 SH   SOLE   2,038,047 0 1,968,167
Spirit Realty Capital Inc. COM 84860W102 333,791 27,631,687 SH   SOLE   15,526,887 0 12,104,800
Starwood Hotels and Resorts Wo COM 85590A401 19,656 235,400 SH   SOLE   235,400 0 0
Strategic Hotels & Resorts, In COM 86272T106 208,488 16,772,940 SH   SOLE   9,234,140 0 7,538,800
Summit Midstream Partners LP COM 866142102 11,568 359,586 SH   SOLE   359,586 0 0
Sun Communities Inc. COM 866674104 121,279 1,817,731 SH   SOLE   701,460 0 1,116,271
Sunoco Logistics Partners L.P. COM 86764L108 18,934 458,012 SH   SOLE   458,012 0 0
Sunstone Hotel Investors Inc. COM 867892101 164,854 9,889,290 SH   SOLE   4,940,578 0 4,948,712
Tallgrass Energy Partners LP COM 874697105 6,862 135,700 SH   SOLE   135,700 0 0
Tanger Factory Outlet Centers COM 875465106 34,805 989,636 SH   SOLE   520,932 0 468,704
Targa Resources Partners L.P. COM 87611X105 6,112 147,767 SH   SOLE   147,767 0 0
Taubman Centers Inc. COM 876664103 214,859 2,785,674 SH   SOLE   1,482,885 0 1,302,789
Tesoro Logistics LP COM 88160T107 12,909 239,940 SH   SOLE   239,940 0 0
UDR Inc. COM 902653104 488,250 14,347,647 SH   SOLE   6,905,054 0 7,442,593
Union Pacific Corp COM 907818108 1,724 15,918 SH   SOLE   15,918 0 0
Urban Edge Properties COM 91704F104 24,197 1,020,973 SH   SOLE   432,344 0 588,629
Valero Energy Partners LP COM 91914J102 6,764 139,750 SH   SOLE   139,750 0 0
Ventas Inc. COM 92276F100 50,524 691,922 SH   SOLE   148,822 0 543,100
Vornado Realty Trust COM 929042109 474,406 4,235,764 SH   SOLE   1,866,300 0 2,369,464
VTTI Energy Partners LP COM Y9384M101 10,297 414,871 SH   SOLE   414,871 0 0
Western Gas Partners LP COM 958254104 8,416 127,800 SH   SOLE   127,800 0 0
Williams Partners LP COM 96949L105 22,772 462,662 SH   SOLE   462,662 0 0
WP Glimcher Inc COM 92939N102 13,538 814,041 SH   SOLE   638,769 0 175,272
Sunstone Hotels 8.00% Series D PFD 867892507 726 27,800 SH   SOLE   27,800 0 0