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 61,506 693,100 SH   SOLE   172,000 0 521,100
American Realty Capital Proper COM 02917T104 204,321 22,576,916 SH   SOLE   9,967,883 0 12,609,033
American Residential Propertie COM 02927E303 17,735 1,009,397 SH   SOLE   565,597 0 443,800
Antero Midstream Partners LP COM 03673L103 1,936 70,397 SH   SOLE   70,397 0 0
Assoc. Estates Realty COM 045604105 15,857 683,200 SH   SOLE   611,000 0 72,200
AvalonBay Communities Inc. COM 053484101 505,834 3,095,869 SH   SOLE   1,414,159 0 1,681,710
Aviv REIT Inc COM 05381L101 403 11,700 SH   SOLE   11,700 0 0
Biomed Realty Trust Inc. COM 09063H107 147,438 6,844,850 SH   SOLE   3,041,400 0 3,803,450
Boardwalk Pipeline Partners L. COM 096627104 6,197 348,749 SH   SOLE   348,749 0 0
Boston Properties Inc. COM 101121101 316,571 2,459,947 SH   SOLE   1,077,824 0 1,382,123
Brandywine Realty Trust SBI COM 105368203 189,039 11,829,711 SH   SOLE   7,459,426 0 4,370,285
Brixmor Property Group COM 11120U105 137,668 5,542,200 SH   SOLE   2,133,800 0 3,408,400
Buckeye Partners L.P. COM 118230101 13,293 175,700 SH   SOLE   175,700 0 0
Camden Property Trust COM 133131102 125,521 1,699,900 SH   SOLE   1,199,300 0 500,600
CBL and Associates Properties COM 124830100 53,942 2,777,632 SH   SOLE   1,888,732 0 888,900
Chatham Lodging Trust COM 16208T102 8,164 281,800 SH   SOLE   281,800 0 0
Cone Midstream Partners LP COM 206812109 8,204 340,120 SH   SOLE   340,120 0 0
Corrections Corp of America COM 22025Y407 34,647 953,400 SH   SOLE   197,300 0 756,100
Cousins Properties Inc. COM 222795106 69,713 6,104,439 SH   SOLE   3,026,639 0 3,077,800
Crestwood Midstream Partners L COM 226378107 7,866 518,182 SH   SOLE   518,182 0 0
CrossAmerica Partners LP COM 22758A105 6,420 159,351 SH   SOLE   159,351 0 0
Crown Castle International Cor COM 22822V101 3,542 45,000 SH   SOLE   45,000 0 0
CSX Corporation COM 126408103 2,431 67,090 SH   SOLE   67,090 0 0
CubeSmart COM 229663109 78,216 3,543,978 SH   SOLE   1,626,000 0 1,917,978
DCP Midstream Partners L.P. COM 23311P100 13,809 303,952 SH   SOLE   303,952 0 0
DCT Industrial Trust COM 233153204 197,593 5,541,023 SH   SOLE   2,940,363 0 2,600,660
DDR Corp. COM 23317H102 304,557 16,588,099 SH   SOLE   7,751,239 0 8,836,860
Delek Logistics Partners COM 24664T103 4,742 133,701 SH   SOLE   133,701 0 0
Digital Realty Trust Inc. COM 253868103 19,853 299,437 SH   SOLE   74,880 0 224,557
Dominion Resources Inc. (Virgi COM 25746U109 955 12,422 SH   SOLE   12,422 0 0
Douglas Emmett Inc. COM 25960P109 287,788 10,133,390 SH   SOLE   5,758,390 0 4,375,000
DTE Energy Co. COM 233331107 639 7,400 SH   SOLE   7,400 0 0
Duke Realty Corporation COM 264411505 258,845 12,814,131 SH   SOLE   5,438,831 0 7,375,300
Edison International COM 281020107 959 14,650 SH   SOLE   14,650 0 0
Enable Midstream Partners LP COM 292480100 7,250 373,925 SH   SOLE   373,925 0 0
Enbridge Energy Partners L.P. COM 29250R106 13,877 347,800 SH   SOLE   347,800 0 0
Energy Transfer Equity L.P. COM 29273V100 12,909 224,980 SH   SOLE   224,980 0 0
Energy Transfer Partners L.P. COM 29273R109 25,435 391,313 SH   SOLE   391,313 0 0
EnLink Midstream Partners LP COM 29336U107 12,953 446,514 SH   SOLE   446,514 0 0
Enterprise Products Partners L COM 293792107 7,162 198,283 SH   SOLE   198,283 0 0
EPR Properties COM 26884U109 49,366 856,600 SH   SOLE   442,900 0 413,700
EQT Midstream Partners, L.P. COM 26885B100 5,484 62,318 SH   SOLE   62,318 0 0
Equity Residential COM 29476L107 761,140 10,594,936 SH   SOLE   5,273,767 0 5,321,169
Essex Property Trust Inc. COM 297178105 409,671 1,982,920 SH   SOLE   817,971 0 1,164,949
Exelon Corp. COM 30161N101 389 10,500 SH   SOLE   10,500 0 0
Exterran Partners L.P. COM 30225N105 6,444 298,049 SH   SOLE   298,049 0 0
Federal Realty Investment Trus COM 313747206 20,326 152,300 SH   SOLE   144,300 0 8,000
First Industrial Realty Trust COM 32054K103 24,010 1,167,800 SH   SOLE   1,046,300 0 121,500
General Growth Properties COM 370023103 467,125 16,605,941 SH   SOLE   7,586,270 0 9,019,671
Genesis Energy L.P. COM 371927104 7,871 185,558 SH   SOLE   185,558 0 0
Golar LNG Partners LP COM Y2745C102 7,103 228,027 SH   SOLE   228,027 0 0
HCP Inc. COM 40414L109 50,361 1,143,787 SH   SOLE   298,116 0 845,671
Health Care REIT Inc. COM 42217K106 710,881 9,394,494 SH   SOLE   4,442,243 0 4,952,251
HealthCare Realty Trust COM 421946104 202,477 7,411,325 SH   SOLE   3,545,203 0 3,866,122
Healthcare Trust of America In COM 42225P501 127,807 4,744,120 SH   SOLE   2,264,000 0 2,480,120
Hersha Hospitality Trust COM 427825104 365 51,900 SH   SOLE   51,900 0 0
Highwoods Properties Inc. COM 431284108 220,146 4,971,674 SH   SOLE   2,235,767 0 2,735,907
Hilton Worldwide Holdings Inc. COM 43300A104 190,559 7,303,900 SH   SOLE   4,160,700 0 3,143,200
Hospitality Properties Trust COM 44106M102 10,270 331,300 SH   SOLE   41,300 0 290,000
Host Hotels & Resorts Inc. COM 44107P104 695,636 29,265,294 SH   SOLE   15,391,803 0 13,873,491
Kilroy Realty Corp. COM 49427F108 408,080 5,908,209 SH   SOLE   3,147,009 0 2,761,200
Kimco Realty Corp. COM 49446R109 190,199 7,565,590 SH   SOLE   2,861,490 0 4,704,100
Kite Realty Group Trust COM 49803T300 19,362 673,700 SH   SOLE   575,800 0 97,900
Lexington Corporate Properties COM 529043101 96,373 8,777,099 SH   SOLE   3,072,799 0 5,704,300
Liberty Property Trust COM 531172104 223,643 5,943,223 SH   SOLE   3,106,894 0 2,836,329
Macerich Co. COM 554382101 463,181 5,553,063 SH   SOLE   2,971,844 0 2,581,219
Magellan Midstream Partners L. COM 559080106 4,062 49,147 SH   SOLE   49,147 0 0
MarkWest Energy Partners, L.P. COM 570759100 13,576 202,057 SH   SOLE   202,057 0 0
Martin Midstream Partners L.P. COM 573331105 6,138 228,350 SH   SOLE   228,350 0 0
Memorial Production Partners L COM 586048100 6,662 456,618 SH   SOLE   456,618 0 0
National Retail Properties Onc COM 637417106 339 8,600 SH   SOLE   8,600 0 0
New York REIT, Inc COM 64976L109 1,712 161,700 SH   SOLE   0 0 161,700
Nextera Energy Inc COM 65339F101 1,551 14,590 SH   SOLE   14,590 0 0
NextEra Energy Partners LP COM 65341B106 547 16,200 SH   SOLE   16,200 0 0
NGL Energy Partners LP COM 62913M107 5,553 198,391 SH   SOLE   198,391 0 0
NiSource Inc. COM 65473P105 531 12,510 SH   SOLE   12,510 0 0
Northeast Utilities COM 664397106 1,165 21,760 SH   SOLE   21,760 0 0
NuSTAR Energy L.P. COM 67058H102 16,066 278,193 SH   SOLE   278,193 0 0
NuSTAR GP Holdings LLC COM 67059L102 8,605 249,997 SH   SOLE   249,997 0 0
Omega Healthcare Investors COM 681936100 26,688 683,070 SH   SOLE   683,070 0 0
Paramount Group Inc COM 69924R108 210,106 11,302,100 SH   SOLE   6,322,700 0 4,979,400
Pattern Energy Group Inc. COM 70338P100 839 34,004 SH   SOLE   34,004 0 0
PBF Logistics LP COM 69318Q104 5,438 254,687 SH   SOLE   254,687 0 0
Pebblebrook Hotel Trust COM 70509V100 102,311 2,242,181 SH   SOLE   881,900 0 1,360,281
Pennsylvania Real Estate COM 709102107 39,382 1,678,700 SH   SOLE   1,526,100 0 152,600
Plains All American Pipeline, COM 726503105 4,107 80,024 SH   SOLE   80,024 0 0
Plains GP Holdings COM 72651A108 5,596 217,925 SH   SOLE   217,925 0 0
Post Properties Inc. COM 737464107 241,824 4,114,747 SH   SOLE   2,421,440 0 1,693,307
PPL Corp. COM 69351T106 672 18,500 SH   SOLE   18,500 0 0
ProLogis Inc. COM 74340W103 633,823 14,729,782 SH   SOLE   6,958,969 0 7,770,813
Public Storage COM 74460D109 298,894 1,616,955 SH   SOLE   696,633 0 920,322
QEP Midstream Partners LP COM 74735R115 3,838 228,600 SH   SOLE   228,600 0 0
Ramco Gershenson Properties Tr COM 751452202 81,851 4,367,738 SH   SOLE   1,593,800 0 2,773,938
Regency Centers Corporation COM 758849103 91,388 1,432,861 SH   SOLE   660,825 0 772,036
Regency Energy Partners L.P. COM 75885Y107 11,683 486,800 SH   SOLE   486,800 0 0
Retail Properties of America, COM 76131V202 17,421 1,043,800 SH   SOLE   1,043,800 0 0
Rose Rock Midstream LP COM 777149105 3,398 74,761 SH   SOLE   74,761 0 0
SBA Communications Corp. COM 78388J106 759 6,850 SH   SOLE   6,850 0 0
Seadrill Partners LLC COM Y7545W109 6,590 406,050 SH   SOLE   406,050 0 0
Semgroup Corp. COM 81663A105 1,025 14,993 SH   SOLE   14,993 0 0
Sempra Energy COM 816851109 1,019 9,150 SH   SOLE   9,150 0 0
Senior Housing Properties Trus COM 81721M109 929 42,000 SH   SOLE   42,000 0 0
Shell Midstream Partners LP COM 822634101 2,770 67,600 SH   SOLE   67,600 0 0
Simon Property Group Inc. COM 828806109 929,185 5,102,326 SH   SOLE   2,252,163 0 2,850,163
SL Green Realty Corp. COM 78440X101 484,998 4,074,929 SH   SOLE   2,065,187 0 2,009,742
Spirit Realty Capital Inc. COM 84860W102 295,487 24,851,687 SH   SOLE   13,955,787 0 10,895,900
Starwood Hotels and Resorts Wo COM 85590A401 19,084 235,400 SH   SOLE   235,400 0 0
Strategic Hotels & Resorts, In COM 86272T106 186,767 14,116,940 SH   SOLE   7,725,640 0 6,391,300
Summit Midstream Partners LP COM 866142102 10,732 282,429 SH   SOLE   282,429 0 0
Sun Communities Inc. COM 866674104 135,162 2,235,559 SH   SOLE   992,588 0 1,242,971
Sunoco Logistics Partners L.P. COM 86764L108 9,355 223,920 SH   SOLE   223,920 0 0
Sunstone Hotel Investors Inc. COM 867892101 138,552 8,391,989 SH   SOLE   4,232,309 0 4,159,680
Tallgrass Energy Partners LP COM 874697105 5,798 129,700 SH   SOLE   129,700 0 0
Tanger Factory Outlet Centers COM 875465106 83,889 2,269,733 SH   SOLE   1,058,999 0 1,210,734
Targa Resources Corp. COM 87612G101 2,665 25,128 SH   SOLE   25,128 0 0
Targa Resources Partners L.P. COM 87611X105 9,598 200,467 SH   SOLE   200,467 0 0
Taubman Centers Inc. COM 876664103 191,360 2,504,054 SH   SOLE   1,259,195 0 1,244,859
Tesoro Logistics LP COM 88160T107 8,382 142,427 SH   SOLE   142,427 0 0
Transmontaigne Partners L.P. COM 89376V100 6,211 197,101 SH   SOLE   197,101 0 0
UDR Inc. COM 902653104 533,086 17,296,771 SH   SOLE   8,694,382 0 8,602,389
Union Pacific Corp COM 907818108 2,297 19,280 SH   SOLE   19,280 0 0
Valero Energy Partners LP COM 91914J102 3,964 91,650 SH   SOLE   91,650 0 0
Ventas Inc. COM 92276F100 56,873 793,214 SH   SOLE   166,814 0 626,400
Vornado Realty Trust COM 929042109 517,939 4,400,130 SH   SOLE   1,975,193 0 2,424,937
VTTI Energy Partners LP COM BPBGHX3 9,765 393,921 SH   SOLE   393,921 0 0
Western Gas Partners LP COM 958254104 8,627 118,100 SH   SOLE   118,100 0 0
Williams Partners L.P. COM 96950F104 22,928 512,350 SH   SOLE   512,350 0 0
WP Glimcher Inc COM 92939N102 16,339 948,841 SH   SOLE   774,369 0 174,472
Sunstone Hotels 8.00% Series D CV 8% CUM PFD-D 867892507 729 27,800 SH   SOLE   27,800 0 0