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 44,479 603,100 SH   SOLE   154,200 0 448,900
American Homes 4 Rent COM 02665T306 23,248 1,376,450 SH   SOLE   1,376,450 0 0
American Realty Capital Proper COM 02917T104 262,896 21,799,014 SH   SOLE   8,916,781 0 12,882,233
American Residential Propertie COM 02927E303 18,370 1,001,655 SH   SOLE   665,755 0 335,900
American Water Works Co. COM 030420103 726 15,050 SH   SOLE   15,050 0 0
AvalonBay Communities Inc. COM 053484101 467,536 3,316,565 SH   SOLE   1,460,669 0 1,855,896
Aviv REIT Inc COM 05381L101 311 11,800 SH   SOLE   11,800 0 0
Biomed Realty Trust Inc. COM 09063H107 180,882 8,954,550 SH   SOLE   4,226,300 0 4,728,250
Boston Properties Inc. COM 101121101 390,040 3,369,387 SH   SOLE   1,497,844 0 1,871,543
Brandywine Realty Trust SBI COM 105368203 164,270 11,675,211 SH   SOLE   7,018,526 0 4,656,685
Brixmor Property Group COM 11120U105 73,440 3,299,200 SH   SOLE   1,271,100 0 2,028,100
Camden Property Trust COM 133131102 130,371 1,902,400 SH   SOLE   1,343,800 0 558,600
CBL and Associates Properties COM 124830100 48,964 2,735,432 SH   SOLE   1,746,932 0 988,500
Cone Midstream Partners LP COM 206812109 1,967 70,000 SH   SOLE   70,000 0 0
Corrections Corp of America COM 22025Y407 31,697 922,500 SH   SOLE   194,100 0 728,400
Cousins Properties Inc. COM 222795106 117,023 9,792,700 SH   SOLE   4,609,320 0 5,183,380
Crown Castle International Cor COM 228227104 3,463 43,000 SH   SOLE   43,000 0 0
CSX Corporation COM 126408103 1,846 57,590 SH   SOLE   57,590 0 0
CubeSmart COM 229663109 71,241 3,962,254 SH   SOLE   2,184,053 0 1,778,201
DCP Midstream Partners L.P. COM 23311P100 1,326 24,351 SH   SOLE   24,351 0 0
DCT Industrial Trust COM 233153105 177,524 23,638,356 SH   SOLE   12,383,216 0 11,255,140
DDR Corp. COM 23317H102 306,552 18,323,499 SH   SOLE   8,433,439 0 9,890,060
Digital Realty Trust Inc. COM 253868103 18,670 299,297 SH   SOLE   75,740 0 223,557
Dominion Resources Inc. (Virgi COM 25746U109 1,667 24,122 SH   SOLE   24,122 0 0
Douglas Emmett Inc. COM 25960P109 279,947 10,905,602 SH   SOLE   5,973,102 0 4,932,500
DTE Energy Co. COM 233331107 616 8,100 SH   SOLE   8,100 0 0
Duke Realty Corporation COM 264411505 246,838 14,367,731 SH   SOLE   6,379,731 0 7,988,000
Edison International COM 281020107 898 16,050 SH   SOLE   16,050 0 0
Energy Transfer Equity L.P. COM 29273V100 1,233 19,980 SH   SOLE   19,980 0 0
Energy Transfer Partners L.P. COM 29273R109 354 5,538 SH   SOLE   5,538 0 0
EnLink Midstream Partners LP COM 29336U107 1,376 45,184 SH   SOLE   45,184 0 0
Enterprise Products Partners L COM 293792107 667 16,546 SH   SOLE   16,546 0 0
EPR Properties COM 26884U109 41,826 825,300 SH   SOLE   443,600 0 381,700
EQT Midstream Partners, L.P. COM 26885B100 668 7,458 SH   SOLE   7,458 0 0
Equity Residential COM 29476L107 640,212 10,396,423 SH   SOLE   4,374,004 0 6,022,419
Essex Property Trust Inc. COM 297178105 409,334 2,289,979 SH   SOLE   959,507 0 1,330,472
Federal Realty Investment Trus COM 313747206 18,681 157,700 SH   SOLE   148,700 0 9,000
First Industrial Realty Trust COM 32054K103 20,402 1,206,500 SH   SOLE   1,042,500 0 164,000
FirstEnergy Corp. COM 337932107 638 19,000 SH   SOLE   19,000 0 0
General Growth Properties COM 370023103 395,322 16,786,503 SH   SOLE   7,317,191 0 9,469,312
HCP Inc. COM 40414L109 45,424 1,143,887 SH   SOLE   312,616 0 831,271
Health Care REIT Inc. COM 42217K106 613,471 9,835,994 SH   SOLE   4,378,443 0 5,457,551
HealthCare Realty Trust COM 421946104 184,394 7,786,910 SH   SOLE   3,657,488 0 4,129,422
Healthcare Trust of America In COM 42225P105 100,168 8,635,140 SH   SOLE   4,006,200 0 4,628,940
Hersha Hospitality Trust COM 427825104 338 53,100 SH   SOLE   53,100 0 0
Highwoods Properties Inc. COM 431284108 206,984 5,320,914 SH   SOLE   2,292,867 0 3,028,047
Hilton Worldwide Holdings Inc. COM 43300A104 158,991 6,455,185 SH   SOLE   3,470,785 0 2,984,400
Home Properties Inc. COM 437306103 23,255 399,300 SH   SOLE   375,900 0 23,400
Hospitality Properties Trust COM 44106M102 9,808 365,300 SH   SOLE   75,300 0 290,000
Host Hotels & Resorts Inc. COM 44107P104 696,588 32,657,679 SH   SOLE   16,031,924 0 16,625,755
Kilroy Realty Corp. COM 49427F108 403,834 6,793,980 SH   SOLE   3,632,680 0 3,161,300
Kimco Realty Corp. COM 49446R109 158,589 7,238,180 SH   SOLE   2,777,190 0 4,460,990
Kite Realty Group Trust COM 49803T300 15,584 642,900 SH   SOLE   572,400 0 70,500
Lexington Corporate Properties COM 529043101 97,300 9,938,699 SH   SOLE   3,525,199 0 6,413,500
Liberty Property Trust COM 531172104 266,966 8,026,631 SH   SOLE   3,961,860 0 4,064,771
Macerich Co. COM 554382101 378,559 5,930,735 SH   SOLE   3,197,544 0 2,733,191
Magellan Midstream Partners L. COM 559080106 383 4,547 SH   SOLE   4,547 0 0
National Retail Properties Onc COM 637417106 304 8,800 SH   SOLE   8,800 0 0
Nextera Energy Inc COM 65339F101 1,511 16,090 SH   SOLE   16,090 0 0
NextEra Energy Partners LP COM 65341B106 434 12,500 SH   SOLE   12,500 0 0
NiSource Inc. COM 65473P105 824 20,110 SH   SOLE   20,110 0 0
Northeast Utilities COM 664397106 1,101 24,860 SH   SOLE   24,860 0 0
Omega Healthcare Investors COM 681936100 31,437 919,470 SH   SOLE   919,470 0 0
Pattern Energy Group Inc. COM 70338P100 905 29,254 SH   SOLE   29,254 0 0
Pebblebrook Hotel Trust COM 70509V100 79,209 2,121,281 SH   SOLE   830,500 0 1,290,781
Plains All American Pipeline, COM 726503105 1,458 24,766 SH   SOLE   24,766 0 0
Post Properties Inc. COM 737464107 211,849 4,126,394 SH   SOLE   2,329,087 0 1,797,307
PPL Corp. COM 69351T106 745 22,700 SH   SOLE   22,700 0 0
ProLogis Inc. COM 74340W103 579,162 15,362,397 SH   SOLE   6,989,107 0 8,373,290
Public Storage COM 74460D109 278,761 1,680,903 SH   SOLE   674,333 0 1,006,570
Ramco Gershenson Properties Tr COM 751452202 76,783 4,725,138 SH   SOLE   1,731,900 0 2,993,238
Regency Centers Corporation COM 758849103 84,936 1,577,861 SH   SOLE   757,225 0 820,636
Retail Properties of America, COM 76131V202 15,223 1,040,500 SH   SOLE   1,040,500 0 0
SBA Communications Corp. COM 78388J106 915 8,250 SH   SOLE   8,250 0 0
Semgroup Corp. COM 81663A105 1,307 15,700 SH   SOLE   15,700 0 0
Senior Housing Properties Trus COM 81721M109 588 28,100 SH   SOLE   28,100 0 0
Simon Property Group Inc. COM 828806109 880,007 5,352,187 SH   SOLE   2,189,483 0 3,162,704
SL Green Realty Corp. COM 78440X101 463,650 4,576,100 SH   SOLE   2,351,758 0 2,224,342
Spirit Realty Capital Inc. COM 84860W102 255,317 23,274,087 SH   SOLE   11,945,887 0 11,328,200
Starwood Hotels and Resorts Wo COM 85590A401 48,963 588,430 SH   SOLE   445,530 0 142,900
Strategic Hotels & Resorts, In COM 86272T106 102,869 8,829,940 SH   SOLE   4,500,940 0 4,329,000
Summit Midstream Partners LP COM 866142102 1,298 25,525 SH   SOLE   25,525 0 0
Sun Communities Inc. COM 866674104 125,476 2,484,677 SH   SOLE   1,108,506 0 1,376,171
Sunoco Logistics Partners L.P. COM 86764L108 1,685 34,920 SH   SOLE   34,920 0 0
Sunstone Hotel Investors Inc. COM 867892101 132,959 9,620,760 SH   SOLE   4,828,180 0 4,792,580
Tanger Factory Outlet Centers COM 875465106 55,662 1,701,153 SH   SOLE   655,399 0 1,045,754
Targa Resources Corp. COM 87612G101 671 4,928 SH   SOLE   4,928 0 0
Targa Resources Partners L.P. COM 87611X105 236 3,267 SH   SOLE   3,267 0 0
Taubman Centers Inc. COM 876664103 150,709 2,064,504 SH   SOLE   832,345 0 1,232,159
UDR Inc. COM 902653104 507,565 18,626,254 SH   SOLE   9,242,977 0 9,383,277
Union Pacific Corp COM 907818108 2,075 19,140 SH   SOLE   19,140 0 0
Ventas Inc. COM 92276F100 66,055 1,066,259 SH   SOLE   189,541 0 876,718
Vornado Realty Trust COM 929042109 486,343 4,865,374 SH   SOLE   2,147,765 0 2,717,609
VTTI Energy Partners LP COM BPBGHX3 559 22,300 SH   SOLE   22,300 0 0
Washington Prime Group Inc COM 939647103 45,751 2,617,318 SH   SOLE   2,015,020 0 602,298
Weingarten Realty Investors COM 948741103 2,287 72,600 SH   SOLE   0 0 72,600
Western Refining Logistics, LP COM 95931Q205 630 18,086 SH   SOLE   18,086 0 0
William Lyon Homes COM 552074700 4,277 193,518 SH   SOLE   193,518 0 0
Sunstone Hotels 8.00% Series D CV 8% CUM PFD-D 867892507 743 27,800 SH   SOLE   27,800 0 0