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
Access Midstream Partners LP COM 00434L109 632 11,176 SH   SOLE   11,176 0 0
Ameren Corp. COM 023608102 452 12,500 SH   SOLE   12,500 0 0
American Electric Power Co. In COM 025537101 788 16,850 SH   SOLE   16,850 0 0
American Homes 4 Rent COM 02665T306 30,378 1,875,200 SH   SOLE   1,007,100 0 868,100
American Realty Capital Proper COM 02917T104 7,059 548,900 SH   SOLE   106,500 0 442,400
American Residential Propertie COM 02927E303 31,905 1,859,255 SH   SOLE   1,425,655 0 433,600
American Tower Corp. COM 03027X100 2,280 28,570 SH   SOLE   28,570 0 0
American Water Works Co. COM 030420103 912 21,580 SH   SOLE   21,580 0 0
AvalonBay Communities Inc. COM 053484101 246,812 2,087,554 SH   SOLE   933,442 0 1,154,112
Aviv REIT Inc COM 05381L101 1,398 59,000 SH   SOLE   59,000 0 0
Biomed Realty Trust Inc. COM 09063H107 168,888 9,320,550 SH   SOLE   4,397,200 0 4,923,350
Boston Properties Inc. COM 101121101 310,555 3,094,100 SH   SOLE   1,326,057 0 1,768,043
Brandywine Realty Trust SBI COM 105368203 196,568 13,950,901 SH   SOLE   9,020,416 0 4,930,485
BRE Properties Inc. COM 05564E106 259,906 4,750,610 SH   SOLE   1,825,094 0 2,925,516
Brixmor Property Group COM 11120U105 116,871 5,748,700 SH   SOLE   3,312,000 0 2,436,700
Camden Property Trust COM 133131102 38,468 676,300 SH   SOLE   676,300 0 0
CBL and Associates Properties COM 124830100 13,821 769,532 SH   SOLE   666,632 0 102,900
CMS Energy Corporation COM 125896100 694 25,940 SH   SOLE   25,940 0 0
Cole Real Estate Investments, COM 19329V105 35,653 2,539,400 SH   SOLE   507,800 0 2,031,600
Cousins Properties Inc. COM 222795106 39,153 3,801,220 SH   SOLE   1,822,080 0 1,979,140
CSX Corporation COM 126408103 825 28,690 SH   SOLE   28,690 0 0
CubeSmart COM 229663109 16,491 1,034,578 SH   SOLE   273,800 0 760,778
DCT Industrial Trust COM 233153105 45,880 6,434,760 SH   SOLE   3,038,820 0 3,395,940
DDR Corp. COM 23317H102 229,531 14,933,692 SH   SOLE   7,030,432 0 7,903,260
Digital Realty Trust Inc. COM 253868103 18,950 385,797 SH   SOLE   97,840 0 287,957
Dominion Resources Inc. (Virgi COM 25746U109 1,230 19,010 SH   SOLE   19,010 0 0
Douglas Emmett Inc. COM 25960P109 230,745 9,907,483 SH   SOLE   5,600,783 0 4,306,700
Duke Realty Corporation COM 264411505 225,375 14,985,008 SH   SOLE   6,421,308 0 8,563,700
Energy Transfer Partners L.P. COM 29273R109 224 3,918 SH   SOLE   3,918 0 0
Enterprise Products Partners L COM 293792107 1,918 28,923 SH   SOLE   28,923 0 0
EPR Properties COM 26884U109 43,924 893,500 SH   SOLE   425,000 0 468,500
Equity Residential COM 29476L107 438,782 8,459,271 SH   SOLE   3,682,202 0 4,777,069
Essex Property Trust Inc. COM 297178105 135,624 945,050 SH   SOLE   349,830 0 595,220
Extended Stay America, Inc. COM 30224P200 59,297 2,258,088 SH   SOLE   1,234,100 0 1,023,988
Federal Realty Investment Trus COM 313747206 29,826 294,109 SH   SOLE   119,438 0 174,671
Forest City Cl. A COM 345550107 2,800 146,600 SH   SOLE   79,200 0 67,400
General Growth Properties COM 370023103 338,170 16,849,504 SH   SOLE   7,533,743 0 9,315,761
Genesee & Wyoming Inc COM 371559105 1,018 10,600 SH   SOLE   10,600 0 0
HCP Inc. COM 40414L109 129,422 3,563,379 SH   SOLE   1,433,579 0 2,129,800
Health Care REIT Inc. COM 42217K106 430,769 8,041,232 SH   SOLE   3,630,781 0 4,410,451
HealthCare Realty Trust COM 421946104 137,507 6,452,682 SH   SOLE   3,162,060 0 3,290,622
Healthcare Trust of America In COM 42225P105 60,663 6,164,940 SH   SOLE   2,765,600 0 3,399,340
Hersha Hospitality Trust COM 427825104 731 131,250 SH   SOLE   131,250 0 0
Highwoods Properties Inc. COM 431284108 232,141 6,418,044 SH   SOLE   2,817,917 0 3,600,127
Hilton Worldwide Holdings Inc. COM 43300A104 165,843 7,453,600 SH   SOLE   3,912,900 0 3,540,700
Home Properties Inc. COM 437306103 247 4,600 SH   SOLE   4,600 0 0
Hospitality Properties Trust COM 44106M102 26,633 985,300 SH   SOLE   167,800 0 817,500
Host Hotels & Resorts Inc. COM 44107P104 715,523 36,806,725 SH   SOLE   19,044,595 0 17,762,130
ITC Holdings Corp. COM 465685105 690 7,200 SH   SOLE   7,200 0 0
Kilroy Realty Corp. COM 49427F108 342,827 6,831,937 SH   SOLE   3,581,737 0 3,250,200
Kimco Realty Corp. COM 49446R109 240,423 12,173,325 SH   SOLE   5,075,455 0 7,097,870
LaSalle Hotels and Properties COM 517942108 4,925 159,600 SH   SOLE   159,600 0 0
Lexington Corporate Properties COM 529043101 121,744 11,923,960 SH   SOLE   5,555,660 0 6,368,300
Liberty Property Trust COM 531172104 445,979 13,167,371 SH   SOLE   7,048,168 0 6,119,203
LTC Properties Inc. COM 502175102 241 6,800 SH   SOLE   6,800 0 0
Macerich Co. COM 554382101 484,966 8,235,114 SH   SOLE   4,369,035 0 3,866,079
Mack-Cali Realty Corp. COM 554489104 2,080 96,827 SH   SOLE   91,227 0 5,600
Magellan Midstream Partners L. COM 559080106 262 4,147 SH   SOLE   4,147 0 0
MarkWest Energy Partners, L.P. COM 570759100 760 11,489 SH   SOLE   11,489 0 0
National Retail Properties Onc COM 637417106 513 16,900 SH   SOLE   16,900 0 0
Nextera Energy Inc COM 65339F101 1,095 12,790 SH   SOLE   12,790 0 0
NiSource Inc. COM 65473P105 632 19,210 SH   SOLE   19,210 0 0
Northeast Utilities COM 664397106 736 17,360 SH   SOLE   17,360 0 0
Omega Healthcare Investors COM 681936100 46,108 1,547,245 SH   SOLE   1,547,245 0 0
ONEOK Inc. COM 682680103 734 11,798 SH   SOLE   11,798 0 0
Pattern Energy Group Inc. COM 70338P100 629 20,750 SH   SOLE   20,750 0 0
Pebblebrook Hotel Trust COM 70509V100 76,020 2,471,381 SH   SOLE   1,090,200 0 1,381,181
Plains All American Pipeline, COM 726503105 1,540 29,746 SH   SOLE   29,746 0 0
Post Properties Inc. COM 737464107 233,679 5,166,461 SH   SOLE   2,762,916 0 2,403,545
ProLogis Inc. COM 74340W103 544,110 14,725,569 SH   SOLE   7,309,364 0 7,416,205
Public Storage COM 74460D109 264,455 1,756,940 SH   SOLE   714,170 0 1,042,770
Ramco Gershenson Properties Tr COM 751452202 53,893 3,423,938 SH   SOLE   1,258,800 0 2,165,138
Realty Income Corp COM 756109104 14,514 388,800 SH   SOLE   85,100 0 303,700
Regency Centers Corporation COM 758849103 36,334 784,761 SH   SOLE   252,725 0 532,036
Retail Properties of America, COM 76131V202 14,246 1,120,000 SH   SOLE   1,120,000 0 0
SBA Communications Corp. COM 78388J106 1,318 14,670 SH   SOLE   14,670 0 0
Semgroup Corp. COM 81663A105 528 8,100 SH   SOLE   8,100 0 0
Senior Housing Properties Trus COM 81721M109 128,629 5,786,300 SH   SOLE   2,658,600 0 3,127,700
Simon Property Group Inc. COM 828806109 868,915 5,710,537 SH   SOLE   2,275,278 0 3,435,259
SL Green Realty Corp. COM 78440X101 430,866 4,664,066 SH   SOLE   2,458,624 0 2,205,442
Spectra Energy Corp. COM 847560109 755 21,189 SH   SOLE   21,189 0 0
Spirit Realty Capital Inc. COM 84860W102 53,123 5,404,178 SH   SOLE   2,952,678 0 2,451,500
Starwood Hotels and Resorts Wo COM 85590A401 136,110 1,713,159 SH   SOLE   976,859 0 736,300
Strategic Hotels & Resorts, In COM 86272T106 145,897 15,438,827 SH   SOLE   8,356,597 0 7,082,230
Sun Communities Inc. COM 866674104 38,384 900,177 SH   SOLE   471,881 0 428,296
Sunoco Logistics Partners L.P. COM 86764L108 747 9,903 SH   SOLE   9,903 0 0
Sunstone Hotel Investors Inc. COM 867892101 116,692 8,708,360 SH   SOLE   4,312,680 0 4,395,680
Tanger Factory Outlet Centers COM 875465106 66,390 2,073,386 SH   SOLE   1,004,482 0 1,068,904
Targa Resources Corp. COM 87612G101 491 5,568 SH   SOLE   5,568 0 0
Taubman Centers Inc. COM 876664103 176,211 2,756,749 SH   SOLE   1,101,926 0 1,654,823
UDR Inc. COM 902653104 443,413 18,989,869 SH   SOLE   9,169,034 0 9,820,835
Union Pacific Corp COM 907818108 2,213 13,170 SH   SOLE   13,170 0 0
Valero Energy Partners LP COM 91914J102 689 20,000 SH   SOLE   20,000 0 0
Ventas Inc. COM 92276F100 178,637 3,118,664 SH   SOLE   840,938 0 2,277,726
Vornado Realty Trust COM 929042109 439,796 4,953,221 SH   SOLE   2,228,136 0 2,725,085
Washington REIT COM 939653101 2,348 100,500 SH   SOLE   100,500 0 0
Western Gas Partners LP COM 958254104 1,112 18,026 SH   SOLE   18,026 0 0
Weyerhaeuser Co. COM 962166104 86,870 2,751,660 SH   SOLE   1,158,860 0 1,592,800
William Lyon Homes COM 552074700 5,958 269,100 SH   SOLE   269,100 0 0
Sunstone Hotels 8.00% Series D CV 8% CUM PFD-D 867892507 1,995 80,100 SH   SOLE   80,100 0 0