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 970 20,076 SH   SOLE   20,076 0 0
Ameren Corp. COM 023608102 289 8,300 SH   SOLE   8,300 0 0
American Homes 4 Rent COM 02665T306 29,784 1,844,200 SH   SOLE   955,600 0 888,600
American Realty Capital Proper COM 02917T104 10,752 881,300 SH   SOLE   166,100 0 715,200
American Residential Propertie COM 02927E303 27,986 1,589,222 SH   SOLE   1,287,522 0 301,700
American Tower Corp. COM 03027X100 3,323 44,820 SH   SOLE   44,820 0 0
American Water Works Co. COM 030420103 604 14,620 SH   SOLE   14,620 0 0
Apartment Investment and Manag COM 03748R101 6,901 247,000 SH   SOLE   82,000 0 165,000
AvalonBay Communities Inc. COM 053484101 346,072 2,723,048 SH   SOLE   1,228,236 0 1,494,812
Aviv REIT Inc COM 05381L101 1,345 59,000 SH   SOLE   59,000 0 0
Biomed Realty Trust Inc. COM 09063H107 143,925 7,742,061 SH   SOLE   3,266,111 0 4,475,950
Boston Properties Inc. COM 101121101 462,096 4,322,690 SH   SOLE   1,838,047 0 2,484,643
Brandywine Realty Trust SBI COM 105368203 169,526 12,862,398 SH   SOLE   8,370,413 0 4,491,985
BRE Properties Inc. COM 05564E106 269,993 5,319,010 SH   SOLE   1,851,394 0 3,467,616
Camden Property Trust COM 133131102 66,146 1,076,597 SH   SOLE   1,047,397 0 29,200
CBL and Associates Properties COM 124830100 27,493 1,439,419 SH   SOLE   1,336,519 0 102,900
CMS Energy Corporation COM 125896100 583 22,140 SH   SOLE   22,140 0 0
Cole Real Estate Investments, COM 19329V105 31,487 2,568,300 SH   SOLE   461,400 0 2,106,900
Commonwealth REIT COM 203233101 47,976 2,189,702 SH   SOLE   784,800 0 1,404,902
Cousins Properties Inc. COM 222795106 34,272 3,330,620 SH   SOLE   1,770,880 0 1,559,740
CSX Corporation COM 126408103 1,991 77,340 SH   SOLE   77,340 0 0
CubeSmart COM 229663109 22,858 1,281,278 SH   SOLE   329,000 0 952,278
DCT Industrial Trust COM 233153105 31,115 4,327,480 SH   SOLE   2,612,840 0 1,714,640
DDR Corp. COM 23317H102 192,196 12,233,991 SH   SOLE   5,374,931 0 6,859,060
Digital Realty Trust Inc. COM 253868103 16,571 312,073 SH   SOLE   80,316 0 231,757
Dominion Resources Inc. (Virgi COM 25746U109 1,107 17,710 SH   SOLE   17,710 0 0
Douglas Emmett Inc. COM 25960P109 232,071 9,887,968 SH   SOLE   5,263,368 0 4,624,600
Duke Realty Corporation COM 264411505 229,619 14,871,708 SH   SOLE   6,235,708 0 8,636,000
Energy Transfer Partners L.P. COM 29273R109 204 3,918 SH   SOLE   3,918 0 0
Enterprise Products Partners L COM 293792107 1,765 28,923 SH   SOLE   28,923 0 0
EPR Properties COM 26884U109 22,986 471,600 SH   SOLE   106,800 0 364,800
Equity Residential COM 29476L107 443,756 8,283,671 SH   SOLE   3,371,602 0 4,912,069
Essex Property Trust Inc. COM 297178105 97,532 660,340 SH   SOLE   213,510 0 446,830
Federal Realty Investment Trus COM 313747206 34,646 341,509 SH   SOLE   125,338 0 216,171
Forest City Cl. A COM 345550107 2,246 118,600 SH   SOLE   64,800 0 53,800
General Growth Properties COM 370023103 416,255 21,578,791 SH   SOLE   9,961,371 0 11,617,420
Genesee & Wyoming Inc COM 371559105 985 10,600 SH   SOLE   10,600 0 0
HCP Inc. COM 40414L109 247,767 6,050,479 SH   SOLE   2,266,879 0 3,783,600
Health Care REIT Inc. COM 42217K106 440,725 7,065,163 SH   SOLE   3,108,012 0 3,957,151
HealthCare Realty Trust COM 421946104 113,113 4,894,544 SH   SOLE   2,344,322 0 2,550,222
Healthcare Trust of America In COM 42225P105 49,373 4,693,240 SH   SOLE   2,096,800 0 2,596,440
Highwoods Properties Inc. COM 431284108 234,055 6,628,573 SH   SOLE   2,803,246 0 3,825,327
Home Properties Inc. COM 437306103 266 4,600 SH   SOLE   4,600 0 0
Hospitality Properties Trust COM 44106M102 29,233 1,032,983 SH   SOLE   215,483 0 817,500
Host Hotels & Resorts Inc. COM 44107P104 636,941 36,046,476 SH   SOLE   17,095,646 0 18,950,830
ITC Holdings Corp. COM 465685105 436 4,645 SH   SOLE   4,645 0 0
Kilroy Realty Corp. COM 49427F108 315,986 6,326,037 SH   SOLE   3,191,637 0 3,134,400
Kimco Realty Corp. COM 49446R109 264,143 13,089,325 SH   SOLE   5,196,455 0 7,892,870
Kinder Morgan Energy Partners COM 494550106 222 2,781 SH   SOLE   2,781 0 0
LaSalle Hotels and Properties COM 517942108 4,589 160,900 SH   SOLE   160,900 0 0
Lexington Corporate Properties COM 529043101 95,396 8,494,760 SH   SOLE   3,944,760 0 4,550,000
Liberty Property Trust COM 531172104 501,003 14,073,121 SH   SOLE   7,406,241 0 6,666,880
LTC Properties Inc. COM 502175102 258 6,800 SH   SOLE   6,800 0 0
Macerich Co. COM 554382101 490,820 8,696,320 SH   SOLE   4,301,141 0 4,395,179
Mack-Cali Realty Corp. COM 554489104 4,876 222,227 SH   SOLE   215,727 0 6,500
Magellan Midstream Partners L. COM 559080106 722 12,787 SH   SOLE   12,787 0 0
MarkWest Energy Partners, L.P. COM 570759100 672 9,299 SH   SOLE   9,299 0 0
National Retail Properties Onc COM 637417106 538 16,900 SH   SOLE   16,900 0 0
Nextera Energy Inc COM 65339F101 920 11,480 SH   SOLE   11,480 0 0
NiSource Inc. COM 65473P105 593 19,210 SH   SOLE   19,210 0 0
Northeast Utilities COM 664397106 716 17,360 SH   SOLE   17,360 0 0
Omega Healthcare Investors COM 681936100 56,803 1,901,670 SH   SOLE   1,901,670 0 0
ONEOK Inc. COM 682680103 781 14,648 SH   SOLE   14,648 0 0
Pebblebrook Hotel Trust COM 70509V100 71,657 2,495,881 SH   SOLE   1,035,000 0 1,460,881
Plains All American Pipeline, COM 726503105 1,279 24,286 SH   SOLE   24,286 0 0
Post Properties Inc. COM 737464107 186,673 4,146,438 SH   SOLE   1,867,593 0 2,278,845
ProLogis Inc. COM 74340W103 542,667 14,424,955 SH   SOLE   6,884,050 0 7,540,905
Public Storage COM 74460D109 328,074 2,043,440 SH   SOLE   826,570 0 1,216,870
Ramco Gershenson Properties Tr COM 751452202 38,091 2,471,838 SH   SOLE   881,100 0 1,590,738
Realty Income Corp COM 756109104 19,680 495,097 SH   SOLE   98,197 0 396,900
Regency Centers Corporation COM 758849103 38,978 806,161 SH   SOLE   257,425 0 548,736
Retail Properties of America, COM 76131V202 15,405 1,120,346 SH   SOLE   1,120,346 0 0
SBA Communications Corp. COM 78388J106 1,727 21,470 SH   SOLE   21,470 0 0
Senior Housing Properties Trus COM 81721M109 153,506 6,576,937 SH   SOLE   2,957,237 0 3,619,700
Simon Property Group Inc. COM 828806109 872,540 5,886,394 SH   SOLE   2,292,115 0 3,594,279
SL Green Realty Corp. COM 78440X101 419,073 4,717,166 SH   SOLE   2,335,624 0 2,381,542
Spectra Energy Corp. COM 847560109 725 21,189 SH   SOLE   21,189 0 0
Spirit Realty Capital Inc. COM 84860W102 16,356 1,781,678 SH   SOLE   1,781,678 0 0
Starwood Hotels and Resorts Wo COM 85590A401 141,176 2,124,550 SH   SOLE   1,232,370 0 892,180
Strategic Hotels & Resorts, In COM 86272T106 100,665 11,597,370 SH   SOLE   5,567,340 0 6,030,030
Sun Communities Inc. COM 866674104 36,364 853,207 SH   SOLE   473,111 0 380,096
Sunstone Hotel Investors Inc. COM 867892101 104,081 8,169,610 SH   SOLE   3,849,230 0 4,320,380
Tanger Factory Outlet Centers COM 875465106 67,446 2,065,726 SH   SOLE   931,122 0 1,134,604
Taubman Centers Inc. COM 876664103 169,834 2,523,159 SH   SOLE   878,236 0 1,644,923
UDR Inc. COM 902653104 408,577 17,239,535 SH   SOLE   7,437,600 0 9,801,935
Union Pacific Corp COM 907818108 1,853 11,930 SH   SOLE   11,930 0 0
Ventas Inc. COM 92276F100 297,622 4,839,376 SH   SOLE   1,551,950 0 3,287,426
Vornado Realty Trust COM 929042109 413,038 4,913,604 SH   SOLE   2,114,019 0 2,799,585
Washington REIT COM 939653101 2,325 92,000 SH   SOLE   92,000 0 0
Western Gas Partners LP COM 958254104 1,102 18,326 SH   SOLE   18,326 0 0
Weyerhaeuser Co. COM 962166104 96,414 3,367,600 SH   SOLE   1,400,000 0 1,967,600
William Lyon Homes COM 552074700 4,326 212,900 SH   SOLE   212,900 0 0
Ramco-Gershenson Pptys Tr 7.25 PERP PFD-D CV 751452608 677 11,500 SH   SOLE   11,500 0 0
Sunstone Hotels 8.00% Series D CV 8% CUM PFD-D 867892507 2,023 80,100 SH   SOLE   80,100 0 0
Taubman Centers 6.25% Series K PFD SER K 876664707 1,635 73,100 SH   SOLE   73,100 0 0