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

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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
ACADIA RLTY TR COM SH BEN INT 004239109 21,674 720,769 SH   SOLE   720,769 0 0
AVALONBAY CMNTYS INC COM 053484101 180,213 1,030,851 SH   SOLE   1,030,851 0 0
CUBESMART COM 229663109 14,736 541,576 SH   SOLE   541,576 0 0
DDR CORP COM 23317H102 21,875 1,422,279 SH   SOLE   1,422,279 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 52,292 4,732,296 SH   SOLE   4,732,296 0 0
DOUGLAS EMMETT INC COM 25960P109 47,365 1,649,195 SH   SOLE   1,649,195 0 0
EMPIRE ST RLTY TR INC CL A 292104106 79,014 4,639,706 SH   SOLE   4,639,706 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 78,099 1,333,430 SH   SOLE   1,333,430 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 11,819 157,340 SH   SOLE   157,340 0 0
ESSEX PPTY TR INC COM 297178105 46,352 207,464 SH   SOLE   207,464 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 78,502 575,319 SH   SOLE   569,610 0 5,709
GENERAL GROWTH PPTYS INC NEW COM 370023103 101,447 3,906,304 SH   SOLE   3,906,304 0 0
HOME PROPERTIES INC COM 437306103 11,998 160,504 SH   SOLE   160,504 0 0
HOST HOTELS & RESORTS INC COM 44107P104 24,371 1,541,471 SH   SOLE   1,541,471 0 0
KILROY RLTY CORP COM 49427F108 36,692 563,107 SH   SOLE   563,107 0 0
PROLOGIS INC COM 74340W103 47,108 1,211,005 SH   SOLE   1,211,005 0 0
SIMON PPTY GROUP INC NEW COM 828806109 191,198 1,040,701 SH   SOLE   1,040,701 0 0
SL GREEN RLTY CORP COM 78440X101 80,683 745,960 SH   SOLE   740,021 0 5,939
TERRENO RLTY CORP COM 88146M101 31,316 1,594,519 SH   SOLE   1,594,519 0 0
URBAN EDGE PPTYS COM 91704F104 12,701 588,260 SH   SOLE   588,260 0 0
VENTAS INC COM 92276F100 13,648 243,459 SH   SOLE   243,459 0 0