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 27,034 775,055 SH   SOLE   775,055 0 0
AVALONBAY CMNTYS INC COM 053484101 136,293 782,170 SH   SOLE   782,170 0 0
CUBESMART COM 229663109 12,809 530,404 SH   SOLE   530,404 0 0
DDR CORP COM 23317H102 57,969 3,113,241 SH   SOLE   3,066,091 0 47,150
DIAMONDROCK HOSPITALITY CO COM 252784301 60,219 4,261,784 SH   SOLE   4,261,784 0 0
DOUGLAS EMMETT INC COM 25960P109 11,222 376,449 SH   SOLE   376,449 0 0
EMPIRE ST RLTY TR INC CL A 292104106 62,432 3,319,065 SH   SOLE   3,319,065 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 55,543 1,010,791 SH   SOLE   1,010,791 0 0
ESSEX PPTY TR INC COM 297178105 36,401 158,336 SH   SOLE   158,336 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 47,208 320,683 SH   SOLE   320,683 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 59,015 1,997,129 SH   SOLE   1,997,129 0 0
HOME PROPERTIES INC COM 437306103 37,690 543,943 SH   SOLE   543,943 0 0
HOST HOTELS & RESORTS INC COM 44107P104 44,423 2,201,331 SH   SOLE   2,201,331 0 0
KILROY RLTY CORP COM 49427F108 84,978 1,115,638 SH   SOLE   1,115,638 0 0
MACERICH CO COM 554382101 8,575 101,685 SH   SOLE   101,685 0 0
PARAMOUNT GROUP INC COM 69924R108 39,550 2,049,199 SH   SOLE   2,049,199 0 0
PROLOGIS INC COM 74340W103 61,199 1,404,926 SH   SOLE   1,404,926 0 0
SIMON PPTY GROUP INC NEW COM 828806109 164,803 842,378 SH   SOLE   842,378 0 0
SL GREEN RLTY CORP COM 78440X101 106,293 827,956 SH   SOLE   822,017 0 5,939
TERRENO RLTY CORP COM 88146M101 38,914 1,706,748 SH   SOLE   1,706,748 0 0
VENTAS INC COM 92276F100 9,470 129,696 SH   SOLE   129,696 0 0