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
Estimated average burden
hours per response: 23.8
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 EQ IN COMMON 015271109 49,043 579,228 SH   SOLE   434,290 0 144,938
APARTMENT INVT & MGMT CO COMMON 03748R101 66,928 1,807,885 SH   SOLE   1,132,473 0 675,412
APARTMENT INVT & MGMT CO PREFERRED 03748R762 73,653 2,773,900 SH   SOLE   1,957,300 0 816,600
ASHFORD HOSPITALITY TR INC PREFERRED 044103505 6,170 240,000 SH   SOLE   240,000 0 0
AVALONBAY CMNTYS INC COMMON 053484101 100,013 572,093 SH   SOLE   408,926 0 163,167
BIOMED REALTY TRUST INC COMMON 09063H107 176,631 8,840,389 SH   SOLE   7,002,729 0 1,837,660
BOSTON PROPERTIES INC COMMON 101121101 53,856 454,861 SH   SOLE   326,533 0 128,328
BRIXMOR PPTY GROUP INC COMMON 11120U105 80,251 3,417,860 SH   SOLE   2,379,610 0 1,038,250
CAMDEN PPTY TR COMMON 133131102 20,525 277,746 SH   SOLE   201,896 0 75,850
CARE CAP PPTYS INC COMMON 141624106 292 8,882 SH   SOLE   7,296 0 1,586
CHESAPEAKE LODGING TR COMMON 165240102 8,470 325,000 SH   SOLE   248,700 0 76,300
COLUMBIA PPTY TR INC COMMON 198287203 19,967 860,664 SH   SOLE   571,264 0 289,400
CUBESMART COMMON 229663109 47,136 1,732,303 SH   SOLE   1,326,703 0 405,600
DCT INDUSTRIAL TRUST INC COMMON 233153204 24,386 724,493 SH   SOLE   519,698 0 204,795
DDR CORP COMMON 23317H102 101,441 6,595,662 SH   SOLE   5,220,512 0 1,375,150
DOUGLAS EMMETT INC COMMON 25960P109 77,537 2,699,753 SH   SOLE   1,994,870 0 704,883
DUKE REALTY CORP COMMON 264411505 67,346 3,535,213 SH   SOLE   2,464,235 0 1,070,978
EASTGROUP PPTY INC COMMON 277276101 26,353 486,400 SH   SOLE   399,500 0 86,900
EQUITY COMWLTH PREFERRED 294628409 53,363 2,094,290 SH   SOLE   1,928,940 0 165,350
EQUITY LIFESTYLE PPTYS INC COMMON 29472R108 26,953 460,180 SH   SOLE   343,480 0 116,700
EQUITY RESIDENTIAL COMMON 29476L107 111,838 1,488,797 SH   SOLE   1,059,021 0 429,776
ESSEX PPTY TR INC COMMON 297178105 38,004 170,101 SH   SOLE   119,280 0 50,821
EXTRA SPACE STORAGE INC COMMON 30225T102 25,341 328,423 SH   SOLE   234,523 0 93,900
FEDERAL REALTY INVT TR COMMON 313747206 2,945 21,581 SH   SOLE   9,062 0 12,519
FIRST INDUSTRIAL REALTY TRUS COMMON 32054K103 23,789 1,135,500 SH   SOLE   845,350 0 290,150
GENERAL GROWTH PPTYS INC NEW COMMON 370023103 51,593 1,986,621 SH   SOLE   1,362,928 0 623,693
HCP INC COMMON 40414L109 52,245 1,402,547 SH   SOLE   964,563 0 437,984
HOST HOTELS & RESORTS INC COMMON 44107P104 37,347 2,362,243 SH   SOLE   1,813,751 0 548,492
HYATT HOTELS CORP COMMON 448579102 4,862 103,234 SH   SOLE   80,834 0 22,400
INLAND REAL ESTATE CORP PREFERRED 457461507 34,902 1,393,300 SH   SOLE   1,264,100 0 129,200
KILROY RLTY CORP COMMON 49427F108 1,445 22,170 SH   SOLE   9,291 0 12,879
KIMCO RLTY CORP COMMON 49446R109 36,233 1,483,121 SH   SOLE   1,114,054 0 369,067
KITE RLTY GROUP TR COMMON 49803T300 25,558 1,073,413 SH   SOLE   794,663 0 278,750
LASALLE HOTEL PPTYS COMMON 517942108 20,712 729,560 SH   SOLE   569,510 0 160,050
LIBERTY PPTY TR COMMON 531172104 20,640 655,031 SH   SOLE   467,381 0 187,650
MACERICH CO COMMON 554382101 123,632 1,609,372 SH   SOLE   1,152,557 0 456,815
MID-AMER APT CMNTYS INC COMMON 59522J103 970 11,852 SH   SOLE   11,852 0 0
MONOGRAM RESIDENTIAL TR INC COMMON 60979P105 52,773 5,668,450 SH   SOLE   4,147,900 0 1,520,550
PARAMOUNT GROUP INC COMMON 69924R108 20,871 1,242,294 SH   SOLE   842,359 0 399,935
PEBBLEBROOK HOTEL TR COMMON 70509V100 17,059 481,200 SH   SOLE   368,850 0 112,350
PIEDMONT OFFICE REALTY TR IN COMMON 720190206 22,210 1,241,472 SH   SOLE   826,072 0 415,400
POST PPTYS INC COMMON 737464107 19,084 327,400 SH   SOLE   235,900 0 91,500
PROLOGIS INC COMMON 74340W103 238,673 6,135,560 SH   SOLE   4,792,784 0 1,342,776
PUBLIC STORAGE COMMON 74460D109 113,612 536,842 SH   SOLE   372,145 0 164,697
REGENCY CTRS CORP COMMON 758849103 32,908 529,493 SH   SOLE   394,099 0 135,394
RETAIL OPPORTUNITY INVTS COR COMMON 76131N101 18,443 1,115,052 SH   SOLE   867,652 0 247,400
REXFORD INDL RLTY INC COMMON 76169C100 72,641 5,267,650 SH   SOLE   5,188,250 0 79,400
RLJ LODGING TR COMMON 74965L101 8,864 350,763 SH   SOLE   277,813 0 72,950
SAUL CTRS INC COMMON 804395101 17,313 334,550 SH   SOLE   259,250 0 75,300
SENIOR HSG PPTYS TR COMMON 81721M109 100,006 6,173,229 SH   SOLE   4,142,679 0 2,030,550
SIMON PPTY GROUP INC NEW COMMON 828806109 185,782 1,011,222 SH   SOLE   728,253 0 282,969
SL GREEN RLTY CORP COMMON 78440X101 35,337 326,707 SH   SOLE   240,582 0 86,125
STARWOOD HOTELS&RESORTS WRLD COMMON 85590A401 21,859 328,804 SH   SOLE   254,704 0 74,100
SUNSTONE HOTEL INVS INC NEW PREFERRED 867892507 23,138 908,085 SH   SOLE   659,654 0 248,431
TAUBMAN CTRS INC COMMON 876664103 23,975 347,066 SH   SOLE   222,862 0 124,204
UDR INC COMMON 902653104 48,104 1,395,128 SH   SOLE   1,073,584 0 321,544
URSTADT BIDDLE PPTYS INC PREFERRED 917286809 24,748 965,200 SH   SOLE   811,850 0 153,350
VENTAS INC COMMON 92276F100 56,603 1,009,690 SH   SOLE   763,477 0 246,213
VORNADO RLTY TR COMMON 929042109 56,768 627,828 SH   SOLE   444,447 0 183,381
WELLTOWER INC COMMON 95040Q104 145,372 2,146,665 SH   SOLE   1,629,554 0 517,111