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 52,114 576,732 SH   SOLE   418,253 0 158,479
ALEXANDRIA REAL ESTATE EQ IN PREF CONV 015271505 7,032 255,800 SH   SOLE   2,900 0 252,900
APARTMENT INVT & MGMT CO COMMON 03748R101 67,562 1,687,776 SH   SOLE   1,056,664 0 631,112
APARTMENT INVT & MGMT CO PREFERRED 03748R762 68,706 2,679,650 SH   SOLE   1,844,200 0 835,450
ASHFORD HOSPITALITY TR INC PREFERRED 044103505 6,084 240,000 SH   SOLE   240,000 0 0
AVALONBAY CMNTYS INC COMMON 053484101 93,209 506,212 SH   SOLE   357,881 0 148,331
BIOMED REALTY TRUST INC COMMON 09063H107 253,779 10,712,487 SH   SOLE   8,773,127 0 1,939,360
BOSTON PROPERTIES INC COMMON 101121101 55,226 433,012 SH   SOLE   311,580 0 121,432
BRIXMOR PPTY GROUP INC COMMON 11120U105 60,116 2,328,255 SH   SOLE   1,736,505 0 591,750
CAMDEN PPTY TR COMMON 133131102 41,026 534,476 SH   SOLE   418,926 0 115,550
CARE CAP PPTYS INC COMMON 141624106 202 6,614 SH   SOLE   5,077 0 1,537
CHESAPEAKE LODGING TR COMMON 165240102 15,778 627,125 SH   SOLE   488,775 0 138,350
COLUMBIA PPTY TR INC COMMON 198287203 52,136 2,220,444 SH   SOLE   1,681,294 0 539,150
CUBESMART COMMON 229663109 31,605 1,032,171 SH   SOLE   784,171 0 248,000
DCT INDUSTRIAL TRUST INC COMMON 233153204 21,276 569,329 SH   SOLE   396,539 0 172,790
DDR CORP COMMON 23317H102 116,016 6,889,293 SH   SOLE   5,437,093 0 1,452,200
DOUGLAS EMMETT INC COMMON 25960P109 47,737 1,531,029 SH   SOLE   1,045,400 0 485,629
DUKE REALTY CORP COMMON 264411505 93,059 4,427,178 SH   SOLE   3,365,600 0 1,061,578
EASTGROUP PPTY INC COMMON 277276101 24,588 442,150 SH   SOLE   380,850 0 61,300
EQUITY COMWLTH PREFERRED 294628409 44,613 1,742,690 SH   SOLE   1,494,290 0 248,400
EQUITY LIFESTYLE PPTYS INC COMMON 29472R108 20,416 306,219 SH   SOLE   233,044 0 73,175
EQUITY RESIDENTIAL COMMON 29476L107 110,134 1,349,847 SH   SOLE   967,783 0 382,064
ESSEX PPTY TR INC COMMON 297178105 39,557 165,228 SH   SOLE   117,939 0 47,289
EXTRA SPACE STORAGE INC COMMON 30225T102 24,039 272,519 SH   SOLE   206,644 0 65,875
FEDERAL REALTY INVT TR COMMON 313747206 3,173 21,716 SH   SOLE   9,260 0 12,456
FIRST INDUSTRIAL REALTY TRUS COMMON 32054K103 23,882 1,079,150 SH   SOLE   794,350 0 284,800
GENERAL GROWTH PPTYS INC NEW COMMON 370023103 37,288 1,370,396 SH   SOLE   978,303 0 392,093
HCP INC COMMON 40414L109 82,412 2,155,113 SH   SOLE   1,711,720 0 443,393
HOST HOTELS & RESORTS INC COMMON 44107P104 43,812 2,856,060 SH   SOLE   2,224,918 0 631,142
INLAND REAL ESTATE CORP PREFERRED 457461507 34,246 1,353,600 SH   SOLE   1,224,400 0 129,200
KILROY RLTY CORP COMMON 49427F108 1,253 19,800 SH   SOLE   9,491 0 10,309
KIMCO RLTY CORP COMMON 49446R109 33,654 1,271,870 SH   SOLE   958,781 0 313,089
KITE RLTY GROUP TR COMMON 49803T300 26,059 1,004,987 SH   SOLE   756,837 0 248,150
LASALLE HOTEL PPTYS COMMON 517942108 13,399 532,571 SH   SOLE   415,021 0 117,550
LIBERTY PPTY TR COMMON 531172104 58,345 1,879,080 SH   SOLE   1,499,130 0 379,950
MACERICH CO COMMON 554382101 75,991 941,762 SH   SOLE   679,176 0 262,586
MONOGRAM RESIDENTIAL TR INC COMMON 60979P105 33,320 3,413,900 SH   SOLE   2,765,050 0 648,850
PARAMOUNT GROUP INC COMMON 69924R108 20,487 1,131,901 SH   SOLE   786,366 0 345,535
PEBBLEBROOK HOTEL TR COMMON 70509V100 9,802 349,819 SH   SOLE   272,619 0 77,200
PIEDMONT OFFICE REALTY TR IN COMMON 720190206 35,237 1,866,389 SH   SOLE   1,393,689 0 472,700
POST PPTYS INC COMMON 737464107 19,460 328,946 SH   SOLE   242,746 0 86,200
PROLOGIS INC COMMON 74340W103 270,183 6,295,047 SH   SOLE   4,976,013 0 1,319,034
PUBLIC STORAGE COMMON 74460D109 113,836 459,572 SH   SOLE   324,037 0 135,535
REGENCY CTRS CORP COMMON 758849103 34,782 510,599 SH   SOLE   381,276 0 129,323
RETAIL OPPORTUNITY INVTS COR COMMON 76131N101 18,210 1,017,329 SH   SOLE   792,879 0 224,450
REXFORD INDL RLTY INC COMMON 76169C100 17,545 1,072,450 SH   SOLE   1,072,450 0 0
RMR GROUP INC COMMON 74967R106 1,184 82,162 SH   SOLE   62,575 0 19,587
SAUL CTRS INC COMMON 804395101 8,957 174,700 SH   SOLE   127,450 0 47,250
SENIOR HSG PPTYS TR COMMON 81721M109 156,107 10,519,364 SH   SOLE   7,869,364 0 2,650,000
SIMON PPTY GROUP INC NEW COMMON 828806109 174,378 896,820 SH   SOLE   649,362 0 247,458
SL GREEN RLTY CORP COMMON 78440X101 20,164 178,477 SH   SOLE   128,088 0 50,389
STARWOOD HOTELS&RESORTS WRLD COMMON 85590A401 21,813 314,859 SH   SOLE   245,359 0 69,500
SUNSTONE HOTEL INVS INC NEW PREFERRED 867892507 22,117 875,585 SH   SOLE   627,154 0 248,431
TAUBMAN CTRS INC COMMON 876664103 54,924 715,899 SH   SOLE   530,979 0 184,920
UDR INC COMMON 902653104 45,183 1,202,639 SH   SOLE   907,292 0 295,347
URSTADT BIDDLE PPTYS INC PREFERRED 917286809 23,832 911,700 SH   SOLE   750,550 0 161,150
VENTAS INC COMMON 92276F100 55,335 980,601 SH   SOLE   734,736 0 245,865
VORNADO RLTY TR COMMON 929042109 94,716 947,543 SH   SOLE   682,045 0 265,498
WELLTOWER INC COMMON 95040Q104 158,964 2,336,680 SH   SOLE   1,758,229 0 578,451