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 60,463 544,076 SH   SOLE   419,615 0 124,461
ALEXANDRIA REAL ESTATE EQ IN PREF CONV 015271505 8,764 255,800 SH   SOLE   2,900 0 252,900
AMERICAN HOMES 4 RENT COMMON 02665T306 36,425 1,736,175 SH   SOLE   1,373,775 0 362,400
APARTMENT INVT & MGMT CO COMMON 03748R101 32,508 715,252 SH   SOLE   571,764 0 143,488
APARTMENT INVT & MGMT CO PREFERRED 03748R762 69,292 2,681,564 SH   SOLE   1,829,989 0 851,575
AVALONBAY CMNTYS INC COMMON 053484101 130,743 738,038 SH   SOLE   598,099 0 139,939
BOSTON PROPERTIES INC COMMON 101121101 1,853 14,729 SH   SOLE   12,044 0 2,685
CAMDEN PPTY TR COMMON 133131102 120 1,425 SH   SOLE   0 0 1,425
CBL & ASSOC PPTYS INC COMMON 124830100 19,004 1,652,550 SH   SOLE   1,322,850 0 329,700
CHESAPEAKE LODGING TR COMMON 165240102 16,313 630,830 SH   SOLE   490,880 0 139,950
COLUMBIA PPTY TR INC COMMON 198287203 3,689 170,800 SH   SOLE   166,850 0 3,950
CORESITE RLTY CORP COMMON 21870Q105 26,797 337,625 SH   SOLE   270,375 0 67,250
CUBESMART COMMON 229663109 105,930 3,957,029 SH   SOLE   3,232,554 0 724,475
CYRUSONE INC COMMON 23283R100 28,790 643,650 SH   SOLE   517,200 0 126,450
DCT INDUSTRIAL TRUST INC COMMON 233153204 1,605 33,530 SH   SOLE   27,446 0 6,084
DDR CORP COMMON 23317H102 117,496 7,694,543 SH   SOLE   6,221,368 0 1,473,175
DIGITAL RLTY TR INC COMMON 253868103 40,053 407,625 SH   SOLE   327,375 0 80,250
DOUGLAS EMMETT INC COMMON 25960P109 46,233 1,264,584 SH   SOLE   980,041 0 284,543
EQUINIX INC COMMON 29444U700 75,869 212,275 SH   SOLE   170,675 0 41,600
EQUITY COMWLTH COMMON 294628102 1,224 40,475 SH   SOLE   0 0 40,475
EQUITY LIFESTYLE PPTYS INC COMMON 29472R108 554 7,677 SH   SOLE   6,305 0 1,372
EQUITY RESIDENTIAL COMMON 29476L107 184,349 2,864,344 SH   SOLE   2,295,056 0 569,288
ESSEX PPTY TR INC COMMON 297178105 59,416 255,554 SH   SOLE   196,647 0 58,907
EXTRA SPACE STORAGE INC COMMON 30225T102 115,001 1,488,875 SH   SOLE   1,201,925 0 286,950
FEDERAL REALTY INVT TR COMMON 313747206 33,012 232,298 SH   SOLE   177,204 0 55,094
GENERAL GROWTH PPTYS INC NEW COMMON 370023103 37,952 1,519,295 SH   SOLE   1,163,636 0 355,659
HCP INC COMMON 40414L109 87,998 2,960,906 SH   SOLE   2,451,221 0 509,685
HIGHWOODS PPTYS INC COMMON 431284108 97 1,900 SH   SOLE   0 0 1,900
HOSPITALITY PPTYS TR COMMON 44106M102 24,476 771,125 SH   SOLE   604,550 0 166,575
HOST HOTELS & RESORTS INC COMMON 44107P104 36,115 1,916,956 SH   SOLE   1,505,718 0 411,238
HUDSON PAC PPTYS INC COMMON 444097109 39,637 1,139,645 SH   SOLE   883,545 0 256,100
KILROY RLTY CORP COMMON 49427F108 750 10,246 SH   SOLE   6,772 0 3,474
KIMCO RLTY CORP COMMON 49446R109 30,010 1,192,772 SH   SOLE   955,633 0 237,139
LASALLE HOTEL PPTYS COMMON 517942108 14,156 464,600 SH   SOLE   364,600 0 100,000
LIBERTY PPTY TR COMMON 531172104 53,260 1,348,356 SH   SOLE   1,031,606 0 316,750
LIFE STORAGE INC COMMON 53223X107 216,525 2,539,585 SH   SOLE   2,089,800 0 449,785
MACERICH CO COMMON 554382101 45,137 637,174 SH   SOLE   541,504 0 95,670
MID AMER APT CMNTYS INC COMMON 59522J103 32,722 334,174 SH   SOLE   252,664 0 81,510
MONOGRAM RESIDENTIAL TR INC COMMON 60979P105 24,984 2,309,025 SH   SOLE   1,969,100 0 339,925
PARAMOUNT GROUP INC COMMON 69924R108 579 36,181 SH   SOLE   29,610 0 6,571
PEBBLEBROOK HOTEL TR COMMON 70509V100 18,942 636,695 SH   SOLE   493,570 0 143,125
PEBBLEBROOK HOTEL TR PREFERRED 70509V407 335 13,800 SH   SOLE   0 0 13,800
PROLOGIS INC COMMON 74340W103 131,070 2,482,859 SH   SOLE   1,935,642 0 547,217
PUBLIC STORAGE COMMON 74460D109 206,105 922,172 SH   SOLE   733,967 0 188,205
QUALITY CARE PPTYS INC COMMON 747545101 98 6,320 SH   SOLE   4,911 0 1,409
REGENCY CTRS CORP COMMON 758849103 38,904 564,236 SH   SOLE   439,596 0 124,640
RLJ LODGING TR COMMON 74965L101 594 24,275 SH   SOLE   24,275 0 0
SENIOR HSG PPTYS TR COMMON 81721M109 283,498 14,976,106 SH   SOLE   12,136,531 0 2,839,575
SIMON PPTY GROUP INC NEW COMMON 828806109 186,494 1,049,663 SH   SOLE   821,715 0 227,948
SL GREEN RLTY CORP COMMON 78440X101 2,224 20,676 SH   SOLE   7,524 0 13,152
SUN CMNTYS INC COMMON 866674104 1,902 24,825 SH   SOLE   0 0 24,825
TAUBMAN CTRS INC COMMON 876664103 13,415 181,461 SH   SOLE   141,723 0 39,738
UDR INC COMMON 902653104 1,446 39,627 SH   SOLE   32,427 0 7,200
URSTADT BIDDLE PPTYS INC PREFERRED 917286809 23,774 928,675 SH   SOLE   737,725 0 190,950
VENTAS INC COMMON 92276F100 44,665 714,410 SH   SOLE   573,311 0 141,099
VORNADO RLTY TR COMMON 929042109 95,616 916,121 SH   SOLE   716,176 0 199,945
WEINGARTEN RLTY INVS COMMON 948741103 103,159 2,882,330 SH   SOLE   2,310,180 0 572,150
WELLTOWER INC COMMON 95040Q104 60,897 909,865 SH   SOLE   700,684 0 209,181