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
RamcoGershenson Pr D Conv PREFERRED 751452608 1,463 23,900 SH   SOLE   23,900 0 0
RamcoGershenson Pr D Conv PREFERRED 751452608 159 2,600 SH   OTR   0 0 2,600
Agree Realty COM 008492100 5,265 192,300 SH   SOLE   192,300 0 0
Agree Realty COM 008492100 789 28,800 SH   OTR   0 0 28,800
Alex RE Pr E PREFERRED 015271703 390 15,300 SH   OTR   0 0 15,300
Alexanders Inc. COM 014752109 13,360 35,730 SH   SOLE   35,730 0 0
Alexandria Real Estate COM 015271109 15,384 208,600 SH   SOLE   208,600 0 0
American Capital Agency COM 02503X105 274 12,900 SH   SOLE   12,900 0 0
American Capital Agency COM 02503X105 223 10,500 SH   OTR   0 0 10,500
American Homes 4 Rent COM 02665T306 15,856 938,800 SH   SOLE   938,800 0 0
Apt. Invst. Mgmt. COM 03748R101 14,239 447,500 SH   SOLE   447,500 0 0
BioMed Realty Trust COM 09063H107 5,492 271,900 SH   SOLE   271,900 0 0
BioMed Realty Trust COM 09063H107 784 38,800 SH   OTR   0 0 38,800
Brandywine Realty Trust COM 105368203 20,753 1,475,000 SH   SOLE   1,475,000 0 0
Brandywine Realty Trust COM 105368203 729 51,800 SH   OTR   0 0 51,800
CBL & Associates Pr D PREFERRED 124830605 245 9,600 SH   OTR   0 0 9,600
CBL & Associates Pr E PREFERRED 124830803 289 11,900 SH   OTR   0 0 11,900
Colony Financial Inc COM 19624R106 18,895 844,300 SH   SOLE   844,300 0 0
Colony Financial Inc COM 19624R106 763 34,100 SH   OTR   0 0 34,100
Cousins Property COM 222795106 13,003 1,088,100 SH   SOLE   1,088,100 0 0
DDR Corporation COM 23317H102 10,006 598,100 SH   SOLE   598,100 0 0
Duke Realty COM 264411505 20,518 1,194,300 SH   SOLE   1,194,300 0 0
Duke Realty COM 264411505 775 45,100 SH   OTR   0 0 45,100
EPR Properties Pr F PREFERRED 26884U406 255 10,200 SH   OTR   0 0 10,200
Forest City Class A COM 345550107 11,270 576,200 SH   SOLE   576,200 0 0
General Growth Pr A PREFERRED 370023202 482 19,600 SH   OTR   0 0 19,600
General Growth Prpty COM 370023103 12,545 532,700 SH   SOLE   532,700 0 0
Glimcher Realty Trust COM 379302102 22,091 1,631,550 SH   SOLE   1,631,550 0 0
Healthcare Realty COM 421946104 4,999 211,100 SH   SOLE   211,100 0 0
Healthcare Realty COM 421946104 765 32,300 SH   OTR   0 0 32,300
Hersha Hospitality COM 427825104 22,090 3,467,800 SH   SOLE   3,467,800 0 0
Hersha Hospitality COM 427825104 774 121,500 SH   OTR   0 0 121,500
Home Property COM 437306103 4,694 80,600 SH   SOLE   80,600 0 0
Home Property COM 437306103 786 13,500 SH   OTR   0 0 13,500
Hudson Bay Company COM B8436W 15,600 981,600 SH   SOLE   981,600 0 0
Hyatt Hotels Corp COM 448579102 11,265 186,132 SH   SOLE   186,132 0 0
IShares DJ US R.E. COM 464287739 8,477 122,500 SH   SOLE   122,500 0 0
IStar Financial Inc. COM 45031U101 14,234 1,054,350 SH   SOLE   1,054,350 0 0
Kennedy Wilson Hldgs COM 489398107 13,482 562,700 SH   SOLE   562,700 0 0
Kimco Realty COM 49446R109 15,046 686,700 SH   SOLE   686,700 0 0
Kite Realty Trust COM 49803T300 20,536 847,175 SH   SOLE   847,175 0 0
Kite Realty Trust COM 49803T300 727 30,000 SH   OTR   0 0 30,000
Liberty Property Trust COM 531172104 2,632 79,137 SH   SOLE   79,137 0 0
Liberty Property Trust COM 531172104 722 21,700 SH   OTR   0 0 21,700
Mack Cali COM 554489104 12,625 660,643 SH   SOLE   660,643 0 0
Mid-America Apartment COM 59522J103 17,378 264,700 SH   SOLE   264,700 0 0
Mid-America Apartment COM 59522J103 755 11,500 SH   OTR   0 0 11,500
Parkway Properties COM 70159Q104 16,307 868,300 SH   SOLE   868,300 0 0
Physicians Realty Trust COM 71943U104 16,042 1,169,257 SH   SOLE   1,169,257 0 0
Plum Creek Timber COM 729251108 20,589 527,800 SH   SOLE   527,800 0 0
ProLogis Trust COM 74340W103 14,390 381,700 SH   SOLE   381,700 0 0
Ramco-Gershenson COM 751452202 11,830 728,000 SH   SOLE   728,000 0 0
Ramco-Gershenson COM 751452202 725 44,600 SH   OTR   0 0 44,600
Resource Capital Co. COM 76120W302 17,482 3,589,744 SH   SOLE   3,589,744 0 0
Resource Capital Co. COM 76120W302 709 145,600 SH   OTR   0 0 145,600
Rexford Industrial Realty, Inc COM 76169C100 14,262 1,030,517 SH   SOLE   1,030,517 0 0
Sun Communities COM 866674104 20,615 408,211 SH   SOLE   408,211 0 0
Vornado Realty Trust COM 929042109 14,504 145,100 SH   SOLE   145,100 0 0
WCI Communities, Inc. COM 92923C807 16,939 918,600 SH   SOLE   918,600 0 0
WP Carey Inc REIT COM 92936U109 4,304 67,500 SH   SOLE   67,500 0 0
WP Carey Inc REIT COM 92936U109 752 11,800 SH   OTR   0 0 11,800
Washington REIT COM 939653101 1,906 75,100 SH   SOLE   75,100 0 0
Washington REIT COM 939653101 373 14,700 SH   OTR   0 0 14,700
Winthrop Realty Trust Inc. COM 976391300 5,544 367,858 SH   SOLE   367,858 0 0
CA Immobilien Anlagen AG COM 5681046 395 19,800 SH   OTR   0 0 19,800
Hudson Bay Company COM B8436W 415 26,100 SH   OTR   0 0 26,100
Millennium and Copthorne COM 0562254 222 24,000 SH   OTR   0 0 24,000
Mirvac Group COM 6161978 161 106,800 SH   OTR   0 0 106,800
Soundwill Holdings COM 6602079 369 232,000 SH   OTR   0 0 232,000
VastNed Retail NV COM 4927194 357 7,800 SH   OTR   0 0 7,800