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
American Campus Communities Inc COM 024835100 4,978 130,165 SH   SOLE N/A 69,545 0 60,620
Ashford Hospitality Trust Inc COM SHS 044103109 870 75,358 SH   SOLE N/A 37,282 0 38,076
Acadia Realty Trust COM SH BEN INT 004239109 3,874 137,921 SH   SOLE N/A 73,152 0 64,769
Alexandria Real Estate Equities Inc COM 015271109 1,634 21,047 SH   SOLE N/A 11,237 0 9,810
AvalonBay Communities Inc COM 053484101 2,784 19,580 SH   SOLE N/A 10,346 0 9,234
Brandywine Realty Trust SH BEN INT NEW 105368203 909 58,270 SH   SOLE N/A 28,760 0 29,510
Boston Properties Inc COM 101121101 4,519 38,239 SH   SOLE N/A 20,269 0 17,970
Chesapeake Lodging Trust SH BEN INT 165240102 3,406 112,683 SH   SOLE N/A 64,843 0 47,840
Capital Senior Living Corp COM 140475104 1,595 66,901 SH   SOLE N/A 35,481 0 31,420
CubeSmart COM 229663109 4,149 226,464 SH   SOLE N/A 119,504 0 106,960
Cousins Properties Inc. COM 222795106 2,563 205,871 SH   SOLE N/A 107,491 0 98,380
Douglas Emmett Inc COM 25960P109 3,226 114,326 SH   SOLE N/A 60,896 0 53,430
Physicials Realty Trust COM 71943U104 959 66,611 SH   SOLE N/A 32,931 0 33,680
DiamondRock Hospitality Co COM 252784301 984 76,727 SH   SOLE N/A 15,127 0 61,600
Education Realty Trust Inc COM 28140H104 3,799 353,748 SH   SOLE N/A 189,988 0 163,760
Equity Residential SH BEN INT 29476L107 3,416 54,220 SH   SOLE N/A 28,530 0 25,690
Essex Property Trust COM 297178105 5,809 31,415 SH   SOLE N/A 16,805 0 14,610
Extra Space Storage Inc COM 30225T102 5,150 96,705 SH   SOLE N/A 52,215 0 44,490
Felcor Lodging Trust COM 31430F101 2,319 220,649 SH   SOLE N/A 119,319 0 101,330
First Industrial Realty Trust Inc COM 32054K103 2,032 107,872 SH   SOLE N/A 57,197 0 50,675
General Growth Properties Inc COM 370023103 3,906 165,786 SH   SOLE N/A 89,113 0 76,673
Glimcher Realty Trust SH BEN INT 379302102 1,701 157,021 SH   SOLE N/A 82,841 0 74,180
Health Care REIT Inc COM 42217K106 3,264 52,086 SH   SOLE N/A 25,786 0 26,300
HCP Inc COM 40414L109 1,744 42,146 SH   SOLE N/A 20,876 0 21,270
Highwoods Properties Inc COM 431284108 4,551 108,498 SH   SOLE N/A 57,298 0 51,200
Hudson Pacific Properties Inc COM 444097109 3,331 131,440 SH   SOLE N/A 69,100 0 62,340
Host Hotels & Resorts Inc COM 44107P104 4,792 217,699 SH   SOLE N/A 112,216 0 105,483
Hersha SH BEN INT A 427825104 1,324 197,289 SH   SOLE N/A 97,729 0 99,560
Kimco Realty Corp. COM 49446R109 1,399 60,866 SH   SOLE N/A 32,586 0 28,280
Kilroy Realty Corp COM 49427F108 2,708 43,476 SH   SOLE N/A 23,143 0 20,333
Kite Realty Group Trust COM 49803T102 2,344 381,729 SH   SOLE N/A 200,319 0 181,410
LaSalle Hotel Properties COM SH BEN INT 517942108 2,089 59,196 SH   SOLE N/A 32,656 0 26,540
National Health Investors Inc COM 63633D104 623 9,958 SH   SOLE N/A 1,964 0 7,994
Omega Healthcare Investors Inc COM 681936100 927 25,146 SH   SOLE N/A 12,386 0 12,760
Prologis Inc COM 74340W103 2,739 66,655 SH   SOLE N/A 35,215 0 31,440
Regency Corp COM 758849103 3,824 68,674 SH   SOLE N/A 36,534 0 32,140
Ramco-Gershenson Properties Trust COM SH BEN INT 751452202 2,193 131,979 SH   SOLE N/A 70,439 0 61,540
Sabra Health Care REIT Inc COM 78573L106 1,395 48,596 SH   SOLE N/A 25,946 0 22,650
Tanger Factory Outlet Centers Inc COM 875465106 2,977 85,120 SH   SOLE N/A 44,890 0 40,230
Simon Property Group Inc COM 828806109 15,212 91,484 SH   SOLE N/A 46,872 0 44,612
STAG Industrial Inc COM 85254J102 1,970 82,050 SH   SOLE N/A 43,465 0 38,585
UDR Inc. COM 902653104 2,958 103,322 SH   SOLE N/A 55,690 0 47,632
Vornado Realty Trust SH BEN INT 929042109 5,262 49,299 SH   SOLE N/A 25,878 0 23,421
Ventas Inc COM 92276F100 1,128 17,594 SH   SOLE N/A 3,462 0 14,132
Washington Prime Group COM 939647103 831 44,353 SH   SOLE N/A 22,865 0 21,488
Starwood Property Trust Inc COM 85571B105 1,142 48,030 SH   SOLE N/A 48,030 0 0
Marriott International Inc/DE CL A 571903202 756 11,800 SH   SOLE N/A 11,800 0 0
MFA Financial Inc COM 55272X102 280 34,060 SH   SOLE N/A 34,060 0 0
Two Harbors Investment Corp COM 90187B101 257 24,507 SH   SOLE N/A 24,507 0 0