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 In COM 024835100 3,143 86,234 SH   SOLE N/A 46,714 0 39,520
Ashford Hospitality Trust Inc COM SHS 044103109 768 75,128 SH   SOLE N/A 37,262 0 37,866
Acadia Realty Trust COM SH BEN INT 004239109 4,077 147,811 SH   SOLE N/A 78,942 0 68,869
Alexandria Real Estate Equitie COM 015271109 1,846 25,024 SH   SOLE N/A 13,364 0 11,660
AvalonBay Communities Inc COM 053484101 11,920 84,560 SH   SOLE N/A 45,038 0 39,522
Brandywine Realty Trust SH BEN INT NEW 105368203 1,384 98,370 SH   SOLE N/A 48,860 0 49,510
Boston Properties Inc COM 101121101 4,748 41,014 SH   SOLE N/A 21,874 0 19,140
Chesapeake Lodging Trust SH BEN INT 165240102 3,260 111,843 SH   SOLE N/A 64,263 0 47,580
Capital Senior Living Corp COM 140475104 1,172 55,218 SH   SOLE N/A 29,118 0 26,100
CubeSmart COM 229663109 3,760 209,094 SH   SOLE N/A 111,394 0 97,700
Cousins Properties Inc COM 222795106 2,454 205,371 SH   SOLE N/A 107,531 0 97,840
Physicians Realty Trust COM 71943U104 991 72,241 SH   SOLE N/A 35,831 0 36,410
DiamondRock Hospitality Co COM 252784301 1,541 121,497 SH   SOLE N/A 60,237 0 61,260
Education Realty Trust Inc COM 28140H104 3,359 326,754 SH   SOLE N/A 177,194 0 149,560
Equity Residential SH BEN INT 29476L107 3,332 54,110 SH   SOLE N/A 28,560 0 25,550
Essex Property Trust Inc COM 297178105 5,330 29,816 SH   SOLE N/A 16,026 0 13,790
Extra Space Storage Inc COM 30225T102 4,731 91,741 SH   SOLE N/A 50,121 0 41,620
FelCor Lodging Trust Inc COM 31430F101 2,403 256,722 SH   SOLE N/A 139,872 0 116,850
First Industrial Realty Trust COM 32054K103 1,820 107,632 SH   SOLE N/A 57,237 0 50,395
General Growth Properties Inc COM 370023103 3,565 151,364 SH   SOLE N/A 81,521 0 69,843
Glimcher Realty Trust SH BEN INT 379302102 1,070 79,023 SH   SOLE N/A 42,173 0 36,850
Health Care REIT Inc COM 42217K106 4,458 71,472 SH   SOLE N/A 35,712 0 35,760
HCP Inc COM 40414L109 1,425 35,878 SH   SOLE N/A 17,958 0 17,920
Highwoods Properties Inc COM 431284108 4,205 108,108 SH   SOLE N/A 57,328 0 50,780
Hudson Pacific Properties Inc COM 444097109 2,984 121,016 SH   SOLE N/A 64,666 0 56,350
Host Hotels & Resorts Inc COM 44107P104 4,899 229,679 SH   SOLE N/A 124,776 0 104,903
Hersha Hospitality Trust SH BEN INT A 427825104 1,253 196,709 SH   SOLE N/A 97,699 0 99,010
Kilroy Realty Corp COM 49427F108 3,604 60,627 SH   SOLE N/A 32,474 0 28,153
Kite Realty Group Trust COM NEW 49803T300 1,806 74,515 SH   SOLE N/A 40,183 0 34,332
LaSalle Hotel Properties COM SH BEN INT 517942108 2,023 59,076 SH   SOLE N/A 32,686 0 26,390
National Health Investors Inc COM 63633D104 566 9,908 SH   SOLE N/A 1,964 0 7,944
Regency Centers Corp COM 758849103 3,824 71,032 SH   SOLE N/A 37,932 0 33,100
Ramco-Gershenson Properties Tr COM SH BEN INT 751452202 2,165 133,211 SH   SOLE N/A 72,221 0 60,990
Sabra Health Care REIT Inc COM 78573L106 1,409 57,936 SH   SOLE N/A 31,036 0 26,900
Tanger Factory Outlet Centers COM 875465106 2,789 85,230 SH   SOLE N/A 45,080 0 40,150
Simon Property Group Inc COM 828806109 15,570 94,694 SH   SOLE N/A 50,362 0 44,332
STAG Industrial Inc COM 85254J102 1,696 81,870 SH   SOLE N/A 43,495 0 38,375
UDR Inc COM 902653104 2,808 103,040 SH   SOLE N/A 55,670 0 47,370
Vornado Realty Trust SH BEN INT 929042109 4,933 49,349 SH   SOLE N/A 25,928 0 23,421
Ventas Inc COM 92276F100 1,090 17,594 SH   SOLE N/A 3,462 0 14,132
Washington Prime Group Inc COM 939647103 770 44,029 SH   SOLE N/A 22,662 0 21,367
Starwood Property Trust Inc COM 85571B105 1,039 47,330 SH   SOLE N/A 47,330 0 0
Two Harbors Investment Corp COM 90187B101 234 24,147 SH   SOLE N/A 24,147 0 0
MFA Financial Inc COM 55272X102 261 33,570 SH   SOLE N/A 33,570 0 0