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
Acadia Realty Trust COM SH BEN INT 004239109 4,121 137,038 SH   SOLE N/A 118,313 0 18,725
Ashford Hospitality Trust Inc COM SHS 044103109 193 31,702 SH   SOLE N/A 31,702 0 0
AvalonBay Communities Inc COM 053484101 12,888 73,721 SH   SOLE N/A 63,644 0 10,077
BioMed Realty Trust Inc COM 09063H107 302 15,100 SH   SOLE N/A 15,100 0 0
Boston Properties Inc COM 101121101 7,836 66,186 SH   SOLE N/A 56,992 0 9,194
Care Capital Properties Inc COM 141624106 688 20,894 SH   SOLE N/A 18,147 0 2,747
Chatham Lodging Trust COM 16208T102 1,793 83,459 SH   SOLE N/A 71,750 0 11,709
Chesapeake Lodging Trust SH BEN INT 165240102 4,163 159,762 SH   SOLE N/A 134,908 0 24,854
DiamondRock Hospitality Co COM 252784301 748 67,712 SH   SOLE N/A 67,712 0 0
Duke Realty Corp COM NEW 264411505 3,415 179,287 SH   SOLE N/A 155,747 0 23,540
Equity Residential SH BEN INT 29476L107 16,288 216,823 SH   SOLE N/A 186,321 0 30,502
Essex Property Trust Inc COM 297178105 12,236 54,765 SH   SOLE N/A 47,259 0 7,506
Extra Space Storage Inc COM 30225T102 6,303 81,689 SH   SOLE N/A 70,523 0 11,166
FelCor Lodging Trust Inc COM 31430F101 3,228 456,639 SH   SOLE N/A 390,605 0 66,034
Highwoods Properties Inc COM 431284108 4,510 116,381 SH   SOLE N/A 100,357 0 16,024
Hilton Worldwide Holdings Inc COM 43300A104 1,223 53,301 SH   SOLE N/A 46,011 0 7,290
Host Hotels & Resorts Inc COM 44107P104 1,863 117,824 SH   SOLE N/A 101,187 0 16,637
Kilroy Realty Corp COM 49427F108 6,052 92,875 SH   SOLE N/A 79,757 0 13,118
Kimco Realty Corp COM 49446R109 4,494 183,942 SH   SOLE N/A 158,656 0 25,286
LaSalle Hotel Properties COM SH BEN INT 517942108 2,510 88,412 SH   SOLE N/A 74,652 0 13,760
Macerich Co/The COM 554382101 4,912 63,947 SH   SOLE N/A 56,093 0 7,854
National Health Investors Inc COM 63633D104 430 7,484 SH   SOLE N/A 7,484 0 0
Paramount Group Inc COM 69924R108 3,756 223,592 SH   SOLE N/A 192,807 0 30,785
Physicians Realty Trust COM 71943U104 2,315 153,440 SH   SOLE N/A 132,437 0 21,003
Prologis Inc COM 74340W103 11,205 288,044 SH   SOLE N/A 248,554 0 39,490
Regency Centers Corp COM 758849103 7,437 119,665 SH   SOLE N/A 103,180 0 16,485
Simon Property Group Inc COM 828806109 19,576 106,551 SH   SOLE N/A 91,006 0 15,545
Sovran Self Storage Inc COM 84610H108 4,349 46,119 SH   SOLE N/A 39,774 0 6,345
Tanger Factory Outlet Centers COM 875465106 5,028 152,506 SH   SOLE N/A 131,515 0 20,991
Taubman Centers Inc COM 876664103 3,783 54,760 SH   SOLE N/A 48,275 0 6,485
UDR Inc COM 902653104 10,945 317,427 SH   SOLE N/A 274,106 0 43,321
Ventas Inc COM 92276F100 4,682 83,510 SH   SOLE N/A 72,522 0 10,988
Welltower Inc COM 95040Q104 9,276 136,980 SH   SOLE N/A 118,548 0 18,432