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
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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 5,036 151,929 SH   SOLE N/A 132,574 0 19,355
AvalonBay Communities Inc COM 053484101 9,093 49,384 SH   SOLE N/A 43,117 0 6,267
Boston Properties Inc COM 101121101 9,251 72,538 SH   SOLE N/A 63,294 0 9,244
Chatham Lodging Trust COM 16208T102 1,494 72,944 SH   SOLE N/A 63,345 0 9,599
Chesapeake Lodging Trust SH BEN INT 165240102 4,158 165,272 SH   SOLE N/A 140,898 0 24,374
DiamondRock Hospitality Co COM 252784301 640 66,370 SH   SOLE N/A 66,370 0 0
Digital Realty Trust Inc COM 253868103 5,493 72,636 SH   SOLE N/A 63,356 0 9,280
Duke Realty Corp COM NEW 264411505 5,092 242,263 SH   SOLE N/A 211,723 0 30,540
Equinix Inc COM 29444U700 5,105 16,883 SH   SOLE N/A 14,723 0 2,160
Equity Residential SH BEN INT 29476L107 12,015 147,258 SH   SOLE N/A 128,536 0 18,722
Essex Property Trust Inc COM 297178105 8,947 37,372 SH   SOLE N/A 32,606 0 4,766
Extra Space Storage Inc COM 30225T102 10,850 123,003 SH   SOLE N/A 107,407 0 15,596
FelCor Lodging Trust Inc COM 31430F101 3,621 496,014 SH   SOLE N/A 431,310 0 64,704
Highwoods Properties Inc COM 431284108 4,563 104,653 SH   SOLE N/A 91,349 0 13,304
Hilton Worldwide Holdings Inc COM 43300A104 3,999 186,862 SH   SOLE N/A 162,282 0 24,580
Host Hotels & Resorts Inc COM 44107P104 3,308 215,637 SH   SOLE N/A 188,560 0 27,077
Kilroy Realty Corp COM 49427F108 6,821 107,789 SH   SOLE N/A 94,031 0 13,758
Kimco Realty Corp COM 49446R109 5,878 222,154 SH   SOLE N/A 193,908 0 28,246
Macerich Co/The COM 554382101 7,195 89,170 SH   SOLE N/A 79,036 0 10,134
National Health Investors Inc COM 63633D104 568 9,334 SH   SOLE N/A 9,334 0 0
Paramount Group Inc COM 69924R108 6,052 334,340 SH   SOLE N/A 291,885 0 42,455
Physicians Realty Trust COM 71943U104 2,740 162,520 SH   SOLE N/A 141,827 0 20,693
Prologis Inc COM 74340W103 9,404 219,094 SH   SOLE N/A 191,364 0 27,730
Public Storage COM 74460D109 12,735 51,411 SH   SOLE N/A 44,901 0 6,510
Regency Centers Corp COM 758849103 8,618 126,505 SH   SOLE N/A 110,280 0 16,225
Simon Property Group Inc COM 828806109 21,361 109,861 SH   SOLE N/A 94,776 0 15,085
Tanger Factory Outlet Centers COM 875465106 3,912 119,646 SH   SOLE N/A 104,445 0 15,201
Taubman Centers Inc COM 876664103 7,518 97,997 SH   SOLE N/A 86,802 0 11,195
UDR Inc COM 902653104 7,446 198,192 SH   SOLE N/A 172,881 0 25,311
Ventas Inc COM 92276F100 3,151 55,834 SH   SOLE N/A 48,636 0 7,198
Welltower Inc COM 95040Q104 8,674 127,508 SH   SOLE N/A 111,176 0 16,332