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 5,520 157,133 SH   SOLE N/A 137,398 0 19,735
American Campus Communities In COM 024835100 7,925 168,298 SH   SOLE N/A 147,058 0 21,240
Boston Properties Inc COM 101121101 8,533 67,146 SH   SOLE N/A 58,642 0 8,504
Chatham Lodging Trust COM 16208T102 362 16,883 SH   SOLE N/A 16,883 0 0
Chesapeake Lodging Trust SH BEN INT 165240102 4,248 160,542 SH   SOLE N/A 136,938 0 23,604
CyrusOne Inc COM 23283R100 3,245 71,076 SH   SOLE N/A 61,926 0 9,150
DiamondRock Hospitality Co COM 252784301 603 59,553 SH   SOLE N/A 59,553 0 0
Digital Realty Trust Inc COM 253868103 9,192 103,872 SH   SOLE N/A 90,732 0 13,140
Duke Realty Corp COM NEW 264411505 5,290 234,683 SH   SOLE N/A 205,063 0 29,620
Equinix Inc COM 29444U700 6,836 20,671 SH   SOLE N/A 17,981 0 2,690
Equity One Inc COM 294752100 3,443 120,123 SH   SOLE N/A 105,103 0 15,020
Equity Residential SH BEN INT 29476L107 6,972 92,925 SH   SOLE N/A 81,173 0 11,752
Essex Property Trust Inc COM 297178105 6,596 28,203 SH   SOLE N/A 24,507 0 3,696
Extra Space Storage Inc COM 30225T102 11,497 123,017 SH   SOLE N/A 107,381 0 15,636
FelCor Lodging Trust Inc COM 31430F101 3,906 480,994 SH   SOLE N/A 418,180 0 62,814
Highwoods Properties Inc COM 431284108 4,169 87,209 SH   SOLE N/A 76,235 0 10,974
Hilton Worldwide Holdings Inc COM 43300A104 2,413 107,130 SH   SOLE N/A 93,880 0 13,250
Kilroy Realty Corp COM 49427F108 5,949 96,154 SH   SOLE N/A 84,046 0 12,108
Kimco Realty Corp COM 49446R109 5,343 185,664 SH   SOLE N/A 162,828 0 22,836
Macerich Co/The COM 554382101 8,612 108,686 SH   SOLE N/A 95,952 0 12,734
National Health Investors Inc COM 63633D104 837 12,580 SH   SOLE N/A 12,580 0 0
Paramount Group Inc COM 69924R108 5,633 353,135 SH   SOLE N/A 307,310 0 45,825
Physicians Realty Trust COM 71943U104 3,610 194,303 SH   SOLE N/A 169,390 0 24,913
Prologis Inc COM 74340W103 8,758 198,232 SH   SOLE N/A 173,132 0 25,100
Public Storage COM 74460D109 14,797 53,645 SH   SOLE N/A 46,815 0 6,830
Regency Centers Corp COM 758849103 9,147 122,209 SH   SOLE N/A 106,704 0 15,505
Simon Property Group Inc COM 828806109 21,088 101,538 SH   SOLE N/A 87,793 0 13,745
SL Green Realty Corp COM 78440X101 2,621 27,049 SH   SOLE N/A 23,589 0 3,460
Sun Communities Inc COM 866674104 2,711 37,860 SH   SOLE N/A 33,570 0 4,290
Tanger Factory Outlet Centers COM 875465106 3,243 89,124 SH   SOLE N/A 77,713 0 11,411
Taubman Centers Inc COM 876664103 5,369 75,371 SH   SOLE N/A 67,046 0 8,325
Ventas Inc COM 92276F100 6,302 100,094 SH   SOLE N/A 87,116 0 12,978
Welltower Inc COM 95040Q104 10,608 152,982 SH   SOLE N/A 133,150 0 19,832