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		<nameOfIssuer>AMERICAN REALTY CAPITAL PROP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>02917T104</cusip>
		<value>2</value>
		<shrsOrPrnAmt>
			<sshPrnamt>132</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALEXANDRIA REAL ESTATE EQUITY</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>015271109</cusip>
		<value>801</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11037</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>11037</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ANNALY CAPITAL MANAGEMENT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>035710409</cusip>
		<value>99</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9045</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>APOLLO COMMERCIAL REAL ESTATE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>03762U105</cusip>
		<value>446</value>
		<shrsOrPrnAmt>
			<sshPrnamt>26819</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>AVALONBAY COMMUNITIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053484101</cusip>
		<value>1535</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11691</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>11148</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>AVIV REIT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>05381L101</cusip>
		<value>840</value>
		<shrsOrPrnAmt>
			<sshPrnamt>34349</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>16101</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BOSTON PROPERTIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>101121101</cusip>
		<value>2430</value>
		<shrsOrPrnAmt>
			<sshPrnamt>21218</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>20286</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CAMPUS CREST COMMUNITIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>13466Y105</cusip>
		<value>392</value>
		<shrsOrPrnAmt>
			<sshPrnamt>45188</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CBS OUTDOOR AMERICAS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>14987J106</cusip>
		<value>6</value>
		<shrsOrPrnAmt>
			<sshPrnamt>200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>200</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CHATHAM LODGING TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>16208T102</cusip>
		<value>131</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CORPORATE OFFICE PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22002T108</cusip>
		<value>405</value>
		<shrsOrPrnAmt>
			<sshPrnamt>15200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>15200</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CUBESMART</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>229663109</cusip>
		<value>686</value>
		<shrsOrPrnAmt>
			<sshPrnamt>40000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>40000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DDR CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>23317H102</cusip>
		<value>822</value>
		<shrsOrPrnAmt>
			<sshPrnamt>49900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>49900</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DIGITAL REALTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>253868103</cusip>
		<value>1402</value>
		<shrsOrPrnAmt>
			<sshPrnamt>26407</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>20230</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DOUGLAS EMMETT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>25960P109</cusip>
		<value>45</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1642</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EPR PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>26884U109</cusip>
		<value>440</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8238</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>EQUITY ONE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>294752100</cusip>
		<value>496</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>22200</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EQUITY RESIDENTIAL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29476L107</cusip>
		<value>1038</value>
		<shrsOrPrnAmt>
			<sshPrnamt>17906</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>17178</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ESSEX PROPERTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>297178105</cusip>
		<value>1343</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7895</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>7476</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXTENDED STAY AMERICA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30224P200</cusip>
		<value>148</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>6500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXTRA SPACE STORAGE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30225T102</cusip>
		<value>885</value>
		<shrsOrPrnAmt>
			<sshPrnamt>18244</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>17257</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GENERAL GROWTH PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>370023103</cusip>
		<value>1231</value>
		<shrsOrPrnAmt>
			<sshPrnamt>55942</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>53602</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GLIMCHER REALTY TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>379302102</cusip>
		<value>748</value>
		<shrsOrPrnAmt>
			<sshPrnamt>74606</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>74606</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HCP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>40414L109</cusip>
		<value>2273</value>
		<shrsOrPrnAmt>
			<sshPrnamt>58601</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>57465</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HILTON WORLDWIDE HOLDINGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>43300A104</cusip>
		<value>216</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>9700</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HOST HOTELS &amp; RESORTS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>44107P104</cusip>
		<value>636</value>
		<shrsOrPrnAmt>
			<sshPrnamt>31416</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>31416</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HUDSON PACIFIC PROPERTIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>444097109</cusip>
		<value>441</value>
		<shrsOrPrnAmt>
			<sshPrnamt>19100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>19100</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KILROY REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49427F108</cusip>
		<value>970</value>
		<shrsOrPrnAmt>
			<sshPrnamt>16563</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>15978</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KIMCO REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49446R109</cusip>
		<value>1026</value>
		<shrsOrPrnAmt>
			<sshPrnamt>46886</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>46886</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LASALLE HOTEL PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>517942108</cusip>
		<value>37</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1178</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MACERICH CO/THE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>554382101</cusip>
		<value>1163</value>
		<shrsOrPrnAmt>
			<sshPrnamt>18651</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>18001</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MACK-CALI REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>554489104</cusip>
		<value>1523</value>
		<shrsOrPrnAmt>
			<sshPrnamt>73273</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>54400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>OMEGA HEALTHCARE INVESTORS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>681936100</cusip>
		<value>411</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12252</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PROLOGIS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74340W103</cusip>
		<value>2244</value>
		<shrsOrPrnAmt>
			<sshPrnamt>54963</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>53134</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PUBLIC STORAGE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74460D109</cusip>
		<value>1168</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6933</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>6509</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>QTS REALTY TRUST INC-CL A</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74736A103</cusip>
		<value>879</value>
		<shrsOrPrnAmt>
			<sshPrnamt>35044</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>26050</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>RETAIL OPPORTUNITY INVESTMENT</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>76131N101</cusip>
		<value>782</value>
		<shrsOrPrnAmt>
			<sshPrnamt>52363</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>48600</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SABRA HEALTH CARE REIT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78573L106</cusip>
		<value>351</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12596</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SIMON PROPERTY GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>828806109</cusip>
		<value>4616</value>
		<shrsOrPrnAmt>
			<sshPrnamt>28144</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>27415</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SL GREEN REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78440X101</cusip>
		<value>1087</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10799</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>10037</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SPIRIT REALTY CAPITAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>84860W102</cusip>
		<value>366</value>
		<shrsOrPrnAmt>
			<sshPrnamt>33378</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STAG INDUSTRIAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85254J102</cusip>
		<value>1332</value>
		<shrsOrPrnAmt>
			<sshPrnamt>55250</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>38183</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STARWOOD HOTELS &amp; RESORTS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85590A401</cusip>
		<value>674</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8473</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>8473</None>
		</votingAuthority>
	</infoTable>
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		<nameOfIssuer>STARWOOD PROPERTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85571B105</cusip>
		<value>514</value>
		<shrsOrPrnAmt>
			<sshPrnamt>21769</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STARWOOD WAYPOINT RESIDENTIAL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85571W109</cusip>
		<value>94</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3279</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STRATEGIC HOTELS &amp; RESORTS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>86272T106</cusip>
		<value>841</value>
		<shrsOrPrnAmt>
			<sshPrnamt>82500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>82500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SUNSTONE HOTEL INVESTORS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>867892101</cusip>
		<value>602</value>
		<shrsOrPrnAmt>
			<sshPrnamt>43872</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>43872</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TAUBMAN CENTERS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>876664103</cusip>
		<value>60</value>
		<shrsOrPrnAmt>
			<sshPrnamt>854</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TERRENO REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88146M101</cusip>
		<value>1047</value>
		<shrsOrPrnAmt>
			<sshPrnamt>55374</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>55374</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>UDR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>902653104</cusip>
		<value>532</value>
		<shrsOrPrnAmt>
			<sshPrnamt>20600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>20600</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>VENTAS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>92276F100</cusip>
		<value>2004</value>
		<shrsOrPrnAmt>
			<sshPrnamt>33083</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>31507</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VORNADO REALTY TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>929042109</cusip>
		<value>1088</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11041</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>11041</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WASHINGTON REIT</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>939653101</cusip>
		<value>134</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>ALEXANDRIA REAL ESTATE EQUITY</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>015271109</cusip>
		<value>1737</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23934</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>23934</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>APOLLO COMMERCIAL REAL ESTATE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>03762U105</cusip>
		<value>455</value>
		<shrsOrPrnAmt>
			<sshPrnamt>27379</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>27379</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AVALONBAY COMMUNITIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053484101</cusip>
		<value>6376</value>
		<shrsOrPrnAmt>
			<sshPrnamt>48555</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>33593</Sole>
			<Shared>14962</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AVIV REIT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>05381L101</cusip>
		<value>1278</value>
		<shrsOrPrnAmt>
			<sshPrnamt>52280</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>52280</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BOSTON PROPERTIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>101121101</cusip>
		<value>8711</value>
		<shrsOrPrnAmt>
			<sshPrnamt>76056</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>55728</Sole>
			<Shared>20328</Shared>
			<None>0</None>
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		<nameOfIssuer>CAMPUS CREST COMMUNITIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>13466Y105</cusip>
		<value>419</value>
		<shrsOrPrnAmt>
			<sshPrnamt>48298</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>48298</Sole>
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			<None>0</None>
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	<infoTable>
		<nameOfIssuer>CBS OUTDOOR AMERICAS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>14987J106</cusip>
		<value>24</value>
		<shrsOrPrnAmt>
			<sshPrnamt>800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>500</Sole>
			<Shared>300</Shared>
			<None>0</None>
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		<nameOfIssuer>CHATHAM LODGING TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>16208T102</cusip>
		<value>181</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8937</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>8937</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>CORPORATE OFFICE PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22002T108</cusip>
		<value>1647</value>
		<shrsOrPrnAmt>
			<sshPrnamt>61800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>43600</Sole>
			<Shared>18200</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CUBESMART</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>229663109</cusip>
		<value>3056</value>
		<shrsOrPrnAmt>
			<sshPrnamt>178100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>121100</Sole>
			<Shared>57000</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>DDR CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>23317H102</cusip>
		<value>3389</value>
		<shrsOrPrnAmt>
			<sshPrnamt>205645</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>142545</Sole>
			<Shared>63100</Shared>
			<None>0</None>
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		<nameOfIssuer>DIGITAL REALTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>253868103</cusip>
		<value>4968</value>
		<shrsOrPrnAmt>
			<sshPrnamt>93607</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>65197</Sole>
			<Shared>28410</Shared>
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		<nameOfIssuer>EPR PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>26884U109</cusip>
		<value>435</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8150</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
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			<Sole>8150</Sole>
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			<None>0</None>
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		<nameOfIssuer>EQUITY ONE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>294752100</cusip>
		<value>2392</value>
		<shrsOrPrnAmt>
			<sshPrnamt>107076</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>70924</Sole>
			<Shared>36152</Shared>
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		<nameOfIssuer>EQUITY RESIDENTIAL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29476L107</cusip>
		<value>2139</value>
		<shrsOrPrnAmt>
			<sshPrnamt>36894</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>36894</Sole>
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			<None>0</None>
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	<infoTable>
		<nameOfIssuer>ESSEX PROPERTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>297178105</cusip>
		<value>5313</value>
		<shrsOrPrnAmt>
			<sshPrnamt>31242</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>21753</Sole>
			<Shared>9489</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>EXTENDED STAY AMERICA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30224P200</cusip>
		<value>664</value>
		<shrsOrPrnAmt>
			<sshPrnamt>29190</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>19690</Sole>
			<Shared>9500</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>EXTRA SPACE STORAGE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30225T102</cusip>
		<value>4738</value>
		<shrsOrPrnAmt>
			<sshPrnamt>97676</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>64443</Sole>
			<Shared>33233</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>GENERAL GROWTH PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>370023103</cusip>
		<value>5216</value>
		<shrsOrPrnAmt>
			<sshPrnamt>237072</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
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			<Sole>159531</Sole>
			<Shared>77541</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>GLIMCHER REALTY TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>379302102</cusip>
		<value>3686</value>
		<shrsOrPrnAmt>
			<sshPrnamt>367487</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>241038</Sole>
			<Shared>126449</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>HCP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>40414L109</cusip>
		<value>4756</value>
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			<sshPrnamt>122603</sshPrnamt>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
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			<Sole>122603</Sole>
			<Shared>0</Shared>
			<None>0</None>
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		<nameOfIssuer>HILTON WORLDWIDE HOLDINGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>43300A104</cusip>
		<value>1007</value>
		<shrsOrPrnAmt>
			<sshPrnamt>45300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>30100</Sole>
			<Shared>15200</Shared>
			<None>0</None>
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		<nameOfIssuer>HOST HOTELS &amp; RESORTS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>44107P104</cusip>
		<value>2539</value>
		<shrsOrPrnAmt>
			<sshPrnamt>125467</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>87962</Sole>
			<Shared>37505</Shared>
			<None>0</None>
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		<nameOfIssuer>HUDSON PACIFIC PROPERTIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>444097109</cusip>
		<value>1813</value>
		<shrsOrPrnAmt>
			<sshPrnamt>78600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>53900</Sole>
			<Shared>24700</Shared>
			<None>0</None>
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		<nameOfIssuer>KILROY REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49427F108</cusip>
		<value>3833</value>
		<shrsOrPrnAmt>
			<sshPrnamt>65423</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>46000</Sole>
			<Shared>19423</Shared>
			<None>0</None>
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		<nameOfIssuer>KIMCO REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49446R109</cusip>
		<value>2205</value>
		<shrsOrPrnAmt>
			<sshPrnamt>100761</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>100761</Sole>
			<Shared>0</Shared>
			<None>0</None>
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		<nameOfIssuer>LTC PROPERTIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>502175102</cusip>
		<value>712</value>
		<shrsOrPrnAmt>
			<sshPrnamt>18940</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>6942</Sole>
			<Shared>11998</Shared>
			<None>0</None>
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		<nameOfIssuer>MACERICH CO/THE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>554382101</cusip>
		<value>5166</value>
		<shrsOrPrnAmt>
			<sshPrnamt>82867</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>56001</Sole>
			<Shared>26866</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>MACK-CALI REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>554489104</cusip>
		<value>5317</value>
		<shrsOrPrnAmt>
			<sshPrnamt>255711</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>178611</Sole>
			<Shared>77100</Shared>
			<None>0</None>
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		<nameOfIssuer>OMEGA HEALTHCARE INVESTORS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>681936100</cusip>
		<value>364</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10854</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>10854</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>PROLOGIS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74340W103</cusip>
		<value>8180</value>
		<shrsOrPrnAmt>
			<sshPrnamt>200350</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>146954</Sole>
			<Shared>53396</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>PUBLIC STORAGE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74460D109</cusip>
		<value>3808</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22603</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>17176</Sole>
			<Shared>5427</Shared>
			<None>0</None>
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		<nameOfIssuer>QTS REALTY TRUST INC-CL A</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74736A103</cusip>
		<value>3201</value>
		<shrsOrPrnAmt>
			<sshPrnamt>127572</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>88672</Sole>
			<Shared>38900</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>RETAIL OPPORTUNITY INVESTMENT</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>76131N101</cusip>
		<value>3162</value>
		<shrsOrPrnAmt>
			<sshPrnamt>211663</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>149163</Sole>
			<Shared>62500</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>SABRA HEALTH CARE REIT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78573L106</cusip>
		<value>3667</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13150</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>13150</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>SIMON PROPERTY GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>828806109</cusip>
		<value>17006</value>
		<shrsOrPrnAmt>
			<sshPrnamt>103695</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>75632</Sole>
			<Shared>28063</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SL GREEN REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78440X101</cusip>
		<value>4084</value>
		<shrsOrPrnAmt>
			<sshPrnamt>40590</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>28534</Sole>
			<Shared>12056</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SPIRIT REALTY CAPITAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>84860W102</cusip>
		<value>276</value>
		<shrsOrPrnAmt>
			<sshPrnamt>25181</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>25181</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>STAG INDUSTRIAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85254J102</cusip>
		<value>5264</value>
		<shrsOrPrnAmt>
			<sshPrnamt>218418</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>3</otherManager>
		<votingAuthority>
			<Sole>149527</Sole>
			<Shared>68891</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>STARWOOD HOTELS &amp; RESORTS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85590A401</cusip>
		<value>2197</value>
		<shrsOrPrnAmt>
			<sshPrnamt>39075</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>26333</Sole>
			<Shared>12742</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>STARWOOD PROPERTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85571B105</cusip>
		<value>546</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23144</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>23144</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>STARWOOD WAYPOINT RESIDENTIAL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85571W109</cusip>
		<value>92</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3185</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>3185</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>STRATEGIC HOTELS &amp; RESORTS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>86272T106</cusip>
		<value>3261</value>
		<shrsOrPrnAmt>
			<sshPrnamt>320048</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>230648</Sole>
			<Shared>89400</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>SUNSTONE HOTEL INVESTORS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>867892101</cusip>
		<value>2339</value>
		<shrsOrPrnAmt>
			<sshPrnamt>170350</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>123587</Sole>
			<Shared>46763</Shared>
			<None>0</None>
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		<nameOfIssuer>TAUBMAN CENTERS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>876664103</cusip>
		<value>320</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4520</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>4520</Sole>
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			<None>0</None>
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		<nameOfIssuer>TERRENO REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88146M101</cusip>
		<value>4380</value>
		<shrsOrPrnAmt>
			<sshPrnamt>231631</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>156131</Sole>
			<Shared>75500</Shared>
			<None>0</None>
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		<nameOfIssuer>UDR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>902653104</cusip>
		<value>1209</value>
		<shrsOrPrnAmt>
			<sshPrnamt>46800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>46800</Sole>
			<Shared>0</Shared>
			<None>0</None>
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		<nameOfIssuer>VENTAS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>92276F100</cusip>
		<value>3047</value>
		<shrsOrPrnAmt>
			<sshPrnamt>50303</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>18751</Sole>
			<Shared>31552</Shared>
			<None>0</None>
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		<nameOfIssuer>VORNADO REALTY TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>929042109</cusip>
		<value>2340</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23744</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>23744</Sole>
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			<None>0</None>
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		<nameOfIssuer>WASHINGTON REIT</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>939653101</cusip>
		<value>180</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7522</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>7522</Sole>
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			<None>0</None>
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</informationTable>
