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		<nameOfIssuer>ALEXANDRIA REAL ESTATE EQUIT</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>015271109</cusip>
		<value>772</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9937</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>9937</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>APOLLO COMMERCIAL REAL ESTAT</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>03762U105</cusip>
		<value>553</value>
		<shrsOrPrnAmt>
			<sshPrnamt>33519</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>33519</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>AVALONBAY COMMUNITIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053484101</cusip>
		<value>1413</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9940</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>9448</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>AVIV REIT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>05381L101</cusip>
		<value>1147</value>
		<shrsOrPrnAmt>
			<sshPrnamt>40723</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>21301</None>
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	<infoTable>
		<nameOfIssuer>STRATEGIC HOTELS &amp; RESORTS I</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>86272T106</cusip>
		<value>650</value>
		<shrsOrPrnAmt>
			<sshPrnamt>55500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>55500</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BOSTON PROPERTIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>101121101</cusip>
		<value>2215</value>
		<shrsOrPrnAmt>
			<sshPrnamt>18742</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>17886</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CBS OUTDOOR AMERICAS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>14987J106</cusip>
		<value>807</value>
		<shrsOrPrnAmt>
			<sshPrnamt>24700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>17400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CAMPUS CREST COMMUNITIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>13466Y105</cusip>
		<value>497</value>
		<shrsOrPrnAmt>
			<sshPrnamt>57381</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>57381</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CHATHAM LODGING TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>16208T102</cusip>
		<value>163</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7443</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>7443</None>
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	<infoTable>
		<nameOfIssuer>MACK-CALI REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>554489104</cusip>
		<value>1624</value>
		<shrsOrPrnAmt>
			<sshPrnamt>75618</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>53400</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CUBESMART</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>229663109</cusip>
		<value>610</value>
		<shrsOrPrnAmt>
			<sshPrnamt>33300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>33300</None>
		</votingAuthority>
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		<nameOfIssuer>DDR CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>23317H102</cusip>
		<value>765</value>
		<shrsOrPrnAmt>
			<sshPrnamt>43400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>43400</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>DOUGLAS EMMETT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>25960P109</cusip>
		<value>41</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1442</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>1442</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DIGITAL REALTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>253868103</cusip>
		<value>1427</value>
		<shrsOrPrnAmt>
			<sshPrnamt>24465</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>17830</None>
		</votingAuthority>
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		<nameOfIssuer>EPR PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>26884U109</cusip>
		<value>538</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9625</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>9625</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EQUITY RESIDENTIAL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29476L107</cusip>
		<value>996</value>
		<shrsOrPrnAmt>
			<sshPrnamt>15810</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>15178</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>EQUITY ONE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>294752100</cusip>
		<value>500</value>
		<shrsOrPrnAmt>
			<sshPrnamt>21200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>21200</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ESSEX PROPERTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>297178105</cusip>
		<value>1261</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6819</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>6476</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXTRA SPACE STORAGE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30225T102</cusip>
		<value>737</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13844</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>12957</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GENERAL GROWTH PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>370023103</cusip>
		<value>1195</value>
		<shrsOrPrnAmt>
			<sshPrnamt>50742</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>48702</None>
		</votingAuthority>
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		<nameOfIssuer>GLIMCHER REALTY TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>379302102</cusip>
		<value>691</value>
		<shrsOrPrnAmt>
			<sshPrnamt>63806</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>63806</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HCP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>40414L109</cusip>
		<value>2115</value>
		<shrsOrPrnAmt>
			<sshPrnamt>51101</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>49965</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HILTON WORLDWIDE HOLDINGS IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>43300A104</cusip>
		<value>158</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>6800</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STARWOOD HOTELS &amp; RESORTS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85590A401</cusip>
		<value>523</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6473</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>6473</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HUDSON PACIFIC PROPERTIES IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>444097109</cusip>
		<value>385</value>
		<shrsOrPrnAmt>
			<sshPrnamt>15200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>15200</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HOST HOTELS &amp; RESORTS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>44107P104</cusip>
		<value>573</value>
		<shrsOrPrnAmt>
			<sshPrnamt>26016</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>26016</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KIMCO REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49446R109</cusip>
		<value>958</value>
		<shrsOrPrnAmt>
			<sshPrnamt>41686</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>41686</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KILROY REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49427F108</cusip>
		<value>919</value>
		<shrsOrPrnAmt>
			<sshPrnamt>14763</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>14178</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LASALLE HOTEL PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>517942108</cusip>
		<value>38</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1078</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>1078</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MACERICH CO/THE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>554382101</cusip>
		<value>1118</value>
		<shrsOrPrnAmt>
			<sshPrnamt>16751</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>16101</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ANNALY CAPITAL MANAGEMENT IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>035710409</cusip>
		<value>85</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7445</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>7445</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CORPORATE OFFICE PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22002T108</cusip>
		<value>384</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>13800</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>OMEGA HEALTHCARE INVESTORS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>681936100</cusip>
		<value>374</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10149</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>10149</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PROLOGIS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74340W103</cusip>
		<value>2135</value>
		<shrsOrPrnAmt>
			<sshPrnamt>51963</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>50234</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PUBLIC STORAGE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74460D109</cusip>
		<value>1119</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6533</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>6109</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>QTS REALTY TRUST INC-CL A</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74736A103</cusip>
		<value>855</value>
		<shrsOrPrnAmt>
			<sshPrnamt>29878</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>20350</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>RETAIL OPPORTUNITY INVESTMEN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>76131N101</cusip>
		<value>797</value>
		<shrsOrPrnAmt>
			<sshPrnamt>50663</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>46900</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SABRA HEALTH CARE REIT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78573L106</cusip>
		<value>361</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12565</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>12565</None>
		</votingAuthority>
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		<nameOfIssuer>SUNSTONE HOTEL INVESTORS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>867892101</cusip>
		<value>574</value>
		<shrsOrPrnAmt>
			<sshPrnamt>38472</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>38472</None>
		</votingAuthority>
	</infoTable>
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		<nameOfIssuer>SL GREEN REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78440X101</cusip>
		<value>1006</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9199</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>8437</None>
		</votingAuthority>
	</infoTable>
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		<nameOfIssuer>SIMON PROPERTY GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>828806109</cusip>
		<value>4175</value>
		<shrsOrPrnAmt>
			<sshPrnamt>25109</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>24415</None>
		</votingAuthority>
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		<nameOfIssuer>SPIRIT REALTY CAPITAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>84860W102</cusip>
		<value>441</value>
		<shrsOrPrnAmt>
			<sshPrnamt>38852</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>38852</None>
		</votingAuthority>
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		<nameOfIssuer>STAG INDUSTRIAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85254J102</cusip>
		<value>1033</value>
		<shrsOrPrnAmt>
			<sshPrnamt>43031</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>27111</None>
		</votingAuthority>
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		<nameOfIssuer>EXTENDED STAY AMERICA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30224P200</cusip>
		<value>442</value>
		<shrsOrPrnAmt>
			<sshPrnamt>19100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>19100</None>
		</votingAuthority>
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		<nameOfIssuer>STARWOOD PROPERTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85571B105</cusip>
		<value>643</value>
		<shrsOrPrnAmt>
			<sshPrnamt>27069</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>27069</None>
		</votingAuthority>
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		<nameOfIssuer>STARWOOD WAYPOINT RESIDE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85571W109</cusip>
		<value>100</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3806</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>3806</None>
		</votingAuthority>
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		<nameOfIssuer>TAUBMAN CENTERS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>876664103</cusip>
		<value>59</value>
		<shrsOrPrnAmt>
			<sshPrnamt>775</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>775</None>
		</votingAuthority>
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		<nameOfIssuer>TERRENO REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88146M101</cusip>
		<value>1330</value>
		<shrsOrPrnAmt>
			<sshPrnamt>68812</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>61274</None>
		</votingAuthority>
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		<nameOfIssuer>UDR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>902653104</cusip>
		<value>498</value>
		<shrsOrPrnAmt>
			<sshPrnamt>17400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>17400</None>
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		<nameOfIssuer>VORNADO REALTY TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>929042109</cusip>
		<value>997</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9341</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>9341</None>
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		<nameOfIssuer>VENTAS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>92276F100</cusip>
		<value>1621</value>
		<shrsOrPrnAmt>
			<sshPrnamt>25284</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>24147</None>
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		<nameOfIssuer>WASHINGTON REIT</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>939653101</cusip>
		<value>165</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6343</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>6343</None>
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		<nameOfIssuer>ALEXANDRIA REAL ESTATE EQUIT</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>015271109</cusip>
		<value>1920</value>
		<shrsOrPrnAmt>
			<sshPrnamt>24734</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>24734</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>APOLLO COMMERCIAL REAL ESTAT</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>03762U105</cusip>
		<value>945</value>
		<shrsOrPrnAmt>
			<sshPrnamt>57299</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>57299</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>AVALONBAY COMMUNITIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053484101</cusip>
		<value>6676</value>
		<shrsOrPrnAmt>
			<sshPrnamt>46955</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>31993</Sole>
			<Shared>0</Shared>
			<None>14962</None>
		</votingAuthority>
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		<nameOfIssuer>AVIV REIT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>05381L101</cusip>
		<value>2745</value>
		<shrsOrPrnAmt>
			<sshPrnamt>97450</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>81320</Sole>
			<Shared>0</Shared>
			<None>16130</None>
		</votingAuthority>
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		<nameOfIssuer>BOSTON PROPERTIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>101121101</cusip>
		<value>8811</value>
		<shrsOrPrnAmt>
			<sshPrnamt>74556</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>55428</Sole>
			<Shared>0</Shared>
			<None>19128</None>
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		<nameOfIssuer>CAMPUS CREST COMMUNITIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>13466Y105</cusip>
		<value>785</value>
		<shrsOrPrnAmt>
			<sshPrnamt>90646</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>90646</Sole>
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			<None>0</None>
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		<nameOfIssuer>CBS OUTDOOR AMERICAS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>14987J106</cusip>
		<value>3426</value>
		<shrsOrPrnAmt>
			<sshPrnamt>104827</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>70427</Sole>
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			<None>34400</None>
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		<nameOfIssuer>CHATHAM LODGING TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>16208T102</cusip>
		<value>368</value>
		<shrsOrPrnAmt>
			<sshPrnamt>16793</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>16793</Sole>
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			<None>0</None>
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		<nameOfIssuer>CORPORATE OFFICE PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22002T108</cusip>
		<value>1719</value>
		<shrsOrPrnAmt>
			<sshPrnamt>61800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>43600</Sole>
			<Shared>0</Shared>
			<None>18200</None>
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		<nameOfIssuer>CUBESMART</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>229663109</cusip>
		<value>3014</value>
		<shrsOrPrnAmt>
			<sshPrnamt>164523</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>112723</Sole>
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			<None>51800</None>
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		<nameOfIssuer>DDR CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>23317H102</cusip>
		<value>3625</value>
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			<sshPrnamt>205645</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>142545</Sole>
			<Shared>0</Shared>
			<None>63100</None>
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		<nameOfIssuer>DIGITAL REALTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>253868103</cusip>
		<value>5636</value>
		<shrsOrPrnAmt>
			<sshPrnamt>96645</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>68235</Sole>
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			<None>28410</None>
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		<nameOfIssuer>EPR PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>26884U109</cusip>
		<value>852</value>
		<shrsOrPrnAmt>
			<sshPrnamt>15248</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>15248</Sole>
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			<None>0</None>
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		<nameOfIssuer>EQUITY ONE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>294752100</cusip>
		<value>2741</value>
		<shrsOrPrnAmt>
			<sshPrnamt>116176</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>76724</Sole>
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			<None>39452</None>
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		<nameOfIssuer>EQUITY RESIDENTIAL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29476L107</cusip>
		<value>2324</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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		<nameOfIssuer>ESSEX PROPERTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>297178105</cusip>
		<value>5777</value>
		<shrsOrPrnAmt>
			<sshPrnamt>31242</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>21753</Sole>
			<Shared>0</Shared>
			<None>9489</None>
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	<infoTable>
		<nameOfIssuer>EXTENDED STAY AMERICA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30224P200</cusip>
		<value>2102</value>
		<shrsOrPrnAmt>
			<sshPrnamt>90790</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>62790</Sole>
			<Shared>0</Shared>
			<None>28000</None>
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	<infoTable>
		<nameOfIssuer>EXTRA SPACE STORAGE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30225T102</cusip>
		<value>3786</value>
		<shrsOrPrnAmt>
			<sshPrnamt>71110</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>46652</Sole>
			<Shared>0</Shared>
			<None>24458</None>
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		<nameOfIssuer>GENERAL GROWTH PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>370023103</cusip>
		<value>5652</value>
		<shrsOrPrnAmt>
			<sshPrnamt>239872</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
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			<Sole>162331</Sole>
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			<None>77541</None>
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		<nameOfIssuer>GLIMCHER REALTY TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>379302102</cusip>
		<value>3534</value>
		<shrsOrPrnAmt>
			<sshPrnamt>326287</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>215238</Sole>
			<Shared>0</Shared>
			<None>111049</None>
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	<infoTable>
		<nameOfIssuer>HCP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>40414L109</cusip>
		<value>5082</value>
		<shrsOrPrnAmt>
			<sshPrnamt>122803</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
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			<Sole>122803</Sole>
			<Shared>0</Shared>
			<None>0</None>
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		<nameOfIssuer>HILTON WORLDWIDE HOLDINGS IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>43300A104</cusip>
		<value>739</value>
		<shrsOrPrnAmt>
			<sshPrnamt>31700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>21100</Sole>
			<Shared>0</Shared>
			<None>10600</None>
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	<infoTable>
		<nameOfIssuer>HOST HOTELS &amp; RESORTS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>44107P104</cusip>
		<value>2761</value>
		<shrsOrPrnAmt>
			<sshPrnamt>125467</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>87962</Sole>
			<Shared>0</Shared>
			<None>37505</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HUDSON PACIFIC PROPERTIES IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>444097109</cusip>
		<value>1939</value>
		<shrsOrPrnAmt>
			<sshPrnamt>76500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>51800</Sole>
			<Shared>0</Shared>
			<None>24700</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KILROY REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49427F108</cusip>
		<value>4150</value>
		<shrsOrPrnAmt>
			<sshPrnamt>66623</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>47200</Sole>
			<Shared>0</Shared>
			<None>19423</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KIMCO REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49446R109</cusip>
		<value>2315</value>
		<shrsOrPrnAmt>
			<sshPrnamt>100761</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>100761</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MACERICH CO/THE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>554382101</cusip>
		<value>5531</value>
		<shrsOrPrnAmt>
			<sshPrnamt>82867</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>56001</Sole>
			<Shared>0</Shared>
			<None>26866</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MACK-CALI REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>554489104</cusip>
		<value>6111</value>
		<shrsOrPrnAmt>
			<sshPrnamt>284525</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>203025</Sole>
			<Shared>0</Shared>
			<None>81500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PROLOGIS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74340W103</cusip>
		<value>8746</value>
		<shrsOrPrnAmt>
			<sshPrnamt>212850</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>156354</Sole>
			<Shared>0</Shared>
			<None>56496</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PUBLIC STORAGE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74460D109</cusip>
		<value>4027</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23503</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>17876</Sole>
			<Shared>0</Shared>
			<None>5627</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>QTS REALTY TRUST INC-CL A</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74736A103</cusip>
		<value>3544</value>
		<shrsOrPrnAmt>
			<sshPrnamt>123782</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>84882</Sole>
			<Shared>0</Shared>
			<None>38900</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>RETAIL OPPORTUNITY INVESTMEN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>76131N101</cusip>
		<value>3130</value>
		<shrsOrPrnAmt>
			<sshPrnamt>198963</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>146663</Sole>
			<Shared>0</Shared>
			<None>52300</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SABRA HEALTH CARE REIT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78573L106</cusip>
		<value>676</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23534</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>23534</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SIMON PROPERTY GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>828806109</cusip>
		<value>16844</value>
		<shrsOrPrnAmt>
			<sshPrnamt>101295</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>74932</Sole>
			<Shared>0</Shared>
			<None>26363</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SL GREEN REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78440X101</cusip>
		<value>4299</value>
		<shrsOrPrnAmt>
			<sshPrnamt>39290</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>27234</Sole>
			<Shared>0</Shared>
			<None>12056</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SPIRIT REALTY CAPITAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>84860W102</cusip>
		<value>531</value>
		<shrsOrPrnAmt>
			<sshPrnamt>46772</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>46772</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STAG INDUSTRIAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85254J102</cusip>
		<value>3768</value>
		<shrsOrPrnAmt>
			<sshPrnamt>156945</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>113320</Sole>
			<Shared>0</Shared>
			<None>43625</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STARWOOD HOTELS &amp; RESORTS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85590A401</cusip>
		<value>2512</value>
		<shrsOrPrnAmt>
			<sshPrnamt>31075</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>20633</Sole>
			<Shared>0</Shared>
			<None>10442</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STARWOOD PROPERTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85571B105</cusip>
		<value>1049</value>
		<shrsOrPrnAmt>
			<sshPrnamt>44133</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>44133</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STARWOOD WAYPOINT RESIDE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85571W109</cusip>
		<value>154</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5885</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>5885</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STRATEGIC HOTELS &amp; RESORTS I</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>86272T106</cusip>
		<value>3039</value>
		<shrsOrPrnAmt>
			<sshPrnamt>259548</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>185748</Sole>
			<Shared>0</Shared>
			<None>73800</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SUNSTONE HOTEL INVESTORS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>867892101</cusip>
		<value>2543</value>
		<shrsOrPrnAmt>
			<sshPrnamt>170350</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>123587</Sole>
			<Shared>0</Shared>
			<None>46763</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>TAUBMAN CENTERS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>876664103</cusip>
		<value>438</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5784</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>5784</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TERRENO REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88146M101</cusip>
		<value>6311</value>
		<shrsOrPrnAmt>
			<sshPrnamt>326452</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>227252</Sole>
			<Shared>0</Shared>
			<None>99200</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>UDR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>902653104</cusip>
		<value>1234</value>
		<shrsOrPrnAmt>
			<sshPrnamt>43100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>43100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>VENTAS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>92276F100</cusip>
		<value>5659</value>
		<shrsOrPrnAmt>
			<sshPrnamt>88288</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>65636</Sole>
			<Shared>0</Shared>
			<None>22652</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VORNADO REALTY TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>929042109</cusip>
		<value>2395</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22444</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>22444</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>WASHINGTON REIT</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>939653101</cusip>
		<value>394</value>
		<shrsOrPrnAmt>
			<sshPrnamt>15164</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>15164</Sole>
			<Shared>0</Shared>
			<None>0</None>
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</informationTable>
