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		<nameOfIssuer>ALEXANDRIA REAL ESTATE EQUIT</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>015271109</cusip>
		<value>964</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9837</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>9837</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>APOLLO COMMERCIAL REAL ESTAT</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>03762U105</cusip>
		<value>810</value>
		<shrsOrPrnAmt>
			<sshPrnamt>47168</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>47168</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>1823</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10460</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>666</Sole>
			<Shared>0</Shared>
			<None>9794</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>AVIV REIT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>05381L101</cusip>
		<value>1286</value>
		<shrsOrPrnAmt>
			<sshPrnamt>35242</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>24666</Sole>
			<Shared>0</Shared>
			<None>10576</None>
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		<nameOfIssuer>STRATEGIC HOTELS &amp; RESORTS I</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>86272T106</cusip>
		<value>690</value>
		<shrsOrPrnAmt>
			<sshPrnamt>55500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>55500</None>
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	<infoTable>
		<nameOfIssuer>BLUEROCK RESIDENTIAL GROWTH</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>09627J102</cusip>
		<value>485</value>
		<shrsOrPrnAmt>
			<sshPrnamt>36400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>36400</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>2498</value>
		<shrsOrPrnAmt>
			<sshPrnamt>17783</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1187</Sole>
			<Shared>0</Shared>
			<None>16596</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CAMPUS CREST COMMUNITIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>13466Y105</cusip>
		<value>709</value>
		<shrsOrPrnAmt>
			<sshPrnamt>99025</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>99025</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CHATHAM LODGING TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>16208T102</cusip>
		<value>1288</value>
		<shrsOrPrnAmt>
			<sshPrnamt>43800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>13583</Sole>
			<Shared>0</Shared>
			<None>30217</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MACK-CALI REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>554489104</cusip>
		<value>1839</value>
		<shrsOrPrnAmt>
			<sshPrnamt>95401</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>37501</Sole>
			<Shared>0</Shared>
			<None>57900</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CAMDEN PROPERTY TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>133131102</cusip>
		<value>906</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>900</Sole>
			<Shared>0</Shared>
			<None>10700</None>
		</votingAuthority>
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		<nameOfIssuer>CUBESMART</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>229663109</cusip>
		<value>757</value>
		<shrsOrPrnAmt>
			<sshPrnamt>31350</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>31350</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>DDR CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>23317H102</cusip>
		<value>808</value>
		<shrsOrPrnAmt>
			<sshPrnamt>43400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>43400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DOUGLAS EMMETT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>25960P109</cusip>
		<value>69</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DIGITAL REALTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>253868103</cusip>
		<value>1595</value>
		<shrsOrPrnAmt>
			<sshPrnamt>24175</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>8245</Sole>
			<Shared>0</Shared>
			<None>15930</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EPR PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>26884U109</cusip>
		<value>926</value>
		<shrsOrPrnAmt>
			<sshPrnamt>15421</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>15421</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>EQUITY RESIDENTIAL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29476L107</cusip>
		<value>1246</value>
		<shrsOrPrnAmt>
			<sshPrnamt>15999</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>821</Sole>
			<Shared>0</Shared>
			<None>15178</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EQUITY ONE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>294752100</cusip>
		<value>558</value>
		<shrsOrPrnAmt>
			<sshPrnamt>20900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>20900</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ESSEX PROPERTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>297178105</cusip>
		<value>1297</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5643</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>449</Sole>
			<Shared>0</Shared>
			<None>5194</None>
		</votingAuthority>
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		<nameOfIssuer>EXTRA SPACE STORAGE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30225T102</cusip>
		<value>942</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13947</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1090</Sole>
			<Shared>0</Shared>
			<None>12857</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>GENERAL GROWTH PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>370023103</cusip>
		<value>1430</value>
		<shrsOrPrnAmt>
			<sshPrnamt>48403</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3016</Sole>
			<Shared>0</Shared>
			<None>45387</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HCP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>40414L109</cusip>
		<value>2369</value>
		<shrsOrPrnAmt>
			<sshPrnamt>54814</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1799</Sole>
			<Shared>0</Shared>
			<None>53015</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STARWOOD HOTELS &amp; RESORTS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85590A401</cusip>
		<value>616</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7373</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>7373</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HUDSON PACIFIC PROPERTIES IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>444097109</cusip>
		<value>1427</value>
		<shrsOrPrnAmt>
			<sshPrnamt>42994</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2994</Sole>
			<Shared>0</Shared>
			<None>40000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HOST HOTELS &amp; RESORTS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>44107P104</cusip>
		<value>798</value>
		<shrsOrPrnAmt>
			<sshPrnamt>39566</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>39566</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KIMCO REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49446R109</cusip>
		<value>1111</value>
		<shrsOrPrnAmt>
			<sshPrnamt>41386</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>41386</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KILROY REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49427F108</cusip>
		<value>1144</value>
		<shrsOrPrnAmt>
			<sshPrnamt>15024</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>946</Sole>
			<Shared>0</Shared>
			<None>14078</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MACERICH CO/THE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>554382101</cusip>
		<value>936</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11101</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>11101</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CORPORATE OFFICE PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22002T108</cusip>
		<value>403</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>13700</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>OMEGA HEALTHCARE INVESTORS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>681936100</cusip>
		<value>364</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8977</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>8977</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>OUTFRONT MEDIA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>69007J106</cusip>
		<value>1219</value>
		<shrsOrPrnAmt>
			<sshPrnamt>40733</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>11310</Sole>
			<Shared>0</Shared>
			<None>29423</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PROLOGIS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74340W103</cusip>
		<value>2415</value>
		<shrsOrPrnAmt>
			<sshPrnamt>55438</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2604</Sole>
			<Shared>0</Shared>
			<None>52834</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PUBLIC STORAGE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74460D109</cusip>
		<value>1302</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6603</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>583</Sole>
			<Shared>0</Shared>
			<None>6020</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>QTS REALTY TRUST INC-CL A</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74736A103</cusip>
		<value>1279</value>
		<shrsOrPrnAmt>
			<sshPrnamt>35120</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10770</Sole>
			<Shared>0</Shared>
			<None>24350</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>RETAIL OPPORTUNITY INVESTMEN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>76131N101</cusip>
		<value>953</value>
		<shrsOrPrnAmt>
			<sshPrnamt>52063</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>5163</Sole>
			<Shared>0</Shared>
			<None>46900</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SABRA HEALTH CARE REIT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78573L106</cusip>
		<value>536</value>
		<shrsOrPrnAmt>
			<sshPrnamt>16176</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>16176</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SUNSTONE HOTEL INVESTORS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>867892101</cusip>
		<value>647</value>
		<shrsOrPrnAmt>
			<sshPrnamt>38823</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>38823</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SL GREEN REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78440X101</cusip>
		<value>1139</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8872</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1035</Sole>
			<Shared>0</Shared>
			<None>7837</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SIMON PROPERTY GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>828806109</cusip>
		<value>4508</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23044</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>971</Sole>
			<Shared>0</Shared>
			<None>22073</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SPIRIT REALTY CAPITAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>84860W102</cusip>
		<value>639</value>
		<shrsOrPrnAmt>
			<sshPrnamt>52919</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>52919</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STAG INDUSTRIAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85254J102</cusip>
		<value>1387</value>
		<shrsOrPrnAmt>
			<sshPrnamt>58960</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>22949</Sole>
			<Shared>0</Shared>
			<None>36011</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXTENDED STAY AMERICA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30224P200</cusip>
		<value>625</value>
		<shrsOrPrnAmt>
			<sshPrnamt>32000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>32000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STARWOOD PROPERTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85571B105</cusip>
		<value>940</value>
		<shrsOrPrnAmt>
			<sshPrnamt>38690</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>38690</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STARWOOD WAYPOINT RESIDE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85571W109</cusip>
		<value>1</value>
		<shrsOrPrnAmt>
			<sshPrnamt>40</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>40</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TAUBMAN CENTERS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>876664103</cusip>
		<value>99</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1281</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1281</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TERRENO REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88146M101</cusip>
		<value>1565</value>
		<shrsOrPrnAmt>
			<sshPrnamt>68657</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10533</Sole>
			<Shared>0</Shared>
			<None>58124</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>UDR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>902653104</cusip>
		<value>589</value>
		<shrsOrPrnAmt>
			<sshPrnamt>17300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>17300</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>URBAN EDGE PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>91704F104</cusip>
		<value>155</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6520</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>6520</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VORNADO REALTY TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>929042109</cusip>
		<value>1461</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13041</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>13041</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>APOLLO COMMERCIAL REAL ESTAT</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>03762U105</cusip>
		<value>1768</value>
		<shrsOrPrnAmt>
			<sshPrnamt>102908</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>102908</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>AVALONBAY COMMUNITIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053484101</cusip>
		<value>3997</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22938</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>8476</Shared>
			<None>14462</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BLUEROCK RESIDENTIAL GROWTH</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>09627J102</cusip>
		<value>670</value>
		<shrsOrPrnAmt>
			<sshPrnamt>50300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>50300</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BOSTON PROPERTIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>101121101</cusip>
		<value>4321</value>
		<shrsOrPrnAmt>
			<sshPrnamt>30757</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>11429</Shared>
			<None>19328</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BROOKDALE SENIOR LIVING INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>112463104</cusip>
		<value>1759</value>
		<shrsOrPrnAmt>
			<sshPrnamt>46582</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>17304</Shared>
			<None>29278</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CAMDEN PROPERTY TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>133131102</cusip>
		<value>2555</value>
		<shrsOrPrnAmt>
			<sshPrnamt>32700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>12100</Shared>
			<None>20600</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CAMPUS CREST COMMUNITIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>13466Y105</cusip>
		<value>1784</value>
		<shrsOrPrnAmt>
			<sshPrnamt>249102</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>249102</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CHATHAM LODGING TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>16208T102</cusip>
		<value>1247</value>
		<shrsOrPrnAmt>
			<sshPrnamt>42386</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>42386</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CORPORATE OFFICE PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22002T108</cusip>
		<value>811</value>
		<shrsOrPrnAmt>
			<sshPrnamt>27600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>9400</Shared>
			<None>18200</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CUBESMART</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>229663109</cusip>
		<value>1714</value>
		<shrsOrPrnAmt>
			<sshPrnamt>70973</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>25473</Shared>
			<None>45500</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>DDR CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>23317H102</cusip>
		<value>1618</value>
		<shrsOrPrnAmt>
			<sshPrnamt>86900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>32300</Shared>
			<None>54600</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>DIGITAL REALTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>253868103</cusip>
		<value>3695</value>
		<shrsOrPrnAmt>
			<sshPrnamt>56020</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>29610</Shared>
			<None>26410</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>EPR PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>26884U109</cusip>
		<value>2144</value>
		<shrsOrPrnAmt>
			<sshPrnamt>35716</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>35716</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>EQUITY ONE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>294752100</cusip>
		<value>1679</value>
		<shrsOrPrnAmt>
			<sshPrnamt>62894</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>23442</Shared>
			<None>39452</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ESSEX PROPERTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>297178105</cusip>
		<value>3372</value>
		<shrsOrPrnAmt>
			<sshPrnamt>14667</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>5652</Shared>
			<None>9015</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>EXTENDED STAY AMERICA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30224P200</cusip>
		<value>2644</value>
		<shrsOrPrnAmt>
			<sshPrnamt>135368</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>75668</Shared>
			<None>59700</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>EXTRA SPACE STORAGE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30225T102</cusip>
		<value>2631</value>
		<shrsOrPrnAmt>
			<sshPrnamt>38939</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>14481</Shared>
			<None>24458</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GENERAL GROWTH PROPERTIES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>370023103</cusip>
		<value>3120</value>
		<shrsOrPrnAmt>
			<sshPrnamt>105568</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>39160</Shared>
			<None>66408</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>HOST HOTELS &amp; RESORTS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>44107P104</cusip>
		<value>1207</value>
		<shrsOrPrnAmt>
			<sshPrnamt>59800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>22295</Shared>
			<None>37505</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>HUDSON PACIFIC PROPERTIES IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>444097109</cusip>
		<value>5349</value>
		<shrsOrPrnAmt>
			<sshPrnamt>161159</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>90359</Shared>
			<None>70800</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KILROY REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49427F108</cusip>
		<value>2360</value>
		<shrsOrPrnAmt>
			<sshPrnamt>30988</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>11565</Shared>
			<None>19423</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MACK-CALI REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>554489104</cusip>
		<value>4998</value>
		<shrsOrPrnAmt>
			<sshPrnamt>259214</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>159514</Shared>
			<None>99700</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>OUTFRONT MEDIA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>69007J106</cusip>
		<value>4534</value>
		<shrsOrPrnAmt>
			<sshPrnamt>151552</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>80002</Shared>
			<None>71550</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PROLOGIS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74340W103</cusip>
		<value>4124</value>
		<shrsOrPrnAmt>
			<sshPrnamt>94673</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>34477</Shared>
			<None>60196</None>
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		<nameOfIssuer>PUBLIC STORAGE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74460D109</cusip>
		<value>1763</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8941</sshPrnamt>
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			<None>5627</None>
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		<nameOfIssuer>QTS REALTY TRUST INC-CL A</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74736A103</cusip>
		<value>2816</value>
		<shrsOrPrnAmt>
			<sshPrnamt>77330</sshPrnamt>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
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			<Shared>44776</Shared>
			<None>32554</None>
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		<nameOfIssuer>RETAIL OPPORTUNITY INVESTMEN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>76131N101</cusip>
		<value>1523</value>
		<shrsOrPrnAmt>
			<sshPrnamt>83246</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>30946</Shared>
			<None>52300</None>
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		<nameOfIssuer>SABRA HEALTH CARE REIT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78573L106</cusip>
		<value>848</value>
		<shrsOrPrnAmt>
			<sshPrnamt>25573</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>25573</Shared>
			<None>0</None>
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		<nameOfIssuer>SIMON PROPERTY GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>828806109</cusip>
		<value>7814</value>
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			<sshPrnamt>39943</sshPrnamt>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
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			<Sole>0</Sole>
			<Shared>14549</Shared>
			<None>25394</None>
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		<nameOfIssuer>SL GREEN REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78440X101</cusip>
		<value>2365</value>
		<shrsOrPrnAmt>
			<sshPrnamt>18424</sshPrnamt>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>6868</Shared>
			<None>11556</None>
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		<nameOfIssuer>SPIRIT REALTY CAPITAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>84860W102</cusip>
		<value>1482</value>
		<shrsOrPrnAmt>
			<sshPrnamt>122679</sshPrnamt>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
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			<Shared>122679</Shared>
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		<nameOfIssuer>STAG INDUSTRIAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85254J102</cusip>
		<value>3482</value>
		<shrsOrPrnAmt>
			<sshPrnamt>148026</sshPrnamt>
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		<investmentDiscretion>OTR</investmentDiscretion>
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			<Shared>98601</Shared>
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		<nameOfIssuer>STARWOOD HOTELS &amp; RESORTS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85590A401</cusip>
		<value>1703</value>
		<shrsOrPrnAmt>
			<sshPrnamt>20398</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
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			<Shared>7556</Shared>
			<None>12842</None>
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		<nameOfIssuer>STARWOOD PROPERTY TRUST INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85571B105</cusip>
		<value>2486</value>
		<shrsOrPrnAmt>
			<sshPrnamt>102291</sshPrnamt>
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		<investmentDiscretion>OTR</investmentDiscretion>
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			<Shared>102291</Shared>
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		<nameOfIssuer>STARWOOD WAYPOINT RESIDE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85571W109</cusip>
		<value>445</value>
		<shrsOrPrnAmt>
			<sshPrnamt>17231</sshPrnamt>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
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			<Sole>0</Sole>
			<Shared>17231</Shared>
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		<nameOfIssuer>STRATEGIC HOTELS &amp; RESORTS I</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>86272T106</cusip>
		<value>1461</value>
		<shrsOrPrnAmt>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
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			<Sole>0</Sole>
			<Shared>43748</Shared>
			<None>73800</None>
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		<nameOfIssuer>SUNSTONE HOTEL INVESTORS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>867892101</cusip>
		<value>1272</value>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
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			<Sole>0</Sole>
			<Shared>29140</Shared>
			<None>47190</None>
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		<nameOfIssuer>TAUBMAN CENTERS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>876664103</cusip>
		<value>955</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12379</sshPrnamt>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>1</otherManager>
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			<Shared>12379</Shared>
			<None>0</None>
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		<nameOfIssuer>TERRENO REALTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88146M101</cusip>
		<value>4274</value>
		<shrsOrPrnAmt>
			<sshPrnamt>187445</sshPrnamt>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<otherManager>2</otherManager>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>94845</Shared>
			<None>92600</None>
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</informationTable>
