The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALEXANDRIA REAL ESTATE EQUITIES INC COMM STK 015271109 96,957 1,248,808 SH   SOLE   88,131 0 1,160,677
AMERICAN CAMPUS COMMUNITIES INC COMM STK 024835100 511 13,370 SH   SOLE   13,370 0 0
AMERICAN HOMES 4 RENT COMM STK 02665T306 772 43,455 SH   SOLE   43,455 0 0
AMERICAN TOWER CORP COMM STK 03027X100 229,563 2,551,268 SH   SOLE   305,344 0 2,245,924
AVALONBAY COMMUNITIES INC COMM STK 053484101 604,525 4,251,532 SH   SOLE   344,718 0 3,906,814
BIOMED REALTY TRUST INC COMM STK 09063H107 73,245 3,355,239 SH   SOLE   218,814 0 3,136,425
BOSTON PROPERTIES INC COMM STK 101121101 555,696 4,702,116 SH   SOLE   393,425 0 4,308,691
CAMDEN PROPERTY TRUST COMM STK 133131102 247,826 3,483,155 SH   SOLE   235,595 0 3,247,560
CBL & ASSOCIATES PROPERTIES INC COMM STK 124830100 107,470 5,656,298 SH   SOLE   385,704 0 5,270,594
CORPORATE OFFICE PROPERTIES TRUST COMM STK 22002T108 38,526 1,385,314 SH   SOLE   78,016 0 1,307,298
CUBESMART COMM STK 229663109 46,092 2,515,949 SH   SOLE   170,910 0 2,345,039
DDR CORP COMM STK 23317H102 108,247 6,139,932 SH   SOLE   410,823 0 5,729,109
DIAMONDROCK HOSPITALITY CO COMM STK 252784301 71,354 5,565,797 SH   SOLE   388,005 0 5,177,792
DOUGLAS EMMETT INC COMM STK 25960P109 2,413 85,514 SH   SOLE   85,514 0 0
DUKE REALTY CORP COMM STK 264411505 110,645 6,092,798 SH   SOLE   476,911 0 5,615,887
EASTGROUP PROPERTIES INC COMM STK 277276101 1,251 19,481 SH   SOLE   5,138 0 14,343
EQUITY ONE INC COMM STK 294752100 265 11,223 SH   SOLE   11,223 0 0
EQUITY RESIDENTIAL COMM STK 29476L107 541,815 8,600,232 SH   SOLE   651,055 0 7,949,177
ESSEX PROPERTY TRUST INC COMM STK 297178105 6,324 34,200 SH   SOLE   34,200 0 0
FEDERAL REALTY INVESTMENT TRUST COMM STK 313747206 230,163 1,903,429 SH   SOLE   165,885 0 1,737,544
GENERAL GROWTH PROPERTIES INC COMM STK 370023103 221,041 9,382,028 SH   SOLE   657,337 0 8,724,691
HCP INC COMM STK 40414L109 337,038 8,144,946 SH   SOLE   591,853 0 7,553,093
HEALTHCARE TRUST OF AMERICA COMM STK 42225P105 1,564 129,867 SH   SOLE   19,193 0 110,674
KILROY REALTY CORP COMM STK 49427F108 2,198 35,300 SH   SOLE   35,300 0 0
KIMCO REALTY CORP COMM STK 49446R109 2,153 93,700 SH   SOLE   93,700 0 0
LASALLE HOTEL PROPERTIES COMM STK 517942108 207,681 5,884,994 SH   SOLE   418,317 0 5,466,677
MACERICH CO/THE COMM STK 554382101 599 8,977 SH   SOLE   8,977 0 0
PROLOGIS INC COMM STK 74340W103 219,195 5,334,503 SH   SOLE   485,229 0 4,849,274
PUBLIC STORAGE COMM STK 74460D109 399,060 2,328,919 SH   SOLE   229,271 0 2,099,648
RAYONIER ADVANCED MATERIALS INC. COMM STK 75508B104 21 550 SH   SOLE   450 0 100
RAYONIER INC COMM STK 754907103 9,987 280,922 SH   SOLE   48,053 0 232,869
REGENCY CENTERS CORP COMM STK 758849103 3,391 60,900 SH   SOLE   60,900 0 0
RETAIL PROPERTIES OF AMERICA COMM STK 76131V202 38,343 2,493,059 SH   SOLE   236,435 0 2,256,624
RLJ LODGING TRUST COMM STK 74965L101 147,288 5,098,234 SH   SOLE   349,813 0 4,748,421
SENIOR HOUSING PROPERTIES TRUST COMM STK 81721M109 55,682 2,292,386 SH   SOLE   144,086 0 2,148,300
SIMON PROPERTY GROUP INC COMM STK 828806109 989,390 5,950,144 SH   SOLE   450,994 0 5,499,150
TANGER FACTORY OUTLET CENTERS COMM STK 875465106 1,885 53,900 SH   SOLE   53,900 0 0
TAUBMAN CENTERS COMM STK 876664103 127,398 1,680,485 SH   SOLE   189,847 0 1,490,638
TERRENO REALTY CORP COMM STK 88146M101 18,686 966,683 SH   SOLE   91,283 0 875,400
VENTAS INC COMM STK 92276F100 339,472 5,295,979 SH   SOLE   470,965 0 4,825,014
VORNADO REALTY TRUST COMM STK 929042109 308,101 2,886,737 SH   SOLE   246,372 0 2,640,365
WASHINGTON REAL ESTATE INVESTMENT TRUST COMM STK 939653101 1,710 65,812 SH   SOLE   14,617 0 51,195
WEINGARTEN REALTY INVESTORS COMM STK 948741103 63,396 1,930,459 SH   SOLE   113,034 0 1,817,425
WEYERHAEUSER CO COMM STK 962166104 39,515 1,194,156 SH   SOLE   207,918 0 986,238