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
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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
Access Midstream Partners LP COM 00434L109 706 12,276 SH   SOLE   12,276 0 0
Ameren Corp. COM 023608102 569 13,800 SH   SOLE   13,800 0 0
American Electric Power Co. In COM 025537101 970 19,150 SH   SOLE   19,150 0 0
American Homes 4 Rent COM 02665T306 51,463 3,079,767 SH   SOLE   2,227,167 0 852,600
American Realty Capital Proper COM 02917T104 44,630 3,183,314 SH   SOLE   638,681 0 2,544,633
American Residential Propertie COM 02927E303 34,929 1,942,655 SH   SOLE   1,450,955 0 491,700
American Tower Corp. COM 03027X100 1,463 17,870 SH   SOLE   17,870 0 0
American Water Works Co. COM 030420103 989 21,780 SH   SOLE   21,780 0 0
AvalonBay Communities Inc. COM 053484101 363,505 2,768,086 SH   SOLE   1,304,768 0 1,463,318
Aviv REIT Inc COM 05381L101 1,443 59,000 SH   SOLE   59,000 0 0
Biomed Realty Trust Inc. COM 09063H107 193,711 9,453,950 SH   SOLE   4,463,200 0 4,990,750
Boston Properties Inc. COM 101121101 367,222 3,206,335 SH   SOLE   1,373,092 0 1,833,243
Brandywine Realty Trust SBI COM 105368203 189,910 13,133,461 SH   SOLE   8,311,376 0 4,822,085
BRE Properties Inc. COM 05564E106 331,395 5,278,670 SH   SOLE   2,401,854 0 2,876,816
Brixmor Property Group COM 11120U105 128,008 6,001,300 SH   SOLE   3,496,400 0 2,504,900
Camden Property Trust COM 133131102 52,391 778,000 SH   SOLE   766,300 0 11,700
CBL and Associates Properties COM 124830100 11,833 666,632 SH   SOLE   666,632 0 0
CMS Energy Corporation COM 125896100 760 25,940 SH   SOLE   25,940 0 0
Commonwealth REIT COM 203233101 4,963 188,700 SH   SOLE   161,557 0 27,143
Cousins Properties Inc. COM 222795106 53,298 4,646,720 SH   SOLE   2,378,980 0 2,267,740
CSX Corporation COM 126408103 550 18,990 SH   SOLE   18,990 0 0
CubeSmart COM 229663109 17,323 1,009,478 SH   SOLE   246,600 0 762,878
DCP Midstream Partners L.P. COM 23311P100 944 18,849 SH   SOLE   18,849 0 0
DCT Industrial Trust COM 233153105 125,599 15,938,960 SH   SOLE   7,162,120 0 8,776,840
DDR Corp. COM 23317H102 253,668 15,392,466 SH   SOLE   6,951,906 0 8,440,560
Digital Realty Trust Inc. COM 253868103 19,990 376,597 SH   SOLE   92,840 0 283,757
Dominion Resources Inc. (Virgi COM 25746U109 1,659 23,372 SH   SOLE   23,372 0 0
Douglas Emmett Inc. COM 25960P109 258,336 9,518,643 SH   SOLE   5,370,643 0 4,148,000
Duke Realty Corporation COM 264411505 251,782 14,916,008 SH   SOLE   6,517,508 0 8,398,500
Energy Transfer Equity L.P. COM 29273V100 733 15,680 SH   SOLE   15,680 0 0
Energy Transfer Partners L.P. COM 29273R109 200 3,718 SH   SOLE   3,718 0 0
EnLink Midstream Partners LP COM 29336U107 1,001 32,904 SH   SOLE   32,904 0 0
Enterprise Products Partners L COM 293792107 1,299 18,723 SH   SOLE   18,723 0 0
EPR Properties COM 26884U109 43,379 812,500 SH   SOLE   413,100 0 399,400
Equity Residential COM 29476L107 534,304 9,213,733 SH   SOLE   4,073,964 0 5,139,769
Essex Property Trust Inc. COM 297178105 163,878 963,706 SH   SOLE   352,616 0 611,090
Extended Stay America, Inc. COM 30224P200 38,588 1,694,688 SH   SOLE   760,400 0 934,288
Federal Realty Investment Trus COM 313747206 71,355 621,989 SH   SOLE   236,948 0 385,041
First Industrial Realty Trust COM 32054K103 15,976 826,900 SH   SOLE   703,500 0 123,400
Forest City Cl. A COM 345550107 2,351 123,100 SH   SOLE   68,700 0 54,400
General Growth Properties COM 370023103 377,198 17,145,378 SH   SOLE   7,760,532 0 9,384,846
HCP Inc. COM 40414L109 115,394 2,974,839 SH   SOLE   1,209,839 0 1,765,000
Health Care REIT Inc. COM 42217K106 455,978 7,650,637 SH   SOLE   3,460,486 0 4,190,151
HealthCare Realty Trust COM 421946104 179,027 7,413,135 SH   SOLE   3,709,213 0 3,703,922
Healthcare Trust of America In COM 42225P105 82,695 7,260,340 SH   SOLE   3,373,300 0 3,887,040
Hersha Hospitality Trust COM 427825104 1,020 175,000 SH   SOLE   175,000 0 0
Highwoods Properties Inc. COM 431284108 235,516 6,131,644 SH   SOLE   2,631,817 0 3,499,827
Hilton Worldwide Holdings Inc. COM 43300A104 191,466 8,609,100 SH   SOLE   4,827,700 0 3,781,400
Home Properties Inc. COM 437306103 13,142 218,600 SH   SOLE   205,800 0 12,800
Hospitality Properties Trust COM 44106M102 13,906 484,200 SH   SOLE   144,200 0 340,000
Host Hotels & Resorts Inc. COM 44107P104 710,675 35,112,381 SH   SOLE   17,498,666 0 17,613,715
Kilroy Realty Corp. COM 49427F108 390,563 6,667,180 SH   SOLE   3,570,780 0 3,096,400
Kimco Realty Corp. COM 49446R109 220,715 10,087,525 SH   SOLE   4,086,955 0 6,000,570
LaSalle Hotels and Properties COM 517942108 4,302 137,400 SH   SOLE   137,400 0 0
Lexington Corporate Properties COM 529043101 133,216 12,210,460 SH   SOLE   5,687,660 0 6,522,800
Liberty Property Trust COM 531172104 440,886 11,928,721 SH   SOLE   6,416,918 0 5,511,803
Macerich Co. COM 554382101 430,838 6,912,212 SH   SOLE   3,476,984 0 3,435,228
Mack-Cali Realty Corp. COM 554489104 376 18,100 SH   SOLE   12,500 0 5,600
Magellan Midstream Partners L. COM 559080106 289 4,147 SH   SOLE   4,147 0 0
National Retail Properties Onc COM 637417106 580 16,900 SH   SOLE   16,900 0 0
Nextera Energy Inc COM 65339F101 831 8,690 SH   SOLE   8,690 0 0
NiSource Inc. COM 65473P105 683 19,210 SH   SOLE   19,210 0 0
Northeast Utilities COM 664397106 1,022 22,460 SH   SOLE   22,460 0 0
Omega Healthcare Investors COM 681936100 31,675 944,970 SH   SOLE   944,970 0 0
One Gas Inc. COM 68235P108 704 19,587 SH   SOLE   19,587 0 0
ONEOK Inc. COM 682680103 1,315 22,198 SH   SOLE   22,198 0 0
Pattern Energy Group Inc. COM 70338P100 655 24,154 SH   SOLE   24,154 0 0
Pebblebrook Hotel Trust COM 70509V100 77,924 2,307,481 SH   SOLE   971,400 0 1,336,081
Plains All American Pipeline, COM 726503105 1,640 29,746 SH   SOLE   29,746 0 0
Post Properties Inc. COM 737464107 196,237 3,996,672 SH   SOLE   2,154,765 0 1,841,907
ProLogis Inc. COM 74340W103 618,542 15,149,214 SH   SOLE   7,617,656 0 7,531,558
Public Storage COM 74460D109 275,921 1,637,613 SH   SOLE   657,243 0 980,370
Ramco Gershenson Properties Tr COM 751452202 55,002 3,374,338 SH   SOLE   1,243,700 0 2,130,638
Realty Income Corp COM 756109104 46,347 1,134,300 SH   SOLE   312,500 0 821,800
Regency Centers Corporation COM 758849103 65,309 1,279,061 SH   SOLE   676,225 0 602,836
Retail Properties of America, COM 76131V202 15,165 1,120,000 SH   SOLE   1,120,000 0 0
Rouse Properties Inc. COM 779287101 28,129 1,631,586 SH   SOLE   1,631,586 0 0
SBA Communications Corp. COM 78388J106 1,334 14,670 SH   SOLE   14,670 0 0
Semgroup Corp. COM 81663A105 565 8,600 SH   SOLE   8,600 0 0
Senior Housing Properties Trus COM 81721M109 79,555 3,540,500 SH   SOLE   1,324,100 0 2,216,400
Simon Property Group Inc. COM 828806109 938,939 5,725,240 SH   SOLE   2,309,842 0 3,415,398
SL Green Realty Corp. COM 78440X101 457,711 4,548,910 SH   SOLE   2,373,668 0 2,175,242
Spirit Realty Capital Inc. COM 84860W102 218,319 19,883,378 SH   SOLE   10,462,178 0 9,421,200
Starwood Hotels and Resorts Wo COM 85590A401 146,589 1,841,575 SH   SOLE   1,156,175 0 685,400
Strategic Hotels & Resorts, In COM 86272T106 164,619 16,154,927 SH   SOLE   8,796,697 0 7,358,230
Sun Communities Inc. COM 866674104 47,537 1,054,277 SH   SOLE   549,881 0 504,396
Sunoco Logistics Partners L.P. COM 86764L108 936 10,303 SH   SOLE   10,303 0 0
Sunstone Hotel Investors Inc. COM 867892101 134,827 9,819,860 SH   SOLE   4,908,780 0 4,911,080
Tanger Factory Outlet Centers COM 875465106 65,504 1,871,546 SH   SOLE   833,642 0 1,037,904
Targa Resources Corp. COM 87612G101 553 5,568 SH   SOLE   5,568 0 0
Taubman Centers Inc. COM 876664103 195,407 2,760,380 SH   SOLE   1,143,257 0 1,617,123
UDR Inc. COM 902653104 520,074 20,134,502 SH   SOLE   10,138,350 0 9,996,152
Union Pacific Corp COM 907818108 2,471 13,170 SH   SOLE   13,170 0 0
Ventas Inc. COM 92276F100 163,312 2,696,258 SH   SOLE   693,863 0 2,002,395
Vornado Realty Trust COM 929042109 461,627 4,683,714 SH   SOLE   2,144,187 0 2,539,527
Washington REIT COM 939653101 1,024 42,900 SH   SOLE   42,900 0 0
Weyerhaeuser Co. COM 962166104 68,840 2,345,500 SH   SOLE   778,400 0 1,567,100
William Lyon Homes COM 552074700 7,535 272,900 SH   SOLE   272,900 0 0
Williams Cos. COM 969457100 1,273 31,365 SH   SOLE   31,365 0 0
Sunstone Hotels 8.00% Series D CV 8% CUM PFD-D 867892507 2,059 80,100 SH   SOLE   80,100 0 0
Taubman Centers 6.25% Series K PFD SER K 876664707 1,664 73,100 SH   SOLE   73,100 0 0