Real Estate Management Services 13F-HR Quarterly holdings report by institutional manager

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

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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
RamcoGershenson Pr D Conv	PREFERRED	751452608	1,013	15,100	SH		SOLE		15,100	0	0
RamcoGershenson Pr D Conv	PREFERRED	751452608	174	2,600	SH		OTR		0	0	2,600
Agree Realty	COM	008492100	5,067	153,700	SH		SOLE		153,700	0	0
Agree Realty	COM	008492100	950	28,800	SH		OTR		0	0	28,800
Alex RE Pr E	PREFERRED	015271703	396	15,300	SH		OTR		0	0	15,300
Alexanders Inc.	COM	014752109	13,718	30,045	SH		SOLE		30,045	0	0
Alexandria Real Estate	COM	015271109	17,539	178,900	SH		SOLE		178,900	0	0
American Capital Agency	COM	02503X105	224	10,500	SH		OTR		0	0	10,500
American Homes 4 Rent	COM	02665T306	7,315	442,000	SH		SOLE		442,000	0	0
American Homes 4 Rent	COM	02665T306	495	29,900	SH		OTR		0	0	0
Apt. Invst. Mgmt.	COM	03748R101	16,708	424,500	SH		SOLE		424,500	0	0
Apt. Invst. Mgmt.	COM	03748R101	1,161	29,500	SH		OTR		0	0	0
BioMed Realty Trust	COM	09063H107	4,704	207,600	SH		SOLE		207,600	0	0
BioMed Realty Trust	COM	09063H107	931	41,100	SH		OTR		0	0	41,100
BioMed Realty Trust	COM	09063H107	1,337	59,000	SH		OTR		0	0	0
Brandywine Realty Trust	COM	105368203	22,182	1,388,100	SH		SOLE		1,388,100	0	0
Brandywine Realty Trust	COM	105368203	865	54,100	SH		OTR		0	0	54,100
Brandywine Realty Trust	COM	105368203	1,278	80,000	SH		OTR		0	0	0
CBL & Associates Pr D	PREFERRED	124830605	242	9,600	SH		OTR		0	0	9,600
CBL & Associates Pr E	PREFERRED	124830803	340	13,400	SH		OTR		0	0	13,400
Colony Capital Inc.	COM	19624R106	23,611	910,900	SH		SOLE		910,900	0	0
Colony Capital Inc.	COM	19624R106	943	36,400	SH		OTR		0	0	36,400
Colony Capital Inc.	COM	19624R106	1,413	54,500	SH		OTR		0	0	0
Columbia Property Trust	COM	198287203	4,566	169,000	SH		SOLE		169,000	0	0
Columbia Property Trust	COM	198287203	854	31,600	SH		OTR		0	0	31,600
Cousins Property	COM	222795106	8,352	787,900	SH		SOLE		787,900	0	0
Cousins Property	COM	222795106	530	50,000	SH		OTR		0	0	0
DDR Corporation	COM	23317H102	8,690	466,700	SH		SOLE		466,700	0	0
Duke Realty	COM	264411505	17,799	817,600	SH		SOLE		817,600	0	0
Duke Realty	COM	264411505	538	24,700	SH		OTR		0	0	24,700
Duke Realty	COM	264411505	1,014	46,600	SH		OTR		0	0	0
EPR Properties Pr F	PREFERRED	26884U406	265	10,200	SH		OTR		0	0	10,200
Empire State Realty Trust	COM	292104106	3,049	162,100	SH		SOLE		162,100	0	0
Empire State Realty Trust	COM	292104106	1,191	63,300	SH		OTR		0	0	0
Felcor Lodging	COM	31430F101	17,808	1,549,837	SH		SOLE		1,549,837	0	0
Felcor Lodging	COM	31430F101	1,237	107,700	SH		OTR		0	0	0
Forest City Class A	COM	345550107	16,121	631,700	SH		SOLE		631,700	0	0
Forest City Class A	COM	345550107	1,345	52,700	SH		OTR		0	0	0
General Growth Pr A	PREFERRED	370023202	314	12,300	SH		SOLE		12,300	0	0
General Growth Pr A	PREFERRED	370023202	561	22,000	SH		OTR		0	0	22,000
General Growth Prpty	COM	370023103	15,000	507,600	SH		SOLE		507,600	0	0
Healthcare Realty	COM	421946104	4,109	147,900	SH		SOLE		147,900	0	0
Healthcare Realty	COM	421946104	842	30,300	SH		OTR		0	0	30,300
Hersha Hospitality	COM	427825104	20,435	3,158,400	SH		SOLE		3,158,400	0	0
Hersha Hospitality	COM	427825104	786	121,500	SH		OTR		0	0	121,500
Hersha Hospitality	COM	427825104	1,040	160,700	SH		OTR		0	0	0
Home Property	COM	437306103	3,146	45,400	SH		SOLE		45,400	0	0
Home Property	COM	437306103	935	13,500	SH		OTR		0	0	13,500
Hudson Bay Company	COM	444218101	18,795	907,900	SH		SOLE		907,900	0	0
Hudson Bay Company	COM	444218101	1,267	61,200	SH		OTR		0	0	0
Hyatt Hotels Corp	COM	448579102	14,124	238,500	SH		SOLE		238,500	0	0
Hyatt Hotels Corp	COM	448579102	1,273	21,500	SH		OTR		0	0	0
IShares DJ US R.E.	COM	464287739	492	6,200	SH		OTR		0	0	0
IStar Financial Inc.	COM	45031U101	18,336	1,410,500	SH		SOLE		1,410,500	0	0
IStar Financial Inc.	COM	45031U101	1,304	100,300	SH		OTR		0	0	0
Kennedy Wilson Hldgs	COM	489398107	17,379	664,842	SH		SOLE		664,842	0	0
Kennedy Wilson Hldgs	COM	489398107	1,174	44,900	SH		OTR		0	0	0
Kimco Realty	COM	49446R109	15,989	595,500	SH		SOLE		595,500	0	0
Kimco Realty	COM	49446R109	1,136	42,300	SH		OTR		0	0	0
Kite Realty Trust	COM	49803T300	20,282	719,975	SH		SOLE		719,975	0	0
Kite Realty Trust	COM	49803T300	845	30,000	SH		OTR		0	0	30,000
Liberty Property Trust	COM	531172104	15,458	433,000	SH		SOLE		433,000	0	0
Liberty Property Trust	COM	531172104	850	23,800	SH		OTR		0	0	23,800
Liberty Property Trust	COM	531172104	932	26,100	SH		OTR		0	0	0
Mack Cali	COM	554489104	12,501	648,400	SH		SOLE		648,400	0	0
Mack Cali	COM	554489104	1,130	58,600	SH		OTR		0	0	0
Mid-America Apartment	COM	59522J103	21,889	283,282	SH		SOLE		283,282	0	0
Mid-America Apartment	COM	59522J103	950	12,300	SH		OTR		0	0	12,300
Mid-America Apartment	COM	59522J103	1,391	18,000	SH		OTR		0	0	0
Physicians Realty Trust	COM	71943U104	17,467	991,900	SH		SOLE		991,900	0	0
Physicians Realty Trust	COM	71943U104	1,206	68,500	SH		OTR		0	0	0
Plum Creek Timber	COM	729251108	21,816	502,102	SH		SOLE		502,102	0	0
Plum Creek Timber	COM	729251108	1,251	28,800	SH		OTR		0	0	0
ProLogis Trust	COM	74340W103	13,826	317,400	SH		SOLE		317,400	0	0
ProLogis Trust	COM	74340W103	963	22,100	SH		OTR		0	0	0
Ramco-Gershenson	COM	751452202	9,244	497,000	SH		SOLE		497,000	0	0
Ramco-Gershenson	COM	751452202	830	44,600	SH		OTR		0	0	44,600
Resource Capital Co.	COM	76120W302	16,162	3,559,944	SH		SOLE		3,559,944	0	0
Resource Capital Co.	COM	76120W302	661	145,600	SH		OTR		0	0	145,600
Resource Capital Co.	COM	76120W302	919	202,340	SH		OTR		0	0	0
Rexford Industrial Realty, Inc	COM	76169C100	15,687	992,217	SH		SOLE		992,217	0	0
Rexford Industrial Realty, Inc	COM	76169C100	1,118	70,700	SH		OTR		0	0	0
Sun Communities	COM	866674104	13,985	209,600	SH		SOLE		209,600	0	0
Urban Edge Properties	COM	91704F104	6,150	259,500	SH		SOLE		259,500	0	0
Urban Edge Properties	COM	91704F104	738	31,141	SH		OTR		0	0	0
Vornado Realty Trust	COM	929042109	16,251	145,100	SH		SOLE		145,100	0	0
Vornado Realty Trust	COM	929042109	1,098	9,800	SH		OTR		0	0	0
WCI Communities, Inc.	COM	92923C807	18,848	786,991	SH		SOLE		786,991	0	0
WCI Communities, Inc.	COM	92923C807	1,341	56,000	SH		OTR		0	0	0
WP Carey Inc REIT	COM	92936U109	3,550	52,200	SH		SOLE		52,200	0	0
WP Carey Inc REIT	COM	92936U109	802	11,800	SH		OTR		0	0	11,800
Washington REIT	COM	939653101	3,252	117,700	SH		SOLE		117,700	0	0
Washington REIT	COM	939653101	691	25,000	SH		OTR		0	0	25,000
CA Immobilien Anlagen AG	COM	5681046	283	15,074	SH		OTR		0	0	0
DIC Asset AG	COM	BD1NML3	473	47,200	SH		OTR		0	0	0
Gecina SA	COM	FR0010040	338	2,500	SH		OTR		0	0	0
Global Logistics Properties	COM	B4KJWS6S	500	258,800	SH		OTR		0	0	0
Hudson Bay Company	COM	444218101	540	26,100	SH		OTR		0	0	0
Iguatemi Empresa	COM	B1NXMK6	121	13,700	SH		OTR		0	0	0
Kennedy Wilson Europe R.E. Plc	COM	BJT3251	440	27,000	SH		OTR		0	0	0
Millennium and Copthorne	COM	0562254	330	38,700	SH		OTR		0	0	0
Mirvac Group	COM	6161978	268	175,300	SH		OTR		0	0	0
NTT Urban Developement Corp	COM	JP3165690	328	32,700	SH		OTR		0	0	0
Soundwill Holdings	COM	6602079	379	232,000	SH		OTR		0	0	0
VastNed Retail NV	COM	4927194	382	7,800	SH		OTR		0	0	0