Vanguard Health Care Fund NPX Annual report of proxy voting record

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD

REGISTERED MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-3916

NAME OF REGISTRANT: VANGUARD SPECIALIZED FUNDS

ADDRESS OF REGISTRANT: PO BOX 2600, VALLEY FORGE, PA 19482

NAME AND ADDRESS OF AGENT FOR SERVICE: HEIDI STAM

PO BOX 876

VALLEY FORGE, PA 19482

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (610) 669-1000

DATE OF FISCAL YEAR END: JANUARY 31

DATE OF REPORTING PERIOD: JULY 1, 2010 - JUNE 30, 2011

FUND: VANGUARD REIT INDEX FUND

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ISSUER: ACADIA REALTY TRUST

TICKER: AKR CUSIP: 004239109

MEETING DATE: 5/10/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR KENNETH F. BERNSTEIN ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR DOUGLAS CROCKER II ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR LORRENCE T. KELLAR ISSUER YES FOR FOR

PROPOSAL #4: ELECT DIRECTOR WENDY LUSCOMBE ISSUER YES FOR FOR

PROPOSAL #5: ELECT DIRECTOR WILLIAM T. SPITZ ISSUER YES FOR FOR

PROPOSAL #6: ELECT DIRECTOR LEE S. WIELANSKY ISSUER YES FOR FOR

PROPOSAL #7: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #8: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #9: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: ALEXANDER'S, INC.

TICKER: ALX CUSIP: 014752109

MEETING DATE: 5/26/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR STEVEN ROTH ISSUER YES WITHHOLD AGAINST

PROPOSAL #1.2: ELECT DIRECTOR NEIL UNDERBERG ISSUER YES WITHHOLD AGAINST

PROPOSAL #1.3: ELECT DIRECTOR RUSSELL B. WIGHT, JR. ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR N/A

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ISSUER: ALEXANDRIA REAL ESTATE EQUITIES, INC.

TICKER: ARE CUSIP: 015271109

MEETING DATE: 5/25/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR JOEL S. MARCUS ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR RICHARD B. JENNINGS ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR JOHN L. ATKINS, III ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR RICHARD H. KLEIN ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR JAMES H. RICHARDSON ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR MARTIN A. SIMONETTI ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR ALAN G. WALTON ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: AMB PROPERTY CORPORATION

TICKER: AMB CUSIP: 00163T109

MEETING DATE: 5/5/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR T. ROBERT BURKE ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR DAVID A. COLE ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR LYDIA H. KENNARD ISSUER YES FOR FOR

PROPOSAL #4: ELECT DIRECTOR J. MICHAEL LOSH ISSUER YES FOR FOR

PROPOSAL #5: ELECT DIRECTOR HAMID R. MOGHADAM ISSUER YES FOR FOR

PROPOSAL #6: ELECT DIRECTOR FREDERICK W. REID ISSUER YES FOR FOR

PROPOSAL #7: ELECT DIRECTOR JEFFREY L. SKELTON ISSUER YES FOR FOR

PROPOSAL #8: ELECT DIRECTOR THOMAS W. TUSHER ISSUER YES FOR FOR

PROPOSAL #9: ELECT DIRECTOR CARL B. WEBB ISSUER YES FOR FOR

PROPOSAL #10: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #11: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: AMB PROPERTY CORPORATION

TICKER: AMB CUSIP: 00163T109

MEETING DATE: 6/1/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ISSUE SHARES IN CONNECTION WITH ISSUER YES FOR FOR

ACQUISITION

PROPOSAL #2: AMEND BYLAWS PROVIDING FOR CERTAIN ISSUER YES FOR FOR

FEATURES OF THE LEADERSHIP STRUCTURE

PROPOSAL #3: AMEND CHARTER OF COMBINED COMPANY ISSUER YES FOR FOR

PROPOSAL #4: ADJOURN MEETING ISSUER YES FOR FOR

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ISSUER: AMERICAN CAMPUS COMMUNITIES, INC.

TICKER: ACC CUSIP: 024835100

MEETING DATE: 5/5/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR WILLIAM C. BAYLESS, JR. ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR R.D. BURCK ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR G. STEVEN DAWSON ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR CYDNEY C. DONNELL ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR EDWARD LOWENTHAL ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR JOSEPH M. MACCHIONE ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR WINSTON W. WALKER ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: APARTMENT INVESTMENT AND MANAGEMENT COMPANY

TICKER: AIV CUSIP: 03748R101

MEETING DATE: 4/26/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR JAMES N. BAILEY ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR TERRY CONSIDINE ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR RICHARD S. ELLWOOD ISSUER YES FOR FOR

PROPOSAL #4: ELECT DIRECTOR THOMAS L. KELTNER ISSUER YES FOR FOR

PROPOSAL #5: ELECT DIRECTOR J. LANDIS MARTIN ISSUER YES FOR FOR

PROPOSAL #6: ELECT DIRECTOR ROBERT A. MILLER ISSUER YES FOR FOR

PROPOSAL #7: ELECT DIRECTOR KATHLEEN M. NELSON ISSUER YES FOR FOR

PROPOSAL #8: ELECT DIRECTOR MICHAEL A. STEIN ISSUER YES FOR FOR

PROPOSAL #9: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #10: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #11: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #12: AMEND CHARTER PERMITING THE BOARD TO ISSUER YES FOR FOR

GRANT WAIVERS OF THE OWNERSHIP LIMIT

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ISSUER: ASHFORD HOSPITALITY TRUST, INC.

TICKER: AHT CUSIP: 044103109

MEETING DATE: 5/17/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR ARCHIE BENNETT, JR. ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR MONTY J. BENNETT ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR BENJAMIN J. ANSELL �� ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR THOMAS E. CALLAHAN ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR MARTIN L. EDELMAN ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR W. MICHAEL MURPHY ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR PHILIP S. PAYNE ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: APPROVE OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #4: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #5: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: ASSOCIATED ESTATES REALTY CORPORATION

TICKER: AEC CUSIP: 045604105

MEETING DATE: 5/4/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR ALBERT T. ADAMS ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR JAMES M. DELANEY ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR JEFFREY I. FRIEDMAN ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR MICHAEL E. GIBBONS ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR MARK L. MILSTEIN ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR JAMES A. SCHOFF ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR RICHARD T. SCHWARZ ISSUER YES FOR FOR

PROPOSAL #2: APPROVE OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #3: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #4: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #5: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: AVALONBAY COMMUNITIES, INC.

TICKER: AVB CUSIP: 053484101

MEETING DATE: 5/11/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR BRYCE BLAIR ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR BRUCE A. CHOATE ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR JOHN J. HEALY, JR. ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR TIMOTHY J. NAUGHTON ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR LANCE R. PRIMIS ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR PETER S. RUMMELL ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR H. JAY SARLES ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR W. EDWARD WALTER ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: BIOMED REALTY TRUST, INC.

TICKER: BMR CUSIP: 09063H107

MEETING DATE: 5/25/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR ALAN D. GOLD ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR BARBARA R. CAMBON ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR EDWARD A. DENNIS ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR RICHARD I. GILCHRIST ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR GARY A. KREITZER ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR THEODORE D. ROTH ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR M. FAYE WILSON ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: BOSTON PROPERTIES, INC.

TICKER: BXP CUSIP: 101121101

MEETING DATE: 5/17/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR LAWRENCE S. BACOW ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR ZOE BAIRD ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR ALAN J. PATRICOF ISSUER YES FOR FOR

PROPOSAL #4: ELECT DIRECTOR MARTIN TURCHIN ISSUER YES FOR FOR

PROPOSAL #5: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #6: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #7: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #8: PREPARE SUSTAINABILITY REPORT SHAREHOLDER YES ABSTAIN AGAINST

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ISSUER: BRANDYWINE REALTY TRUST

TICKER: BDN CUSIP: 105368203

MEETING DATE: 6/1/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR WALTER D'ALESSIO ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR ANTHONY A. NICHOLS, SR. ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR GERARD H. SWEENEY ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR D. PIKE ALOIAN ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR WYCHE FOWLER ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR MICHAEL J. JOYCE ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR CHARLES P. PIZZI ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR JAMES C. DIGGS ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: BRE PROPERTIES, INC.

TICKER: BRE CUSIP: 05564E106

MEETING DATE: 5/24/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR IRVING F. LYONS, III ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR PAULA F. DOWNEY ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR CHRISTOPHER J. MCGURK ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR MATTHEW T. MEDEIROS ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR CONSTANCE B. MOORE ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR JEANNE R. MYERSON ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR JEFFREY T. PERO ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR THOMAS E. ROBINSON ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR DENNIS E. SINGLETON ISSUER YES FOR FOR

PROPOSAL #1.10: ELECT DIRECTOR THOMAS P. SULLIVAN ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: CAMDEN PROPERTY TRUST

TICKER: CPT CUSIP: 133131102

MEETING DATE: 5/11/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR RICHARD J. CAMPO ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR SCOTT S. INGRAHAM ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR LEWIS A. LEVEY ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR WILLIAM B. MCGUIRE, JR. ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR WILLIAM F. PAULSEN ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR D. KEITH ODEN ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR F. GARDNER PARKER ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR STEVEN A. WEBSTER ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR KELVIN R. WESTBROOK ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: CHANGE STATE OF INCORPORATION: FROM ISSUER YES FOR FOR

TEXAS TO MARYLAND

PROPOSAL #4: APPROVE OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #5: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #6: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: CAPLEASE, INC.

TICKER: LSE CUSIP: 140288101

MEETING DATE: 6/21/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR PAUL H. MCDOWELL ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR WILLIAM R. POLLERT ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR MICHAEL E. GAGLIARDI ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR CATHERINE F. LONG ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR JEFFREY F. ROGATZ ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR HOWARD A. SILVER ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: CBL & ASSOCIATES PROPERTIES, INC.

TICKER: CBL CUSIP: 124830100

MEETING DATE: 5/2/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR CHARLES B. LEBOVITZ ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR GARY L. BRYENTON ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR GARY J. NAY ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR N/A

PROPOSAL #5: DECLASSIFY THE BOARD OF DIRECTORS ISSUER YES FOR FOR

PROPOSAL #6: REQUIRE A MAJORITY VOTE FOR THE ELECTION SHAREHOLDER YES AGAINST FOR

OF DIRECTORS

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ISSUER: CEDAR SHOPPING CENTERS, INC.

TICKER: CDR CUSIP: 150602209

MEETING DATE: 6/15/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR JAMES J. BURNS ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR RAGHUNATH DAVLOOR ISSUER YES �� FOR FOR

PROPOSAL #3: ELECT DIRECTOR RICHARD HOMBURG ISSUER YES AGAINST AGAINST

PROPOSAL #4: ELECT DIRECTOR PAMELA N. HOOTKIN ISSUER YES FOR FOR

PROPOSAL #5: ELECT DIRECTOR PAUL G. KIRK, JR. ISSUER YES FOR FOR

PROPOSAL #6: ELECT DIRECTOR EVERETT B. MILLER, III ISSUER YES FOR FOR

PROPOSAL #7: ELECT DIRECTOR LEO S. ULLMAN ISSUER YES FOR FOR

PROPOSAL #8: ELECT DIRECTOR ROGER M. WIDMANN ISSUER YES FOR FOR

PROPOSAL #9: AMEND OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #10: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #11: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #12: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: CHESAPEAKE LODGING TRUST

TICKER: CHSP CUSIP: 165240102

MEETING DATE: 5/26/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR JAMES L. FRANCIS ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR DOUGLAS W. VICARI ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR THOMAS A. NATELLI ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR THOMAS D. ECKERT ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR JOHN W. HILL ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR GEORGE F. MCKENZIE ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR JEFFREY D. NUECHTERLEIN ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: COLONIAL PROPERTIES TRUST

TICKER: CLP CUSIP: 195872106

MEETING DATE: 4/27/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR CARL F. BAILEY ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR EDWIN M. CRAWFORD ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR M. MILLER GORRIE ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR WILLIAM M. JOHNSON ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR JAMES K. LOWDER ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR THOMAS H. LOWDER ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR HERBERT A. MEISLER ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR CLAUDE B. NIELSEN ISSUER YES FOR �� FOR

PROPOSAL #1.9: ELECT DIRECTOR HAROLD W. RIPPS ISSUER YES FOR FOR

PROPOSAL #1.10: ELECT DIRECTOR JOHN W. SPIEGEL ISSUER YES FOR FOR

PROPOSAL #2: AMEND OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #3: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #4: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #5: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: COMMONWEALTH REIT

TICKER: CWH CUSIP: 203233101

MEETING DATE: 5/10/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT TRUSTEE FREDERICK ZEYTOONJIAN ISSUER YES FOR FOR

PROPOSAL #2: ELECT TRUSTEE BARRY M. PORTNOY ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

PROPOSAL #5: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: CORPORATE OFFICE PROPERTIES TRUST

TICKER: OFC CUSIP: 22002T108

MEETING DATE: 5/12/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR JAY H. SHIDLER ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR CLAY W. HAMLIN, III ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR THOMAS F. BRADY ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR ROBERT L. DENTON ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR RANDALL M. GRIFFIN ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR ELIZABETH A. HIGHT ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR DAVID M. JACOBSTEIN ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR STEVEN D. KESLER ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR RICHARD SZAFRANSKI ISSUER YES FOR FOR

PROPOSAL #1.10: ELECT DIRECTOR KENNETH D. WETHE ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: COUSINS PROPERTIES INCORPORATED

TICKER: CUZ CUSIP: 222795106

MEETING DATE: 5/3/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR ERSKINE B. BOWLES ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR TOM G. CHARLESWORTH ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR JAMES D. EDWARDS ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR LAWRENCE L. ISSUER YES FOR FOR

GELLERSTEDT, III

PROPOSAL #1.5: ELECT DIRECTOR LILLIAN C. GIORNELLI ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR S. TAYLOR GLOVER ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR JAMES H. HANCE, JR. ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR WILLIAM B. HARRISON, JR. ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR WILLIAM PORTER PAYNE ISSUER YES FOR FOR

PROPOSAL #1.10: ELECT DIRECTOR R. DARY STONE ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: DCT INDUSTRIAL TRUST INC.

TICKER: DCT CUSIP: 233153105

MEETING DATE: 4/28/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR THOMAS G. WATTLES ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR PHILIP L. HAWKINS ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR PHILLIP R. ALTINGER ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR THOMAS F. AUGUST ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR JOHN S. GATES, JR. ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR RAYMOND B. GREER ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR TRIPP H. HARDIN ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR JOHN C. O'KEEFFE ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR BRUCE L. WARWICK ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: DEVELOPERS DIVERSIFIED REALTY CORPORATION

TICKER: DDR CUSIP: 251591103

MEETING DATE: 5/18/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR TERRANCE R. AHERN ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR JAMES C. BOLAND ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR THOMAS FINNE ISSUER YES FOR FOR

PROPOSAL #4: ELECT DIRECTOR ROBERT H. GIDEL ISSUER YES FOR FOR

PROPOSAL #5: ELECT DIRECTOR DANIEL B. HURWITZ ISSUER YES FOR FOR

PROPOSAL #6: ELECT DIRECTOR VOLKER KRAFT ISSUER YES FOR FOR

PROPOSAL #7: ELECT DIRECTOR VICTOR B. MACFARLANE ISSUER YES FOR FOR

PROPOSAL #8: ELECT DIRECTOR CRAIG MACNAB ISSUER YES FOR FOR

PROPOSAL #9: ELECT DIRECTOR SCOTT D. ROULSTON ISSUER YES FOR FOR

PROPOSAL #10: ELECT DIRECTOR BARRY A. SHOLEM ISSUER YES FOR FOR

PROPOSAL #11: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #12: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #13: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: DIAMONDROCK HOSPITALITY COMPANY

TICKER: DRH CUSIP: 252784301

MEETING DATE: 4/26/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR WILLIAM W. MCCARTEN ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR DANIEL J. ALTOBELLO ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR W. ROBERT GRAFTON ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR MAUREEN L. MCAVEY ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR GILBERT T. RAY ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR JOHN L. WILLIAMS ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR MARK W. BRUGGER ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: DIGITAL REALTY TRUST, INC.

TICKER: DLR CUSIP: 253868103

MEETING DATE: 4/25/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR RICHARD A. MAGNUSON ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR MICHAEL F. FOUST ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR LAURENCE A. CHAPMAN ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR KATHLEEN EARLEY ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR RUANN F. ERNST ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR DENNIS E. SINGLETON ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR ROBERT H. ZERBST ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: DOUGLAS EMMETT, INC.

TICKER: DEI CUSIP: 25960P109

MEETING DATE: 5/26/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR DAN A. EMMETT ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR JORDAN L. KAPLAN ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR KENNETH M. PANZER ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR LESLIE E. BIDER ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR GHEBRE SELASSIE ISSUER YES FOR FOR

MEHRETEAB

PROPOSAL #1.6: ELECT DIRECTOR THOMAS E. O'HERN ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR ANDREA RICH ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR WILLIAM WILSON III ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: DUKE REALTY CORPORATION

TICKER: DRE CUSIP: 264411505

MEETING DATE: 4/27/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR THOMAS J. BALTIMORE, JR ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR BARRINGTON H. BRANCH ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR GEOFFREY A. BUTTON ISSUER YES FOR FOR

PROPOSAL #4: ELECT DIRECTOR WILLIAM CAVANAUGH III ISSUER YES FOR FOR

PROPOSAL #5: ELECT DIRECTOR NGAIRE E. CUNEO ISSUER YES FOR FOR

PROPOSAL #6: ELECT DIRECTOR CHARLES R. EITEL ISSUER YES FOR FOR

PROPOSAL #7: ELECT DIRECTOR MARTIN C. JISCHKE ISSUER YES FOR FOR

PROPOSAL #8: ELECT DIRECTOR DENNIS D. OKLAK ISSUER YES FOR FOR

PROPOSAL #9: ELECT DIRECTOR JACK R. SHAW ISSUER YES FOR FOR

PROPOSAL #10: ELECT DIRECTOR LYNN C. THURBER ISSUER YES FOR FOR

PROPOSAL #11: ELECT DIRECTOR ROBERT J. WOODWARD, JR ISSUER YES FOR FOR

PROPOSAL #12: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #13: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #14: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: DUPONT FABROS TECHNOLOGY, INC.

TICKER: DFT CUSIP: 26613Q106

MEETING DATE: 5/25/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR MICHAEL A. COKE ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR LAMMOT J. DU PONT ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR THOMAS D. ECKERT ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR HOSSEIN FATEH ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR FREDERIC V. MALEK ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR JOHN T. ROBERTS, JR. ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR JOHN H. TOOLE ISSUER YES FOR FOR

PROPOSAL #2: APPROVE OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #5: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: EASTGROUP PROPERTIES, INC.

TICKER: EGP CUSIP: 277276101

MEETING DATE: 5/25/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR D. PIKE ALOIAN ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR H.C. BAILEY, JR. ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR HAYDEN C. EAVES, III ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR FREDRIC H. GOULD ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR DAVID H. HOSTER II ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR MARY E. MCCORMICK ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR DAVID M. OSNOS ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR LELAND R. SPEED ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: EDUCATION REALTY TRUST, INC.

TICKER: EDR CUSIP: 28140H104

MEETING DATE: 5/4/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR PAUL O. BOWER ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR MONTE J. BARROW ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR WILLIAM J. CAHILL, III ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR RANDALL L. CHURCHEY ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR JOHN L. FORD ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR HOWARD A. SILVER ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR WENDELL W. WEAKLEY ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: APPROVE OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #4: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #5: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: ENTERTAINMENT PROPERTIES TRUST

TICKER: EPR CUSIP: 29380T105

MEETING DATE: 5/11/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR DAVID BRAIN ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR ROBERT DRUTEN ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: EQUITY LIFESTYLE PROPERTIES, INC.

TICKER: ELS CUSIP: 29472R108

MEETING DATE: 5/11/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR PHILIP C. CALIAN ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR DAVID J. CONTIS ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR THOMAS E. DOBROWSKI ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR THOMAS P. HENEGHAN ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR SHELI Z. ROSENBERG ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR HOWARD WALKER ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR GARY L. WATERMAN ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR SAMUEL ZELL ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: EQUITY ONE, INC.

TICKER: EQY CUSIP: 294752100

MEETING DATE: 12/15/2010 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #01: TO APPROVE AMENDMENTS TO OUR CHARTER TO ISSUER YES AGAINST AGAINST

ADD FOREIGN OWNERSHIP LIMITS.

PROPOSAL #02: TO APPROVE AMENDMENTS TO OUR CHARTER TO ISSUER YES AGAINST AGAINST

MODIFY THE EXISTING OWNERSHIP LIMITS.

PROPOSAL #03: TO APPROVE ADJOURNMENT OF THE SPECIAL ISSUER YES AGAINST AGAINST

MEETING, IF NECESSARY, TO SOLICIT ADDITIONAL PROXIES

IF THERE ARE NOT SUFFICIENT VOTES AT THE TIME OF THE

SPECIAL MEETING TO APPROVE THE PROPOSALS.

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ISSUER: EQUITY ONE, INC.

TICKER: EQY CUSIP: 294752100

MEETING DATE: 5/2/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR NOAM BEN-OZER ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR JAMES S. CASSEL ISSUER YES WITHHOLD AGAINST

PROPOSAL #1.3: ELECT DIRECTOR CYNTHIA R. COHEN ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR DAVID FISCHEL ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR NEIL FLANZRAICH ISSUER YES WITHHOLD AGAINST

PROPOSAL #1.6: ELECT DIRECTOR NATHAN HETZ ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR CHAIM KATZMAN ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR PETER LINNEMAN ISSUER YES WITHHOLD AGAINST

PROPOSAL #1.9: ELECT DIRECTOR JEFFREY S. OLSON ISSUER YES FOR FOR

PROPOSAL #1.10: ELECT DIRECTOR DORI SEGAL ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #5: AMEND OMNIBUS STOCK PLAN ISSUER YES AGAINST AGAINST

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ISSUER: EQUITY RESIDENTIAL

TICKER: EQR CUSIP: 29476L107

MEETING DATE: 6/16/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR JOHN W. ALEXANDER ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR CHARLES L. ATWOOD ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR LINDA WALKER BYNOE ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR BRADLEY A. KEYWELL ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR JOHN E. NEAL ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR DAVID J. NEITHERCUT ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR MARK S. SHAPIRO ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR GERALD A. SPECTOR ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR B. JOSEPH WHITE ISSUER YES FOR FOR

PROPOSAL #1.10: ELECT DIRECTOR SAMUEL ZELL ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: APPROVE OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #4: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #5: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

PROPOSAL #6: PROVIDE FOR CUMULATIVE VOTING SHAREHOLDER YES AGAINST FOR

PROPOSAL #7: INCLUDE SUSTAINABILITY AS A PERFORMANCE SHAREHOLDER YES AGAINST FOR

MEASURE FOR SENIOR EXECUTIVE COMPENSATION

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ISSUER: ESSEX PROPERTY TRUST, INC.

TICKER: ESS CUSIP: 297178105

MEETING DATE: 5/17/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR DAVID W. BRADY ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR BYRON A. SCORDELIS ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR JANICE L. SEARS ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR CLAUDE J. ZINNGRABE, JR ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: EXTRA SPACE STORAGE INC.

TICKER: EXR CUSIP: 30225T102

MEETING DATE: 5/17/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR SPENCER F. KIRK ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR ANTHONY FANTICOLA ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR HUGH W. HORNE ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR JOSEPH D. MARGOLIS ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR ROGER B. PORTER ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR K. FRED SKOUSEN ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR KENNETH M. WOOLLEY ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES �� FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: FEDERAL REALTY INVESTMENT TRUST

TICKER: FRT CUSIP: 313747206

MEETING DATE: 5/4/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR JON E. BORTZ ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR DAVID W. FAEDER ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR KRISTIN GAMBLE ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR WARREN M. THOMPSON ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR DONALD C. WOOD ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: FELCOR LODGING TRUST INCORPORATED

TICKER: FCH CUSIP: 31430F101

MEETING DATE: 5/25/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR THOMAS J. CORCORAN, JR. ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR ROBERT F. COTTER ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR THOMAS C. HENDRICK ISSUER YES FOR FOR

PROPOSAL #4: ELECT DIRECTOR MARK D. ROZELLS ISSUER YES FOR FOR

PROPOSAL #5: AMEND OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #6: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #7: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #8: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: FIRST INDUSTRIAL REALTY TRUST, INC.

TICKER: FR CUSIP: 32054K103

MEETING DATE: 5/12/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR BRUCE W. DUNCAN ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR KEVIN W. LYNCH ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR L. PETER SHARPE ISSUER YES FOR FOR

PROPOSAL #2: INCREASE AUTHORIZED COMMON STOCK ISSUER YES FOR FOR

PROPOSAL #3: APPROVE OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #4: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #5: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #6: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: FIRST POTOMAC REALTY TRUST

TICKER: FPO CUSIP: 33610F109

MEETING DATE: 5/19/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR ROBERT H. ARNOLD ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR RICHARD B. CHESS ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR DOUGLAS J. DONATELLI ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR J. RODERICK HELLER III ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR R. MICHAEL MCCULLOUGH ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR ALAN G. MERTEN ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR TERRY L. STEVENS ISSUER YES FOR FOR

PROPOSAL #2: AMEND OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #3: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #4: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #5: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: FRANKLIN STREET PROPERTIES CORP.

TICKER: FSP CUSIP: 35471R106

MEETING DATE: 5/16/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR GEORGE J. CARTER ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR GEORGIA MURRAY ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #5: DECLASSIFY THE BOARD OF DIRECTORS SHAREHOLDER YES FOR AGAINST

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ISSUER: GENERAL GROWTH PROPERTIES, INC.

TICKER: GGP CUSIP: 370023103

MEETING DATE: 4/27/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR RICHARD B. CLARK ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR MARY LOU FIALA ISSUER YES�� FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR BRUCE J. FLATT ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR JOHN K. HALEY ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR CYRUS MADON ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR SANDEEP MATHRANI ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR DAVID J. NEITHERCUT ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR SHELI Z. ROSENBERG ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR JOHN G. SCHREIBER ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: GETTY REALTY CORP.

TICKER: GTY CUSIP: 374297109

MEETING DATE: 5/19/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR LEO LIEBOWITZ ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR MILTON COOPER ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR PHILIP E. COVIELLO ISSUER YES FOR FOR

PROPOSAL #4: ELECT DIRECTOR DAVID B. DRISCOLL ISSUER YES FOR FOR

PROPOSAL #5: ELECT DIRECTOR RICHARD E. MONTAG ISSUER YES FOR FOR

PROPOSAL #6: ELECT DIRECTOR HOWARD B. SAFENOWITZ ISSUER YES FOR FOR

PROPOSAL #7: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #8: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #9: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: GLIMCHER REALTY TRUST

TICKER: GRT CUSIP: 379302102

MEETING DATE: 5/5/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR RICHARD F. CELESTE ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR WAYNE S. DORAN ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR MICHAEL P. GLIMCHER ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR ALAN R. WEILER ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: INCREASE AUTHORIZED COMMON STOCK ISSUER YES FOR FOR

PROPOSAL #4: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #5: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

----------------------------------------------------------------------------------------------------------------------------------------------------------------

ISSUER: GOVERNMENT PROPERTIES INCOME TRUST

TICKER: GOV CUSIP: 38376A103

MEETING DATE: 5/17/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT TRUSTEE JEFFREY P. SOMERS ISSUER YES FOR FOR

PROPOSAL #2: ELECT TRUSTEE BARRY M. PORTNOY ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

PROPOSAL #5: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: HCP, INC.

TICKER: HCP CUSIP: 40414L109

MEETING DATE: 4/28/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR JAMES F. FLAHERTY III ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR CHRISTINE N. GARVEY ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR DAVID B. HENRY ISSUER YES FOR FOR

PROPOSAL #4: ELECT DIRECTOR LAURALEE E. MARTIN ISSUER YES FOR FOR

PROPOSAL #5: ELECT DIRECTOR MICHAEL D. MCKEE ISSUER YES FOR FOR

PROPOSAL #6: ELECT DIRECTOR PETER L. RHEIN ISSUER YES FOR FOR

PROPOSAL #7: ELECT DIRECTOR KENNETH B. ROATH ISSUER YES FOR FOR

PROPOSAL #8: ELECT DIRECTOR RICHARD M. ROSENBERG ISSUER YES FOR FOR

PROPOSAL #9: ELECT DIRECTOR JOSEPH P. SULLIVAN ISSUER YES FOR FOR

PROPOSAL #10: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #11: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #12: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: HEALTH CARE REIT, INC.

TICKER: HCN CUSIP: 42217K106

MEETING DATE: 5/5/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR WILLIAM C. BALLARD, JR. ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR PETER J. GRUA ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR R. SCOTT TRUMBULL ISSUER YES FOR FOR

PROPOSAL #4: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #5: ADVISORY VOTE ON SAY ON PAY FREQUENCY �� ISSUER YES ONE YEAR FOR

PROPOSAL #6: INCREASE AUTHORIZED COMMON STOCK ISSUER YES FOR FOR

PROPOSAL #7: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: HEALTHCARE REALTY TRUST INCORPORATED

TICKER: HR CUSIP: 421946104

MEETING DATE: 5/17/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR DAVID R. EMERY ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR BATEY M. GRESHAM, JR. ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR DAN S. WILFORD ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: HERSHA HOSPITALITY TRUST

TICKER: HT CUSIP: 427825104

MEETING DATE: 5/26/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR HASU P. SHAH ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR EDUARDO S. ELSZTAIN ISSUER YES WITHHOLD AGAINST

PROPOSAL #1.3: ELECT DIRECTOR DIANNA F. MORGAN ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR KIRAN P. PATEL ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR JOHN M. SABIN ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

PROPOSAL #4: APPROVE OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #5: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: HIGHWOODS PROPERTIES, INC.

TICKER: HIW CUSIP: 431284108

MEETING DATE: 5/12/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR THOMAS W. ADLER ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR GENE H. ANDERSON ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR EDWARD J. FRITSCH ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR DAVID J. HARTZELL ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR SHERRY A. KELLETT ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR L. GLENN ORR, JR. ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR O. TEMPLE SLOAN, JR. ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: HOME PROPERTIES, INC.

TICKER: HME CUSIP: 437306103

MEETING DATE: 5/3/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR STEPHEN R. BLANK ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR ALAN L. GOSULE ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR LEONARD F. HELBIG, III ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR CHARLES J. KOCH ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR THOMAS P. LYDON, JR. ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR EDWARD J. PETTINELLA ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR CLIFFORD W. SMITH, JR. ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR AMY L. TAIT ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #4: APPROVE OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #5: RATIFY AUDITORS ISSUER YES FOR FOR

----------------------------------------------------------------------------------------------------------------------------------------------------------------

ISSUER: HOSPITALITY PROPERTIES TRUST

TICKER: HPT CUSIP: 44106M102

MEETING DATE: 5/11/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT TRUSTEE JOHN L. HARRINGTON ISSUER YES FOR FOR

PROPOSAL #2: ELECT TRUSTEE BARRY M. PORTNOY ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

PROPOSAL #5: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #6: DECLASSIFY THE BOARD OF DIRECTORS SHAREHOLDER YES FOR AGAINST

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ISSUER: HOST HOTELS & RESORTS, INC.

TICKER: HST CUSIP: 44107P104

MEETING DATE: 5/12/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR ROBERT M. BAYLIS ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR WILLARD W. BRITTAIN ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR TERENCE C. GOLDEN ISSUER YES FOR FOR

PROPOSAL #4: ELECT DIRECTOR ANN M. KOROLOGOS ISSUER YES FOR FOR

PROPOSAL #5: ELECT DIRECTOR RICHARD E. MARRIOTT ISSUER YES FOR FOR

PROPOSAL #6: ELECT DIRECTOR JOHN B. MORSE, JR. ISSUER YES FOR FOR

PROPOSAL #7: ELECT DIRECTOR GORDON H. SMITH ISSUER YES FOR FOR

PROPOSAL #8: ELECT DIRECTOR W. EDWARD WALTER ISSUER YES FOR FOR

PROPOSAL #9: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #10: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #11: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: HUDSON PACIFIC PROPERTIES, INC.

TICKER: HPP CUSIP: 444097109

MEETING DATE: 6/9/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR VICTOR J. COLEMAN ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR HOWARD S. STERN ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR THEODORE R. ANTENUCCI ISSUER YES FOR FOR

PROPOSAL #4: ELECT DIRECTOR RICHARD B. FRIED ISSUER YES FOR FOR

PROPOSAL #5: ELECT DIRECTOR JONATHAN M. GLASER ISSUER YES FOR FOR

PROPOSAL #6: ELECT DIRECTOR MARK D. LINEHAN ISSUER YES FOR FOR

PROPOSAL #7: ELECT DIRECTOR ROBERT M. MORAN, JR. ISSUER YES FOR FOR

PROPOSAL #8: ELECT DIRECTOR BARRY A. PORTER ISSUER YES FOR FOR

PROPOSAL #9: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #10: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #11: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: INLAND REAL ESTATE CORPORATION

TICKER: IRC CUSIP: 457461200

MEETING DATE: 6/15/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR THOMAS P. D'ARCY ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR DANIEL L. GOODWIN ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR JOEL G. HERTER ISSUER YES FOR FOR

PROPOSAL #4: ELECT DIRECTOR HEIDI N. LAWTON ISSUER YES FOR FOR

PROPOSAL #5: ELECT DIRECTOR THOMAS H. MCAULEY ISSUER YES FOR FOR

PROPOSAL #6: ELECT DIRECTOR THOMAS R. MCWILLIAMS ISSUER YES FOR FOR

PROPOSAL #7: ELECT DIRECTOR JOEL D. SIMMONS ISSUER YES FOR FOR

PROPOSAL #8: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #9: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #10: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: INVESTORS REAL ESTATE TRUST

TICKER: IRET CUSIP: 461730103

MEETING DATE: 9/21/2010 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #01.1: ELECT DIRECTOR PATRICK G. JONES ISSUER YES FOR FOR

PROPOSAL #01.2: ELECT DIRECTOR TIMOTHY P. MIHALICK ISSUER YES FOR FOR

PROPOSAL #01.3: ELECT DIRECTOR JEFFREY L. MILLER ISSUER YES FOR FOR

PROPOSAL #01.4: ELECT DIRECTOR C.W. CHIP MORGAN ISSUER YES FOR FOR

PROPOSAL #01.5: ELECT DIRECTOR JOHN T. REED ISSUER YES FOR FOR

PROPOSAL #01.6: ELECT DIRECTOR EDWARD T. SCHAFER ISSUER YES FOR FOR

PROPOSAL #01.7: ELECT DIRECTOR W. DAVID SCOTT ISSUER YES FOR FOR

PROPOSAL #01.8: ELECT DIRECTOR STEPHEN L. STENEHJEM ISSUER YES FOR FOR

PROPOSAL #01.9: ELECT DIRECTOR JOHN D. STEWART ISSUER YES FOR FOR

PROPOSAL #01.10: ELECT DIRECTOR THOMAS A. WENTZ, JR. ISSUER YES FOR FOR

PROPOSAL #02: RATIFICATION OF SELECTION OF DELOITTE & ISSUER YES FOR FOR

TOUCHE LLP AS THE COMPANY'S INDEPENDENT AUDITORS FOR

THE FISCAL YEAR ENDING APRIL 30, 2011.

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ISSUER: KILROY REALTY CORPORATION

TICKER: KRC CUSIP: 49427F108

MEETING DATE: 5/24/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR JOHN B. KILROY, SR. ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR JOHN B. KILROY, JR. ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR EDWARD F. BRENNAN ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR WILLIAM P. DICKEY ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR SCOTT S. INGRAHAM ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR DALE F. KINSELLA ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: KIMCO REALTY CORPORATION

TICKER: KIM CUSIP: 49446R109

MEETING DATE: 5/4/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR M. COOPER ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR P. COVIELLO ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR R. DOOLEY ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR J. GRILLS ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR D. HENRY ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR F. P. HUGHES ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR F. LOURENSO ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR C. NICHOLAS ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR R. SALTZMAN ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: KITE REALTY GROUP TRUST

TICKER: KRG CUSIP: 49803T102

MEETING DATE: 5/3/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR JOHN A. KITE ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR WILLIAM E. BINDLEY ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR RICHARD A. COSIER ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR EUGENE GOLUB ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR GERALD L. MOSS ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR MICHAEL L. SMITH ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR DARELL E. ZINK, JR. ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: LASALLE HOTEL PROPERTIES

TICKER: LHO CUSIP: 517942108

MEETING DATE: 4/21/2011 �� FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR MICHAEL D. BARNELLO ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR DONALD A. WASHBURN ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: LEXINGTON REALTY TRUST

TICKER: LXP CUSIP: 529043101

MEETING DATE: 5/17/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR E. ROBERT ROSKIND ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR T. WILSON EGLIN ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR CLIFFORD BROSER ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR HAROLD FIRST ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR RICHARD S. FRARY ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR JAMES GROSFELD ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR KEVIN W. LYNCH ISSUER YES FOR FOR

PROPOSAL #2: APPROVE OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #5: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: LIBERTY PROPERTY TRUST

TICKER: LRY CUSIP: 531172104

MEETING DATE: 5/11/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR M. LEANNE LACHMAN ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR STEPHEN D. STEINOUR ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR FREDERICK F. BUCHHOLZ ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR THOMAS C. DELOACH, JR. ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR DANIEL P. GARTON ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR STEPHEN B. SIEGEL ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR KATHERINE ELIZABETH ISSUER YES FOR FOR

DIETZE

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: LTC PROPERTIES, INC.

TICKER: LTC CUSIP: 502175102

MEETING DATE: 6/1/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR ANDRE C. DIMITRIADIS ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR BOYD W. HENDRICKSON ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR EDMUND C. KING ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR DEVRA G. SHAPIRO ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR WENDY L. SIMPSON ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR TIMOTHY J. TRICHE ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

----------------------------------------------------------------------------------------------------------------------------------------------------------------

ISSUER: MACK-CALI REALTY CORPORATION

TICKER: CLI CUSIP: 554489104

MEETING DATE: 5/24/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR WILLIAM L. MACK ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR NATHAN GANTCHER ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR DAVID S. MACK ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR ALAN G. PHILIBOSIAN ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: MEDICAL PROPERTIES TRUST, INC.

TICKER: MPW CUSIP: 58463J304

MEETING DATE: 5/19/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR EDWARD K. ALDAG, JR. ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR G. STEVEN DAWSON ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR R. STEVEN HAMNER ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR ROBERT E. HOLMES ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR SHERRY A. KELLETT ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR WILLIAM G. MCKENZIE ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR L. GLENN ORR, JR. ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: MID-AMERICA APARTMENT COMMUNITIES, INC.

TICKER: MAA CUSIP: 59522J103

MEETING DATE: 5/26/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR H. ERIC BOLTON, JR. ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR ALAN B. GRAF, JR. ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR JOHN S. GRINALDS ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR RALPH HORN ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR PHILIP W. NORWOOD ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR W. REID SANDERS ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR WILLIAM B. SANSOM ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR SIMON R.C. WADSWORTH ISSUER YES FOR FOR

PROPOSAL #2: INCREASE AUTHORIZED COMMON STOCK ISSUER YES AGAINST AGAINST

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #5: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: NATIONAL HEALTH INVESTORS, INC.

TICKER: NHI CUSIP: 63633D104

MEETING DATE: 5/5/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR W. ANDREW ADAMS ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR ROBERT A. MCCABE, JR. ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: NATIONAL RETAIL PROPERTIES, INC.

TICKER: NNN CUSIP: 637417106

MEETING DATE: 5/17/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR DON DEFOSSET ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR DAVID M. FICK ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR KEVIN B. HABICHT ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR RICHARD B. JENNINGS ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR TED B. LANIER ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR ROBERT C. LEGLER ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR CRAIG MACNAB ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR ROBERT MARTINEZ ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: OMEGA HEALTHCARE INVESTORS, INC.

TICKER: OHI CUSIP: 681936100

MEETING DATE: 6/2/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR HAROLD J. KLOOSTERMAN ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR C. TAYLOR PICKETT ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: PARKWAY PROPERTIES, INC.

TICKER: PKY CUSIP: 70159Q104

MEETING DATE: 5/12/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR CHARLES T. CANNADA ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR EDWARD M. CASAL ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR LAURIE L. DOTTER ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR DANIEL P. FRIEDMAN ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR MICHAEL J. LIPSEY ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR BRENDA J. MIXSON ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR STEVEN G. ROGERS ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR LELAND R. SPEED ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR TROY A. STOVALL ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

----------------------------------------------------------------------------------------------------------------------------------------------------------------

ISSUER: PEBBLEBROOK HOTEL TRUST

TICKER: PEB CUSIP: 70509V100

MEETING DATE: 5/20/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR JON E. BORTZ ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR CYDNEY C. DONNELL ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR RON E. JACKSON ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR MICHAEL J. SCHALL ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR EARL E. WEBB ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR LAURA H. WRIGHT ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

----------------------------------------------------------------------------------------------------------------------------------------------------------------

ISSUER: PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

TICKER: PEI CUSIP: 709102107

MEETING DATE: 6/2/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR DORRIT J. BERN ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR STEPHEN B. COHEN ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR JOSEPH F. CORADINO ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR M. WALTER D'ALESSIO ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR EDWARD A. GLICKMAN ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR LEONARD I. KORMAN ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR IRA M. LUBERT ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR DONALD F. MAZZIOTTI ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR MARK E. PASQUERILLA ISSUER YES FOR FOR

PROPOSAL #1.10: ELECT DIRECTOR JOHN J. ROBERTS ISSUER YES FOR FOR

PROPOSAL #1.11: ELECT DIRECTOR GEORGE F. RUBIN ISSUER YES FOR FOR

PROPOSAL #1.12: ELECT DIRECTOR RONALD RUBIN ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: PIEDMONT OFFICE REALTY TRUST, INC.

TICKER: PDM CUSIP: 720190206

MEETING DATE: 6/30/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR W. WAYNE WOODY ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR MICHAEL R. BUCHANAN ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR WESLEY E. CANTRELL ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR WILLIAM H. KEOGLER, JR. ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR FRANK C. MCDOWELL ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR DONALD A. MILLER ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR DONALD S. MOSS ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR JEFFREY L. SWOPE ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: POST PROPERTIES, INC.

TICKER: PPS CUSIP: 737464107

MEETING DATE: 5/25/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR ROBERT C. GODDARD, III ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR DOUGLAS CROCKER II ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR DAVID P. STOCKERT ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR HERSCHEL M. BLOOM ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR WALTER M. DERISO, JR. ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR RUSSELL R. FRENCH ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR DALE ANNE REISS ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR STELLA F. THAYER ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR RONALD DE WAAL ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: PROLOGIS

TICKER: PLD CUSIP: 743410102

MEETING DATE: 6/1/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: APPROVE MERGER AGREEMENT ISSUER YES FOR FOR

PROPOSAL #2: ADJOURN MEETING ISSUER YES FOR FOR

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ISSUER: PS BUSINESS PARKS, INC.

TICKER: PSB CUSIP: 69360J107

MEETING DATE: 5/2/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR RONALD L. HAVNER ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR JOSEPH D. RUSSELL ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR R. WESLEY BURNS ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR JENNIFER HOLDEN DUNBAR ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR ARTHUR M. FRIEDMAN ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR JAMES H. KROPP ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR SARA GROOTWASSINK LEWIS ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR MICHAEL V. MCGEE ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: PUBLIC STORAGE

TICKER: PSA CUSIP: 74460D109

MEETING DATE: 5/5/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT TRUSTEE B. WAYNE HUGHES ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT TRUSTEE RONALD L. HAVNER, JR. ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT TRUSTEE TAMARA HUGHES GUSTAVSON ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT TRUSTEE URI P. HARKHAM ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT TRUSTEE B. WAYNE HUGHES, JR. ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT TRUSTEE AVEDICK B. POLADIAN ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT TRUSTEE GARY E. PRUITT ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT TRUSTEE RONALD P. SPOGLI ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT TRUSTEE DANIEL C. STATON ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

----------------------------------------------------------------------------------------------------------------------------------------------------------------

ISSUER: RAMCO-GERSHENSON PROPERTIES TRUST

TICKER: RPT CUSIP: 751452202

MEETING DATE: 6/1/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR ARTHUR H. GOLDBERG ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR MARK K. ROSENFELD ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

----------------------------------------------------------------------------------------------------------------------------------------------------------------

ISSUER: REALTY INCOME CORPORATION

TICKER: O CUSIP: 756109104

MEETING DATE: 5/3/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR KATHLEEN R. ALLEN ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR DONALD R. CAMERON ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR PRIYA CHERIAN HUSKINS ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR THOMAS A. LEWIS ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR MICHAEL D. MCKEE ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR GREGORY T. MCLAUGHLIN ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR RONALD L. MERRIMAN ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

----------------------------------------------------------------------------------------------------------------------------------------------------------------

ISSUER: REGENCY CENTERS CORPORATION

TICKER: REG CUSIP: 758849103

MEETING DATE: 5/3/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR MARTIN E. STEIN, JR. ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR RAYMOND L. BANK ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR C. RONALD BLANKENSHIP ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR A.R. CARPENTER ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR J. DIX DRUCE ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR MARY LOU FIALA ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR BRUCE M. JOHNSON ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR DOUGLAS S. LUKE ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR JOHN C. SCHWEITZER ISSUER YES FOR FOR

PROPOSAL #1.10: ELECT DIRECTOR BRIAN M. SMITH ISSUER YES FOR FOR

PROPOSAL #1.11: ELECT DIRECTOR THOMAS G. WATTLES ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: APPROVE OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #5: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: RETAIL OPPORTUNITY INVESTMENTS CORP.

TICKER: ROIC CUSIP: 76131N101

MEETING DATE: 5/5/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR MELVIN S. ADESS ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR RICHARD A. BAKER ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR MARK BURTON ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR MICHAEL J. INDIVERI ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR EDWARD H. MEYER ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR LEE S. NEIBART ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR CHARLES J. PERSICO ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR LAURA H. POMERANTZ ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR STUART A. TANZ ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: CHANGE STATE OF INCORPORATION [DELAWARE ISSUER YES FOR FOR

TO MARYLAND]

PROPOSAL #4: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #5: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: SABRA HEALTH CARE REIT, INC.

TICKER: SBRA CUSIP: 78573L106

MEETING DATE: 6/16/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR CRAIG A. BARBAROSH ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR ROBERT A. ETTL ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR MICHAEL J. FOSTER ISSUER YES FOR FOR

PROPOSAL #4: ELECT DIRECTOR RICHARD K. MATROS ISSUER YES FOR FOR

PROPOSAL #5: ELECT DIRECTOR MILTON J. WALTERS ISSUER YES FOR FOR

PROPOSAL #6: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #7: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #8: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: SAUL CENTERS, INC.

TICKER: BFS CUSIP: 804395101

MEETING DATE: 5/13/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR JOHN E. CHAPOTON ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR B. FRANCIS SAUL II ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR JAMES W. SYMINGTON ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR JOHN R. WHITMORE ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR N/A

PROPOSAL #5: OTHER BUSINESS ISSUER YES AGAINST AGAINST

----------------------------------------------------------------------------------------------------------------------------------------------------------------

ISSUER: SENIOR HOUSING PROPERTIES TRUST

TICKER: SNH CUSIP: 81721M109

MEETING DATE: 5/16/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT TRUSTEE FREDERICK N. ZEYTOONJIAN ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: SIMON PROPERTY GROUP, INC.

TICKER: SPG CUSIP: 828806109

MEETING DATE: 5/19/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR MELVYN E. BERGSTEIN ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR LINDA WALKER BYNOE ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR LARRY C. GLASSCOCK ISSUER YES FOR FOR

PROPOSAL #4: ELECT DIRECTOR KAREN N. HORN ISSUER YES FOR FOR

PROPOSAL #5: ELECT DIRECTOR ALLAN HUBBARD ISSUER YES FOR FOR

PROPOSAL #6: ELECT DIRECTOR REUBEN S. LEIBOWITZ ISSUER YES FOR FOR

PROPOSAL #7: ELECT DIRECTOR DANIEL C. SMITH ISSUER YES FOR FOR

PROPOSAL #8: ELECT DIRECTOR J. ALBERT SMITH, JR. ISSUER YES FOR FOR

PROPOSAL #9: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #10: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #11: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: SL GREEN REALTY CORP.

TICKER: SLG CUSIP: 78440X101

MEETING DATE: 6/15/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR MARC HOLLIDAY ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR JOHN S. LEVY ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

PROPOSAL #4: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: SOVRAN SELF STORAGE, INC.

TICKER: SSS CUSIP: 84610H108

MEETING DATE: 5/26/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR ROBERT J. ATTEA ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR KENNETH F. MYSZKA ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR JOHN E. BURNS ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR ANTHONY P. GAMMIE ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR CHARLES E. LANNON �� ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR JAMES R. BOLDT ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

----------------------------------------------------------------------------------------------------------------------------------------------------------------

ISSUER: STRATEGIC HOTELS & RESORTS, INC.

TICKER: BEE CUSIP: 86272T106

MEETING DATE: 5/19/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR ROBERT P. BOWEN ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR KENNETH FISHER ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR RAYMOND L. GELLEIN, JR. ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR LAURENCE S. GELLER ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR JAMES A. JEFFS ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR RICHARD D. KINCAID ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR SIR DAVID M.C. MICHELS ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR WILLIAM A. PREZANT ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR EUGENE F. REILLY ISSUER YES FOR FOR

PROPOSAL #2: AMEND OMNIBUS STOCK PLAN ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #5: RATIFY AUDITORS ISSUER YES FOR FOR

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ISSUER: SUN COMMUNITIES, INC.

TICKER: SUI CUSIP: 866674104

MEETING DATE: 7/28/2010 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1A: ELECTION OF DIRECTOR: CLUNET R. LEWIS ISSUER YES FOR FOR

PROPOSAL #1B: ELECTION OF DIRECTOR: ARTHUR A. WEISS ISSUER YES FOR FOR

PROPOSAL #1C: ELECTION OF DIRECTOR: STEPHANIE W. ISSUER YES FOR FOR

BERGERON

PROPOSAL #02: RATIFY THE APPOINTMENT OF GRANT ISSUER YES FOR FOR

THORNTON LLP AS THE COMPANY'S INDEPENDENT REGISTERED

ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER

----------------------------------------------------------------------------------------------------------------------------------------------------------------

ISSUER: SUNSTONE HOTEL INVESTORS, INC.

TICKER: SHO CUSIP: 867892101

MEETING DATE: 5/4/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR ROBERT A. ALTER ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR LEWIS N. WOLFF ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR Z. JAMIE BEHAR ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR THOMAS A. LEWIS ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR KEITH M. LOCKER ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR KEITH P. RUSSELL ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: TANGER FACTORY OUTLET CENTERS, INC.

TICKER: SKT CUSIP: 875465106

MEETING DATE: 5/13/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR JACK AFRICK ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR STEVEN B. TANGER ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR WILLIAM G. BENTON ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR BRIDGET RYAN BERMAN ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR DONALD G. DRAPKIN ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR THOMAS J. REDDIN ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR THOMAS E. ROBINSON ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR ALLAN L. SCHUMAN ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: INCREASE AUTHORIZED COMMON STOCK ISSUER YES FOR FOR

PROPOSAL #4: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #5: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: TAUBMAN CENTERS, INC.

TICKER: TCO CUSIP: 876664103

MEETING DATE: 6/2/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR ROBERT S. TAUBMAN ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR LISA A. PAYNE ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR WILLIAM U. PARFET ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: THE MACERICH COMPANY

TICKER: MAC CUSIP: 554382101

MEETING DATE: 5/26/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1: ELECT DIRECTOR DOUGLAS D. ABBEY ISSUER YES FOR FOR

PROPOSAL #2: ELECT DIRECTOR DANA K. ANDERSON ISSUER YES FOR FOR

PROPOSAL #3: ELECT DIRECTOR ARTHUR M. COPPOLA ISSUER YES FOR FOR

PROPOSAL #4: ELECT DIRECTOR EDWARD C. COPPOLA ISSUER YES FOR FOR

PROPOSAL #5: ELECT DIRECTOR JAMES S. COWNIE ISSUER YES FOR FOR

PROPOSAL #6: ELECT DIRECTOR FRED S. HUBBELL ISSUER YES FOR FOR

PROPOSAL #7: ELECT DIRECTOR DIANA M. LAING ISSUER YES FOR FOR

PROPOSAL #8: ELECT DIRECTOR STANLEY A. MOORE ISSUER YES FOR FOR

PROPOSAL #9: ELECT DIRECTOR MASON G. ROSS ISSUER YES FOR FOR

PROPOSAL #10: ELECT DIRECTOR WILLIAM P. SEXTON ISSUER YES FOR FOR

PROPOSAL #11: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #12: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #13: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: UDR, INC.

TICKER: UDR CUSIP: 902653104

MEETING DATE: 5/12/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR KATHERINE A. CATTANACH ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR ERIC J. FOSS ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR ROBERT P. FREEMAN ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR JON A. GROVE ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR JAMES D. KLINGBEIL ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR LYNNE B. SAGALYN ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR MARK J. SANDLER ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR THOMAS W. TOOMEY ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR THOMAS C. WAJNERT ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: UNIVERSAL HEALTH REALTY INCOME TRUST

TICKER: UHT CUSIP: 91359E105

MEETING DATE: 6/2/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR ALAN B. MILLER ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR RANDALL C. STEIN ISSUER YES FOR FOR

PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: URSTADT BIDDLE PROPERTIES INC.

TICKER: UBP CUSIP: 917286106

MEETING DATE: 3/10/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #01.1: ELECT DIRECTOR KEVIN J. BANNON ISSUER YES FOR FOR

PROPOSAL #01.2: ELECT DIRECTOR PETER HERRICK ISSUER YES FOR FOR

PROPOSAL #01.3: ELECT DIRECTOR CHARLES D. URSTADT ISSUER YES FOR FOR

PROPOSAL #02: TO RATIFY THE APPOINTMENT OF PKF AS THE ISSUER YES FOR FOR

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM OF THE

COMPANY FOR ONE YEAR.

PROPOSAL #03: TO AMEND THE COMPANY'S RESTRICTED STOCK ISSUER YES FOR FOR

AWARD PLAN.

PROPOSAL #04: ADVISORY VOTE ON EXECUTIVE COMPENSATION. ISSUER YES FOR FOR

PROPOSAL #05: FREQUENCY OF SHAREHOLDER ADVISORY VOTES ISSUER YES ONE YEAR AGAINST

ON EXECUTIVE COMPENSATION.

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ISSUER: URSTADT BIDDLE PROPERTIES INC.

TICKER: UBA CUSIP: 917286205

MEETING DATE: 3/10/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #01.1: ELECT DIRECTOR KEVIN J. BANNON ISSUER YES FOR FOR

PROPOSAL #01.2: ELECT DIRECTOR PETER HERRICK ISSUER YES FOR FOR

PROPOSAL #01.3: ELECT DIRECTOR CHARLES D. URSTADT ISSUER YES FOR FOR

PROPOSAL #02: TO RATIFY THE APPOINTMENT OF PKF AS THE ISSUER YES FOR FOR

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM OF THE

COMPANY FOR ONE YEAR.

PROPOSAL #03: TO AMEND THE COMPANY'S RESTRICTED STOCK ISSUER YES FOR FOR

AWARD PLAN.

PROPOSAL #04: ADVISORY VOTE ON EXECUTIVE COMPENSATION. ISSUER YES FOR FOR

PROPOSAL #05: FREQUENCY OF SHAREHOLDER ADVISORY VOTES ISSUER YES ONE YEAR AGAINST

ON EXECUTIVE COMPENSATION.

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ISSUER: U-STORE-IT TRUST

TICKER: YSI CUSIP: 91274F104

MEETING DATE: 6/1/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR WILLIAM M. DIEFENDERFER ISSUER YES FOR FOR

III

PROPOSAL #1.2: ELECT DIRECTOR PIERO BUSSANI ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR DEAN JERNIGAN ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR MARIANNE M. KELER ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR DAVID J. LARUE ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR JOHN F. REMONDI ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR JEFFREY F. ROGATZ ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR N/A

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ISSUER: VENTAS, INC.

TICKER: VTR CUSIP: 92276F100

MEETING DATE: 5/12/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR DEBRA A. CAFARO ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR DOUGLAS CROCKER II ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR RONALD G. GEARY ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR JAY M. GELLERT ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR MATTHEW J. LUSTIG ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR ROBERT D. REED ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR SHELI Z. ROSENBERG ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR GLENN J. RUFRANO ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR JAMES D. SHELTON ISSUER YES FOR FOR

PROPOSAL #1.10: ELECT DIRECTOR THOMAS C. THEOBALD ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: VORNADO REALTY TRUST

TICKER: VNO CUSIP: 929042109

MEETING DATE: 5/26/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR ANTHONY W. DEERING ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR MICHAEL LYNNE ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR RONALD G. TARGAN ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

PROPOSAL #5: REQUIRE A MAJORITY VOTE FOR THE ELECTION SHAREHOLDER YES FOR AGAINST

OF DIRECTORS

PROPOSAL #6: REQUIRE INDEPENDENT BOARD CHAIRMAN SHAREHOLDER YES AGAINST FOR

PROPOSAL #7: DECLASSIFY THE BOARD OF DIRECTORS SHAREHOLDER YES FOR AGAINST

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ISSUER: WASHINGTON REAL ESTATE INVESTMENT TRUST

TICKER: WRE CUSIP: 939653101

MEETING DATE: 5/17/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR EDWARD S. CIVERA ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR TERENCE C. GOLDEN ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR WENDEIN A. WHITE ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: REDUCE SUPERMAJORITY VOTE REQUIREMENT ISSUER YES FOR FOR

FOR AMENDMENTS TO DECLARATION OF TRUST

PROPOSAL #4: ADOPT MAJORITY VOTING FOR UNCONTESTED ISSUER YES FOR FOR

ELECTION OF DIRECTORS AND IMPLEMENT MANDATORY

RESIGNATION POLICY

PROPOSAL #5: AMEND DECLARATION OF TRUST TO MODERNIZE ISSUER YES FOR FOR

CERTAIN PROVISIONS

PROPOSAL #6: AUTHORIZE NEW CLASS OF PREFERRED STOCK ISSUER YES AGAINST AGAINST

PROPOSAL #7: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #8: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR

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ISSUER: WEINGARTEN REALTY INVESTORS

TICKER: WRI CUSIP: 948741103

MEETING DATE: 5/4/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR STANFORD ALEXANDER ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR ANDREW M. ALEXANDER ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR JAMES W. CROWNOVER ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR ROBERT J. CRUIKSHANK ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR MELVIN A. DOW ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR STEPHEN A. LASHER ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR DOUGLAS W. SCHNITZER ISSUER YES FOR FOR

PROPOSAL #1.8: ELECT DIRECTOR C. PARK SHAPER ISSUER YES FOR FOR

PROPOSAL #1.9: ELECT DIRECTOR MARC J. SHAPIRO ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

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ISSUER: WINTHROP REALTY TRUST

TICKER: FUR CUSIP: 976391300

MEETING DATE: 5/10/2011 FOR/AGAINST

PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT

PROPOSAL #1.1: ELECT DIRECTOR MICHAEL L. ASHNER ISSUER YES FOR FOR

PROPOSAL #1.2: ELECT DIRECTOR ARTHUR BLASBERG, JR. ISSUER YES FOR FOR

PROPOSAL #1.3: ELECT DIRECTOR HOWARD GOLDBERG ISSUER YES FOR FOR

PROPOSAL #1.4: ELECT DIRECTOR THOMAS F. MCWILLIAMS ISSUER YES FOR FOR

PROPOSAL #1.5: ELECT DIRECTOR LEE SEIDLER ISSUER YES FOR FOR

PROPOSAL #1.6: ELECT DIRECTOR CAROLYN TIFFANY ISSUER YES FOR FOR

PROPOSAL #1.7: ELECT DIRECTOR STEVEN ZALKIND ISSUER YES FOR FOR

PROPOSAL #2: RATIFY AUDITORS ISSUER YES FOR FOR

PROPOSAL #3: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR

OFFICERS' COMPENSATION

PROPOSAL #4: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR AGAINST

SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly

caused this report to be signed on its behalf by the undersigned, thereunto duly

authorized.

VANGUARD SPECIALIZED FUNDS

By: /s/F. William McNabb III

(Heidi Stam)

F. William McNabb III*

Chairman and Chief Executive Officer

Date: August 31, 2011

* By Power of Attorney. Filed on April 26, 2010, see File Number 33-53683.

Incorporated by Reference.

Vanguard Health Care Fund (VGHCX) N-PXAnnual report of proxy voting record