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

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

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Acadia Realty Trust COM SH BEN INT 004239109 3,725 104,877 SH   DFND 3, 4, 5 104,877 0 0
Agree Realty Corp COM COM 008492100 10,362 214,796 SH   DFND 3, 4, 5 136,073 0 78,723
Alexandria Real Estate Equities COM 015271109 3,782 36,536 SH   DFND 3, 4, 5 36,536 0 0
American Homes 4 Rent CL A 02665T306 15,675 765,395 SH   DFND 3, 4, 5 577,224 0 188,171
Apartment Inv. & Management Co PFD CL A 6.875% 03748R762 22,044 813,385 SH   DFND 3, 4, 5 813,385 0 0
Apartment Investment & Managem CL A 03748R101 45,693 1,034,720 SH   DFND 2, 3, 4, 5 858,406 0 176,314
Avalonbay Communities, Inc. COM 053484101 7,190 39,857 SH   DFND 1, 3, 4, 5 34,559 0 5,298
Boston Properties, Inc. COM 101121101 43,322 328,446 SH   DFND 3, 4, 5 247,663 0 80,783
Brandywine Realty Trust SH BEN INT NEW 105368203 42,897 2,553,383 SH   DFND 2, 3, 4, 5 2,146,463 0 406,920
Caretrust REIT Inc COM 14174T107 22,319 1,619,674 SH   DFND 2, 3, 4, 5 1,343,867 0 275,807
Chesapeake Lodging Trust SH BEN INT 165240102 3,968 170,685 SH   DFND 1, 3, 4, 5 170,685 0 0
Coresite Realty Corp COM 21870Q105 7,995 90,146 SH   DFND 3, 4, 5 70,465 0 19,681
Corporate Office Properties Tr SH BEN INT 22002T108 19,076 645,109 SH   DFND 3, 4, 5 482,482 0 162,627
Cubesmart COM 229663109 24,938 807,569 SH   DFND 2, 3, 4, 5 650,249 0 157,320
DCT Industrial Trust Inc COM NEW 233153204 12,800 266,439 SH   DFND 3, 4, 5 194,281 0 72,158
DiamondRock Hospitality Company COM 252784301 8,889 984,373 SH   DFND 3, 4, 5 744,235 0 240,138
Digital Realty Trust Inc. COM 253868103 48,685 446,692 SH   DFND 2, 3, 4, 5 354,146 0 92,546
Douglas Emmett, Inc. COM 25960P109 3,719 104,708 SH   DFND 3, 4, 5 104,708 0 0
Duke Realty Corporation COM NEW 264411505 54,891 2,058,932 SH   DFND 2, 3, 4, 5 1,643,254 0 415,678
Education Realty Trust COM NEW 28140H203 33,939 735,568 SH   DFND 2, 3, 4, 5 607,816 0 127,752
Empire State Realty Trust Inc CL A 292104106 3,568 187,898 SH   DFND 3, 4, 5 187,898 0 0
Equinix Inc COM PAR $0.001 29444U700 44,458 114,661 SH   DFND 3, 4, 5 77,890 0 36,771
Equity One, Inc. COM 294752100 34,977 1,086,918 SH   DFND 2, 3, 4, 5 857,307 0 229,611
Equity Residential SH BEN INT 29476L107 103,541 1,503,205 SH   DFND 1, 2, 3, 4, 5 1,242,547 0 260,658
Essex Property Trust Inc. COM 297178105 40,209 176,287 SH   DFND 1, 3, 4, 5 136,263 0 40,024
Federal Realty Investment Trus SH BEN INT NEW 313747206 69,806 421,663 SH   DFND 1, 2, 3, 4, 5 350,783 0 70,880
Forest City Realty Trust Inc COM CL A 345605109 3,594 161,087 SH   DFND 3, 4, 5 161,087 0 0
Four Corners Property Trust COM 35086T109 32,011 1,554,683 SH   DFND 2, 3, 4, 5 1,130,218 0 424,465
General Growth Properties, Inc COM 370023103 93,997 3,152,145 SH   DFND 1, 2, 3, 4, 5 2,614,040 0 538,105
Gramercy Property Trust Inc COM 385002100 42,513 4,610,922 SH   DFND 2, 3, 4, 5 3,256,667 0 1,354,255
HCP Inc. COM 40414L109 12,393 350,273 SH   DFND 3, 4, 5 256,390 0 93,883
Healthcare Realty Trust Inc. COM 421946104 28,539 815,620 SH   DFND 2, 3, 4, 5 663,030 0 152,590
Hudson Pacific Properties COM 444097109 3,700 126,812 SH   DFND 3, 4, 5 126,812 0 0
Interxion Holdings NV SHS N47279109 16,200 439,262 SH   DFND 2, 3, 4, 5 431,650 0 7,612
Kite Realty Group Trust COM NEW 49803T300 13,595 485,032 SH   DFND 2, 3, 4, 5 426,348 0 58,684
LaSalle Hotel Properties COM SH BEN INT 517942108 3,736 158,446 SH   DFND 3, 4, 5 158,446 0 0
Liberty Property Trust SH BEN INT 531172104 4,045 101,849 SH   DFND 3, 4, 5 74,078 0 27,771
Macerich Company, The COM 554382101 3,823 44,773 SH   DFND 3, 4, 5 44,773 0 0
New York REIT Inc COM 64976L109 25,501 2,756,827 SH   DFND 1, 2, 3, 4, 5 2,368,767 0 388,060
Paramount Group Inc COM 69924R108 3,534 221,695 SH   DFND 3, 4, 5 221,695 0 0
Pebblebrook Hotel Trust COM 70509V100 33,461 1,274,705 SH   DFND 2, 3, 4, 5 1,061,865 0 212,840
Physicians Realty Trust COM 71943U104 24,846 1,182,567 SH   DFND 2, 3, 4, 5 966,391 0 216,176
Post Properties, Inc. COM 737464107 51,469 843,060 SH   DFND 2, 3, 4, 5 698,020 0 145,040
Prologis Inc. COM 74340W103 75,738 1,544,422 SH   DFND 2, 3, 4, 5 1,244,485 0 299,937
Public Storage, Inc. COM 74460D109 99,530 389,411 SH   DFND 2, 3, 4, 5 317,326 0 72,085
Retail Properties of America Inc CL A 76131V202 56,177 3,324,090 SH   DFND 2, 3, 4, 5 2,654,130 0 669,960
Rexford Industrial Realty Inc COM 76169C100 18,207 863,314 SH   DFND 1, 3, 4, 5 687,672 0 175,642
Simon Property Group, Inc. COM 828806109 140,091 645,877 SH   DFND 2, 3, 4, 5 519,042 0 126,835
SL Green Realty Corp COM 78440X101 39,587 371,809 SH   DFND 1, 2, 3, 4, 5 315,949 0 55,860
Store Capital Corp COM 862121100 15,197 516,040 SH   DFND 3, 4, 5 330,800 0 185,240
Summit Hotel Properties Inc COM 866082100 11,817 892,520 SH   DFND 3, 4, 5 717,650 0 174,870
Sunstone Hotel Investors PFD 867892606 10,017 380,000 SH   DFND 3, 4, 5 380,000 0 0
Sunstone Hotel Investors Inc. COM 867892101 35,339 2,927,831 SH   DFND 2, 3, 4, 5 2,348,858 0 578,973
Taubman Centers, Inc. COM 876664103 3,785 51,008 SH   DFND 3, 4, 5 51,008 0 0
Terreno Realty Corp COM 88146M101 3,595 138,947 SH   DFND 3, 4, 5 138,947 0 0
Vornado Realty Trust SH BEN INT 929042109 78,632 785,373 SH   DFND 1, 2, 3, 4, 5 654,874 0 130,499
Welltower Inc COM 95040Q104 112,591 1,478,159 SH   DFND 2, 3, 4, 5 1,179,483 0 298,676
WP Glimcher Inc COM 92939N102 13,176 1,177,517 SH   DFND 2, 3, 4, 5 916,529 0 260,988