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 3,523 100,288 SH   DFND 3, 4, 5 100,288 0 0
Alexandria Real Estate Eq In COM 015271109 3,725 40,982 SH   DFND 3, 4, 5 40,982 0 0
American Homes 4 Rent CL A 02665T306 11,054 695,205 SH   DFND 3, 4, 5 512,204 0 183,001
Apartment Invt & Mgmt Co CL A 03748R101 26,208 626,683 SH   DFND 3, 4, 5 460,489 0 166,194
Apartment Invt & Mgmt Co PFD 6.875 PFD CL A 03748R762 23,596 863,385 SH   DFND 3, 4, 5 863,385 0 0
Avalonbay Communities, Inc. COM 053484101 125,534 660,012 SH   DFND 1, 2, 3, 4, 5 530,399 0 129,613
Boston Properties, Inc. COM 101121101 41,076 323,233 SH   DFND 3, 4, 5 247,970 0 75,263
Brandywine Realty Trust SH BEN INT 105368203 38,181 2,721,393 SH   DFND 2, 3, 4, 5 2,284,713 0 436,680
Caretrust REIT Inc COM 14174T107 18,832 1,482,874 SH   DFND 2, 3, 4, 5 1,220,827 0 262,047
Chesapeake Lodging Trust SH BEN INT 165240102 17,310 654,210 SH   DFND 1, 3, 4, 5 523,568 0 130,642
Coresite Realty Corp COM 21870Q105 1,750 25,000 SH   DFND 3, 4, 5 25,000 0 0
Corporate Office Properties Tr SH BEN INT 22002T108 11,689 445,459 SH   DFND 3, 4, 5 326,262 0 119,197
Cubesmart COM 229663109 30,530 916,829 SH   DFND 2, 3, 4, 5 743,369 0 173,460
Cyrusone Inc COM 23283R100 17,843 390,867 SH   DFND 2, 3, 4, 5 301,368 0 89,499
Digital Realty Trust Inc 6.35% PFD CUM CV 253868863 4,896 189,763 SH   DFND 3, 4, 5 189,763 0 0
Douglas Emmett Inc COM 25960P109 3,615 120,059 SH   DFND 3, 4, 5 120,059 0 0
Duke Realty Corporation COM 264411505 48,297 2,142,715 SH   DFND 2, 3, 4, 5 1,728,157 0 414,558
Education Realty Trust COM 28140H203 49,787 1,196,798 SH   DFND 2, 3, 4, 5 965,726 0 231,072
Empire State Realty Trust Inc CL A 292104106 3,679 209,871 SH   DFND 3, 4, 5 209,871 0 0
Equinix Inc COM 29444U700 64,518 195,089 SH   DFND 2, 3, 4, 5 142,426 0 52,663
Equity One Inc COM 294752100 53,986 1,883,667 SH   DFND 2, 3, 4, 5 1,547,443 0 336,224
Equity Residential SH BEN INT 29476L107 88,824 1,183,852 SH   DFND 2, 3, 4, 5 954,904 0 228,948
Essex Property Trust Inc. COM 297178105 3,506 14,991 SH   DFND 3, 4, 5 14,991 0 0
Federal Realty Invt Tr SH BEN INT 313747206 15,593 99,925 SH   DFND 1, 3, 4, 5 81,598 0 18,327
Forest City Realty Trust Inc COM CL A 345605109 3,523 167,032 SH   DFND 3, 4, 5 167,032 0 0
Four Corners Property Trust Inc COM 35086T109 26,619 1,482,972 SH   DFND 2, 3, 4, 5 1,031,497 0 451,475
General Growth Properties Inc COM 370023103 95,937 3,226,946 SH   DFND 1, 2, 3, 4, 5 2,635,171 0 591,775
Gramercy Property Trust COM 385002100 32,305 3,823,066 SH   DFND 2, 3, 4, 5 2,415,735 0 1,407,331
HCP Inc. COM 40414L109 27,397 840,928 SH   DFND 2, 3, 4, 5 657,051 0 183,877
Host Hotels & Resorts, Inc. COM 44107P104 13,624 815,806 SH   DFND 3, 4, 5 593,690 0 222,116
Hudson Pacific Properties Inc COM 444097109 8,586 296,890 SH   DFND 3, 4, 5 227,340 0 69,550
Interxion Holdings NV SHS N47279109 21,781 629,876 SH   DFND 2, 3, 4, 5 619,086 0 10,790
Kite Realty Group Trust COM 49803T300 24,021 866,883 SH   DFND 3, 4, 5 644,860 0 222,023
LaSalle Hotel Properties SH BEN INT 517942108 3,380 133,556 SH   DFND 3, 4, 5 133,556 0 0
Liberty Property Trust SH BEN INT 531172104 39,072 1,167,725 SH   DFND 2, 3, 4, 5 962,919 0 204,806
Macerich Co COM 554382101 3,385 42,720 SH   DFND 3, 4, 5 42,720 0 0
New York REIT Inc COM 64976L109 26,424 2,616,233 SH   DFND 1, 2, 3, 4, 5 2,193,283 0 422,950
Paramount Group Inc COM 69924R108 3,470 217,557 SH   DFND 3, 4, 5 217,557 0 0
Pebblebrook Hotel Trust COM 70509V100 44,029 1,514,573 SH   DFND 2, 3, 4, 5 1,263,153 0 251,420
Physicians Realty Trust COM 71943U104 36,633 1,971,662 SH   DFND 2, 3, 4, 5 1,565,752 0 405,910
Prologis Inc COM 74340W103 35,182 796,323 SH   DFND 3, 4, 5 585,896 0 210,427
Public Storage Inc COM 74460D109 116,412 422,041 SH   DFND 2, 3, 4, 5 341,806 0 80,235
Retail Properties Amer Inc CL A 76131V202 64,850 4,091,500 SH   DFND 2, 3, 4, 5 3,330,480 0 761,020
Rexford Industrial Realty Inc COM 76169C100 12,370 681,185 SH   DFND 1, 3, 4, 5 559,298 0 121,887
Sabra Health Care REIT Inc COM 78573L106 1,448 72,086 SH   DFND 3, 4, 5 70,304 0 1,782
Senior Housing Properties Tr SH BEN INT 81721M109 18,069 1,009,994 SH   DFND 3, 4, 5 734,549 0 275,445
Simon Property Group, Inc. COM 828806109 121,687 585,906 SH   DFND 2, 3, 4, 5 462,953 0 122,953
SL Green Realty Corp COM 78440X101 45,227 466,834 SH   DFND 1, 2, 3, 4, 5 387,594 0 79,240
Sovran Self Storage Inc COM 84610H108 355 3,006 SH   DFND 3, 4, 5 0 0 3,006
Spirit Realty Cap Inc NEW COM 84860W102 23,694 2,106,111 SH   DFND 2, 3, 4, 5 1,441,160 0 664,951
Sunstone Hotel Investors Inc NEW COM 867892101 37,880 2,705,713 SH   DFND 2, 3, 4, 5 2,245,102 0 460,611
Taubman Centers Inc COM 876664103 3,309 46,453 SH   DFND 3, 4, 5 46,453 0 0
Terreno Realty Corp COM 88146M101 3,451 147,174 SH   DFND 3, 4, 5 147,174 0 0
Vornado Realty Trust SH BEN INT 929042109 73,118 774,309 SH   DFND 1, 2, 3, 4, 5 646,210 0 128,099
Welltower Inc COM 95040Q104 105,166 1,516,669 SH   DFND 2, 3, 4, 5 1,201,853 0 314,816
WP Glimcher Inc COM 92939N102 29,421 3,100,178 SH   DFND 2, 3, 4, 5 2,550,492 0 549,686