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

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

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Alexandria Real Estate Equities Inc. COM 015271109 24,771 252,658 SH   DFND 1,2,3 159,610 0 93,048
American Residential Property COM 02927E303 7,225 401,590 SH   DFND 1,2.3 260,554 0 141,036
Apartment Investment & Management Company CL A 03748R101 45,676 1,160,460 SH   DFND 1,2,3 793,145 0 367,315
Avalonbay Communities, Inc. COM 053484101 123,133 706,645 SH   DFND 1,2,3 490,538 0 216,107
Boston Properties, Inc. COM 101121101 49,379 351,502 SH   DFND 1,2,3 227,849 0 123,653
Brandywine Realty Trust COM 105368203 25,970 1,625,139 SH   DFND 1,2,3 1,073,752 0 551,387
Chesapeake Lodging Trust SH BEN INT 165240102 20,772 614,017 SH   DFND 1,2,3 417,798 0 196,219
Coresite Realty Corp COM 21870Q105 12,908 265,163 SH   DFND 1,2,3 165,097 0 100,066
DCT Industrial Trust Inc COM 233153204 16,638 480,034 SH   DFND 1,2,3 301,215 0 178,819
Duke Realty Corporation COM 264411505 39,130 1,797,412 SH   DFND 1,2,3 1,283,041 0 514,371
Education Realty Trust COM 28140H203 38,466 1,087,216 SH   DFND 1,2,3 767,020 0 320,196
Empire State Realty Trust Inc COM 292104106 13,727 729,760 SH   DFND 1,2,3 490,540 0 239,220
EPR Properties COM 26884U109 11,182 186,280 SH   DFND 1,2,3 94,663 0 91,617
Equinix Inc COM 29444U700 22,205 95,360 SH   DFND 1,2,3 52,877 0 42,483
Equity Commonwealth COM 294628102 39,122 1,473,534 SH   DFND 1,2,3 1,050,126 0 423,408
Equity One, Inc. COM 294752100 55,990 2,097,802 SH   DFND 1,2,3 1,481,301 0 616,501
Federal Realty Investment Trust SH BEN INT 313747206 1,232 8,371 SH   DFND 1,2,3 8,371 0 0
General Growth Properties, Inc. COM 370023103 42,979 1,454,456 SH   DFND 1,2,3 963,978 0 490,478
HCP Inc. COM 40414L109 4,865 112,594 SH   DFND 1,2,3 83,495 0 29,099
Health Care REIT Inc. COM 42217K106 43,794 566,105 SH   DFND 1,2,3 355,154 0 210,951
Hudson Pacific Properties COM 444097109 35,933 1,082,636 SH   DFND 1,2,3 782,549 0 300,087
Kite Realty Group Trust COM 49803T300 39,805 1,413,029 SH   DFND 1,2,3 1,046,372 0 366,657
LaSalle Hotel Properties SH BEN INT 517942108 16,124 414,927 SH   DFND 1,2,3 273,227 0 141,700
Macerich Company, The COM 554382101 27,429 325,261 SH   DFND 1,2,3 220,022 0 105,239
Mack-Cali Realty Corporation COM 554489104 12,033 624,124 SH   DFND 1,2,3 386,308 0 237,816
National Health Investors, Inc. COM 63633D104 26,559 374,020 SH   DFND 1,2,3 225,962 0 148,058
Pebblebrook Hotel Trust COM 70509V100 45,631 979,828 SH   DFND 1,2,3 676,687 0 303,141
Pennsylvania REIT SH BEN INT 709102107 11,132 479,222 SH   DFND 1,2,3 337,269 0 141,953
Physicians Realty Trust COM 71943U104 35,696 2,027,033 SH   DFND 1,2,3 1,475,153 0 551,880
Post Properties, Inc. COM 737464107 26,112 458,670 SH   DFND 1,2,3 284,740 0 173,930
Prologis Inc. COM 74340W103 86,313 1,981,479 SH   DFND 1,2,3 1,362,583 0 618,896
Public Storage, Inc. COM 74460D109 83,268 422,382 SH   DFND 1,2,3 293,057 0 129,325
QTS Realty Trust Inc COM 74736A103 35,301 969,541 SH   DFND 1,2,3 680,592 0 288,949
RLJ Lodging Trust COM 74965L101 5,066 161,815 SH   DFND 1,2,3 107,416 0 54,399
Senior Housing Properties Trust COM 81721M109 3,646 164,305 SH   DFND 1,2,3 106,971 0 57,334
Simon Property Group, Inc. COM 828806109 179,899 919,541 SH   DFND 1,2,3 629,528 0 290,013
Sovran Self Storage, Inc. COM 84610H108 24,770 263,681 SH   DFND 1,2,3 185,341 0 78,340
Spirit Realty Capital COM 84860W102 47,705 3,949,115 SH   DFND 1,2,3 2,544,797 0 1,404,318
Starwood Hotels & Resorts Worldwide Inc. COM 85590A401 4,645 55,634 SH   DFND 1,2,3 47,391 0 8,243
Sunstone Hotel Investors Inc. COM 867892101 46,859 2,810,975 SH   DFND 1,2,3 1,942,060 0 868,915
Tanger Factory Outlet Centers, Inc. COM 875465106 27,652 786,233 SH   DFND 1,2,3 545,570 0 240,663
Ventas Inc. COM 92276F100 106,998 1,465,318 SH   DFND 1,2,3 1,002,930 0 462,388
Vornado Realty Trust COM 929042109 82,577 737,298 SH   DFND 1,2,3 523,595 0 213,703
Equity Commonwealth PFD Series E 7.25% PFD 294628409 4,715 180,849 SH   DFND 1,2,3 180,849 0 0
Inland Real Estate Corp PFD 457461507 10,036 395,900 SH   DFND 1,2,3 395,900 0 0