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
Alexandria Real Estate Equitie COM 015271109 34,427 466,806 SH   DFND 1,2,3 299 00 167,006
American Realty Capital Proper COM 02917T104 10,103 837,760 SH   DFND 1,2,3 438 30 399,230
Apartment Investment & Managem CLA 03748R101 58,814 1,848,344 SH   DFND 1,2,3 1,182 54 666,090
Avalonbay Communities, Inc. COM 053484101 69,343 491,898 SH   DFND 1,2,3 320 60 171,238
Boston Properties, Inc. COM 101121101 66,005 570,191 SH   DFND 1,2,3 378 86 191,205
CBL & Associates Properties, I COM 124830100 30,576 1,708,159 SH   DFND 1,2,3 1,103 45 604,714
Chesapeake Lodging Trust SH BEN INT 165240102 33,234 1,140,096 SH   DFND 1,2,3 761 52 378,144
Coresite Realty Corp COM 21870Q105 18,199 553,681 SH   DFND 1,2,3 354 70 199,511
Cousins Properties Inc. COM 222795106 30,692 2,568,338 SH   DFND 1,2,3 1,761 12 807,126
Cyrusone Inc COM 23283R100 12,065 501,862 SH   DFND 1,2,3 313 69 188,593
DCT Industrial Trust Inc COM 233153105 21,659 2,884,069 SH   DFND 1,2,3 1,922 69 961,400
Duke Realty Corporation COM 264411505 34,431 2,004,114 SH   DFND 1,2,3 1,262 53 741,561
EPR Properties COM SH BEN INT 26884U109 24,911 491,530 SH   DFND 1,2,3 257 43 234,387
Education Realty Trust COM 28140H104 24,531 2,386,236 SH   DFND 1,2,3 1,532 11 853,925
Equity One, Inc. COM 294752100 42,064 1,944,709 SH   DFND 1,2,3 1,232 38 711,871
Equity Residential SH BEN INT 29476L107 95,693 1,553,961 SH   DFND 1,2,3 1,010 45 543,416
Federal Realty Investment Trus SH BEN INT 313747206 42,821 361,481 SH   DFND 1,2,3 238 69 123,212
Forest City Enterprise CL A CL A 345550107 1,724 88,139 SH   DFND 1,2,3 77 14 10,925
HCP Inc. COM 40414L109 12,212 307,538 SH   DFND 1,2,3 213 78 93,560
Health Care REIT Inc. COM 42217K106 49,837 799,053 SH   DFND 1,2,3 492 13 306,440
Healthcare Realty Trust Inc. COM 421946104 7,243 305,890 SH   DFND 1,2,3 192 20 113,770
Hudson Pacific Properties COM 444097109 25,565 1,036,713 SH   DFND 1,2,3 693 21 342,792
Kilroy Realty Corp. COM 49427F108 29,469 495,785 SH   DFND 1,2,3 318 47 177,238
The Macerich Company COM 554382101 29,078 455,551 SH   DFND 1,2,3 301 71 153,580
Mack-Cali Realty Corporation COM 554489104 8,994 470,631 SH   DFND 1,2,3 312 68 158,163
Mid-America Apartment Communit COM 59522J103 11,386 173,434 SH   DFND 1,2,3 113 74 60,060
National Health Investors, Inc COM 63633D104 20,948 366,615 SH   DFND 1,2,3 223 00 143,415
PS Business Parks Inc. COM 69360J107 14,033 184,299 SH   DFND 1,2,3 115 77 68,522
Physicians Realty Trust COM 71943U104 18,761 1,367,435 SH   DFND 1,2,3 856 80 510,455
Prologis Inc. COM 74340W103 39,433 1,045,973 SH   DFND 1,2,3 703 10 342,263
Public Storage, Inc. COM 74460D109 69,798 420,875 SH   DFND 1,2,3 275 90 144,885
RLJ Lodging Trust COM 74965L101 37,213 1,307,084 SH   DFND 1,2,3 830 72 476,512
Ramco-Gershenson Properties Tr COM SH BEN INT 751452202 30,447 1,873,650 SH   DFND 1,2,3 1,188 70 685,580
Retail Properties of America I CL A 76131V202 20,845 1,424,820 SH   DFND 1,2,3 909 30 515,290
Rexford Industrial Realty Inc COM 76169C100 8,154 589,170 SH   DFND 1,2,3 377 20 211,450
SL Green Realty Corp COM 78440X101 44,870 442,853 SH   DFND 1,2,3 302 28 139,925
Sabra Health Care REIT Inc COM 78573L106 9,858 405,345 SH   DFND 1,2,3 263 22 141,823
Simon Property Group, Inc. COM 828806109 110,916 674,589 SH   DFND 1,2,3 433 10 241,479
Sovran Self Storage, Inc. COM 84610H108 22,477 302,279 SH   DFND 1,2,3 194 29 107,350
Spirit Realty Capital COM 84860W102 21,805 1,987,736 SH   DFND 1,2,3 984 37 1,003,199
Strategic Hotel and Resorts In COM 86272T106 18,232 1,564,983 SH   DFND 1,2,3 1,067 68 497,715
Sunstone Hotel Investors Inc. COM 867892101 46,495 3,364,341 SH   DFND 1,2,3 2,182 23 1,181,818
Tanger Factory Outlet Centers, COM 875465106 14,665 448,210 SH   DFND 1,2,3 291 50 156,260
Taubman Centers, Inc. COM 876664103 46,406 635,692 SH   DFND 1,2,3 420 1 215,391
Ventas Inc. COM 92276F100 57,079 921,366 SH   DFND 1,2,3 596 83 324,683
Vornado Realty Trust SH BEN INT 929042109 23,534 235,436 SH   DFND 1,2,3 110 38 124,798
Sunstone Hotel Investors PFD S PFD 867892507 10,488 392,680 SH   DFND 1,2,3 392 80 0