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
Acadia Realty Trust COM 004239109 129 4,604 SH   DFND 1,2,3 4,604 0 0
Alexandria Real Estate Equitie COM 015271109 17,877 230,260 SH   DFND 1,2,3 147,171 0 83,089
America Assets Trust Inc COM 024013104 128 3,694 SH   DFND 1,2,3 3,694 0 0
American Homes 4 Rent CLA 02665T306 8,986 505,971 SH   DFND 1,2,3 334,454 0 171,517
Apartment Investment & Managem CLA 03748R101 52,681 1,632,507 SH   DFND 1,2,3 1,018,895 0 613,612
Armada Hoffler Properties COM 04208T108 745 76,930 SH   DFND 1,2,3 0 0 76,930
Avalonbay Communities, Inc. COM 053484101 72,778 511,835 SH   DFND 1,2,3 321,862 0 189,973
Aviv REIT COM 05381L101 630 22,380 SH   DFND 1,2,3 0 0 22,380
Boston Properties, Inc. COM 101121101 68,210 577,173 SH   DFND 1,2,3 364,183 0 212,990
Brixmor Property Group Inc COM 11120U105 28,866 1,257,761 SH   DFND 1,2,3 789,510 0 468,251
CBL & Associates Properties, I COM 124830100 15,640 823,180 SH   DFND 1,2,3 520,249 0 302,931
Chesapeake Lodging Trust SH BEN INT 165240102 21,667 716,746 SH   DFND 1,2,3 457,892 0 258,854
Coresite Realty Corp COM 21870Q105 12,142 367,168 SH   DFND 1,2,3 238,125 0 129,043
Cousins Properties Inc. COM 222795106 27,831 2,235,455 SH   DFND 1,2,3 1,391,582 0 843,873
Cyrusone Inc COM 23283R100 25,280 1,015,264 SH   DFND 1,2,3 648,286 0 366,978
DCT Industrial Trust Inc COM 233153105 24,787 3,019,152 SH   DFND 1,2,3 1,978,111 0 1,041,041
DDR Corp. COM 23317H102 33,682 1,910,510 SH   DFND 1,2,3 1,185,340 0 725,170
Douglas Emmett, Inc. COM 25960P109 127 4,510 SH   DFND 1,2,3 4,510 0 0
Duke Realty Corporation COM 264411505 40,664 2,239,224 SH   DFND 1,2,3 1,414,923 0 824,301
EPR Properties COM SH BEN INT 26884U109 14,896 266,610 SH   DFND 1,2,3 136,120 0 130,490
Education Realty Trust COM 28140H104 29,996 2,792,920 SH   DFND 1,2,3 1,733,192 0 1,059,728
Equity One, Inc. COM 294752100 32,368 1,372,124 SH   DFND 1,2,3 860,678 0 511,446
Equity Residential SH BEN INT 29476L107 104,489 1,658,559 SH   DFND 1,2,3 1,043,467 0 615,092
Essex Property Trust Inc. COM 297178105 132 713 SH   DFND 1,2,3 713 0 0
Federal Realty Investment Trus SH BEN INT 313747206 481 3,976 SH   DFND 1,2,3 3,976 0 0
Forest City Enterprise CL A CLA 345550107 1,794 90,262 SH   DFND 1,2,3 79,337 0 10,925
General Growth Properties, Inc COM 370023103 51,586 2,189,557 SH   DFND 1,2,3 1,386,570 0 802,987
Glimcher Realty Trust SH BEN INT 379302102 28,507 2,632,226 SH   DFND 1,2,3 1,632,746 0 999,480
HCP Inc. COM 40414L109 18,181 439,374 SH   DFND 1,2,3 274,538 0 164,836
Health Care REIT Inc. COM 42217K106 59,087 942,824 SH   DFND 1,2,3 583,398 0 359,426
Highwoods Properties Inc. COM 431284108 25,382 605,048 SH   DFND 1,2,3 395,033 0 210,015
Hudson Pacific Properties COM 444097109 18,728 739,085 SH   DFND 1,2,3 467,151 0 271,934
Kilroy Realty Corp. COM 49427F108 25,513 409,645 SH   DFND 1,2,3 256,977 0 152,668
The Macerich Company COM 554382101 485 7,264 SH   DFND 1,2,3 7,264 0 0
Mack-Cali Realty Corporation COM 554489104 9,283 432,156 SH   DFND 1,2,3 267,932 0 164,224
Mid-America Apartment Communit COM 59522J103 442 6,056 SH   DFND 1,2,3 5,331 0 725
National Health Investors, Inc COM 63633D104 24,783 396,141 SH   DFND 1,2,3 247,664 0 148,477
National Retail Properties, In COM 637417106 19,099 513,559 SH   DFND 1,2,3 262,189 0 251,370
PS Business Parks Inc. COM 69360J107 19,818 237,375 SH   DFND 1,2,3 148,149 0 89,226
Pennsylvania REIT SH BEN INT 709102107 11,321 601,550 SH   DFND 1,2,3 380,405 0 221,145
Physicians Realty Trust COM 71943U104 15,548 1,080,478 SH   DFND 1,2,3 671,892 0 408,586
Prologis Inc. COM 74340W103 43,574 1,060,441 SH   DFND 1,2,3 675,470 0 384,971
Public Storage, Inc. COM 74460D109 71,181 415,411 SH   DFND 1,2,3 264,056 0 151,355
RLJ Lodging Trust COM 74965L101 47,898 1,657,940 SH   DFND 1,2,3 1,070,947 0 586,993
Ramco-Gershenson Properties Tr COM SH BEN INT 751452202 14,754 887,707 SH   DFND 1,2,3 555,096 0 332,611
Regency Centers Corp. COM 758849103 133 2,392 SH   DFND 1,2,3 2,392 0 0
Retail Opportunity Investment COM 76131N101 127 8,050 SH   DFND 1,2,3 8,050 0 0
Retail Properties of America I CLA 76131V202 16,506 1,073,190 SH   DFND 1,2,3 660,140 0 413,050
SL Green Realty Corp COM 78440X101 39,037 356,791 SH   DFND 1,2,3 223,510 0 133,281
Sabra Health Care REIT Inc COM 78573L106 11,146 388,230 SH   DFND 1,2,3 226,110 0 162,120
Select Income Trust COM SH BEN INT 81618T100 689 23,230 SH   DFND 1,2,3 0 0 23,230
Simon Property Group, Inc. COM 828806109 119,072 716,094 SH   DFND 1,2,3 448,430 0 267,664
Sovran Self Storage, Inc. COM 84610H108 28,870 373,716 SH   DFND 1,2,3 234,716 0 139,000
Spirit Realty Capital COM 84860W102 32,946 2,900,214 SH   DFND 1,2,3 1,444,067 0 1,456,147
Stag Industrial Inc COM 85254J102 951 39,618 SH   DFND 1,2,3 0 0 39,618
Strategic Hotel and Resorts In COM 86272T106 19,050 1,626,843 SH   DFND 1,2,3 1,106,088 0 520,755
Sunstone Hotel Investors Inc. COM 867892101 51,942 3,479,051 SH   DFND 1,2,3 2,237,063 0 1,241,988
Taubman Centers, Inc. COM 876664103 27,449 362,075 SH   DFND 1,2,3 229,480 0 132,595
UDR, Inc. COM 902653104 133 4,631 SH   DFND 1,2,3 4,631 0 0
Ventas Inc. COM 92276F100 51,649 805,761 SH   DFND 1,2,3 501,223 0 304,538
Vornado Realty Trust SH BEN INT 929042109 45,235 423,822 SH   DFND 1,2,3 270,961 0 152,861
Commonwealth REIT PFD Series E PFD 203233606 1,418 55,000 SH   DFND 1,2,3 55,000 0 0
Sunstone Hotel Investors PFD S PFD 867892507 11,388 433,680 SH   DFND 1,2,3 392,680 0 41,000