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 SH BEN INT 004239109 3,801 104,877 SH   DFND 3, 4, 5 104,877 0 0
Agree Realty Corp COM 008492100 10,129 204,876 SH   DFND 3, 4, 5 126,323 0 78,553
Alexandria Real Estate Equities COM 015271109 3,969 36,489 SH   DFND 3, 4, 5 36,489 0 0
American Homes 4 Rent CL A 02665T306 34,733 1,605,025 SH   DFND 3, 4, 5 1,317,334 0 287,691
Apartment Invt & Mgmt Co PFD CL A 6.875% 03748R762 23,016 817,621 SH   DFND 3, 4, 5 817,621 0 0
Apartment Invt & Mgmt Co CL A 03748R101 18,609 405,330 SH   DFND 3, 4, 5 297,846 0 107,484
Apple Hospitality REIT Inc COM NEW 03784Y200 21,927 1,184,590 SH   DFND 3, 4, 5 995,010 0 189,580
Avalonbay Communities, Inc. COM 053484101 91,428 514,103 SH   DFND 3, 4, 5 431,263 0 82,840
Boston Properties, Inc. COM 101121101 31,998 234,778 SH   DFND 3, 4, 5 177,217 0 57,561
Camden Property Trust SH BEN INT 133131102 31,183 372,380 SH   DFND 2, 3, 4, 5 314,790 0 57,590
Caretrust REIT Inc COM 14174T107 26,622 1,801,194 SH   DFND 2, 3, 4, 5 1,520,297 0 280,897
Cedar Realty Trust Inc COM NEW 150602209 24,364 3,383,890 SH   DFND 2, 3, 4, 5 2,894,524 0 489,366
Chesapeake Lodging Trust SH BEN INT 165240102 3,949 172,441 SH   DFND 1, 3, 4, 5 172,441 0 0
Cubesmart COM 229663109 20,283 744,069 SH   DFND 3, 4, 5 571,489 0 172,580
Cyrusone Inc COM 23283R100 55,343 1,163,403 SH   DFND 2, 3, 4, 5 926,384 0 237,019
DCT Industrial Trust Inc COM 233153204 24,324 501,000 SH   DFND 3, 4, 5 370,660 0 130,340
DiamondRock Hospitality Compan COM 252784301 12,453 1,368,437 SH   DFND 3, 4, 5 1,049,970 0 318,467
Douglas Emmett, Inc. COM 25960P109 3,708 101,216 SH   DFND 3, 4, 5 101,216 0 0
Duke Realty Corporation COM NEW 264411505 645 23,606 SH   DFND 3, 4, 5 0 0 23,606
Education Realty Trust COM NEW 28140H203 17,172 398,047 SH   DFND 3, 4, 5 302,665 0 95,382
Empire State Realty Trust Inc CL A 292104106 3,700 176,634 SH   DFND 3, 4, 5 176,634 0 0
Equinix Inc COM PAR $0.001 29444U700 39,370 109,286 SH   DFND 3, 4, 5 68,075 0 41,211
Equity One COM 294752100 22,047 720,240 SH   DFND 3, 4, 5 531,024 0 189,216
Equity Residential SH BEN INT 29476L107 18,014 280,028 SH   DFND 3, 4, 5 215,090 0 64,938
Essex Property Trust Inc. COM 297178105 64,529 289,757 SH   DFND 1, 2, 3, 4, 5 242,817 0 46,940
Federal Realty Investment Trust SH BEN INT NEW 313747206 62,346 405,031 SH   DFND 1, 2, 3, 4, 5 339,700 0 65,331
Forest City Realty Trust Inc. COM CL A 345605109 3,726 161,087 SH   DFND 3, 4, 5 161,087 0 0
Four Corners Property Trust Inc. COM 35086T109 29,223 1,370,022 SH   DFND 2, 3, 4, 5 957,007 0 413,015
General Growth Properties, Inc COM 370023103 68,467 2,480,701 SH   DFND 1, 2, 3, 4, 5 2,090,496 0 390,205
Gramercy Property Trust COM 385002100 41,741 4,329,947 SH   DFND 2, 3, 4, 5 3,037,982 0 1,291,965
Healthcare Realty Trust COM 421946104 18,305 537,440 SH   DFND 3, 4, 5 394,430 0 143,010
Hudson Pacific Properties Inc. COM 444097109 3,731 113,493 SH   DFND 3, 4, 5 113,493 0 0
Interxion Holdings NV SHS N47279109 18,680 515,726 SH   DFND 2, 3, 4, 5 506,074 0 9,652
LaSalle Hotel Properties COM SH BEN INT 517942108 3,397 142,329 SH   DFND 3, 4, 5 142,329 0 0
Liberty Property Trust SH BEN INT 531172104 39,908 989,050 SH   DFND 2, 3, 4, 5 821,870 0 167,180
Macerich Company COM 554382101 3,836 47,428 SH   DFND 3, 4, 5 47,428 0 0
Mack Cali Realty Corporation COM 554489104 38,148 1,401,487 SH   DFND 2, 3, 4, 5 1,151,921 0 249,566
New York REIT Inc COM 64976L109 23,597 2,578,957 SH   DFND 1, 2, 3, 4, 5 2,250,757 0 328,200
Paramount Group Inc COM 69924R108 3,569 217,760 SH   DFND 3, 4, 5 217,760 0 0
Pebblebrook Hotel Trust COM 70509V100 17,207 646,891 SH   DFND 2, 3, 4, 5 545,341 0 101,550
Pennsylvania REIT SH BEN INT 709102107 30,172 1,310,096 SH   DFND 2, 3, 4, 5 1,091,910 0 218,186
Physicians Realty Trust COM 71943U104 36,685 1,703,117 SH   DFND 2, 3, 4, 5 1,457,681 0 245,436
Post Properties Inc. COM 737464107 17,299 261,590 SH   DFND 3, 4, 5 196,820 0 64,770
Prologis Inc. COM 74340W103 86,302 1,611,910 SH   DFND 2, 3, 4, 5 1,307,243 0 304,667
Public Storage, Inc. COM 74460D109 77,279 346,323 SH   DFND 2, 3, 4, 5 288,006 0 58,317
Retail Properties of America Inc. CL A 76131V202 55,075 3,278,269 SH   DFND 2, 3, 4, 5 2,684,950 0 593,319
Rexford Industrial Realty Inc COM 76169C100 18,601 812,616 SH   DFND 1, 3, 4, 5 655,184 0 157,432
Simon Property Group, Inc. COM 828806109 102,676 495,993 SH   DFND 2, 3, 4, 5 399,514 0 96,479
SL Green Realty Corp COM 78440X101 55,495 513,367 SH   DFND 1, 2, 3, 4, 5 430,857 0 82,510
Store Capital Corp COM 862121100 20,012 679,080 SH   DFND 2, 3, 4, 5 502,100 0 176,980
Summit Hotel Properties COM 866082100 7,811 593,530 SH   DFND 3, 4, 5 449,620 0 143,910
Sunstone Hotel Investors Inc. COM 867892101 28,384 2,219,211 SH   DFND 2, 3, 4, 5 1,840,118 0 379,093
Taubman Centers, Inc. COM 876664103 21,771 292,578 SH   DFND 3, 4, 5 234,878 0 57,700
Terreno Realty Corp COM 88146M101 3,807 138,377 SH   DFND 3, 4, 5 138,377 0 0
Ventas Inc. COM 92276F100 18,429 260,930 SH   DFND 3, 4, 5 195,620 0 65,310
Vornado Realty Trust SH BEN INT 929042109 83,230 822,353 SH   DFND 1, 2, 3, 4, 5 698,334 0 124,019
Welltower Inc COM 95040Q104 111,452 1,490,593 SH   DFND 2, 3, 4, 5 1,190,669 0 299,924