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 38,883 1,398,666 SH   DFND 1, 2, 3, 4, 5 1,213,106 0 185,560
Alexandria Real Estate Equitie COM 015271109 31,921 264,969 SH   DFND 1, 3, 4, 5 215,862 0 49,107
American Homes 4 Rent CL A 02665T306 36,657 1,624,169 SH   DFND 2, 3, 4, 5 1,354,468 0 269,701
Avalonbay Communities Inc COM 053484101 89,493 465,695 SH   DFND 1, 2, 3, 4, 5 396,699 0 68,996
Boston Properties Inc COM 101121101 17,298 140,610 SH   DFND 3, 4, 5 122,739 0 17,871
Brandywine Realty Trust SH BEN INT NEW 105368203 16,219 925,206 SH   DFND 2, 3, 4, 5 790,593 0 134,613
Camden Property Trust SH BEN INT 133131102 37,184 434,854 SH   DFND 2, 3, 4, 5 366,244 0 68,610
Caretrust REIT Inc COM 14174T107 16,962 914,910 SH   DFND 3, 4, 5 676,072 0 238,838
Chesapeake Lodging Trust SH BEN INT 165240102 8,392 342,940 SH   DFND 3, 4, 5 342,940 0 0
Cousins Properties Inc COM 222795106 14,471 1,646,344 SH   DFND 3, 4, 5 1,304,924 0 341,420
Cubesmart COM 229663109 51,213 2,130,317 SH   DFND 2, 3, 4, 5 1,773,787 0 356,530
Cyrusone Inc COM 23283R100 38,149 684,284 SH   DFND 2, 3, 4, 5 549,762 0 134,522
DCT Industrial Trust Inc COM NEW 233153204 37,156 695,285 SH   DFND 2, 3, 4, 5 569,745 0 125,540
DDR Corp COM 23317H102 27,903 3,076,452 SH   DFND 2, 3, 4, 5 2,548,137 0 528,315
DiamondRock Hospitality Co COM 252784301 36,160 3,302,257 SH   DFND 2, 3, 4, 5 2,760,253 0 542,004
Douglas Emmett Inc COM 25960P109 8,159 213,523 SH   DFND 3, 4, 5 213,523 0 0
Empire State Realty Trust Inc CL A 292104106 9,057 436,066 SH   DFND 1, 2, 3, 4, 5 428,315 0 7,751
EPR Properties COM SH BEN INT 26884U109 23,229 323,215 SH   DFND 2, 3, 4, 5 225,565 0 97,650
Equinix Inc COM PAR $0.001 29444U700 74,524 173,652 SH   DFND 1, 2, 3, 4, 5 131,548 0 42,104
Equity Residential SH BEN INT 29476L107 46,654 708,704 SH   DFND 1, 3, 4, 5 563,416 0 145,288
Essex Property Trust Inc COM 297178105 59,854 232,650 SH   DFND 1, 2, 3, 4, 5 199,380 0 33,270
Extra Space Storage Inc COM 30225T102 41,860 536,662 SH   DFND 2, 3, 4, 5 438,165 0 98,497
Federal Realty Investment Trus SH BEN INT NEW 313747206 26,044 206,058 SH   DFND 1, 3, 4, 5 174,287 0 31,771
Forest City Realty Trust Inc COM CL A 345605109 8,105 335,344 SH   DFND 3, 4, 5 335,344 0 0
GGP Inc COM 36174X101 68,300 2,898,974 SH   DFND 1, 2, 3, 4, 5 2,504,565 0 394,409
Gramercy Property Trust Inc COM NEW 385002308 2,541 85,512 SH   DFND 3, 4, 5 0 0 85,512
HCP Inc COM 40414L109 69,463 2,173,424 SH   DFND 2, 3, 4, 5 1,771,096 0 402,328
Healthcare Trust of America Inc CL A NEW 42225P501 12,628 405,922 SH   DFND 3, 4, 5 293,544 0 112,378
Hudson Pacific Properties Inc COM 444097109 24,835 726,378 SH   DFND 1, 2, 3, 4, 5 655,346 0 71,032
Interxion Holdings NV SHS N47279109 3,572 78,030 SH   DFND 3, 4, 5 75,663 0 2,367
Invitation Homes Inc COM 46187W107 10,042 464,263 SH   DFND 3, 4, 5 346,123 0 118,140
Kilroy Realty Corp COM 49427F108 39,942 531,495 SH   DFND 1, 2, 3, 4, 5 449,395 0 82,100
LaSalle Hotel Properties COM SH BEN INT 517942108 7,917 265,676 SH   DFND 3, 4, 5 265,676 0 0
Macerich Co COM 554382101 8,097 139,457 SH   DFND 3, 4, 5 139,457 0 0
National Retail Properties Inc COM 637417106 28,839 737,582 SH   DFND 2, 3, 4, 5 504,482 0 233,100
New York REIT Inc COM 64976L109 21,529 2,491,737 SH   DFND 1, 2, 3, 4, 5 2,152,994 0 338,743
Paramount Group Inc COM 69924R108 27,880 1,742,509 SH   DFND 1, 2, 3, 4, 5 1,541,553 0 200,956
Park Hotels and Resorts Inc COM 700517105 25,974 963,428 SH   DFND 2, 3, 4, 5 800,761 0 162,667
Pennsylvania REIT SH BEN INT 709102107 11,754 1,038,308 SH   DFND 2, 3, 4, 5 875,441 0 162,867
Physicians Realty Trust COM 71943U104 34,820 1,728,881 SH   DFND 2, 3, 4, 5 1,483,577 0 245,304
Prologis Inc COM 74340W103 95,992 1,636,974 SH   DFND 1, 2, 3, 4, 5 1,373,877 0 263,097
Retail Properties of America I CL A 76131V202 30,942 2,534,160 SH   DFND 2, 3, 4, 5 2,191,887 0 342,273
Rexford Industrial Realty Inc COM 76169C100 21,004 765,441 SH   DFND 1, 3, 4, 5 640,109 0 125,332
Simon Property Group Inc New COM 828806109 74,562 460,943 SH   DFND 1, 2, 3, 4, 5 385,134 0 75,809
SL Green Realty Corp COM 78440X101 8,205 77,552 SH   DFND 3, 4, 5 77,552 0 0
Summit Hotel Properties COM 866082100 7,785 417,400 SH   DFND 3, 4, 5 315,338 0 102,062
Sunstone Hotel Investors Inc New COM 867892101 24,192 1,500,759 SH   DFND 2, 3, 4, 5 1,208,226 0 292,533
Taubman Centers Inc COM 876664103 21,937 368,372 SH   DFND 3, 4, 5 308,882 0 59,490
Terreno Realty Corp COM 88146M101 8,348 248,020 SH   DFND 3, 4, 5 248,020 0 0
Vornado Realty Trust SH BEN INT 929042109 61,539 655,369 SH   DFND 1, 2, 3, 4, 5 570,300 0 85,069
Welltower Inc COM 95040Q104 49,337 659,141 SH   DFND 2, 3, 4, 5 536,382 0 122,759