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 17,313 604,921 SH   DFND 1, 3, 4, 5 517,981 0 86,940
Alexandria Real Estate Equitie COM 015271109 32,047 269,367 SH   DFND 1, 3, 4, 5 223,460 0 45,907
American Homes 4 Rent CL A 02665T306 42,379 1,952,039 SH   DFND 2, 3, 4, 5 1,704,238 0 247,801
Apartment Inv. & Management Co PFD CL A 6.875% 03748R762 12,660 472,920 SH   DFND 3, 4, 5 414,920 0 58,000
Apartment Investment & Managem CL A 03748R101 43,947 1,001,980 SH   DFND 2, 3, 4, 5 874,460 0 127,520
Avalonbay Communities, Inc. COM 053484101 89,614 502,267 SH   DFND 1, 2, 3, 4, 5 436,771 0 65,496
Boston Properties, Inc. COM 101121101 18,678 152,000 SH   DFND 3, 4, 5 135,869 0 16,131
Brandywine Realty Trust SH BEN INT NEW 105368203 20,545 1,174,660 SH   DFND 2, 3, 4, 5 1,049,677 0 124,983
Camden Property Trust COM 133131102 16,201 177,161 SH   DFND 2, 3, 4, 5 151,102 0 26,059
Caretrust REIT Inc COM 14174T107 16,162 848,820 SH   DFND 3, 4, 5 625,902 0 222,918
Chesapeake Lodging Trust SH BEN INT 165240102 10,684 396,145 SH   DFND 3, 4, 5 396,145 0 0
Cousins Properties Inc. COM 222795106 16,485 1,764,994 SH   DFND 3, 4, 5 1,336,284 0 428,710
Cyrusone Inc COM 23283R100 22,724 385,609 SH   DFND 2, 3, 4, 5 305,847 0 79,762
DCT Industrial Trust Inc COM NEW 233153204 35,861 619,155 SH   DFND 2, 3, 4, 5 535,845 0 83,310
DDR Corp. COM 23317H102 26,750 2,920,335 SH   DFND 2, 3, 4, 5 2,469,650 0 450,685
Digital Realty Trust Inc. COM 253868103 51,408 434,450 SH   DFND 2, 3, 4, 5 348,810 0 85,640
Douglas Emmett, Inc. COM 25960P109 9,887 250,820 SH   DFND 3, 4, 5 250,820 0 0
Duke Realty Corporation COM NEW 264411505 24,629 854,584 SH   DFND 3, 4, 5 623,494 0 231,090
Empire State Realty Trust Inc CL A 292104106 9,949 484,349 SH   DFND 3, 4, 5 484,349 0 0
EPR Properties COM SH BEN INT 26884U109 7,877 112,944 SH   DFND 2, 3, 4, 5 75,665 0 37,279
Equinix Inc COM PAR $0.001 29444U700 25,199 56,463 SH   DFND 1, 3, 4, 5 39,865 0 16,598
Equity Residential SH BEN INT 29476L107 46,440 704,377 SH   DFND 1, 3, 4, 5 565,159 0 139,218
Essex Property Trust Inc. COM 297178105 36,305 142,916 SH   DFND 2, 3, 4, 5 127,650 0 15,266
Extra Space Storage Inc COM 30225T102 54,993 688,096 SH   DFND 2, 3, 4, 5 579,279 0 108,817
Federal Realty Investment Trus SH BEN INT NEW 313747206 64,874 522,295 SH   DFND 1, 2, 3, 4, 5 458,063 0 64,232
Forest City Realty Trust Inc COM CL A 345605109 18,152 711,558 SH   DFND 3, 4, 5 644,268 0 67,290
GGP Inc COM 36174X101 61,064 2,939,992 SH   DFND 1, 2, 3, 4, 5 2,604,872 0 335,120
Gramercy Property Trust Inc COM NEW 385002308 2,446 80,852 SH   DFND 3, 4, 5 0 0 80,852
HCP Inc. COM 40414L109 47,266 1,698,384 SH   DFND 2, 3, 4, 5 1,410,826 0 287,558
Host Hotels & Resorts, Inc. COM 44107P104 60,199 3,255,758 SH   DFND 2, 3, 4, 5 2,736,452 0 519,306
Hudson Pacific Properties COM 444097109 46,676 1,392,056 SH   DFND 1, 2, 3, 4, 5 1,265,476 0 126,580
Interxion Holdings NV COM N47279109 22 440 SH   DFND 1, 3, 4, 5 440 0 0
Invitation Homes Inc COM 46187W107 16,932 747,563 SH   DFND 3, 4, 5 575,383 0 172,180
JBG Smith Properties COM 46590V100 20,572 601,359 SH   DFND 1, 2, 3, 4, 5 513,513 0 87,846
Kilroy Realty Corp. COM 49427F108 32,265 453,675 SH   DFND 1, 2, 3, 4, 5 385,445 0 68,230
LaSalle Hotel Properties COM SH BEN INT 517942108 9,974 343,680 SH   DFND 3, 4, 5 343,680 0 0
Life Storage Inc. COM 53223X107 46,265 565,512 SH   DFND 2, 3, 4, 5 474,442 0 91,070
Macerich Company COM 554382101 10,159 184,807 SH   DFND 3, 4, 5 184,807 0 0
MGM Growth Properties LLC CL A COM 55303A105 22,718 751,998 SH   DFND 3, 4, 5 580,558 0 171,440
National Retail Properties, Inc COM 637417106 36,197 868,862 SH   DFND 2, 3, 4, 5 637,662 0 231,200
New York REIT Inc COM 64976L109 21,089 2,686,547 SH   DFND 1, 2, 3, 4, 5 2,363,604 0 322,943
Paramount Group Inc COM 69924R108 9,925 620,316 SH   DFND 3, 4, 5 620,316 0 0
Pebblebrook Hotel Trust COM 70509V100 7,309 202,239 SH   DFND 3, 4, 5 164,769 0 37,470
Pennsylvania Real Estate Invt SH BEN INT 709102107 13,387 1,276,183 SH   DFND 2, 3, 4, 5 1,084,043 0 192,140
Physicians Realty Trust COM 71943U104 37,634 2,122,631 SH   DFND 2, 3, 4, 5 1,794,177 0 328,454
Prologis Inc COM 74340W103 90,813 1,431,033 SH   DFND 1, 2, 3, 4, 5 1,256,076 0 174,957
Realty Income Corp COM 756109104 2,095 36,630 SH   DFND 3, 4, 5 18,469 0 18,161
Retail Properties of America Inc CL A 76131V202 39,909 3,039,539 SH   DFND 2, 3, 4, 5 2,659,252 0 380,287
Rexford Industrial Realty Inc COM 76169C100 22,209 775,994 SH   DFND 1, 3, 4, 5 657,102 0 118,892
Sabra Health Care REIT Inc COM 78573L106 23,897 1,089,200 SH   DFND 2, 3, 4, 5 905,120 0 184,080
Simon Property Group Inc COM 828806109 71,491 444,018 SH   DFND 1, 2, 3, 4, 5 379,289 0 64,729
SL Green Realty Corp COM 78440X101 10,270 101,358 SH   DFND 3, 4, 5 101,358 0 0
Summit Hotel Properties Inc COM 866082100 32,415 2,027,232 SH   DFND 2, 3, 4, 5 1,722,022 0 305,210
Taubman Centers Inc COM 876664103 20,032 403,055 SH   DFND 3, 4, 5 351,315 0 51,740
Terreno Realty Corp COM 88146M101 9,699 268,074 SH   DFND 3, 4, 5 268,074 0 0
Vornado Realty Trust SH BEN INT 929042109 60,709 789,659 SH   DFND 1, 2, 3, 4, 5 698,183 0 91,476
Welltower Inc COM 95040Q104 73,197 1,041,512 SH   DFND 2, 3, 4, 5 867,993 0 173,519