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 REIT 004239109 16,059 557,117 SH   DFND 1, 3, 4 557,117 0 0
AGREE REALTY REIT 008492100 19,866 380,126 SH   DFND 2, 3, 4 294,076 0 86,050
ALEXANDRIA REAL REIT 015271109 38,214 288,229 SH   DFND 1, 3, 4, 5 250,842 0 37,387
AMERICAN CAMPUS REIT 024835100 38,628 926,600 SH   DFND 2, 3, 4, 5 818,010 0 108,590
APARTMENT INVEST PUBLIC 03748R762 9,145 353,370 SH   DFND 3, 4 302,770 0 50,600
APARTMENT INVEST REIT 03748R101 44,401 1,043,112 SH   DFND 2, 3, 4, 5 888,702 0 154,410
AVALONBAY COMMUN REIT 053484101 96,176 548,865 SH   DFND 1, 2, 3, 4, 5 484,869 0 63,996
BOSTON PROPERTIE REIT 101121101 16,268 112,610 SH   DFND 3, 4 112,610 0 0
BRANDYWINE RLTY REIT 105368203 9,748 619,451 SH   DFND 3, 4, 5 472,105 0 147,346
CAMDEN PROP TR REIT 133131102 55,644 631,883 SH   DFND 2, 3, 4, 5 541,344 0 90,539
CARETRUST REI REIT 14174T107 12,527 940,057 SH   DFND 2, 3, 4, 5 769,449 0 170,608
CHESAPEAKE LODGI REIT 165240102 33,344 1,085,946 SH   DFND 2, 3, 4, 5 1,006,566 0 79,380
CORESITE REALTY REIT 21870Q105 18,041 177,079 SH   DFND 1, 2, 3, 4, 5 139,199 0 37,880
CUBESMART REIT 229663109 33,144 1,109,976 SH   DFND 2, 3, 4, 5 970,026 0 139,950
CYRUSONE INC REIT 23283R100 29,479 564,429 SH   DFND 2, 3, 4, 5 460,174 0 104,255
DCT INDUSTRIAL T REIT 233153204 25,362 452,741 SH   DFND 2, 3, 4, 5 366,621 0 86,120
DDR CORP REIT 23317H584 12,396 1,622,040 SH   DFND 2, 3, 4, 5 1,297,726 0 324,314
DIGITAL REALTY REIT 253868103 64,095 585,963 SH   DFND 2, 3, 4, 5 491,613 0 94,350
DOUGLAS EMMETT REIT 25960P109 16,100 373,723 SH   DFND 3, 4 373,723 0 0
DUKE REALTY CORP REIT 264411505 23,304 886,479 SH   DFND 3, 4, 5 681,899 0 204,580
EMPIRE STATE REA REIT 292104106 40,834 2,222,530 SH   DFND 1, 2, 3, 4, 5 2,042,420 0 180,110
EQUINIX INC REIT 29444U700 11,379 27,476 SH   DFND 3, 4, 5 19,868 0 7,608
EQUITY RESIDENTI REIT 29476L107 31,335 468,899 SH   DFND 1, 3, 4, 5 421,697 0 47,202
ESSEX PROPERTY REIT 297178105 16,951 60,095 SH   DFND 3, 4 60,095 0 0
EXTRA SPACE STOR REIT 30225T102 45,893 498,019 SH   DFND 2, 3, 4, 5 431,981 0 66,038
FED REALTY INVS REIT 313747206 63,244 507,928 SH   DFND 1, 2, 3, 4, 5 451,562 0 56,366
FOREST CITY RE-A REIT 345605109 14,731 620,878 SH   DFND 3, 4 620,878 0 0
FOUR CORNERS PRO REIT 35086T109 17,536 688,827 SH   DFND 2, 3, 4 554,078 0 134,749
GGP INC REIT 36174X101 61,868 2,814,452 SH   DFND 1, 2, 3, 4, 5 2,511,799 0 302,653
GRAMERCY PROPERT REIT 385002308 1,907 87,772 SH   DFND 3, 4 9,800 0 77,972
HCP INC REIT 40414L109 5,026 217,663 SH   DFND 3, 4, 5 161,804 0 55,859
HEALTHCARE RLTY REIT 421946104 11,202 407,060 SH   DFND 3, 4, 5 311,233 0 95,827
HIGHWOODS PROP REIT 431284108 27,057 594,478 SH   DFND 2, 3, 4, 5 511,466 0 83,012
HUDSON PACIFIC P REIT 444097109 49,853 1,398,502 SH   DFND 1, 2, 3, 4, 5 1,285,891 0 112,611
INTERXION HOLDIN COM N47279109 27 440 SH   DFND 1, 3, 4 440 0 0
INVITATION HOMES REIT 46187W107 23,442 1,033,038 SH   DFND 2, 3, 4, 5 845,710 0 187,328
JBG SMITH PROPER REIT 46590V100 2,210 62,084 SH   DFND 1, 2, 3, 4, 5 53,034 0 9,050
KILROY REALTY REIT 49427F108 36,080 479,870 SH   DFND 1, 2, 3, 4, 5 423,254 0 56,616
LASALLE HOTEL PR REIT 517942108 18,609 547,559 SH   DFND 3, 4 547,559 0 0
LIBERTY PROP REIT 531172104 37,955 901,722 SH   DFND 2, 3, 4, 5 786,652 0 115,070
MACERICH CO REIT 554382101 15,124 230,412 SH   DFND 3, 4 230,412 0 0
NATIONAL RETAIL REIT 637417106 23,376 550,612 SH   DFND 2, 3, 4 432,239 0 118,373
PARAMOUNT GROUP REIT 69924R108 15,974 958,078 SH   DFND 3, 4 958,078 0 0
PEBBLEBROOK HOTE REIT 70509V100 22,047 617,184 SH   DFND 2, 3, 4, 5 525,350 0 91,834
PENN REIT REIT 709102107 7,132 706,056 SH   DFND 2, 3, 4, 5 597,610 0 108,446
PHYSICIANS REALT REIT 71943U104 35,218 2,123,883 SH   DFND 2, 3, 4, 5 1,827,719 0 296,164
PROLOGIS INC REIT 74340W103 78,034 1,133,496 SH   DFND 1, 2, 3, 4, 5 1,036,649 0 96,847
PUBLIC STORAGE REIT 74460D109 22,262 111,850 SH   DFND 2, 3, 4, 5 90,350 0 21,500
RETAIL PROPERTIE REIT 76131V202 34,280 2,814,159 SH   DFND 2, 3, 4, 5 2,441,920 0 372,239
REXFORD INDUSTRI REIT 76169C100 16,677 494,570 SH   DFND 1, 3, 4 494,570 0 0
SABRA HEALTH CAR REIT 78573L106 37,137 1,985,140 SH   DFND 2, 3, 4, 5 1,710,023 0 275,117
SIMON PROPERTY REIT 828806109 104,359 638,949 SH   DFND 1, 2, 3, 4, 5 556,222 0 82,727
SL GREEN REALTY REIT 78440X101 15,871 139,841 SH   DFND 3, 4 139,841 0 0
STORE CAPITAL REIT 862121100 14,842 597,991 SH   DFND 2, 3, 4 406,130 0 191,861
SUMMIT HOTEL PRO REIT 866082100 33,501 2,357,485 SH   DFND 2, 3, 4, 5 2,013,755 0 343,730
SUNSTONE HOTEL REIT 867892101 28,171 1,762,832 SH   DFND 2, 3, 4, 5 1,493,216 0 269,616
TAUBMAN CENTERS REIT 876664103 15,087 226,486 SH   DFND 3, 4 226,486 0 0
TERRENO REALTY C REIT 88146M101 16,254 401,742 SH   DFND 3, 4 401,742 0 0
VORNADO RLTY TST REIT 929042109 53,476 735,249 SH   DFND 1, 2, 3, 4, 5 664,473 0 70,776
WASHINGTON REIT REIT 939653101 19,502 680,676 SH   DFND 2, 3, 4, 5 581,208 0 99,468
WELLTOWER INC REIT 95040Q104 57,808 1,015,164 SH   DFND 2, 3, 4, 5 844,655 0 170,509