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 23,578 751,962 SH   DFND 1, 3, 4 751,962 0 0
AGREE REALTY CORP COM 008492100 24,860 427,716 SH   DFND 2, 3, 4 331,826 0 95,890
ALEXANDRIA REAL ESTATE EQ INC COM 015271109 43,249 321,942 SH   DFND 1, 3, 4 287,145 0 34,797
AMERICAN CAMPUS CMNTYS INC COM 024835100 32,233 721,817 SH   DFND 2, 3, 4 620,064 0 101,753
APARTMENT INVT & MGMT CO PFD CL A 6.875% 03748R762 8,995 350,670 SH   DFND 3, 4 300,070 0 50,600
APARTMENT INVT & MGMT CO CL A 03748R101 52,885 1,189,849 SH   DFND 2, 3, 4 1,015,281 0 174,568
AVALONBAY CMNTYS INC COM 053484101 126,722 689,292 SH   DFND 1, 2, 3, 4 609,278 0 80,014
BOSTON PROPERTIES INC COM 101121101 78,922 583,675 SH   DFND 1, 2, 3, 4 527,164 0 56,511
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 25,694 1,419,121 SH   DFND 2, 3, 4 1,214,095 0 205,026
CAMDEN PPTY TR SH BEN INT 133131102 37,614 388,108 SH   DFND 2, 3, 4 334,046 0 54,062
CARETRUST REIT INC COM 14174T107 9,137 549,812 SH   DFND 2, 3, 4 460,804 0 89,008
CHESAPEAKE LODGING TR SH BEN INT 165240102 22,033 609,639 SH   DFND 3, 4 609,639 0 0
CORESITE RLTY CORP COM 21870Q105 2,357 21,273 SH   DFND 3, 4 21,273 0 0
CUBESMART COM 229663109 35,393 1,029,376 SH   DFND 2, 3, 4 897,716 0 131,660
CYRUSONE INC COM 23283R100 47,137 766,644 SH   DFND 2, 3, 4 665,649 0 100,995
DCT INDUSTRIAL TRUST INC COM NEW 233153204 45,218 651,961 SH   DFND 2, 3, 4 544,863 0 107,098
DDR CORP COM 23317H854 20,349 1,072,931 SH   DFND 2, 3, 4 901,090 0 171,841
DIGITAL RLTY TR INC COM 253868103 23,782 206,330 SH   DFND 2, 3, 4 170,090 0 36,240
DOUGLAS EMMETT INC COM 25960P109 23,236 504,762 SH   DFND 3, 4 504,762 0 0
DUKE REALTY CORP COM NEW 264411505 24,516 849,419 SH   DFND 3, 4 653,769 0 195,650
EDUCATION RLTY TR INC COM NEW 28140H203 564 13,643 SH   DFND 2, 3, 4 11,507 0 2,136
EMPIRE STATE RLTY TR INC CL A 292104106 49,524 2,647,068 SH   DFND 2, 3, 4 2,453,474 0 193,594
EQUINIX INC COM PAR $0.001 29444U700 61,722 140,169 SH   DFND 2, 3, 4 109,611 0 30,558
EQUITY RESIDENTIAL SH BEN INT 29476L107 22,513 309,186 SH   DFND 1, 3, 4 309,186 0 0
ESSEX PPTY TR INC COM 297178105 22,309 81,490 SH   DFND 3, 4 81,490 0 0
EXTRA SPACE STORAGE INC COM 30225T102 50,315 472,774 SH   DFND 2, 3, 4 411,196 0 61,578
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 74,939 548,758 SH   DFND 1, 2, 3, 4 496,472 0 52,286
FOREST CITY RLTY TR INC COM CL A 345605109 30,163 1,188,660 SH   DFND 3, 4 1,140,100 0 48,560
FOUR CORNERS PPTY TR INC COM 35086T109 24,726 914,663 SH   DFND 2, 3, 4 703,664 0 210,999
GGP INC COM 36174X101 58,730 2,641,341 SH   DFND 1, 2, 3, 4 2,410,258 0 231,083
HCP INC COM 40414L109 10,476 408,143 SH   DFND 3, 4 308,774 0 99,369
HIGHWOODS PPTYS INC COM 431284108 29,798 560,478 SH   DFND 2, 3, 4 483,826 0 76,652
HOST HOTELS & RESORTS INC COM 44107P104 43,023 1,933,331 SH   DFND 2, 3, 4 1,642,662 0 290,669
HUDSON PAC PPTYS INC COM 444097109 59,940 1,550,710 SH   DFND 2, 3, 4 1,422,419 0 128,291
INVITATION HOMES INC COM 46187W107 40,481 1,671,115 SH   DFND 2, 3, 4 1,433,835 0 237,280
KILROY RLTY CORP COM 49427F108 3,354 44,595 SH   DFND 1, 3, 4 36,137 0 8,458
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 21,789 555,865 SH   DFND 3, 4 555,865 0 0
LIBERTY PPTY TR SH BEN INT 531172104 42,286 890,167 SH   DFND 2, 3, 4 775,097 0 115,070
MACERICH CO COM 554382101 36,323 576,095 SH   DFND 2, 3, 4 544,235 0 31,860
NATIONAL RETAIL PPTYS INC COM 637417106 8,770 179,013 SH   DFND 3, 4 137,115 0 41,898
PARAMOUNT GROUP INC COM 69924R108 22,683 1,285,636 SH   DFND 3, 4 1,285,636 0 0
PHYSICIANS RLTY TR COM 71943U104 34,039 1,993,373 SH   DFND 2, 3, 4 1,697,209 0 296,164
PROLOGIS INC COM 74340W103 75,154 1,044,882 SH   DFND 1, 2, 3, 4 948,679 0 96,203
PUBLIC STORAGE COM 74460D109 24,498 108,570 SH   DFND 2, 3, 4 88,540 0 20,030
RETAIL PPTYS AMER INC CL A 76131V202 23,924 1,775,524 SH   DFND 2, 3, 4 1,572,195 0 203,329
REXFORD INDL RLTY INC COM 76169C100 21,626 601,769 SH   DFND 1, 3, 4 601,769 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 30,769 1,330,455 SH   DFND 2, 3, 4 1,139,018 0 191,437
SIMON PPTY GROUP INC NEW COM 828806109 139,977 772,277 SH   DFND 1, 2, 3, 4 675,690 0 96,587
SL GREEN RLTY CORP COM 78440X101 21,958 190,767 SH   DFND 3, 4 190,767 0 0
STORE CAP CORP REIT 862121100 12,276 448,031 SH   DFND 2, 3, 4 300,460 0 147,571
SUMMIT HOTEL PPTYS INC COM 866082100 18,877 1,282,487 SH   DFND 2, 3, 4 1,061,910 0 220,577
SUNSTONE HOTEL INVS INC NEW COM 867892101 47,086 2,662,230 SH   DFND 2, 3, 4 2,305,274 0 356,956
TAUBMAN CTRS INC COM 876664103 23,690 352,066 SH   DFND 3, 4 352,066 0 0
TERRENO RLTY CORP COM 88146M101 21,482 498,000 SH   DFND 3, 4 498,000 0 0
VICI PPTYS INC COM 925652109 13,285 577,507 SH   DFND 3, 4 442,755 0 134,752
VORNADO RLTY TR SH BEN INT 929042109 23,973 284,589 SH   DFND 1, 2, 3, 4 284,589 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 24,932 776,999 SH   DFND 1, 2, 3, 4 668,279 0 108,720
WELLTOWER INC COM 95040Q104 92,685 1,404,419 SH   DFND 2, 3, 4 1,175,452 0 228,967