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 42,939 1,568,834 SH   DFND 1,2,3,4 1,448,354 0 120,480
Agree Realty Corp COM 008492100 22,527 351,702 SH   DFND 1,2,3,5 243,759 0 107,943
Alexandria Real Estate Equities Inc COM 015271109 26,304 186,434 SH   DFND 1,2,4 186,434 0 0
American Assets Trust Inc COM 024013104 13,400 284,374 SH   DFND 1,2,3,5 232,007 0 52,367
American Campus Communities Inc COM 024835100 32,376 701,396 SH   DFND 1,2,3,5 580,613 0 120,783
Apartment Investment & Management Co CL A 03748R754 61,174 1,220,544 SH   DFND 1,2,3,5,6 1,021,753 0 198,791
AvalonBay Communities Inc COM 053484101 128,040 630,179 SH   DFND 1,2,3,4,5,6 553,203 0 76,976
Boston Properties Inc COM 101121101 58,286 451,830 SH   DFND 1,2,3,4,5 410,824 0 41,006
Brookfield Property REIT Inc CL A 11282X103 28,290 1,497,629 SH   DFND 1,2,4 1,497,629 0 0
Camden Property Trust SH BEN INT 133131102 73,647 705,494 SH   DFND 1,2,3,5,6 589,674 0 115,820
CareTrust REIT Inc COM 14174T107 26,388 1,109,680 SH   DFND 1,2,3,5,6 955,025 0 154,655
Chesapeake Lodging Trust SH BEN INT 165240102 27,174 956,147 SH   DFND 1,2 956,147 0 0
Cousins Properties Inc COM NEW 222795502 40,924 1,131,432 SH   DFND 1,2,3,5,6 943,055 0 188,377
CyrusOne Inc COM 23283R100 17,521 303,547 SH   DFND 1,2,3,5 267,273 0 36,274
Douglas Emmett Inc COM 25960P109 27,059 679,181 SH   DFND 1,2 679,181 0 0
Duke Realty Corp COM NEW 264411505 57,599 1,822,169 SH   DFND 1,2,3,5,6 1,499,499 0 322,670
Empire State Realty Trust Inc CL A 292104106 63,487 4,286,771 SH   DFND 1,2,3,4,5,6 3,905,377 0 381,394
Equinix Inc COM 29444U700 77,326 153,337 SH   DFND 1,2,3,4,5,6 117,623 0 35,714
Equity Residential SH BEN INT 29476L107 41,220 542,940 SH   DFND 1,2,3,4,5 509,078 0 33,862
Essex Property Trust Inc COM 297178105 27,424 93,939 SH   DFND 1,2 93,939 0 0
Extra Space Storage Inc COM 30225T102 27,322 257,511 SH   DFND 1,2,3,5 213,503 0 44,008
Federal Realty Investment Trust SH BEN INT NEW 313747206 27,428 213,020 SH   DFND 1,2,4 213,020 0 0
Four Corners Property Trust Inc COM 35086T109 22,893 837,656 SH   DFND 1,2,3,5 596,453 0 241,203
HCP Inc COM 40414L109 39,150 1,224,193 SH   DFND 1,2,3,5 997,077 0 227,116
Highwoods Properties Inc COM 431284108 37,783 914,836 SH   DFND 1,2,3,5,6 759,716 0 155,120
Host Hotels & Resorts Inc COM 44107P104 46,230 2,537,329 SH   DFND 1,2,3,5,6 2,104,718 0 432,611
Hudson Pacific Properties Inc COM 444097109 70,978 2,133,398 SH   DFND 1,2,3,4,5,6 1,927,187 0 206,211
Invitation Homes Inc COM 46187W107 71,744 2,684,044 SH   DFND 1,2,3,5,6 2,265,593 0 418,451
Kilroy Realty Corp COM 49427F108 187 2,537 SH   DFND 1,2,4 2,537 0 0
Liberty Property Trust SH BEN INT 531172104 22,933 458,288 SH   DFND 1,2,3,5 374,039 0 84,249
Macerich Co COM 554382101 25,504 761,528 SH   DFND 1,2 761,528 0 0
New Senior Investment Group Inc COM 648691103 11,200 1,666,700 SH   DFND 1,2,3,5,6 1,398,451 0 268,249
Paramount Group Inc COM 69924R108 27,184 1,940,330 SH   DFND 1,2 1,940,330 0 0
Pebblebrook Hotel Trust COM 70509V100 74,460 2,642,288 SH   DFND 1,2,3,4,5,6 2,360,748 0 281,540
Physicians Realty Trust COM 71943U104 32,428 1,859,419 SH   DFND 1,2,3,5,6 1,565,629 0 293,790
Prologis Inc COM 74340W103 149,806 1,870,235 SH   DFND 1,2,3,4,5,6 1,602,490 0 267,745
Public Storage COM 74460D109 100,441 421,719 SH   DFND 1,2,3,5,6 356,169 0 65,550
QTS Realty Trust Inc COM CL A 74736A103 30,839 667,800 SH   DFND 1,2,3,5,6 564,320 0 103,480
QTS Realty Trust Inc 6.50% CON PFD B 74736A301 8,550 77,181 SH   DFND 1,2 53,441 0 23,740
Regency Centers Corp COM 758849103 61,201 917,005 SH   DFND 1,2,3,5,6 775,485 0 141,520
Rexford Industrial Realty Inc COM 76169C100 29,303 725,868 SH   DFND 1,2,4 725,868 0 0
Sabra Health Care REIT Inc COM 78573L106 28,825 1,463,920 SH   DFND 1,2,3,5,6 1,220,629 0 243,291
Simon Property Group Inc COM 828806109 130,063 814,113 SH   DFND 1,2,3,4,5,6 712,276 0 101,837
SITE Centers Corp COM 82981J109 32,073 2,422,407 SH   DFND 1,2,3,5,6 2,051,306 0 371,101
SL Green Realty Corp COM 78440X101 25,649 319,134 SH   DFND 1,2 319,134 0 0
Spirit Realty Capital Inc COM NEW 84860W300 24,973 585,395 SH   DFND 1,2,3,5 396,228 0 189,167
STORE Capital Corp COM 862121100 1,430 43,071 SH   DFND 1,2,5 43,071 0 0
Taubman Centers Inc COM 876664103 25,372 621,394 SH   DFND 1,2 621,394 0 0
Terreno Realty Corp COM 88146M101 29,352 598,536 SH   DFND 1,2 598,536 0 0
Ventas Inc COM 92276F100 98,705 1,444,117 SH   DFND 1,2,3,5,6 1,193,455 0 250,662
VICI Properties Inc COM 925652109 35,734 1,621,319 SH   DFND 1,2,3 1,127,094 0 494,225
Vornado Realty Trust SH BEN INT 929042109 26,392 411,739 SH   DFND 1,2 411,739 0 0
Washington Real Estate Investment Trust SH BEN INT 939653101 22 830 SH   DFND 1,2,4 830 0 0
Welltower Inc COM 95040Q104 12,504 153,364 SH   DFND 1,2,3 118,599 0 34,765