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

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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 41,821 1,463,296 SH   DFND 1,2,3 1,356,986 0 106,310
Agree Realty Corp COM 008492100 21,993 300,652 SH   DFND 1,2,3,4 205,449 0 95,203
Alexandria Real Estate Equities Inc COM 015271109 28,090 182,358 SH   DFND 1,2 182,358 0 0
American Assets Trust Inc COM 024013104 12,123 259,363 SH   DFND 1,2,3,4 208,336 0 51,027
AvalonBay Communities Inc COM 053484101 42,693 198,268 SH   DFND 1,2,3,4 186,512 0 11,756
Boston Properties Inc COM 101121101 92,906 716,534 SH   DFND 1,2,3,4,5 632,859 0 83,675
Brookfield Property REIT Inc CL A 11282X103 29,951 1,468,889 SH   DFND 1,2 1,468,889 0 0
Camden Property Trust SH BEN INT 133131102 72,191 650,311 SH   DFND 1,2,3,4,5 535,854 0 114,457
Cousins Properties Inc COM NEW 222795502 52,515 1,397,058 SH   DFND 1,2,3,4,5 1,157,160 0 239,898
CyrusOne Inc COM 23283R100 77,940 985,331 SH   DFND 1,2,3,4,5 808,203 0 177,128
DiamondRock Hospitality Co COM 252784301 42,248 4,121,740 SH   DFND 1,2,3,4,5 3,438,165 0 683,575
Digital Realty Trust Inc COM 253868103 24,642 189,830 SH   DFND 1,2,3,5 147,860 0 41,970
Douglas Emmett Inc COM 25960P109 28,612 668,041 SH   DFND 1,2 668,041 0 0
Duke Realty Corp COM NEW 264411505 56,709 1,669,392 SH   DFND 1,2,3,4,5 1,366,402 0 302,990
Empire State Realty Trust Inc CL A 292104106 28,913 2,026,165 SH   DFND 1,2 2,026,165 0 0
Equinix Inc COM 29444U700 32,443 56,247 SH   DFND 1,2,3,5 44,937 0 11,310
Equity Residential SH BEN INT 29476L107 127,869 1,482,362 SH   DFND 1,2,3,4,5 1,291,710 0 190,652
Essex Property Trust Inc COM 297178105 28,911 88,509 SH   DFND 1,2 88,509 0 0
Extra Space Storage Inc COM 30225T102 25,382 217,271 SH   DFND 1,2,3,4 176,163 0 41,108
Federal Realty Investment Trust SH BEN INT NEW 313747206 28,399 208,600 SH   DFND 1,2 208,600 0 0
Four Corners Property Trust Inc COM 35086T109 17,964 635,227 SH   DFND 1,2,3,4 431,114 0 204,113
HCP Inc COM 40414L109 70,002 1,964,689 SH   DFND 1,2,3,4,5 1,617,493 0 347,196
Highwoods Properties Inc COM 431284108 19,813 440,880 SH   DFND 1,2,3,4 356,802 0 84,078
Hudson Pacific Properties Inc COM 444097109 74,185 2,217,129 SH   DFND 1,2,3,4,5 1,989,938 0 227,191
Invitation Homes Inc COM 46187W107 64,270 2,170,555 SH   DFND 1,2,3,4,5 1,812,683 0 357,872
Kilroy Realty Corp COM 49427F108 139 1,779 SH   DFND 1,2 1,779 0 0
Liberty Property Trust SH BEN INT 531172104 21,527 419,383 SH   DFND 1,2,3,4 336,524 0 82,859
Macerich Co COM 554382101 30,925 978,948 SH   DFND 1,2 978,948 0 0
New Senior Investment Group Inc COM 648691103 11,147 1,668,651 SH   DFND 1,2,3,4,5 1,399,952 0 268,699
Paramount Group Inc COM 69924R108 29,111 2,180,635 SH   DFND 1,2 2,180,635 0 0
Pebblebrook Hotel Trust COM 70509V100 68,449 2,460,408 SH   DFND 1,2,3,4,5 2,191,226 0 269,182
Prologis Inc COM 74340W103 150,992 1,771,785 SH   DFND 1,2,3,4,5 1,506,878 0 264,907
Public Storage COM 74460D109 96,261 392,469 SH   DFND 1,2,3,4,5 328,769 0 63,700
QTS Realty Trust Inc COM CL A 74736A103 48,487 943,140 SH   DFND 1,2,3,4,5 750,927 0 192,213
QTS Realty Trust Inc 6.50% CON PFD B 74736A301 7,706 63,432 SH   DFND 1,2 39,692 0 23,740
Realty Income Corp COM 756109104 39,002 508,636 SH   DFND 1,2,3,4 330,050 0 178,586
Regency Centers Corp COM 758849103 49,761 716,084 SH   DFND 1,2,3,4,5 599,625 0 116,459
Rexford Industrial Realty Inc COM 76169C100 27,678 628,763 SH   DFND 1,2 628,763 0 0
Sabra Health Care REIT Inc COM 78573L106 31,855 1,387,431 SH   DFND 1,2,3,4,5 1,148,802 0 238,629
SITE Centers Corp COM 82981J109 47,728 3,158,673 SH   DFND 1,2,3,4,5 2,656,287 0 502,386
SL Green Realty Corp COM 78440X101 28,509 348,734 SH   DFND 1,2 348,734 0 0
Spirit Realty Capital Inc COM NEW 84860W300 354 7,397 SH   DFND 1,2,4 7,397 0 0
Sun Communities Inc COM 866674104 28,998 195,340 SH   DFND 1,2,3,4 160,769 0 34,571
Taubman Centers Inc COM 876664103 29,279 717,104 SH   DFND 1,2 717,104 0 0
Terreno Realty Corp COM 88146M101 29,402 575,486 SH   DFND 1,2 575,486 0 0
UDR Inc COM 902653104 61,531 1,269,195 SH   DFND 1,2,3,4,5 1,060,860 0 208,335
Ventas Inc COM 92276F100 84,029 1,150,608 SH   DFND 1,2,3,4,5 945,666 0 204,942
VICI Properties Inc COM 925652109 22,461 991,673 SH   DFND 1,2,3 609,744 0 381,929
Vornado Realty Trust SH BEN INT 929042109 29,040 456,109 SH   DFND 1,2 456,109 0 0
Welltower Inc COM 95040Q104 12,869 141,960 SH   DFND 1,2,3 108,135 0 33,825