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
Access Midstream Partners LP U UNIT 00434L109 49,168 918,334 SH   DFND 1 758,334 0 160,000
AGRIUM INC COM 008916108 185 2,200 SH   DFND   2,200 0 0
Alexander's Inc COM 014752109 2,231 6,933 SH   DFND 1 0 0 6,933
American Realty Capital Proper COM 02917T104 3,551 267,627 SH   DFND 1 160,527 0 107,100
American Tower Corp COM 03027X100 208,581 2,628,624 SH   DFND 1 2,345,524 0 283,100
Associated Estates Realty Corp COM 045604105 26,278 1,713,054 SH   DFND 1 1,030,354 0 682,700
AT&T Inc COM 00206R102 2,739 80,985 SH   DFND 1 80,985 0 0
AvalonBay Communities Inc COM 053484101 91,397 730,886 SH   DFND 1 468,486 0 262,400
B&G Foods Inc COM 05508R106 691 20,000 SH   DFND 1 20,000 0 0
BANK MONTREAL QUE COM 063671101 368 5,500 SH   DFND   5,500 0 0
BANK N S HALIFAX COM 064149107 373 6,500 SH   DFND   6,500 0 0
Bank of America Corp COM 060505104 71,532 5,183,500 SH   DFND 1 5,183,500 0 0
Bank of America Corp *W EXP 10/28/201 060505153 355 450,000 SH   DFND 1 450,000 0 0
Barrick Gold Corp COM 067901108 1,214 65,200 SH   DFND 1 65,200 0 0
Basic Energy Services Inc COM 06985P100 3,159 249,936 SH   DFND 1 249,936 0 0
Beazer Homes USA Inc COM NEW 07556Q881 16,730 921,984 SH   DFND 1 573,104 0 0
Blackberry Ltd COM 09228F103 278 35,000 SH   DFND 1 35,000 0 0
BP PLC SPONSORED ADR 055622104 12,288 292,418 SH   DFND 1 292,418 0 0
BRE Properties Inc CL A 05564E106 50,033 916,194 SH   DFND 1 560,594 0 355,600
BreitBurn Energy Partners LP COM UT LTD PTN 106776107 240 13,075 SH   DFND 1 13,075 0 0
British American Tobacco PLC SPONSORED ADR 110448107 925 8,800 SH   DFND 1 8,800 0 0
BROOKDALE SR LIVING INC COM 112463104 1,631 62,000 SH   DFND   62,000 0 0
BROOKFIELD CDA OFFICE PPTYS TR UNIT 112823109 268,857 10,564,117 SH   DFND   10,564,117 0 0
BROOKFIELD INFRAST PARTNERS LP INT UNIT G16252101 1,860 48,930 SH   DFND   48,930 0 0
BROOKFIELD OFFICE PPTYS INC COM 112900105 4,755,344 249,362,561 SH   DFND   249,362,561 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 875,962 45,199,271 SH   DFND   45,199,271 0 0
BROOKFIELD RESIDENTIAL PPTYS COM 11283W104 1,875,971 81,493,112 SH   DFND   81,493,112 0 0
Camden Property Trust SH BEN INT 133131102 56,589 881,446 SH   DFND 1 561,600 0 319,846
CANADIAN NAT RES LTD COM 136385101 189 6,000 SH   DFND   6,000 0 0
CDN IMPERIAL BK OF COMMERCE COM 136069101 319 4,000 SH   DFND   4,000 0 0
CenturyLink Inc COM 156700106 1,438 45,820 SH   DFND 1 45,820 0 0
Chevron Corp COM 166764100 972 8,000 SH   DFND 1 8,000 0 0
Chicago Bridge & Iron Co NV COM 167250109 2,812 41,500 SH   DFND 1 41,500 0 0
Cia de Saneamento Basico do Es SPONSORED ADR 20441A102 40,693 3,835,300 SH   DFND 1 3,386,000 0 449,300
Coca-Cola Co/The COM 191216100 6,129 161,800 SH   DFND 1 161,800 0 0
ConocoPhillips COM 20825C104 521 7,500 SH   DFND 1 7,500 0 0
Consolidated-Tomoka Land Co COM 210226106 6,739 179,610 SH   DFND 1 97,528 0 82,082
CorEnergy Infrastructure Trust COM 21870U205 2,882 412,900 SH   DFND 1 412,900 0 0
Corporate Office Properties Tr SH BEN INT 22002T108 15,717 638,900 SH   DFND 1 398,500 0 240,400
Crosstex Energy LP COM 22765U102 14,370 566,800 SH   DFND 1 566,800 0 0
Crown Castle International Cor COM 228227104 130,100 1,711,390 SH   DFND 1 1,517,190 0 194,200
CVR Refining LP COMUNIT REP LT 12663P107 2,526 103,800 SH   DFND 1 103,800 0 0
DIANA SHIPPING INC COM Y2066G104 604 50,000 SH   DFND   50,000 0 0
Douglas Emmett Inc COM 25960P109 94,985 3,810,054 SH   DFND 1 2,394,554 0 1,415,500
DuPont Fabros Technology Inc COM 26613Q106 39,313 1,582,008 SH   DFND 1 1,003,074 0 578,934
Emerge Energy Services LP COM REP PARTN 29102H108 10,430 274,900 SH   DFND 1 274,900 0 0
Emeritus Corp COM 291005106 20,214 1,054,999 SH   DFND 1 751,600 0 303,399
Enbridge Energy Management LLC SHS UNITS LLI 29250X103 12,290 430,920 SH   DFND 1 430,920 0 0
ENBRIDGE INC COM 29250N105 559 13,400 SH   DFND   13,400 0 0
Enbridge Inc COM 29250N105 4,920 113,400 SH   DFND 1 113,400 0 0
Energy Transfer Equity LP COM UT LTD PTN 29273V100 47,492 702,641 SH   DFND 1 589,941 0 112,700
Energy Transfer Prtners LP UNIT LTD PARTN 29273R109 6,468 122,100 SH   DFND 1 122,100 0 0
Enterprise Prods Partners LP COM 293792107 50,582 799,341 SH   DFND 1 626,841 0 172,500
EPR PPTYS CONV PFD 9% SR E 26884U307 6,073 207,898 SH   DFND 1 207,898 0 0
EQT Midstream Partners LP UNIT LTD PARTN 26885B100 28,173 535,301 SH   DFND 1 435,601 0 99,700
Equity Lifestyle Properties In COM 29472R108 34,926 919,348 SH   DFND 1 589,348 0 330,000
Equity Residential SH BEN INT 29476L107 176,789 3,376,407 SH   DFND 1 2,139,707 0 1,236,700
Essex Property Trust Inc COM 297178105 75,249 467,388 SH   DFND 1 293,041 0 174,347
EV Energy Partners LP COM UNITS 26926V107 38,110 1,034,750 SH   DFND 1 926,950 0 107,800
Exterran Partners LP COM UNITS 30225N105 10,004 322,300 SH   DFND 1 322,300 0 0
Frontier Communications Corp COM 35906A108 3,966 951,086 SH   DFND 1 951,086 0 0
General Electric Co COM 369604103 1,196 100,100 SH   DFND 1 100,100 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 6,899,315 357,662,764 SH   DFND 2 357,662,764 0 0
General MLS Inc COM 370334104 6,215 129,696 SH   DFND 1 129,696 0 0
General Motors Co COM 37045V100 23,278 647,164 SH   DFND 1 647,164 0 0
General Motors Co *W EXP 07/10/201 37045V118 1,148 43,447 SH   DFND 1 43,447 0 0
General Motors Co *W EXP 07/10/202 37045V126 808 43,447 SH   DFND 1 43,447 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,116 60,000 SH   DFND   60,000 0 0
Halliburton Co COM 406216101 12,495 259,500 SH   DFND 1 259,500 0 0
HCP Inc COM 40414L109 62,104 1,496,733 SH   DFND 1 975,733 0 521,000
Highwoods Properties Inc COM 431284108 110,474 2,862,023 SH   DFND 1 1,789,015 0 1,073,008
Home Loan Servicing Solutions ORD SHS G6648D109 4,732 215,000 SH   DFND 1 215,000 0 0
Host Hotels & Resorts Inc COM 44107P104 42,702 2,302,013 SH   DFND 1 1,450,713 0 851,300
Hyatt Hotels Corp COM CL A 448579102 29,869 627,509 SH   DFND 1 400,609 0 226,900
Iron Mountain Inc COM 462846106 118,451 4,462,214 SH   DFND 1 2,809,245 0 1,652,969
iShares CORE S&P500 ETF 464287200 2,636 15,607 SH   DFND 1 15,607 0 0
iShares MSCI EMG MKT ETF 464287234 6,008 147,425 SH   DFND 1 147,425 0 0
iShares S&P 500 GRWT ETF 464287309 1,078 12,059 SH   DFND 1 12,059 0 0
iShares S&P 500 VAL ETF 464287408 713 9,103 SH   DFND 1 9,103 0 0
iShares MSCI EAFE ETF 464287465 8,078 126,620 SH   DFND 1 126,620 0 0
iShares RUS MID-CAP ETF 464287499 18,123 130,314 SH   DFND 1 130,314 0 0
iShares CORE S&P MCP ETF 464287507 3,406 27,433 SH   DFND 1 27,433 0 0
iShares RUS 1000 ETF 464287622 1,750 18,582 SH   DFND 1 18,582 0 0
iShares RUSSELL 2000 ETF 464287655 9,562 89,693 SH   DFND 1 89,693 0 0
iShares SP SMCP600VL ETF 464287879 1,959 19,167 SH   DFND 1 19,167 0 0
iShares SP SMCP600GR ETF 464287887 2,080 19,199 SH   DFND 1 19,199 0 0
iShares EAFE VALUE ETF 464288877 256 4,699 SH   DFND 1 4,699 0 0
iShares EAFE GRWTH ETF 464288885 275 4,037 SH   DFND 1 4,037 0 0
ITC Holdings Corp COM 465685105 1,127 11,200 SH   DFND 1 11,200 0 0
JC Penney Co Inc COM 708160106 9,510 1,268,000 SH   DFND 1 1,268,000 0 0
Johnson & Johnson COM 478160104 6,645 76,656 SH   DFND 1 76,656 0 0
JPMorgan Chase & Co COM 46625H100 38,721 749,100 SH   DFND 1 749,100 0 0
JPMorgan Chase & Co *W EXP 10/28/201 46634E114 1,676 100,000 SH   DFND 1 100,000 0 0
JUST ENERGY GROUP INC COM 48213W101 213 33,368 SH   DFND   33,368 0 0
KBR Inc COM 48242W106 979 30,000 SH   DFND 1 30,000 0 0
Kellogg Co COM 487836108 5,764 98,120 SH   DFND 1 98,120 0 0
Kinder Morgan Inc/DE COM 49456B101 2,056 57,800 SH   DFND 1 57,800 0 0
Liberty Property Trust SH BEN INT 531172104 76,097 2,046,165 SH   DFND 1 1,229,496 0 816,669
LOWES COS INC COM 548661107 1,976 41,500 SH   DFND   41,500 0 0
LRR Energy LP COM 50214A104 3,940 239,100 SH   DFND 1 239,100 0 0
Mack-Cali Realty Corp COM 554489104 61,491 2,990,801 SH   DFND 1 1,812,300 0 1,178,501
Markwest Energy Partners LP UNIT LTD PARTN 570759100 40,025 538,844 SH   DFND 1 445,544 0 93,300
Marlin Midstream Partners LP COM UTLTD PTN IN 57118V100 1,816 100,000 SH   DFND 1 100,000 0 0
McDonald's Corp COM 580135101 7,096 73,750 SH   DFND 1 73,750 0 0
Merck & Co Inc COM 58933Y105 2,104 44,200 SH   DFND 1 44,200 0 0
MGM Resorts International COM 552953101 14,737 773,996 SH   DFND 1 481,900 0 292,096
Microsoft Corp COM 594918104 7,489 224,895 SH   DFND 1 224,895 0 0
Mid-America Apartment Communit COM 59522J103 103,514 1,558,942 SH   DFND 1 986,242 0 572,700
Mondelez International Inc CL A 609207105 6,808 216,750 SH   DFND 1 216,750 0 0
MPLX LP COM UNIT REP LTD 55336V100 26,132 709,349 SH   DFND 1 601,549 0 107,800
National Grid PLC SPON ADR NEW 636274300 16,035 254,800 SH   DFND 1 254,800 0 0
NextEra Energy Inc COM 65339F101 780 9,200 SH   DFND 1 9,200 0 0
Niska Gas Storage Partners LLC UNIT LTD LIABI 654678101 193 12,500 SH   DFND 1 12,500 0 0
NiSource Inc COM 65473P105 62,974 1,997,900 SH   DFND 1 1,782,500 0 215,400
North American Energy Partners COM 656844107 3,846 705,698 SH   DFND 1 705,698 0 0
Northeast Utilities COM 664397106 82,727 1,928,816 SH   DFND 1 1,732,216 0 196,600
NRG Yield Inc COM CL A 62942X108 926 26,136 SH   DFND 1 26,136 0 0
NuStar Energy LP UNIT COM 67058H102 1,656 38,400 SH   DFND 1 38,400 0 0
Ocwen Financial Corp COM NEW 675746309 2,789 50,000 SH   DFND 1 50,000 0 0
Oneok Inc COM 682680103 94,648 1,675,183 SH   DFND 1 1,476,983 0 198,200
PAA Natural Gas Storage LP COM UNIT LTD 693139107 3,971 174,300 SH   DFND 1 174,300 0 0
Patterson-UTI Energy Inc COM 703481101 855 40,000 SH   DFND 1 40,000 0 0
Pembina Pipeline Corp COM 706327103 63,452 1,934,432 SH   DFND 1 725,988 0 725,988
Philip Morris International In COM 718172109 7,818 90,300 SH   DFND 1 90,300 0 0
Phillips 66 Partners LP COM UNIT REP INT 718549207 4,670 139,000 SH   DFND 1 106,200 0 32,800
Post Properties Inc COM 737464107 1,020 22,300 SH   DFND 1 22,300 0 0
Procter & Gamble Co/The COM 742718109 6,141 81,230 SH   DFND 1 81,230 0 0
Public Storage COM 74460D109 1,927 12,000 SH   DFND 1 12,000 0 0
QEP Midstream Partners LP COM UNIT RP LTD 74735R115 589 25,700 SH   DFND 1 25,700 0 0
ROUSE PPTYS INC COM 779287101 547,029 26,580,603 SH   DFND 2 26,580,603 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 1,027 16,000 SH   DFND   16,000 0 0
Royal Dutch Shell PLC SPON ADR B 780259107 9,016 130,900 SH   DFND 1 130,900 0 0
SBA Communications Corp COM 78388J106 97,522 1,115,943 SH   DFND 1 999,343 0 116,600
SemGroup Corp CL A 81663A105 62,347 1,032,400 SH   DFND 1 901,800 0 130,600
Sempra Energy COM 816851109 133,191 1,461,393 SH   DFND 1 1,313,893 0 147,500
Simon Property Group Inc COM 828806109 188,557 1,220,040 SH   DFND 1 794,394 0 425,646
SL Green Realty Corp COM 78440X101 90,079 952,514 SH   DFND 1 604,263 0 348,251
SPDR S&P 500 ETF Trust TR UNIT 78462F103 23,965 142,641 SH   DFND 1 142,641 0 0
SPDR S&P MidCap 400 ETF Trust UTSER1 & S&PCRP 78467Y107 3,483 15,390 SH   DFND 1 15,390 0 0
Spectra Energy Corp COM 847560109 171,056 4,810,185 SH   DFND 1 4,312,085 0 498,100
Starwood Hotels & Resorts Worl COM 85590A401 17,081 232,013 SH   DFND 1 162,813 0 69,200
Strategic Hotels & Resorts Inc COM 86272T106 13,233 1,521,006 SH   DFND 1 892,400 0 628,606
Sun Life Financial Inc COM 866796105 6,102 191,100 SH   DFND 1 191,100 0 0
Superior Energy Services Inc COM 868157108 3,185 127,200 SH   DFND 1 127,200 0 0
Targa Resources Corp COM 87612G101 49,987 644,500 SH   DFND 1 586,500 0 58,000
The Williams Companies, Inc. COM 969457100 124,142 3,476,381 SH   DFND 1 3,151,481 0 324,900
TORONTO DOMINION BK ONT COM NEW 891160509 477 5,300 SH   DFND   5,300 0 0
TRANSCANADA CORP COM 89353D107 176 4,000 SH   DFND   4,000 0 0
TransCanada Corp COM 89353D107 185,469 4,116,180 SH   DFND 1 3,668,780 0 447,400
TRW Automotive Holdings Corp COM 87264S106 11,873 166,500 SH   DFND 1 166,500 0 0
Union Pacific Corp COM 907818108 114,716 757,700 SH   DFND 1 680,100 0 77,600
Ventas Inc COM 92276F100 74,509 1,142,079 SH   DFND 1 725,079 0 417,000
Verizon Communications Inc COM 92343V104 350 7,500 SH   DFND 1 7,500 0 0
Weyerhaeuser Co COM 962166104 33,931 1,115,588 SH   DFND 1 643,488 0 472,100
Windstream Holdings Inc COM 97382A101 439 54,900 SH   DFND 1 54,900 0 0
Zillow Inc CL A 98954A107 1,189 14,100 SH   DFND 1 14,100 0 0