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
ALEXANDRIA REAL ESTATE EQUIT COMMON 015271109 77,874 1,003,016 SH   DFND 0 755,300 0 247,716
APARTMENT INVT & MGMT CO -A COMMON 03748R101 67,647 2,096,266 SH   DFND 0 1,323,121 0 773,145
ASHFORD HOSPITALITY TR INC PREFERRED 044103505 6,970 253,000 SH   DFND 0 0 0 0
AVALONBAY CMNTYS INC COMMON 053484101 103,525 728,076 SH   DFND 0 489,407 0 238,669
BIOMED RLTY TR INC COMMON 09063H107 128,728 5,896,826 SH   DFND 0 4,666,616 0 1,230,210
BOSTON PROPERTIES INC COMMON 101121101 74,467 630,116 SH   DFND 0 420,332 0 209,784
BRANDYWINE REALTY TRUST COMMON 105368203 30,041 1,925,700 SH   DFND 0 1,294,650 0 631,050
BRE RETAIL HOLDINGS INC COMMON 11120U105 41,631 1,814,000 SH   DFND 0 1,417,050 0 396,950
CBL & ASSOC PROPER COMMON 124830100 9,010 474,194 SH   DFND 0 334,744 0 139,450
COMMONWEALTH REIT PREFERRED 203233606 29,366 1,139,090 SH   DFND 0 0 0 0
U-STORE-IT TRUST COMMON 229663109 29,662 1,619,114 SH   DFND 0 1,161,264 0 457,850
DEVELOPERS DIVERSIFIED RLTY COMMON 23317H102 41,042 2,327,949 SH   DFND 0 1,579,449 0 748,500
DOUGLAS EMMETT INC COMMON 25960P109 18,094 641,176 SH   DFND 0 453,978 0 187,198
DUKE REALTY CORP COMMON 264411505 65,966 3,632,496 SH   DFND 0 2,438,579 0 1,193,917
EASTGROUP PPTY INC COMMON 277276101 19,731 307,196 SH   DFND 0 224,246 0 82,950
EQUITY LIFESTYLE PROPERTIES COMMON 29472R108 23,732 537,405 SH   DFND 0 364,705 0 172,700
EQUITY RESIDENTIAL PROPS TR COMMON 29476L107 96,455 1,531,038 SH   DFND 0 1,010,897 0 520,141
ESSEX PROPERTY TRUST INC COMMON 297178105 35,522 192,106 SH   DFND 0 132,717 0 59,389
EXTRA SPACE STORAGE INC COMMON 30225T102 11,109 208,624 SH   DFND 0 154,574 0 54,050
FEDERAL REALTY INVS TRUST COMMON 313747206 33,213 274,668 SH   DFND 0 177,916 0 96,752
GENERAL GROWTH PROPERTIE-W/I COMMON 370023103 38,350 1,627,739 SH   DFND 0 1,167,080 0 460,659
HCP INC COMMON 40414L109 104,036 2,514,163 SH   DFND 0 1,786,936 0 727,227
HEALTH CARE REIT INC COMMON 42217K106 83,299 1,329,174 SH   DFND 0 888,374 0 440,800
HOST MARRIOTT CORP-W/I COMMON 44107P104 64,265 2,919,806 SH   DFND 0 1,990,408 0 929,398
HYATT HOTELS CORP COMMON 448579102 22,657 371,546 SH   DFND 0 245,246 0 126,300
KILROY RLTY CORP COMMON 49427F108 17,309 277,925 SH   DFND 0 191,186 0 86,739
KIMCO RLTY CORP COMMON 49446R109 56,516 2,459,362 SH   DFND 0 1,543,612 0 915,750
KITE RLTY GROUP TR COMMON 49803T102 2,636 429,300 SH   DFND 0 429,300 0 0
LA QUINTA HOLDINGS INC COMMON 50420D108 14,351 749,800 SH   DFND 0 749,800 0 0
LASALLE HOTEL PPTYS COMMON 517942108 18,319 519,095 SH   DFND 0 377,595 0 141,500
LIBERTY PROPERTY TRUST COMMON 531172104 1,460 38,496 SH   DFND 0 15,956 0 22,540
MACERICH CO/THE COMMON 554382101 66,252 992,534 SH   DFND 0 664,356 0 328,178
MACK-CALI REALTY CORP COMMON 554489104 20,428 951,040 SH   DFND 0 906,400 0 44,640
AMB PROPERTY CORP COMMON 74340W103 146,465 3,564,504 SH   DFND 0 2,555,069 0 1,009,435
PUBLIC STORAGE COMMON 74460D109 119,952 700,040 SH   DFND 0 456,534 0 243,506
RLJ LODGING TRUST COMMON 74965L101 31,745 1,098,820 SH   DFND 0 762,920 0 335,900
REGENCY CENTERS CORP COMMON 758849103 24,248 435,496 SH   DFND 0 299,746 0 135,750
NRDC ACQUISITION CORP COMMON 76131N101 27,261 1,733,073 SH   DFND 0 1,352,973 0 380,100
REXFORD INDL RLTY INC COMMON 76169C100 16,099 1,130,550 SH   DFND 0 1,130,550 0 0
SL GREEN REALTY CORP COMMON 78440X101 32,474 296,811 SH   DFND 0 206,037 0 90,774
SAUL CENTERS INC COMMON 804395101 1,079 22,200 SH   DFND 0 0 0 22,200
SELECT INCOME REIT COMMON 81618T100 10,694 360,800 SH   DFND 0 360,800 0 0
SENIOR HOUSING PROP TRUST COMMON 81721M109 45,100 1,856,715 SH   DFND 0 1,583,265 0 273,450
SIMON PPTY GROUP INC NEW COMMON 828806109 212,044 1,275,224 SH   DFND 0 844,125 0 431,099
SUNSTONE HOTEL INVESTORS INC COMMON 867892101 29,366 1,966,930 SH   DFND 0 1,358,180 0 608,750
SUNSTONE HOTEL INVS INC NEW PREFERRED 867892507 13,107 499,142 SH   DFND 0 0 0 0
TAUBMAN CENTERS INC COMMON 876664103 44,694 589,550 SH   DFND 0 384,404 0 205,146
UDR INC COMMON 902653104 49,091 1,714,682 SH   DFND 0 1,124,336 0 590,346
VENTAS INC COMMON 92276F100 61,624 961,371 SH   DFND 0 672,302 0 289,069
VORNADO REALTY TRUST COMMON 929042109 92,784 869,335 SH   DFND 0 574,446 0 294,889
WEINGARTEN REALTY INVESTORS COMMON 948741103 15,247 464,290 SH   DFND 0 332,140 0 132,150