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
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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
AVIV REIT COM 05381L101 659 27,800 SH   DFND 1,2,3 0 0 27,800
Acadia Realty Trust COM SH BEN INT 004239109 12,947 521,442 SH   DFND 1,2,3 306,157 0 215,285
American Campus Communities COM 024835100 21,368 663,381 SH   DFND 1,2,3 403,306 0 260,075
Armada Hoffler Properties COM 04208T108 757 81,600 SH   DFND 1,2,3 0 0 81,600
Avalonbay Communities, Inc. COM 053484101 42,038 355,562 SH   DFND 1,2,3 218,102 0 137,460
BRE Properties, Inc. CLA 05564E106 10,578 193,350 SH   DFND 1,2,3 120,375 0 72,975
Boston Properties, Inc. COM 101121101 58,424 582,088 SH   DFND 1,2,3 363,203 0 218,885
Brixmor Property Group Inc COM 11120U105 315 15,489 SH   DFND 1,2,3 15,489 0 0
CBL & Associates Properties, I COM 124830100 2,071 115,330 SH   DFND 1,2,3 87,791 0 27,539
Chesapeake Lodging Trust SH BEN INT 165240102 15,471 611,743 SH   DFND 1,2,3 378,501 0 233,242
Commonwealth REIT COM SH BEN INT 203233101 7,125 305,650 SH   DFND 1,2,3 185,150 0 120,500
Coresite Realty Corp COM 21870Q105 21,850 678,779 SH   DFND 1,2,3 403,703 0 275,076
Cousins Properties Inc. COM 222795106 13,941 1,353,475 SH   DFND 1,2,3 833,700 0 519,775
Cyrusone Inc COM 23283R100 4,953 221,821 SH   DFND 1,2,3 135,447 0 86,374
DCT Industrial Trust Inc COM 233153105 20,488 2,873,458 SH   DFND 1,2,3 1,744,093 0 1,129,365
DDR Corp. COM 23317H102 398 25,879 SH   DFND 1,2,3 25,879 0 0
DiamondRock Hospitality Compan COM 252784301 170 14,745 SH   DFND 1,2,3 14,745 0 0
Digital Realty Trust Inc. COM 253868103 37,323 759,830 SH   DFND 1,2,3 460,076 0 299,754
Douglas Emmett, Inc. COM 25960P109 293 12,573 SH   DFND 1,2,3 12,573 0 0
Duke Realty Corporation COM 264411505 32,666 2,171,919 SH   DFND 1,2,3 1,306,400 0 865,519
Equity One, Inc. COM 294752100 33,117 1,475,794 SH   DFND 1,2,3 909,406 0 566,388
Equity Residential SH BEN INT 29476L107 70,705 1,363,116 SH   DFND 1,2,3 833,692 0 529,424
Essex Property Trust Inc. COM 297178105 9,633 67,124 SH   DFND 1,2,3 42,938 0 24,186
Extra Space Storage Inc COM 30225T102 26,667 632,980 SH   DFND 1,2,3 392,318 0 240,662
Federal Realty Investment Trus SH BEN INT 313747206 29,779 293,650 SH   DFND 1,2,3 182,700 0 110,950
Forest City Enterprise CL A COM 345550107 1,785 93,450 SH   DFND 1,2,3 82,525 0 10,925
General Growth Properties, Inc COM 370023103 18,357 914,666 SH   DFND 1,2,3 526,991 0 387,675
HCP Inc. COM 40414L109 56,605 1,558,505 SH   DFND 1,2,3 943,531 0 614,974
Health Care REIT Inc. COM 42217K106 32,885 613,879 SH   DFND 1,2,3 374,348 0 239,531
Highwoods Properties Inc. COM 431284108 24,715 683,292 SH   DFND 1,2,3 423,692 0 259,600
Host Hotels & Resorts, Inc. COM 44107P104 31,658 1,628,498 SH   DFND 1,2,3 1,042,898 0 585,600
Kilroy Realty Corp. COM 49427F108 25,908 516,301 SH   DFND 1,2,3 321,153 0 195,148
Kimco Realty Corporation COM 49446R109 36,674 1,856,904 SH   DFND 1,2,3 1,146,529 0 710,375
Liberty Property Trust SH BEN INT 531172104 22,150 653,975 SH   DFND 1,2,3 404,775 0 249,200
The Macerich Company COM 554382101 59,394 1,008,564 SH   DFND 1,2,3 610,264 0 398,300
Mack-Cali Realty Corporation COM 554489104 3,468 161,475 SH   DFND 1,2,3 101,600 0 59,875
Mid-America Apartment Communit COM 59522J103 27,668 455,522 SH   DFND 1,2,3 282,289 0 173,233
National Health Investors, Inc COM 63633D104 23,034 410,595 SH   DFND 1,2,3 246,555 0 164,040
National Retail Properties, In COM 637417106 28,305 933,225 SH   DFND 1,2,3 447,250 0 485,975
Pennsylvania REIT SH BEN INT 709102107 26,314 1,386,415 SH   DFND 1,2,3 829,900 0 556,515
Prologis Inc. COM 74340W103 39,970 1,081,731 SH   DFND 1,2,3 667,088 0 414,643
Public Storage, Inc. COM 74460D109 63,412 421,286 SH   DFND 1,2,3 260,111 0 161,175
RLJ Lodging Trust COM 74965L101 30,318 1,246,622 SH   DFND 1,2,3 763,831 0 482,791
Regency Centers Corp. COM 758849103 13,237 285,888 SH   DFND 1,2,3 173,354 0 112,534
SL Green Realty Corp COM 78440X101 17,463 189,039 SH   DFND 1,2,3 118,491 0 70,548
Sabra Health Care REIT Inc COM 78573L106 742 28,400 SH   DFND 1,2,3 0 0 28,400
Select Income Trust SH BEN INT 81618T100 722 27,000 SH   DFND 1,2,3 0 0 27,000
Simon Property Group, Inc. COM 828806109 148,766 977,696 SH   DFND 1,2,3 617,784 0 359,912
Spirit Realty Capital COM 84860W102 31,229 3,176,905 SH   DFND 1,2,3 1,519,092 0 1,657,813
Stag Industrial Inc COM 85254J102 992 48,638 SH   DFND 1,2,3 0 0 48,638
Starwood Hotels & Resorts Worl COM 85590A401 228 2,869 SH   DFND 1,2,3 2,869 0 0
Strategic Hotel and Resorts In COM 86272T106 3,795 401,616 SH   DFND 1,2,3 253,366 0 148,250
Sunstone Hotel Investors Inc. COM 867892101 30,727 2,293,026 SH   DFND 1,2,3 1,432,310 0 860,716
UDR, Inc. COM 902653104 28,954 1,239,982 SH   DFND 1,2,3 762,400 0 477,582
Ventas Inc. COM 92276F100 67,751 1,182,807 SH   DFND 1,2,3 716,965 0 465,842
Vornado Realty Trust SH BEN INT 929042109 56,462 635,906 SH   DFND 1,2,3 399,878 0 236,028
Sunstone Hotel Investors PFD S PFD 867892507 1,021 41,000 SH   DFND 1,2,3 0 0 41,000