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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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
Apartment Investment & Management Company CL A 03748R101 46,780 1,263,646 SH   DFND 1,2,3 631,823 0 631,823
Empire State Realty Trust Inc CL A 292104106 1,372 80,562 SH   DFND 1,2,3 40,281 0 40,281
Forest City Enterprise CL A 345550107 1,249 62,044 SH   DFND 1,2,3 31,022 0 31,022
Hyatt Hotels Corp CL A 448579102 5,993 127,240 SH   DFND 1,2,3 63,620 0 63,620
QTS Realty Trust Inc CL A 74736A103 5,967 136,576 SH   DFND 1,2,3 68,288 0 68,288
Retail Properties of America Inc. CL A 76131V202 37,357 2,651,310 SH   DFND 1,2,3 1,325,655 0 1,325,655
Alexandria Real Estate Equities Inc. COM 015271109 39,085 461,620 SH   DFND 1,2,3 230,810 0 230,810
American Residential Property COM 02927E303 12,377 716,672 SH   DFND 1,2,3 358,336 0 358,336
Avalonbay Communities, Inc. COM 053484101 202,847 1,160,318 SH   DFND 1,2,3 580,159 0 580,159
Boston Properties, Inc. COM 101121101 99,285 838,552 SH   DFND 1,2,3 419,276 0 419,276
Brixmor Property Group Inc COM 11120U105 70,905 3,019,792 SH   DFND 1,2,3 1,509,896 0 1,509,896
Care Capital Properties Inc COM 141624106 24,697 749,992 SH   DFND 1,2,3 374,996 0 374,996
Chambers Street Properties COM 157842105 16,315 2,513,864 SH   DFND 1,2,3 1,256,932 0 1,256,932
Coresite Realty Corp COM 21870Q105 61,954 1,204,390 SH   DFND 1,2,3 602,195 0 602,195
Cubesmart COM 229663109 49,850 1,832,060 SH   DFND 1,2,3 916,030 0 916,030
DCT Industrial Trust Inc COM 233153204 46,862 1,392,204 SH   DFND 1,2,3 696,102 0 696,102
Douglas Emmett, Inc. COM 25960P109 1,365 47,536 SH   DFND 1,2,3 23,768 0 23,768
Duke Realty Corporation COM 264411505 33,581 1,762,796 SH   DFND 1,2,3 881,398 0 881,398
Education Realty Trust COM 28140H203 65,940 2,001,220 SH   DFND 1,2,3 1,000,610 0 1,000,610
Equinix Inc COM 29444U700 76,791 280,874 SH   DFND 1,2,3 140,437 0 140,437
Equity One, Inc. COM 294752100 32,725 1,344,480 SH   DFND 1,2,3 672,240 0 672,240
Essex Property Trust Inc. COM 297178105 90,274 404,056 SH   DFND 1,2,3 202,028 0 202,028
General Growth Properties, Inc. COM 370023103 105,930 4,078,936 SH   DFND 1,2,3 2,039,468 0 2,039,468
HCP Inc. COM 40414L109 41,716 1,119,900 SH   DFND 1,2,3 559,950 0 559,950
Host Hotels & Resorts, Inc. COM 44107P104 14,748 932,838 SH   DFND 1,2,3 466,419 0 466,419
Hudson Pacific Properties COM 444097109 58,761 2,041,038 SH   DFND 1,2,3 1,020,519 0 1,020,519
Kite Realty Group Trust COM 49803T300 40,493 1,700,686 SH   DFND 1,2,3 850,343 0 850,343
Macerich Company, The COM 554382101 31,021 403,812 SH   DFND 1,2,3 201,906 0 201,906
Mack-Cali Realty Corporation COM 554489104 28,991 1,535,556 SH   DFND 1,2,3 767,778 0 767,778
New York REIT Inc COM 64976L109 46,964 4,668,390 SH   DFND 1,2,3 2,334,195 0 2,334,195
Paramount Group Inc COM 69924R108 15,590 927,976 SH   DFND 1,2,3 463,988 0 463,988
Pebblebrook Hotel Trust COM 70509V100 55,380 1,562,192 SH   DFND 1,2,3 781,096 0 781,096
Physicians Realty Trust COM 71943U104 42,974 2,847,878 SH   DFND 1,2,3 1,423,939 0 1,423,939
Prologis Inc. COM 74340W103 148,361 3,813,920 SH   DFND 1,2,3 1,906,960 0 1,906,960
Public Storage, Inc. COM 74460D109 163,151 770,924 SH   DFND 1,2,3 385,462 0 385,462
Rexford Industrial Realty Inc COM 76169C100 15,894 1,152,586 SH   DFND 1,2,3 576,293 0 576,293
Sabra Health Care REIT Inc COM 78573L106 6,215 268,136 SH   DFND 1,2,3 134,068 0 134,068
Simon Property Group, Inc. COM 828806109 213,476 1,161,966 SH   DFND 1,2,3 580,983 0 580,983
SL Green Realty Corp COM 78440X101 1,354 12,522 SH   DFND 1,2,3 6,261 0 6,261
Spirit Realty Capital COM 84860W102 60,937 6,667,050 SH   DFND 1,2,3 3,333,525 0 3,333,525
Store Capital Corp COM 862121100 20,807 1,007,098 SH   DFND 1,2,3 503,549 0 503,549
Strategic Hotel and Resorts Inc COM 86272T106 1,749 126,820 SH   DFND 1,2,3 63,410 0 63,410
Sunstone Hotel Investors Inc. COM 867892101 55,425 4,189,356 SH   DFND 1,2,3 2,094,678 0 2,094,678
Taubman Centers, Inc. COM 876664103 58,824 851,528 SH   DFND 1,2,3 425,764 0 425,764
Terreno Realty Corp COM 88146M101 1,273 64,800 SH   DFND 1,2,3 32,400 0 32,400
UDR, Inc. COM 902653104 104,952 3,043,840 SH   DFND 1,2,3 1,521,920 0 1,521,920
Welltower Inc COM 95040Q104 223,249 3,296,648 SH   DFND 1,2,3 1,648,324 0 1,648,324
WP Glimcher Inc COM 92939N102 11,032 946,136 SH   DFND 1,2,3 473,068 0 473,068
Apartment Inv. & Management Co. Pfd 6.875% PFD 03748R762 45,431 1,710,986 SH   DFND 1,2,3 855,493 0 855,493
Digital Realty Trust Inc PFD 253868863 9,896 400,000 SH   DFND 1,2,3 200,000 0 200,000
Acadia Realty Trust SH BEN INT 004239109 1,355 45,062 SH   DFND 1,2,3 22,531 0 22,531
Brandywine Realty Trust SH BEN INT 105368203 54,556 4,428,230 SH   DFND 1,2,3 2,214,115 0 2,214,115
Chesapeake Lodging Trust SH BEN INT 165240102 79,971 3,068,712 SH   DFND 1,2,3 1,534,356 0 1,534,356
Equity Residential SH BEN INT 29476L107 36,577 486,920 SH   DFND 1,2,3 243,460 0 243,460
Federal Realty Investment Trust SH BEN INT 313747206 106,045 777,170 SH   DFND 1,2,3 388,585 0 388,585
LaSalle Hotel Properties SH BEN INT 517942108 7,238 254,936 SH   DFND 1,2,3 127,468 0 127,468
Senior Housing Properties Trust SH BEN INT 81721M109 50,843 3,138,480 SH   DFND 1,2,3 1,569,240 0 1,569,240
Vornado Realty Trust SH BEN INT 929042109 116,734 1,291,024 SH   DFND 1,2,3 645,512 0 645,512