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
Acadia Realty Trust SH BEN INT 004239109 6,431 194,012 SH   DFND 1,2,3 97,006 0 0
Alexandria Real Estate Equities Inc. COM 015271109 6,391 70,726 SH   DFND 1,2,3 35,363 0 0
American Residential Property COM 02927E303 32,384 1,713,458 SH   DFND 1,2,3 856,729 0 32,950
Apartment Investment & Management Company CL A 03748R101 55,124 1,377,076 SH   DFND 1,2,3 688,538 0 6,948
Avalonbay Communities, Inc. COM 053484101 256,851 1,394,944 SH   DFND 1,2,3,4 697,472 0 26,365
Boston Properties, Inc. COM 101121101 120,738 946,670 SH   DFND 1,2,3 473,335 0 4,339
Brandywine Realty Trust SH BEN INT 105368203 67,764 4,960,778 SH   DFND 1,2,3 2,480,389 0 139,396
Brixmor Property Group Inc COM 11120U105 70,354 2,724,772 SH   DFND 1,2,3 1,362,386 0 14,797
Care Capital Properties Inc COM 141624106 14,077 460,488 SH   DFND 1,2,3 230,244 0 2,134
Chesapeake Lodging Trust SH BEN INT 165240102 95,760 3,806,030 SH   DFND 1,2,3,4 1,903,015 0 71,219
Coresite Realty Corp COM 21870Q105 53,002 934,458 SH   DFND 1,2,3 467,229 0 1,239
DCT Industrial Trust Inc COM 233153204 67,266 1,800,002 SH   DFND 1,2,3 900,001 0 46,142
Douglas Emmett, Inc. COM 25960P109 6,506 208,670 SH   DFND 1,2,3 104,335 0 0
Duke Realty Corporation COM 264411505 103,691 4,932,976 SH   DFND 1,2,3 2,466,488 0 117,242
Education Realty Trust COM 28140H203 108,435 2,862,582 SH   DFND 1,2,3 1,431,291 0 64,011
Empire State Realty Trust Inc CL A 292104106 6,430 355,828 SH   DFND 1,2,3 177,914 0 0
Equinix Inc COM 29444U700 89,111 294,680 SH   DFND 1,2,3 147,340 0 5,066
Equity One, Inc. COM 294752100 67,461 2,484,744 SH   DFND 1,2,3 1,242,372 0 56,178
Equity Residential SH BEN INT 29476L107 53,276 652,976 SH   DFND 1,2,3 326,488 0 3,410
Essex Property Trust Inc. COM 297178105 6,558 27,394 SH   DFND 1,2,3 13,697 0 0
Federal Realty Investment Trust SH BEN INT 313747206 33,369 228,398 SH   DFND 1,2,3,4 114,199 0 1,983
Forest City Enterprise CL A CL A 345550107 6,556 298,930 SH   DFND 1,2,3 149,465 0 0
Four Corners Property Trust COM 35086T109 25,095 1,038,712 SH   DFND 1,2,3 519,356 0 7,157
General Growth Properties, Inc. COM 370023103 159,490 5,861,446 SH   DFND 1,2,3,4 2,930,723 0 105,916
Gramercy Property Trust Inc COM 385002100 21,618 2,800,216 SH   DFND 1,2,3 1,400,108 0 18,589
HCP Inc. COM 40414L109 43,437 1,135,908 SH   DFND 1,2,3 567,954 0 6,074
Host Hotels & Resorts, Inc. COM 44107P104 59,062 3,850,196 SH   DFND 1,2,3 1,925,098 0 18,939
Hudson Pacific Properties COM 444097109 39,789 1,413,972 SH   DFND 1,2,3 706,986 0 6,210
Interxion Holdings NV COM N47279109 31,018 1,028,800 SH   DFND 1,2,3 514,400 0 41,820
Kite Realty Group Trust COM 49803T300 48,231 1,860,034 SH   DFND 1,2,3 930,017 0 10,196
LaSalle Hotel Properties SH BEN INT 517942108 6,024 239,434 SH   DFND 1,2,3 119,717 0 0
Macerich Company, The COM 554382101 6,455 80,000 SH   DFND 1,2,3 40,000 0 0
New York REIT Inc COM 64976L109 47,403 4,122,018 SH   DFND 1,2,3,4 2,061,009 0 81,928
Paramount Group Inc COM 69924R108 63,210 3,492,242 SH   DFND 1,2,3,4 1,746,121 0 88,390
Physicians Realty Trust COM 71943U104 68,448 4,059,806 SH   DFND 1,2,3 2,029,903 0 91,721
Prologis Inc. COM 74340W103 72,938 1,699,398 SH   DFND 1,2,3 849,699 0 6,835
Public Storage, Inc. COM 74460D109 213,960 863,788 SH   DFND 1,2,3 431,894 0 15,255
Retail Properties of America Inc. CL A 76131V202 118,070 7,993,890 SH   DFND 1,2,3 3,996,945 0 195,470
Rexford Industrial Realty Inc COM 76169C100 32,371 1,978,654 SH   DFND 1,2,3,4 989,327 0 7,150
SL Green Realty Corp COM 78440X101 17,656 156,272 SH   DFND 1,2,3 78,136 0 0
Sabra Health Care REIT Inc COM 78573L106 6,516 322,114 SH   DFND 1,2,3 161,057 0 3,415
Senior Housing Properties Trust SH BEN INT 81721M109 53,363 3,595,872 SH   DFND 1,2,3 1,797,936 0 71,437
Simon Property Group, Inc. COM 828806109 223,983 1,151,940 SH   DFND 1,2,3 575,970 0 18,015
Sovran Self Storage, Inc. COM 84610H108 60,259 561,542 SH   DFND 1,2,3 280,771 0 10,560
Spirit Realty Capital COM 84860W102 67,412 6,727,792 SH   DFND 1,2,3 3,363,896 0 227,025
Store Capital Corp COM 862121100 7,002 301,806 SH   DFND 1,2,3 150,903 0 1,572
Sunstone Hotel Investors Inc. COM 867892101 53,780 4,305,880 SH   DFND 1,2,3 2,152,940 0 124,070
Taubman Centers, Inc. COM 876664103 86,353 1,125,556 SH   DFND 1,2,3 562,778 0 20,110
Terreno Realty Corp COM 88146M101 6,490 286,900 SH   DFND 1,2,3 143,450 0 0
UDR, Inc. COM 902653104 134,725 3,585,972 SH   DFND 1,2,3 1,792,986 0 69,140
Vornado Realty Trust SH BEN INT 929042109 160,221 1,602,854 SH   DFND 1,2,3,4 801,427 0 33,470
WP Glimcher Inc COM 92939N102 46,839 4,414,580 SH   DFND 1,2,3 2,207,290 0 96,040
Welltower Inc COM 95040Q104 231,105 3,397,110 SH   DFND 1,2,3 1,698,555 0 69,608
Apartment Inv. & Management Co. Pfd 6.875% PFD CL A 03748R762 42,566 1,660,138 SH   DFND 1,2,3 830,069 0 0
Digital Realty Trust Inc Pfd Series I PFD CUM CV 253868863 9,811 382,046 SH   DFND 1,2,3 191,023 0 0
Inland Real Estate Corp PFD Series B PFD SER b RDM 457461507 18,190 724,140 SH   DFND 1,2,3 362,070 0 0