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
Acadia Realty Trust COM SH BEN INT 004239109 7,046 200,576 SH   DFND 3, 4, 5 100,288 0 0
Alexandria Real Estate Equitie COM 015271109 7,450 81,964 SH   DFND 3, 4, 5 40,982 0 0
American Homes 4 Rent CL A 02665T306 22,108 1,390,410 SH   DFND 3, 4, 5 695,205 0 202,109
Apartment Inv. & Management Co. PFD 6.875% PFD CL A 03748R762 47,193 1,726,770 SH   DFND 3, 4, 5 863,385 0 0
Apartment Investment & Managem CL A 03748R101 52,416 1,253,366 SH   DFND 3, 4, 5 626,683 0 182,288
Avalonbay Communities, Inc. COM 053484101 251,069 1,320,024 SH   DFND 1, 2, 3, 4, 5 660,012 0 142,931
Boston Properties, Inc. COM 101121101 82,153 646,466 SH   DFND 3, 4, 5 323,233 0 83,176
Brandywine Realty Trust SH BEN INT NEW 105368203 76,362 5,442,786 SH   DFND 2, 3, 4, 5 2,721,393 0 483,335
Caretrust REIT Inc COM 14174T107 37,665 2,965,748 SH   DFND 2, 3, 4, 5 1,482,874 0 285,040
Chesapeake Lodging Trust SH BEN INT 165240102 34,621 1,308,420 SH   DFND 1, 3, 4, 5 654,210 0 144,377
Coresite Realty Corp COM 21870Q105 3,501 50,000 SH   DFND 3, 4, 5 25,000 0 0
Corporate Office Properties Tr SH BEN INT 22002T108 23,378 890,918 SH   DFND 3, 4, 5 445,459 0 130,817
Cubesmart COM 229663109 61,061 1,833,658 SH   DFND 2, 3, 4, 5 916,829 0 192,832
Cyrusone Inc COM 23283R100 35,686 781,734 SH   DFND 2, 3, 4, 5 390,867 0 94,616
Digital Realty Trust Inc Pfd Ser I PFD CUM CV 253868863 9,792 379,526 SH   DFND 3, 4, 5 189,763 0 0
Douglas Emmett, Inc. COM 25960P109 7,230 240,118 SH   DFND 3, 4, 5 120,059 0 0
Duke Realty Corporation COM NEW 264411505 96,594 4,285,430 SH   DFND 2, 3, 4, 5 2,142,715 0 451,066
Education Realty Trust COM NEW 28140H203 99,574 2,393,596 SH   DFND 2, 3, 4, 5 1,196,798 0 256,329
Empire State Realty Trust Inc CL A 292104106 7,358 419,742 SH   DFND 3, 4, 5 209,871 0 0
Equinix Inc COM PAR $0.001 29444U700 129,036 390,178 SH   DFND 2, 3, 4, 5 195,089 0 58,174
Equity One, Inc. COM 294752100 107,972 3,767,334 SH   DFND 2, 3, 4, 5 1,883,667 0 370,181
Equity Residential SH BEN INT 29476L107 177,649 2,367,704 SH   DFND 2, 3, 4, 5 1,183,852 0 252,600
Essex Property Trust Inc. COM 297178105 7,012 29,982 SH   DFND 3, 4, 5 14,991 0 0
Federal Realty Investment Trus SH BEN INT NEW 313747206 31,187 199,850 SH   DFND 1, 3, 4, 5 99,925 0 20,189
Forest City Realty Trust A COM 345605109 7,045 334,064 SH   DFND 3, 4, 5 167,032 0 0
Four Corners Property Trust COM 35086T109 53,239 2,965,944 SH   DFND 2, 3, 4, 5 1,482,972 0 451,475
General Growth Properties, Inc COM 370023103 191,874 6,453,892 SH   DFND 1, 2, 3, 4, 5 3,226,946 0 654,142
Gramercy Property Trust Inc COM 385002100 64,610 7,646,132 SH   DFND 2, 3, 4, 5 3,823,066 0 1,407,331
HCP Inc. COM 40414L109 54,795 1,681,856 SH   DFND 2, 3, 4, 5 840,928 0 202,650
Host Hotels & Resorts, Inc. COM 44107P104 27,248 1,631,612 SH   DFND 3, 4, 5 815,806 0 245,739
Hudson Pacific Properties COM 444097109 17,172 593,780 SH   DFND 3, 4, 5 296,890 0 77,980
Kite Realty Group Trust COM NEW 49803T300 48,043 1,733,766 SH   DFND 3, 4, 5 866,883 0 244,650
LaSalle Hotel Properties COM SH BEN INT 517942108 6,761 267,112 SH   DFND 3, 4, 5 133,556 0 0
Liberty Property Trust SH BEN INT 531172104 78,144 2,335,450 SH   DFND 2, 3, 4, 5 1,167,725 0 223,501
Macerich Company, The COM 554382101 6,770 85,440 SH   DFND 3, 4, 5 42,720 0 0
New York REIT Inc COM 64976L109 52,848 5,232,466 SH   DFND 1, 2, 3, 4, 5 2,616,233 0 465,430
Paramount Group Inc COM 69924R108 6,940 435,114 SH   DFND 3, 4, 5 217,557 0 0
Pebblebrook Hotel Trust COM 70509V100 88,057 3,029,146 SH   DFND 2, 3, 4, 5 1,514,573 0 278,499
Physicians Realty Trust COM 71943U104 73,267 3,943,324 SH   DFND 2, 3, 4, 5 1,971,662 0 440,360
Prologis Inc. COM 74340W103 70,363 1,592,646 SH   DFND 3, 4, 5 796,323 0 229,138
Public Storage, Inc. COM 74460D109 232,823 844,082 SH   DFND 2, 3, 4, 5 422,041 0 89,424
Retail Properties of America Inc. CL A 76131V202 129,701 8,183,000 SH   DFND 2, 3, 4, 5 4,091,500 0 835,460
Rexford Industrial Realty Inc COM 76169C100 24,741 1,362,370 SH   DFND 1, 3, 4, 5 681,185 0 132,759
Sabra Health Care REIT Inc COM 78573L106 2,896 144,172 SH   DFND 3, 4, 5 72,086 0 1,782
Senior Housing Properties Trus SH BEN INT 81721M109 36,138 2,019,988 SH   DFND 3, 4, 5 1,009,994 0 299,411
Simon Property Group, Inc. COM 828806109 243,374 1,171,812 SH   DFND 2, 3, 4, 5 585,906 0 135,348
SL Green Realty Corp COM 78440X101 90,454 933,668 SH   DFND 1, 2, 3, 4, 5 466,834 0 88,050
Sovran Self Storage, Inc. COM 84610H108 709 6,012 SH   DFND 3, 4, 5 3,006 0 3,006
Spirit Realty Capital NEW COM 84860W102 47,387 4,212,222 SH   DFND 2, 3, 4, 5 2,106,111 0 664,951
Sunstone Hotel Investors NEW COM 867892606 19,950 760,000 SH   DFND 2, 3, 4, 5 380,000 0 509,711
Taubman Centers, Inc. COM 876664103 6,618 92,906 SH   DFND 3, 4, 5 46,453 0 0
Terreno Realty Corp COM 88146M101 6,902 294,348 SH   DFND 3, 4, 5 147,174 0 0
Vornado Realty Trust SH BEN INT 929042109 146,236 1,548,618 SH   DFND 1, 2, 3, 4, 5 774,309 0 141,867
Welltower Inc COM 95040Q104 210,332 3,033,338 SH   DFND 2, 3, 4, 5 1,516,669 0 342,962
WP Glimcher Inc COM 92939N102 58,841 6,200,356 SH   DFND 2, 3, 4, 5 3,100,178 0 606,951