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 COM SH BEN INT 004239109 4,822 147,552 SH   DFND 3, 4, 5 147,552 0 0
Agree Realty Corp COM COM 008492100 7,160 155,489 SH   DFND 3, 4, 5 97,556 0 57,933
Alexandria Real Estate Equitie COM 015271109 47,112 423,936 SH   DFND 1, 2, 3, 4, 5 356,776 0 67,160
American Homes 4 Rent CL A 02665T306 23,851 1,136,867 SH   DFND 2, 3, 4, 5 937,776 0 199,091
Apartment Invt & Mgmt Co PFD CL A 6.875% 03748R762 18,202 704,420 SH   DFND 3, 4, 5 704,420 0 0
Apple Hospitality REIT Inc COM NEW 03784Y200 30,446 1,523,829 SH   DFND 2, 3, 4, 5 1,236,154 0 287,675
Avalonbay Cmntys Inc COM 053484101 84,622 477,687 SH   DFND 1, 2, 3, 4, 5 400,731 0 76,956
Boston Properties Inc COM 101121101 35,437 281,737 SH   DFND 3, 4, 5 216,946 0 64,791
Brandywine Realty Trust SH BEN INT NEW 105368203 28,880 1,749,264 SH   DFND 2, 3, 4, 5 1,455,324 0 293,940
Camden Property Trust SH BEN INT 133131102 34,863 414,687 SH   DFND 2, 3, 4, 5 348,487 0 66,200
Caretrust REIT Inc COM 14174T107 9,078 592,542 SH   DFND 3, 4, 5 434,225 0 158,317
Cedar Realty Trust Inc COM NEW 150602209 10,432 1,597,474 SH   DFND 3, 4, 5 1,180,007 0 417,467
Chesapeake Lodging Trust SH BEN INT 165240102 5,342 206,577 SH   DFND 1, 3, 4, 5 206,577 0 0
Cubesmart COM 229663109 19,649 733,997 SH   DFND 3, 4, 5 555,967 0 178,030
Cyrusone Inc COM 23283R100 52,565 1,175,166 SH   DFND 2, 3, 4, 5 925,857 0 249,309
DCT Industrial Trust Inc COM NEW 233153204 21,038 439,394 SH   DFND 3, 4, 5 316,434 0 122,960
DiamondRock Hospitality Co COM 252784301 11,878 1,030,188 SH   DFND 3, 4, 5 789,401 0 240,787
Douglas Emmett Inc COM 25960P109 4,916 134,473 SH   DFND 3, 4, 5 134,473 0 0
Duke Realty Corporation COM NEW 264411505 37,867 1,425,714 SH   DFND 2, 3, 4, 5 1,188,164 0 237,550
DuPont Fabros Technology Inc COM 26613Q106 16,910 384,922 SH   DFND 3, 4, 5 282,272 0 102,650
Education Realty Trust COM NEW 28140H203 14,143 334,352 SH   DFND 3, 4, 5 250,810 0 83,542
Empire State Realty Trust Inc CL A 292104106 4,880 241,720 SH   DFND 3, 4, 5 241,720 0 0
Equinix Inc COM PAR $0.001 29444U700 22,567 63,140 SH   DFND 3, 4, 5 39,729 0 23,411
Equity Residential SH BEN INT 29476L107 44,997 699,139 SH   DFND 1, 3, 4, 5 541,151 0 157,988
Essex Property Trust Inc. COM 297178105 5,116 22,003 SH   DFND 3, 4, 5 22,003 0 0
Federal Realty Investment Trust SH BEN INT NEW 313747206 57,836 406,979 SH   DFND 1, 2, 3, 4, 5 342,098 0 64,881
Forest City Realty Trust Inc COM CL A 345605109 5,265 252,628 SH   DFND 3, 4, 5 252,628 0 0
Four Corners Property Trust COM 35086T109 25,817 1,258,132 SH   DFND 2, 3, 4, 5 867,057 0 391,075
General Growth Properties Inc New COM 370023103 63,079 2,525,174 SH   DFND 1, 2, 3, 4, 5 2,134,651 0 390,523
Gramercy Property Trust COM 385002100 23,678 2,579,349 SH   DFND 2, 3, 4, 5 1,688,153 0 891,196
HCP Inc COM 40414L109 63,393 2,132,998 SH   DFND 2, 3, 4, 5 1,704,410 0 428,588
Host Hotels & Resorts Inc COM 44107P104 183 9,691 SH   DFND 3, 4, 5 9,691 0 0
Hudson Pac Pptys Inc COM 444097109 4,866 139,920 SH   DFND 3, 4, 5 139,920 0 0
Interxion Holdings NV SHS N47279109 9,916 282,756 SH   DFND 2, 3, 4, 5 279,604 0 3,152
Kimco Realty Corporation COM 49446R109 32,642 1,297,376 SH   DFND 2, 3, 4, 5 1,079,482 0 217,894
LaSalle Hotel Properties COM SH BEN INT 517942108 5,622 184,509 SH   DFND 1, 3, 4, 5 184,509 0 0
Macerich Co COM 554382101 4,960 70,017 SH   DFND 3, 4, 5 70,017 0 0
Mack Cali Realty Corp COM 554489104 17,967 619,130 SH   DFND 3, 4, 5 465,792 0 153,338
Mid America Apartment Cmntys Inc COM 59522J103 59,067 603,221 SH   DFND 2, 3, 4, 5 498,785 0 104,436
New York REIT Inc COM 64976L109 26,710 2,639,331 SH   DFND 1, 2, 3, 4, 5 2,280,671 0 358,660
Omega Healthcare Invs Inc COM 681936100 25,259 808,039 SH   DFND 2, 3, 4, 5 707,029 0 101,010
Paramount Group Inc COM 69924R108 4,848 303,215 SH   DFND 3, 4, 5 303,215 0 0
Pebblebrook Hotel Trust COM 70509V100 22,564 758,463 SH   DFND 2, 3, 4, 5 640,480 0 117,983
Pennsylvania Real Estate Invt SH BEN INT 709102107 15,464 815,586 SH   DFND 2, 3, 4, 5 708,350 0 107,236
Physicians Realty Trust COM 71943U104 10,637 561,015 SH   DFND 3, 4, 5 401,659 0 159,356
Prologis Inc COM 74340W103 75,002 1,420,763 SH   DFND 2, 3, 4, 5 1,165,556 0 255,207
Public Storage COM 74460D109 80,040 358,123 SH   DFND 3, 4, 5 299,861 0 58,262
Retail Properties of America Inc CL A 76131V202 45,084 2,940,895 SH   DFND 2, 3, 4, 5 2,383,912 0 556,983
Rexford Industrial Realty Inc COM 76169C100 12,642 545,141 SH   DFND 1, 2, 3, 4, 5 468,579 0 76,562
Simon Property Group Inc NEW COM 828806109 87,706 493,643 SH   DFND 2, 3, 4, 5 400,554 0 93,089
SL Green Realty Corp COM 78440X101 4,876 45,341 SH   DFND 3, 4, 5 45,341 0 0
Store Capital Corp COM 862121100 29,520 1,194,659 SH   DFND 2, 3, 4, 5 867,129 0 327,530
Sunstone Hotel Investors Inc COM 867892101 30,198 1,980,216 SH   DFND 2, 3, 4, 5 1,604,333 0 375,883
Taubman Centers Inc COM 876664103 20,888 282,532 SH   DFND 3, 4, 5 228,762 0 53,770
Terreno Realty Corp COM 88146M101 5,045 177,069 SH   DFND 3, 4, 5 177,069 0 0
Vornado Realty Trust SH BEN INT 929042109 76,428 732,279 SH   DFND 1, 2, 3, 4, 5 631,850 0 100,429
Welltower Inc COM 95040Q104 70,842 1,058,447 SH   DFND 2, 3, 4, 5 862,833 0 195,614