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 7,666 255,011 SH   DFND 1, 3, 4, 5 255,011 0 0
Alexandria Real Estate Equities Inc COM 015271109 25,781 233,270 SH   DFND 1, 3, 4, 5 187,933 0 45,337
American Homes 4 Rent CL A 02665T306 40,419 1,760,405 SH   DFND 2, 3, 4, 5 1,468,094 0 292,311
Apartment Invt & Mgmt Co PFD CL A 6.875% 03748R762 10,984 414,920 SH   DFND 3, 4, 5 414,920 0 0
Avalonbay Communities, Inc COM 053484101 88,353 481,226 SH   DFND 1, 2, 3, 4, 5 408,640 0 72,586
Boston Properties, Inc COM 101121101 18,165 137,191 SH   DFND 1, 3, 4, 5 118,520 0 18,671
Brandywine Realty Trust SH BEN INT NEW 105368203 31,184 1,921,400 SH   DFND 2, 3, 4, 5 1,636,720 0 284,680
Camden Property Trust SH BEN INT 133131102 36,209 450,022 SH   DFND 2, 3, 4, 5 380,192 0 69,830
Caretrust REIT Inc COM 14174T107 16,134 959,212 SH   DFND 3, 4, 5 720,374 0 238,838
Chesapeake Lodging Trust SH BEN INT 165240102 7,770 324,272 SH   DFND 3, 4, 5 324,272 0 0
Cousins Properties Inc COM 222795106 14,961 1,809,100 SH   DFND 3, 4, 5 1,385,840 0 423,260
Cubesmart COM 229663109 45,619 1,757,272 SH   DFND 2, 3, 4, 5 1,460,012 0 297,260
Cyrusone Inc COM 23283R100 43,594 846,976 SH   DFND 2, 3, 4, 5 675,527 0 171,449
DCT Industrial Trust Inc COM NEW 233153204 32,007 665,146 SH   DFND 2, 3, 4, 5 554,916 0 110,230
DDR Corp. COM 23317H102 24,696 1,970,955 SH   DFND 2, 3, 4, 5 1,681,150 0 289,805
Douglas Emmett, Inc COM 25960P109 7,681 200,017 SH   DFND 3, 4, 5 200,017 0 0
Duke Realty Corporation COM NEW 264411505 17,440 663,859 SH   DFND 3, 4, 5 495,859 0 168,000
Empire State Realty Trust Inc CL A 292104106 27,306 1,322,971 SH   DFND 2, 3, 4, 5 1,172,771 0 150,200
Equinix Inc COM PAR $0.001 29444U700 75,944 189,685 SH   DFND 2, 3, 4, 5 143,216 0 46,469
Equity Residential SH BEN INT 29476L107 44,014 707,398 SH   DFND 1, 3, 4, 5 562,520 0 144,878
Essex Property Trust Inc COM 297178105 7,689 33,210 SH   DFND 1, 3, 4, 5 33,210 0 0
Extra Space Storage Inc COM 30225T102 25,405 341,514 SH   DFND 2, 3, 4, 5 281,946 0 59,568
Federal Realty Investment Trust SH BEN INT NEW 313747206 54,567 408,741 SH   DFND 1, 2, 3, 4, 5 350,960 0 57,781
Forest City Realty Trust Inc COM CL A 345605109 7,615 349,652 SH   DFND 3, 4, 5 349,652 0 0
GGP Inc COM 36174X101 61,257 2,642,683 SH   DFND 1, 2, 3, 4, 5 2,286,940 0 355,743
Gramercy Property Trust COM NEW 385002308 8,979 341,397 SH   DFND 3, 4, 5 154,042 0 187,355
HCP Inc COM 40414L109 81,951 2,619,908 SH   DFND 2, 3, 4, 5 2,149,510 0 470,398
Hudson Pacific Properties Inc COM 444097109 7,625 220,130 SH   DFND 3, 4, 5 220,130 0 0
Invitation Homes Inc COM 46187W107 10,778 493,730 SH   DFND 3, 4, 5 365,350 0 128,380
Kilroy Realty Corp COM 49427F108 29,007 402,431 SH   DFND 1, 2, 3, 4, 5 338,751 0 63,680
LaSalle Hotel Properties COM SH BEN INT 517942108 8,088 279,372 SH   DFND 3, 4, 5 279,372 0 0
Macerich Co COM 554382101 7,630 118,484 SH   DFND 3, 4, 5 118,484 0 0
Mid America Apartment Communities Inc COM 59522J103 51,466 505,854 SH   DFND 2, 3, 4, 5 424,478 0 81,376
National Retail Properties, Inc COM 637417106 19,671 450,962 SH   DFND 2, 3, 4, 5 303,682 0 147,280
New York REIT Inc COM 64976L109 28,590 2,950,453 SH   DFND 1, 2, 3, 4, 5 2,555,073 0 395,380
Paramount Group Inc COM 69924R108 7,564 466,655 SH   DFND 3, 4, 5 466,655 0 0
Park Hotels and Resorts Inc COM 700517105 24,905 970,180 SH   DFND 2, 3, 4, 5 795,364 0 174,816
Pebblebrook Hotel Trust COM 70509V100 42,269 1,447,056 SH   DFND 2, 3, 4, 5 1,194,787 0 252,269
Pennsylvania Real Estate Invt COM 709102107 12,521 827,026 SH   DFND 2, 3, 4, 5 709,660 0 117,366
Physicians Realty Trust COM 71943U104 26,057 1,311,394 SH   DFND 2, 3, 4, 5 1,090,093 0 221,301
Prologis Inc COM 74340W103 82,001 1,580,595 SH   DFND 1, 2, 3, 4, 5 1,331,608 0 248,987
Public Storage COM 74460D109 29,867 136,434 SH   DFND 2, 3, 4, 5 112,233 0 24,201
Regency Centers Corp. COM 758849103 17,765 267,582 SH   DFND 3, 4, 5 197,538 0 70,044
Retail Properties of America Inc CL A 76131V202 32,375 2,245,115 SH   DFND 2, 3, 4, 5 1,883,992 0 361,123
Rexford Industrial Realty Inc COM 76169C100 18,603 826,079 SH   DFND 1, 3, 4, 5 712,147 0 113,932
Simon Property Group, Inc NEW COM 828806109 78,842 458,304 SH   DFND 1, 2, 3, 4, 5 380,795 0 77,509
SL Green Realty Corp COM 78440X101 7,713 72,345 SH   DFND 3, 4, 5 72,345 0 0
Spirit Realty Capital Inc NEW COM 84860W102 25,477 2,515,010 SH   DFND 2, 3, 4, 5 1,875,360 0 639,650
Store Capital Corp COM 862121100 32,111 1,344,667 SH   DFND 2, 3, 4, 5 956,051 0 388,616
Sunstone Hotel Investors Inc NEW COM 867892101 24,165 1,576,311 SH   DFND 2, 3, 4, 5 1,284,198 0 292,113
Taubman Centers, Inc COM 876664103 21,691 328,558 SH   DFND 3, 4, 5 277,028 0 51,530
Terreno Realty Corp COM 88146M101 7,761 277,176 SH   DFND 3, 4, 5 277,176 0 0
Vornado Realty Trust SH BEN INT 929042109 67,254 670,465 SH   DFND 1, 2, 3, 4, 5 582,656 0 87,809
Welltower Inc COM 95040Q104 69,026 974,670 SH   DFND 2, 3, 4, 5 809,696 0 164,974