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 35,515 1,369,648 SH   DFND 1,2,3 1,284,528 0 85,120
Agree Realty Corp COM 008492100 20,903 297,887 SH   DFND 1,2,3,4 198,214 0 99,673
Alexandria Real Estate Equities Inc COM 015271109 26,286 162,678 SH   DFND 1,2 162,678 0 0
American Assets Trust Inc COM 024013104 37,870 825,049 SH   DFND 1,2,3,4,5 697,886 0 127,163
American Campus Communities Inc COM 024835100 25,542 543,110 SH   DFND 1,2 543,110 0 0
AvalonBay Communities Inc COM 053484101 47,627 227,122 SH   DFND 1,2,3,4 208,446 0 18,676
Boston Properties Inc COM 101121101 106,039 769,179 SH   DFND 1,2,3,4,5 674,784 0 94,395
Brookfield Property REIT Inc CL A 11282X103 25,474 1,381,064 SH   DFND 1,2 1,381,064 0 0
Camden Property Trust SH BEN INT 133131102 66,844 630,005 SH   DFND 1,2,3,4,5 522,463 0 107,542
CoreSite Realty Corp COM 21870Q105 25,800 230,110 SH   DFND 1,2 230,110 0 0
CyrusOne Inc COM 23283R100 57,867 884,417 SH   DFND 1,2,3,4,5 728,399 0 156,018
DiamondRock Hospitality Co COM 252784301 44,124 3,982,277 SH   DFND 1,2,3,4,5 3,313,229 0 669,048
Douglas Emmett Inc COM 25960P109 26,100 594,544 SH   DFND 1,2 594,544 0 0
Duke Realty Corp COM NEW 264411505 70,875 2,044,276 SH   DFND 1,2,3,4,5 1,680,647 0 363,629
Empire State Realty Trust Inc CL A 292104106 26,552 1,901,985 SH   DFND 1,2 1,901,985 0 0
Equinix Inc COM 29444U700 81,302 139,287 SH   DFND 1,2,3,5 121,738 0 17,549
Equity LifeStyle Properties Inc COM 29472R108 31,030 440,830 SH   DFND 1,2,3,4 364,890 0 75,940
Equity Residential SH BEN INT 29476L107 106,948 1,321,655 SH   DFND 1,2,3,4,5 1,157,583 0 164,072
Essex Property Trust Inc COM 297178105 24,794 82,409 SH   DFND 1,2 82,409 0 0
Extra Space Storage Inc COM 30225T102 54,891 519,702 SH   DFND 1,2,3,4,5 436,454 0 83,248
Federal Realty Investment Trust SH BEN INT NEW 313747206 44,856 348,453 SH   DFND 1,2,3,4 322,873 0 25,580
Four Corners Property Trust Inc COM 35086T109 18,170 644,538 SH   DFND 1,2,3,4 430,573 0 213,965
Healthcare Realty Trust Inc COM 421946104 26,124 782,862 SH   DFND 1,2 782,862 0 0
Healthcare Trust of America Inc CL A NEW 42225P501 25,813 852,487 SH   DFND 1,2 852,487 0 0
Healthpeak Properties Inc COM 42250P103 75,542 2,191,536 SH   DFND 1,2,3,4,5 1,791,859 0 399,677
Highwoods Properties Inc COM 431284108 41,273 843,850 SH   DFND 1,2,3,4,5 702,272 0 141,578
Hudson Pacific Properties Inc COM 444097109 82,905 2,201,999 SH   DFND 1,2,3,4,5 1,969,108 0 232,891
InterXion Holding NV SHS N47279109 25,763 307,400 SH   DFND 1,2,3 307,400 0 0
Invitation Homes Inc COM 46187W107 73,374 2,448,251 SH   DFND 1,2,3,4,5 2,049,079 0 399,172
Kilroy Realty Corp COM 49427F108 152 1,814 SH   DFND 1,2 1,814 0 0
Liberty Property Trust SH BEN INT 531172104 21,368 355,830 SH   DFND 1,2,3,4 286,493 0 69,337
Life Storage Inc COM 53223X107 39,675 366,410 SH   DFND 1,2,3,4,5 305,750 0 60,660
Macerich Co COM 554382101 26,786 995,008 SH   DFND 1,2 995,008 0 0
Mid-America Apartment Communities Inc COM 59522J103 63,958 485,041 SH   DFND 1,2,3,4,5 407,732 0 77,309
New Senior Investment Group Inc COM 648691103 16,921 2,211,876 SH   DFND 1,2,3,4,5 1,848,107 0 363,769
Paramount Group Inc COM 69924R108 26,972 1,937,652 SH   DFND 1,2 1,937,652 0 0
Pebblebrook Hotel Trust COM 70509V100 70,983 2,647,614 SH   DFND 1,2,3,4,5 2,342,744 0 304,870
Physicians Realty Trust COM 71943U104 43,829 2,314,095 SH   DFND 1,2,3,4,5 1,898,897 0 415,198
Prologis Inc COM 74340W103 159,405 1,788,253 SH   DFND 1,2,3,4,5 1,520,166 0 268,087
QTS Realty Trust Inc COM CL A 74736A103 34,995 644,832 SH   DFND 1,2,3,4,5 521,894 0 122,938
QTS Realty Trust Inc 6.50% CON PFD B 74736A301 4,608 35,677 SH   DFND 1,2 19,859 0 15,818
Realty Income Corp COM 756109104 41,739 566,879 SH   DFND 1,2,3,4,5 399,074 0 167,805
Retail Properties of America Inc CL A 76131V202 1,492 111,334 SH   DFND 1,2,3,4 90,688 0 20,646
Rexford Industrial Realty Inc COM 76169C100 25,379 555,713 SH   DFND 1,2 555,713 0 0
Simon Property Group Inc New COM 828806109 111,978 751,735 SH   DFND 1,2,3,4,5 659,102 0 92,633
SITE Centers Corp COM 82981J109 26,903 1,918,902 SH   DFND 1,2,3,4,5 1,618,045 0 300,857
SL Green Realty Corp COM 78440X101 58,720 639,094 SH   DFND 1,2,3,4 577,294 0 61,800
Spirit Realty Capital Inc COM NEW 84860W300 1,267 25,758 SH   DFND 1,2,4 25,758 0 0
Taubman Centers Inc COM 876664103 24,872 799,984 SH   DFND 1,2 799,984 0 0
Terreno Realty Corp COM 88146M101 24,696 456,146 SH   DFND 1,2 456,146 0 0
Ventas Inc COM 92276F100 26,216 454,040 SH   DFND 1,2,3,4 371,381 0 82,659
VICI Properties Inc COM 925652109 26,155 1,023,663 SH   DFND 1,2,3 642,911 0 380,752
Vornado Realty Trust SH BEN INT 929042109 26,994 405,919 SH   DFND 1,2 405,919 0 0
Weingarten Realty Investors SH BEN INT 948741103 26,606 851,676 SH   DFND 1,2,3,4,5 713,990 0 137,686
Welltower Inc COM 95040Q104 81,322 994,394 SH   DFND 1,2,3,4,5 822,175 0 172,219