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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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
AVIV REIT COM 05381L101 814 32,200 SH   DFND 1,2,3 0 0 32,200
Acadia Realty Trust COM SH BEN INT 004239109 16,305 660,383 SH   DFND 1,2,3 404,233 0 256,150
American Campus Communities COM 024835100 9,006 221,500 SH   DFND 1,2,3 135,975 0 85,525
American Realty Capital Proper COM 02917T104 4,607 301,900 SH   DFND 1,2,3 133,900 0 168,000
Apartment Investment & Managem COM CL A 03748R101 7,420 247,000 SH   DFND 1,2,3 140,425 0 106,575
Armada Hoffler Properties COM 04208T108 1,073 91,100 SH   DFND 1,2,3 0 0 91,100
Avalonbay Communities, Inc. COM 053484101 60,698 449,913 SH   DFND 1,2,3 273,903 0 176,010
Boston Properties, Inc. COM 101121101 63,347 600,615 SH   DFND 1,2,3 358,780 0 241,835
Camden Property Trust SH BEN INT 133131102 40,694 588,575 SH   DFND 1,2,3 338,750 0 249,825
Chesapeake Lodging Trust SH BEN INT 165240102 6,148 295,743 SH   DFND 1,2,3 156,343 0 139,400
Commonwealth REIT COM SH BEN INT 203233101 7,106 307,350 SH   DFND 1,2,3 188,350 0 119,000
Corporate Office Properties Tr SH BEN INT 22002T108 21,166 830,043 SH   DFND 1,2,3 485,909 0 344,134
Cousins Properties Inc. COM 222795106 21,062 2,085,313 SH   DFND 1,2,3 1,191,338 0 893,975
DCT Industrial Trust Inc COM 233153105 18,276 2,556,067 SH   DFND 1,2,3 1,455,202 0 1,100,865
DDR Corp. COM 23317H102 37,321 2,241,521 SH   DFND 1,2,3 1,303,380 0 938,141
DiamondRock Hospitality Compan COM 252784301 6,024 646,323 SH   DFND 1,2,3 383,005 0 263,318
Digital Realty Trust Inc. COM 253868103 80,901 1,326,240 SH   DFND 1,2,3 776,273 0 549,967
Duke Realty Corporation COM 264411505 30,268 1,941,518 SH   DFND 1,2,3 1,155,524 0 785,994
Education Realty Trust COM 28140H104 16,015 1,565,496 SH   DFND 1,2,3 878,796 0 686,700
Equity One, Inc. COM 294752100 25,229 1,114,853 SH   DFND 1,2,3 642,061 0 472,792
Equity Residential SH BEN INT 29476L107 83,036 1,430,174 SH   DFND 1,2,3 818,225 0 611,949
Essex Property Trust Inc. COM 297178105 17,664 111,149 SH   DFND 1,2,3 68,121 0 43,028
Federal Realty Investment Trus SH BEN INT 313747206 22,068 212,850 SH   DFND 1,2,3 130,000 0 82,850
Forest City Enterprise CL A COM CL A 345550107 1,934 107,975 SH   DFND 1,2,3 97,050 0 10,925
General Growth Properties, Inc COM 370023103 51,534 2,593,553 SH   DFND 1,2,3 1,496,253 0 1,097,300
HCP Inc. COM 40414L109 96,399 2,121,451 SH   DFND 1,2,3 1,226,922 0 894,529
Health Care REIT Inc. COM 42217K106 65,798 981,617 SH   DFND 1,2,3 572,377 0 409,240
Healthcare Trust of America CL A 42225P105 13,309 1,185,100 SH   DFND 1,2,3 722,575 0 462,525
Kilroy Realty Corp. COM 49427F108 21,294 401,700 SH   DFND 1,2,3 248,250 0 153,450
LaSalle Hotel Properties COM SH BEN INT 517942108 42,185 1,707,897 SH   DFND 1,2,3 1,036,413 0 671,484
Liberty Property Trust SH BEN INT 531172104 11,973 323,950 SH   DFND 1,2,3 152,350 0 171,600
National Health Investors, Inc COM 63633D104 14,710 245,743 SH   DFND 1,2,3 149,268 0 96,475
PS Business Parks Inc. COM 69360J107 4,139 57,350 SH   DFND 1,2,3 52,125 0 5,225
Pebblebrook Hotel Trust COM 70509V100 17,530 678,144 SH   DFND 1,2,3 411,294 0 266,850
Pennsylvania REIT SH BEN INT 709102107 19,440 1,029,677 SH   DFND 1,2,3 610,531 0 419,146
Prologis Inc. COM 74340W103 61,199 1,622,443 SH   DFND 1,2,3 993,021 0 629,422
Public Storage, Inc. COM 74460D109 78,227 510,186 SH   DFND 1,2,3 305,286 0 204,900
RLJ Lodging Trust COM 74965L101 17,934 797,400 SH   DFND 1,2,3 509,275 0 288,125
Ramco-Gershenson Properties Tr COM SH BEN INT 751452202 15,516 999,125 SH   DFND 1,2,3 607,650 0 391,475
Realty Income Corp COM 756109104 18,337 437,425 SH   DFND 1,2,3 209,225 0 228,200
Regency Centers Corp. COM 758849103 4,037 79,450 SH   DFND 1,2,3 53,800 0 25,650
SL Green Realty Corp COM 78440X101 34,941 396,196 SH   DFND 1,2,3 234,318 0 161,878
Sabra Health Care REIT Inc COM 78573L106 901 34,500 SH   DFND 1,2,3 0 0 34,500
Select Income Trust COM SH BEN INT 81618T100 942 33,600 SH   DFND 1,2,3 0 0 33,600
Simon Property Group, Inc. COM 828806109 159,747 1,011,567 SH   DFND 1,2,3 616,755 0 394,812
Sovran Self Storage, Inc. COM 84610H108 19,436 299,977 SH   DFND 1,2,3 167,389 0 132,588
Spirit Realty Capital COM 84860W102 13,866 782,509 SH   DFND 1,2,3 331,757 0 450,752
Stag Industrial Inc COM 85254J102 1,228 61,538 SH   DFND 1,2,3 0 0 61,538
Strategic Hotel and Resorts In COM 86272T106 3,763 424,750 SH   DFND 1,2,3 277,425 0 147,325
Sunstone Hotel Investors Inc. COM 867892101 3,744 309,950 SH   DFND 1,2,3 166,825 0 143,125
Taubman Centers, Inc. COM 876664103 55,619 740,105 SH   DFND 1,2,3 415,421 0 324,684
UDR, Inc. COM 902653104 34,797 1,365,132 SH   DFND 1,2,3 820,100 0 545,032
Ventas Inc. COM 92276F100 34,545 497,330 SH   DFND 1,2,3 299,105 0 198,225
Vornado Realty Trust SH BEN INT 929042109 49,686 599,711 SH   DFND 1,2,3 369,958 0 229,753
Brookfield Properties Corp. COM 112900105 1,754 105,143 SH   DFND 1,2,3 94,718 0 10,425
Sunstone Hotel Investors PFD S PFD 867892507 2,100 80,000 SH   DFND 1,2,3 0 0 80,000