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 004239109 39,726 1,414,241 SH   DFND 1,2 1,267,841 0 146,400
Alexander & Baldwin Inc. COM 014491104 28,936 698,100 SH   DFND 1,2 627,700 0 70,400
Alexandria R.E. Equities COM 015271109 95,455 1,229,460 SH   DFND 1,2 1,009,360 0 220,100
American Assets Trust COM 024013104 42,445 1,228,517 SH   DFND 1,2 1,101,684 0 126,833
American Campus Communities COM 024835100 33,456 874,907 SH   DFND 1,2 803,107 0 71,800
American Homes 4 Rent COM 02665T306 17,517 986,300 SH   DFND 1,2 872,800 0 113,500
American Realty Capital Prop COM 02917T104 9,461 755,100 SH   DFND 1,2 673,800 0 81,300
Armada Hoffler Properties COM 04208T108 7,166 740,339 SH   DFND 1,2 658,839 0 81,500
Avalon Bay Communities COM 053484101 218,057 1,533,561 SH   DFND 1,2 1,298,961 0 234,600
AVIV REIT Inc. COM 05381L101 6,003 213,100 SH   DFND 1,2 191,100 0 22,000
Biomed Realty Trust Inc. COM 09063H107 60,490 2,770,942 SH   DFND 1,2 2,511,342 0 259,600
Boston Properties Inc. COM 101121101 268,621 2,272,983 SH   DFND 1,2 1,896,283 0 376,700
Camden Property Trust COM 133131102 90,844 1,276,796 SH   DFND 1,2 1,088,496 0 188,300
CubeSmart COM 229663109 33,712 1,840,174 SH   DFND 1,2 1,676,274 0 163,900
DCT Industrial Trust Inc. COM 233153105 468 57,000 SH   DFND 1,2 57,000 0 0
DDR Corp COM 251591103 60,911 3,454,977 SH   DFND 1,2 3,098,177 0 356,800
Douglas Emmett Inc. COM 25960P109 38,321 1,357,938 SH   DFND 1,2 1,219,438 0 138,500
Dupont Fabros Technology COM 26613Q106 59,218 2,196,516 SH   DFND 1,2 1,983,016 0 213,500
Empire State Realty Trust Inc. COM 292104106 39,511 2,394,600 SH   DFND 1,2 2,166,600 0 228,000
EPR Properties COM 26884U109 59,933 1,072,717 SH   DFND 1,2 869,417 0 203,300
Equity Lifestyle Properties COM 29472R108 64,424 1,458,881 SH   DFND 1,2 1,237,181 0 221,700
Equity Residential COM 29476L107 276,774 4,393,242 SH   DFND 1,2 3,773,742 0 619,500
Essex Property Trust Inc COM 297178105 37,320 201,826 SH   DFND 1,2 182,244 0 19,582
Extra Space Storage Inc. COM 30225T102 80,785 1,517,085 SH   DFND 1,2 1,358,785 0 158,300
Federal Realty Invs Trust COM 313747206 165,501 1,368,685 SH   DFND 1,2 1,116,785 0 251,900
First Potomac Realty Trust COM 33610F109 1,841 140,325 SH   DFND 1,2 125,652 0 14,673
Forest City Enterprises - Class A COM 345550107 75,806 3,815,104 SH   DFND 1,2 3,235,204 0 579,900
Gramercy Property Trust Inc COM 38489R100 9,557 1,579,700 SH   DFND 1,2 1,430,600 0 149,100
HCP Inc. COM 40414L109 181,872 4,395,157 SH   DFND 1,2 3,698,357 0 696,800
Health Care Reit Inc. COM 42217K106 125,822 2,007,687 SH   DFND 1,2 1,814,787 0 192,900
Hilton Worldwide Holdings Inc. COM 43300A104 53,012 2,275,200 SH   DFND 1,2 1,846,100 0 429,100
Host Hotels & Resorts COM 44107P104 191,092 8,682,044 SH   DFND 1,2 7,359,744 0 1,322,300
Kilroy Realty Corp. COM 49427F108 149,162 2,395,026 SH   DFND 1,2 2,057,726 0 337,300
Liberty Property Trust COM 531172104 86,101 2,269,992 SH   DFND 1,2 1,917,792 0 352,200
Macerich Company COM 554382101 88,471 1,325,412 SH   DFND 1,2 1,132,412 0 193,000
Mack Cali Realty Corp COM 554489104 619 28,800 SH   DFND 1,2 28,800 0 0
Mid-America Apartment COM 59522J103 10,344 141,600 SH   DFND 1,2 89,600 0 52,000
National Retail Properties COM 637417106 38,705 1,040,735 SH   DFND 1,2 940,035 0 100,700
Piedmont Office Realty Trust COM 720190206 20,074 1,059,872 SH   DFND 1,2 951,572 0 108,300
ProLogis Inc COM 74340W103 233,677 5,686,954 SH   DFND 1,2 4,834,854 0 852,100
Public Storage Inc. COM 74460D109 238,991 1,394,752 SH   DFND 1,2 1,172,052 0 222,700
Ramco Gershenson Properties COM 751452202 18,907 1,137,601 SH   DFND 1,2 1,054,001 0 83,600
Regency Centers Corp. COM 758849103 52,062 935,024 SH   DFND 1,2 848,224 0 86,800
Retail Opportunity Investments Corp. COM 76131N101 33,690 2,141,785 SH   DFND 1,2 1,919,585 0 222,200
Rexford Industrial Realty COM 76169C100 11,107 780,000 SH   DFND 1,2 715,300 0 64,700
RLJ Lodging Trust COM 74965L101 51,392 1,778,886 SH   DFND 1,2 1,594,886 0 184,000
Simon Property Group COM 828806109 525,000 3,157,325 SH   DFND 1,2 2,688,425 0 468,900
Strategic Hotels & Resorts Inc. COM 86272T106 1,543 131,800 SH   DFND 1,2 131,800 0 0
Taubman Centers Inc. COM 876664103 62,997 830,983 SH   DFND 1,2 744,283 0 86,700
Ventas Inc. COM 92276F100 165,132 2,576,169 SH   DFND 1,2 2,140,669 0 435,500
Vornado Realty Trust COM 929042109 116,720 1,093,599 SH   DFND 1,2 911,599 0 182,000
Washington Prime Group COM 939647103 20,789 1,109,361 SH   DFND 1,2 910,611 0 198,750