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 12,758 466,293 SH   DFND 1, 3, 4, 5 449,143 0 17,150
Agree Realty Corp COM 008492100 12,672 246,350 SH   DFND 2, 3, 4, 5 189,731 0 56,619
Alexandria Real Estate Equities Inc COM 015271109 34,591 264,884 SH   DFND 1, 3, 4, 5 226,777 0 38,107
American Homes 4 Rent CL A 02665T306 44,194 2,023,549 SH   DFND 2, 3, 4, 5 1,757,448 0 266,101
Apartment Invt & Mgmt Co PFD CL A 6.875% 03748R762 12,755 465,520 SH   DFND 3, 4, 5 414,920 0 50,600
Apartment Invt & Mgmt Co CL A 03748R101 34,761 795,270 SH   DFND 2, 3, 4, 5 676,800 0 118,470
Avalonbay Communities, Inc. COM 053484101 95,568 535,666 SH   DFND 1, 2, 3, 4, 5 468,770 0 66,896
Boston Properties, Inc. COM 101121101 16,115 123,930 SH   DFND 3, 4, 5 112,833 0 11,097
Brandywine Realty Trust SH BEN INT NEW 105368203 30,397 1,671,095 SH   DFND 2, 3, 4, 5 1,436,102 0 234,993
Camden Property Trust SH BEN INT 133131102 54,438 591,327 SH   DFND 2, 3, 4, 5 505,818 0 85,509
Caretrust REIT Inc COM 14174T107 16,230 968,367 SH   DFND 2, 3, 4, 5 781,349 0 187,018
Chesapeake Lodging Trust SH BEN INT 165240102 11,048 407,811 SH   DFND 3, 4, 5 407,811 0 0
Cousins Properties Inc. COM 222795106 15,694 1,696,624 SH   DFND 3, 4, 5 1,322,444 0 374,180
Cubesmart COM 229663109 37,595 1,299,953 SH   DFND 2, 3, 4, 5 1,121,883 0 178,070
Cyrusone Inc COM 23283R100 33,180 557,371 SH   DFND 2, 3, 4, 5 476,721 0 80,650
DCT Industrial Trust Inc COM NEW 233153204 17,347 295,114 SH   DFND 3, 4, 5 221,844 0 73,270
DDR Corp. COM 23317H102 21,491 2,398,496 SH   DFND 2, 3, 4, 5 1,971,432 0 427,064
DiamondRock Hospitality Company COM 252784301 10,605 939,330 SH   DFND 3, 4, 5 735,948 0 203,382
Douglas Emmett, Inc. COM 25960P109 11,136 271,225 SH   DFND 3, 4, 5 271,225 0 0
Duke Realty Corporation COM NEW 264411505 22,512 827,334 SH   DFND 3, 4, 5 625,544 0 201,790
Empire State Realty Trust Inc CL A 292104106 11,397 555,131 SH   DFND 3, 4, 5 555,131 0 0
EPR Properties COM SH BEN INT 26884U109 9,342 142,717 SH   DFND 2, 3, 4, 5 105,438 0 37,279
Equinix Inc COM PAR $0.001 29444U700 61,405 135,487 SH   DFND 1, 2, 3, 4, 5 99,309 0 36,178
Equity Residential SH BEN INT 29476L107 27,785 435,704 SH   DFND 1, 3, 4, 5 376,882 0 58,822
Essex Property Trust Inc. COM 297178105 11,047 45,769 SH   DFND 3, 4, 5 45,769 0 0
Federal Realty Investment Trust SH BEN INT NEW 313747206 70,488 530,743 SH   DFND 1, 2, 3, 4, 5 467,487 0 63,256
Forest City Realty Trust Inc. COM CL A 345605109 10,828 449,293 SH   DFND 3, 4, 5 449,293 0 0
GGP Inc. COM 36174X101 61,577 2,632,627 SH   DFND 1, 2, 3, 4, 5 2,328,244 0 304,383
Gramercy Property Trust Inc COM NEW 385002308 2,340 87,772 SH   DFND 3, 4, 5 9,800 0 77,972
HCP Inc. COM 40414L109 10,783 413,458 SH   DFND 3, 4, 5 312,831 0 100,627
Healthcare Realty Trust COM 421946104 13,263 412,933 SH   DFND 3, 4, 5 317,106 0 95,827
Host Hotels & Resorts, Inc. COM 44107P104 620 31,220 SH   DFND 3, 4, 5 0 0 31,220
Hudson Pacific Properties COM 444097109 33,015 963,954 SH   DFND 1, 2, 3, 4, 5 876,203 0 87,751
Interxion Holdings NV SHS N47279109 1,939 32,900 SH   DFND 1, 2, 3, 4, 5 32,342 0 558
Invitation Homes Inc. COM 46187W107 25,820 1,095,443 SH   DFND 2, 3, 4, 5 904,893 0 190,550
JBG Smith Properties COM 46590V100 32,863 946,255 SH   DFND 1, 2, 3, 4, 5 818,209 0 128,046
Kilroy Realty Corp. COM 49427F108 41,476 555,608 SH   DFND 1, 2, 3, 4, 5 486,172 0 69,436
LaSalle Hotel Properties COM SH BEN INT 517942108 11,241 400,456 SH   DFND 3, 4, 5 400,456 0 0
Liberty Property Trust SH BEN INT 531172104 34,580 804,002 SH   DFND 2, 3, 4, 5 701,792 0 102,210
Life Storage Inc. COM 53223X107 18,518 207,900 SH   DFND 2, 3, 4, 5 164,560 0 43,340
Macerich Co. COM 554382101 11,494 174,994 SH   DFND 3, 4, 5 174,994 0 0
MGM Growth Properties LLC CL A COM 55303A105 22,857 784,102 SH   DFND 3, 4, 5 601,310 0 182,792
National Retail Properties, Inc COM 637417106 27,167 629,891 SH   DFND 2, 3, 4, 5 441,268 0 188,623
New York REIT Inc COM 64976L109 10,235 2,604,227 SH   DFND 1, 2, 3, 4, 5 2,285,324 0 318,903
Paramount Group Inc COM 69924R108 10,825 682,946 SH   DFND 3, 4, 5 682,946 0 0
Pebblebrook Hotel Trust COM 70509V100 30,121 810,348 SH   DFND 2, 3, 4, 5 702,835 0 107,513
Pennsylvania Real Estate Invt SH BEN INT 709102107 13,152 1,106,113 SH   DFND 2, 3, 4, 5 932,783 0 173,330
Physicians Realty Trust COM 71943U104 37,670 2,093,953 SH   DFND 2, 3, 4, 5 1,780,659 0 313,294
Prologis Inc. COM 74340W103 73,692 1,142,328 SH   DFND 1, 2, 3, 4, 5 1,046,431 0 95,897
Public Storage, Inc. COM 74460D109 44,390 212,390 SH   DFND 2, 3, 4, 5 183,050 0 29,340
QTS Realty Trust Inc COM CL A 74736A103 11,467 211,733 SH   DFND 2, 3, 4, 5 209,508 0 2,225
Retail Properties of America Inc CL A 76131V202 41,665 3,100,051 SH   DFND 2, 3, 4, 5 2,691,872 0 408,179
Rexford Industrial Realty Inc COM 76169C100 25,988 891,210 SH   DFND 1, 2, 3, 4, 5 772,318 0 118,892
Sabra Health Care REIT Inc COM 78573L106 29,773 1,586,204 SH   DFND 2, 3, 4, 5 1,351,914 0 234,290
Simon Property Group, Inc. COM 828806109 94,671 551,245 SH   DFND 1, 2, 3, 4, 5 475,750 0 75,495
SL Green Realty Corp COM 78440X101 11,116 110,139 SH   DFND 3, 4, 5 110,139 0 0
Summit Hotel Properties Inc COM 866082100 32,855 2,157,272 SH   DFND 2, 3, 4, 5 1,847,472 0 309,800
Sunstone Hotel Investors Inc. COM 867892101 27,258 1,648,992 SH   DFND 2, 3, 4, 5 1,421,035 0 227,957
Taubman Centers, Inc. COM 876664103 12,297 187,947 SH   DFND 3, 4, 5 187,947 0 0
Terreno Realty Corp COM 88146M101 10,257 292,549 SH   DFND 3, 4, 5 292,549 0 0
Vornado Realty Trust SH BEN INT 929042109 64,889 829,993 SH   DFND 1, 2, 3, 4, 5 738,277 0 91,716
Welltower Inc COM 95040Q104 74,024 1,160,796 SH   DFND 2, 3, 4, 5 996,947 0 163,849