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 22,650 701,983 SH   DFND 1, 3, 4 701,983 0 0
AGREE REALTY CORP COM 008492100 30,576 523,918 SH   DFND 2, 3, 4 401,658 0 117,640
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 22,462 155,275 SH   DFND 1, 3, 4 155,275 0 0
AMERICAN CAMPUS COMNTYS INC COM 024835100 42,978 974,542 SH   DFND 2, 3, 4, 5 751,503 0 97,403
APARTMENT INVT & MGMT CO PFD CL A 6.875% 03748R762 9,065 350,670 SH   DFND 3, 4 300,070 0 50,600
APARTMENT INVT & MGMT CO CL A 03748R101 58,717 1,266,530 SH   DFND 2, 3, 4, 5 973,271 0 145,440
AVALONBAY CMNTYS INC COM 053484101 138,794 716,453 SH   DFND 1, 2, 3, 4, 5 586,312 0 68,356
BOSTON PROPERTIES INC COM 101121101 96,073 726,635 SH   DFND 1, 2, 3, 4, 5 600,549 0 66,501
CAMDEN PPTY TR SH BEN INT 133131102 14,124 152,198 SH   DFND 3, 4 110,120 0 42,078
CARETRUST REIT INC COM 14174T107 34,016 1,781,425 SH   DFND 2, 3, 4, 5 1,375,757 0 151,518
CHESAPEAKE LODGING TR SH BEN INT 165240102 41,383 1,164,217 SH   DFND 1, 2 1,080,822 0 80,210
COUSINS PPTYS INC COM 222795106 41,359 4,406,273 SH   DFND 2, 3, 4, 5 3,422,920 0 495,693
CUBESMART COM 229663109 33,126 1,085,576 SH   DFND 2, 3, 4, 5 845,386 0 102,880
CYRUSONE INC COM 23283R100 35,133 528,640 SH   DFND 2, 3, 4 433,235 0 92,925
DDR CORP REIT 82981J109 18,163 1,272,681 SH   DFND 2, 3, 4 1,081,560 0 184,141
DIGITAL RLTY TR INC COM 253868103 29,137 248,893 SH   DFND 2, 3, 4, 5 190,063 0 21,790
DOUGLAS EMMETT INC COM 25960P109 22,474 518,230 SH   DFND 3, 4 518,230 0 0
DUKE REALTY CORP COM NEW 264411505 27,435 971,489 SH   DFND 2, 3, 4 779,559 0 185,490
EMPIRE ST RLTY TR INC CL A 292104106 58,360 3,213,172 SH   DFND 1, 2, 3, 4, 5 2,741,698 0 229,504
EQUINIX INC COM PAR $0.001 29444U700 74,918 170,310 SH   DFND 2, 3, 4, 5 114,167 0 30,998
EQUITY RESIDENTIAL SH BEN INT 29476L107 22,462 294,504 SH   DFND 1, 3, 4 294,504 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 6,678 423,940 SH   DFND 2, 3, 4 338,750 0 81,040
ESSEX PPTY TR INC COM 297178105 74,357 277,176 SH   DFND 1, 2, 3, 4, 5 234,252 0 20,585
EXTRA SPACE STORAGE INC COM 30225T102 44,368 483,644 SH   DFND 2, 3, 4, 5 374,396 0 52,578
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 22,698 156,332 SH   DFND 1, 3, 4 156,332 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 22,930 793,784 SH   DFND 3, 4 793,784 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 27,494 968,119 SH   DFND 2, 3, 4 735,106 0 225,003
HCP INC COM 40414L109 46,915 1,691,611 SH   DFND 2, 3, 4, 5 1,293,648 0 230,606
HOST HOTELS & RESORTS INC COM 44107P104 57,312 2,574,216 SH   DFND 2, 3, 4, 5 1,970,205 0 299,281
HUDSON PAC PPTYS INC COM 444097109 46,539 1,336,589 SH   DFND 1, 2, 3, 4 1,205,048 0 126,951
INTERXION HOLDING N.V SHS N47279109 53 791 SH   DFND 1, 3, 4 791 0 0
INVITATION HOMES INC COM 46187W107 27,175 1,164,102 SH   DFND 2, 3, 4, 5 953,044 0 164,046
KILROY RLTY CORP COM 49427F108 51,800 680,274 SH   DFND 1, 2, 3, 4, 5 529,686 0 74,098
KIMCO RLTY CORP COM 49446R109 28,899 1,647,260 SH   DFND 2, 3, 4, 5 1,256,830 0 164,260
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 22,754 571,863 SH   DFND 3, 4 571,863 0 0
LIBERTY PPTY TR SH BEN INT 531172104 41,780 918,505 SH   DFND 2, 3, 4, 5 714,205 0 100,730
MACERICH CO COM 554382101 50,935 843,053 SH   DFND 2, 3, 4, 5 732,681 0 62,982
NATIONAL RETAIL PPTYS INC COM 637417106 7,732 172,520 SH   DFND 2, 3, 4 121,850 0 48,790
PARAMOUNT GROUP INC COM 69924R108 21,817 1,255,767 SH   DFND 3, 4 1,255,767 0 0
PHYSICIANS RLTY TR COM 71943U104 38,509 2,134,073 SH   DFND 2, 3, 4, 5 1,666,664 0 273,434
PROLOGIS INC COM 74340W103 147,005 2,029,765 SH   DFND 1, 2, 3, 4, 5 1,626,555 0 230,715
PUBLIC STORAGE COM 74460D109 17,063 85,110 SH   DFND 2, 3, 4 69,170 0 15,440
REGENCY CTRS CORP COM 758849103 55,919 822,574 SH   DFND 2, 3, 4, 5 647,404 0 98,490
REXFORD INDL RLTY INC COM 76169C100 22,793 620,264 SH   DFND 1, 3, 4 620,264 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 15,080 655,113 SH   DFND 2, 3, 4 523,516 0 126,787
SIMON PPTY GROUP INC NEW COM 828806109 162,816 865,701 SH   DFND 1, 2, 3, 4, 5 699,614 0 92,247
SL GREEN RLTY CORP COM 78440X101 21,491 191,388 SH   DFND 3, 4 191,388 0 0
SUMMIT HOTEL PPTYS INC COM 866082100 6,147 458,051 SH   DFND 3, 4 326,326 0 131,725
SUNSTONE HOTEL INVS INC NEW COM 867892101 40,218 2,329,083 SH   DFND 2, 3, 4, 5 1,798,852 0 270,431
TAUBMAN CTRS INC COM 876664103 21,078 305,985 SH   DFND 3, 4 305,985 0 0
TERRENO RLTY CORP COM 88146M101 22,366 515,146 SH   DFND 3, 4 515,146 0 0
VENTAS INC COM 92276F100 4,318 79,894 SH   DFND 3, 4 61,285 0 18,609
VICI PPTYS INC COM 925652109 18,608 773,408 SH   DFND 3, 4 559,210 0 207,968
VORNADO RLTY TR SH BEN INT 929042109 21,772 259,046 SH   DFND 3, 4 259,046 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 17,973 560,650 SH   DFND 1, 2, 3, 4, 5 429,755 0 63,110
WELLTOWER INC COM 95040Q104 60,860 906,735 SH   DFND 2, 3, 4, 5 700,634 0 132,610