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 19,820 834,193 SH   DFND 1,2,4 834,193 0 0
AGREE REALTY CORP COM 008492100 27,579 466,498 SH   DFND 1,2,3,5 347,405 0 119,093
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 52,021 451,417 SH   DFND 1,2,3,4,5,6 408,122 0 43,295
AMERICAN CAMPUS COMNTYS INC COM 024835100 11,232 271,373 SH   DFND 1,2,3 198,650 0 72,723
APARTMENT INVT & MGMT CO PFD CL A 6.875% 03748R101 46,000 1,048,316 SH   DFND 1,2,3,5,6 929,126 0 119,190
APARTMENT INVT & MGMT CO CL A 03748R762 6,240 245,670 SH   DFND 1,2 195,070 0 50,600
AVALONBAY CMNTYS INC COM 053484101 104,618 601,078 SH   DFND 1,2,3,4,5,6 547,042 0 54,036
BOSTON PROPERTIES INC COM 101121101 82,482 732,848 SH   DFND 1,2,3,4,5,6 671,835 0 61,013
BROOKFIELD PROPERTY REIT INC CL A 11282X103 21,979 1,365,150 SH   DFND 1,2,3,4,5,6 1,365,150 0 0
CAMDEN PPTY TR SH BEN INT 133131102 13,232 150,278 SH   DFND 1,2,3 108,900 0 41,378
CARETRUST REIT INC COM 14174T107 31,549 1,709,024 SH   DFND 1,2,3,5,6 1,557,506 0 151,518
CHESAPEAKE LODGING TR SH BEN INT 165240102 20,069 824,205 SH   DFND 1,2,4 824,205 0 0
COUSINS PPTYS INC COM 222795106 35,372 4,477,513 SH   DFND 1,2,3,5,6 3,958,050 0 519,463
CUBESMART COM 229663109 30,163 1,051,340 SH   DFND 1,2,3,5,6 947,900 0 103,440
CYRUSONE INC COM 23283R100 35,160 664,903 SH   DFND 1,2,3,5,6 575,613 0 89,290
DIGITAL RLTY TR INC COM 253868103 67,836 636,661 SH   DFND 1,2,3,5,6 542,269 0 94,392
DOUGLAS EMMETT INC COM 25960P109 22,119 648,070 SH   DFND 1,2 648,070 0 0
DUKE REALTY CORP COM NEW 264411505 45,560 1,759,089 SH   DFND 1,2,3,5,6 1,523,539 0 235,550
EMPIRE ST RLTY TR INC CL A 292104106 50,769 3,567,774 SH   DFND 1,2,3,4,5,6 3,345,390 0 222,384
EQUINIX INC COM PAR $0.001 29444U700 14,077 39,927 SH   DFND 1,2,3 28,573 0 11,354
EQUITY RESIDENTIAL SH BEN INT 29476L107 104,709 1,586,254 SH   DFND 1,2,3,4,5,6 1,446,444 0 139,810
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 6,399 462,333 SH   DFND 1,2,3,5 353,583 0 108,750
ESSEX PPTY TR INC COM 297178105 22,229 90,653 SH   DFND 1,2 90,653 0 0
EXTRA SPACE STORAGE INC COM 30225T102 42,548 470,244 SH   DFND 1,2,3,5,6 418,436 0 51,808
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 21,685 183,712 SH   DFND 1,2,4, 183,712 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 17,663 674,169 SH   DFND 1,2,3,5 504,386 0 169,783
HCP INC COM 40414L109 35,001 1,253,160 SH   DFND 1,2,3,5 1,013,961 0 239,199
HOST HOTELS & RESORTS INC COM 44107P104 41,759 2,505,010 SH   DFND 1,2,3,5,6 2,212,609 0 292,401
HUDSON PAC PPTYS INC COM 444097109 58,520 2,013,751 SH   DFND 1,2,3,4,5,6 1,863,470 0 150,281
INTERXION HOLDING N.V SHS N47279109 16,513 304,901 SH   DFND 1,2,4,5,6 301,861 0 3,040
INVITATION HOMES INC COM 46187W107 45,427 2,262,287 SH   DFND 1,2,3,5,6 2,031,395 0 230,892
LIBERTY PPTY TR SH BEN INT 531172104 14,660 350,050 SH   DFND 1,2,3,5 285,720 0 64,330
MACERICH CO COM 554382101 51,530 1,190,611 SH   DFND 1,2,3,5,6 1,103,619 0 86,992
NATIONAL RETAIL PPTYS INC COM 637417106 1,605 33,083 SH   DFND 1,2,5 33,083 0 0
PARAMOUNT GROUP INC COM 69924R108 20,973 1,669,837 SH   DFND 1,2 1,669,837 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 46,771 1,652,104 SH   DFND 1,2,3,5,6 1,539,584 0 112,520
PHYSICIANS RLTY TR COM 71943U104 33,639 2,098,492 SH   DFND 1,2,3,5,6 1,829,358 0 269,134
PROLOGIS INC COM 74340W103 124,719 2,123,956 SH   DFND 1,2,3,4,5,6 1,881,501 0 242,455
PUBLIC STORAGE COM 74460D109 22,413 110,729 SH   DFND 1,2,3,5 90,259 0 20,470
QTS REALTY TR INC 6.5% CON PFD B 74736A301 7,729 81,981 SH   DFND 1,2 58,241 0 23,740
REGENCY CTRS CORP COM 758849103 51,351 875,105 SH   DFND 1,2,3,5,6 775,085 0 100,020
RETAIL PPTYS AMERICA INC CL A 76131V202 15,119 1,393,446 SH   DFND 1,2,3,6 1,190,456 0 202,990
REXFORD INDL RLTY INC COM 76169C100 21,560 731,594 SH   DFND 1,2,4 731,594 0 0
SL GREEN RLTY CORP COM 78440X101 19,575 247,528 SH   DFND 1,2 247,528 0 0
SIMON PPTY GROUP INC NEW COM 828806109 136,150 810,465 SH   DFND 1,2,3,4,5,6 727,238 0 83,227
SITE CENTERS CORP COM 82981J109 18,104 1,635,421 SH   DFND 1,2,3,5 1,415,650 0 219,771
SUNSTONE HOTEL INVS INC NEW COM 867892101 21,101 1,621,914 SH   DFND 1,2,3,5 1,356,793 0 265,121
TAUBMAN CTRS INC COM 876664103 20,454 449,645 SH   DFND 1,2 449,645 0 0
TERRENO RLTY CORP COM 88146M101 21,460 610,176 SH   DFND 1,2 610,176 0 0
VENTAS INC COM 92276F100 8,977 153,225 SH   DFND 1,2,3 118,456 0 34,769
VICI PPTYS INC COM 925652109 26,945 1,434,789 SH   DFND 1,2,3 1,089,731 0 345,058
VORNADO RLTY TR SH BEN INT 929042109 20,571 331,636 SH   DFND 1,2 331,636 0 0
WELLTOWER INC COM 95040Q104 81,134 1,168,907 SH   DFND 1,2,3,5,6 1,018,622 0 150,285