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

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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 66,240 1,885,580 SH   DFND 01,02 1,522,580 0 363,000
Alexander & Baldwin Inc COM 014491104 44,720 1,219,202 SH   DFND 01,02 1,093,002 0 126,200
Alexandria Real Estate Equities COM 015271109 26,022 286,300 SH   DFND 01,02 176,100 0 110,200
American Assets Trust Inc COM 024013104 79,463 1,990,559 SH   DFND 01,02 1,543,459 0 447,100
American Campus Communities COM 024835100 50,984 1,082,697 SH   DFND 01,02 893,197 0 189,500
American Homes 4 Rent Cl A COM 02665T306 36,661 2,305,711 SH   DFND 01,02 1,745,111 0 560,600
AvalonBay Communities Inc COM 053484101 291,402 1,532,084 SH   DFND 01,02 1,170,584 0 361,500
Boston Properties Inc COM 101121101 295,389 2,324,436 SH   DFND 01,02 1,756,336 0 568,100
Camden Property Trust COM 133131102 138,711 1,649,552 SH   DFND 01,02 1,244,752 0 404,800
Care Capital Properties Inc COM 141624106 0 1 SH   DFND 01,02 1 0 0
Chatham Lodging Trust COM 16208T102 34,553 1,612,382 SH   DFND 01,02 1,469,282 0 143,100
CubeSmart COM 229663109 125,169 3,758,820 SH   DFND 01,02 2,978,620 0 780,200
DDR Corp COM 251591103 65,236 3,667,024 SH   DFND 01,02 2,970,724 0 696,300
Douglas Emmett Inc COM 25960P109 40,075 1,330,961 SH   DFND 01,02 1,088,961 0 242,000
Dupont Fabros Technology COM 26613Q106 112,258 2,769,757 SH   DFND 01,02 2,203,257 0 566,500
Empire State Realty Trust Cl A COM 292104106 43,560 2,484,862 SH   DFND 01,02 1,927,962 0 556,900
EPR Properties COM 26884U109 3,664 55,000 SH   DFND 01,02 0 0 55,000
Equity Lifestyle Properties COM 29472R108 73,615 1,012,175 SH   DFND 01,02 864,375 0 147,800
Equity Residential COM 29476L107 302,461 4,031,197 SH   DFND 01,02 3,126,297 0 904,900
Extended Stay America Inc COM 30224P200 67,019 4,111,579 SH   DFND 01,02 3,426,279 0 685,300
Federal Realty Invs Trust COM 313747206 172,324 1,104,285 SH   DFND 01,02 815,285 0 289,000
General Growth Properties COM 370023103 20,154 677,900 SH   DFND 01,02 426,900 0 251,000
Forest City Realty Trust Cl A COM 345550107 102,725 4,870,802 SH   DFND 01,02 3,782,602 0 1,088,200
Gramercy Property Trust COM 385002100 95,177 11,263,500 SH   DFND 01,02 8,541,400 0 2,722,100
Hilton Worldwide Holdings Inc COM 43300A104 62,317 2,767,200 SH   DFND 01,02 2,289,700 0 477,500
Host Hotels & Resorts Inc COM 44107P104 94,012 5,629,483 SH   DFND 01,02 4,680,683 0 948,800
Kilroy Realty Corp COM 49427F108 681 11,000 SH   DFND 01,02 7,000 0 4,000
Macerich Co COM 554382101 87,979 1,110,279 SH   DFND 01,02 865,679 0 244,600
Omega Healthcare Investors COM 681936100 847 24,000 SH   DFND 01,02 15,000 0 9,000
Paramount Group Inc COM 69924R108 80,523 5,048,471 SH   DFND 01,02 3,887,971 0 1,160,500
Piedmont Office Realty Trust COM 720190206 128,751 6,339,272 SH   DFND 01,02 4,970,672 0 1,368,600
Post Properties Inc COM 737464107 2,061 34,500 SH   DFND 01,02 26,000 0 8,500
ProLogis Inc COM 74340W103 279,633 6,329,399 SH   DFND 01,02 4,806,599 0 1,522,800
Public Storage COM 74460D109 367,737 1,333,200 SH   DFND 01,02 1,017,900 0 315,300
Retail Opportunity Investments Corp COM 76131N101 45,534 2,263,114 SH   DFND 01,02 1,809,914 0 453,200
Retail Properties of America Inc Cl A COM 76131V202 6,155 388,300 SH   DFND 01,02 277,300 0 111,000
Rexford Industrial Realty Inc COM 76169C100 70,267 3,869,329 SH   DFND 01,02 3,098,729 0 770,600
RLJ Lodging Trust COM 74965L101 36,655 1,602,062 SH   DFND 01,02 1,456,962 0 145,100
Simon Property Group Inc COM 828806109 562,035 2,706,125 SH   DFND 01,02 2,089,325 0 616,800
Store Capital Corp COM 862121100 69,096 2,669,859 SH   DFND 01,02 2,030,759 0 639,100
Tanger Factory Outlet Centers Inc COM 875465106 64,414 1,770,100 SH   DFND 01,02 1,413,600 0 356,500
Taubman Centers Inc COM 876664103 106,583 1,496,319 SH   DFND 01,02 1,210,219 0 286,100
Ventas Inc COM 92276F100 211,042 3,352,000 SH   DFND 01,02 2,628,800 0 723,200
Vornado Realty Trust COM 929042109 39,710 420,527 SH   DFND 01,02 334,427 0 86,100
Welltower Inc COM 95040Q104 264,760 3,818,287 SH   DFND 01,02 2,919,887 0 898,400