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
Alexandria Real Estate Equitie COM 015271109 166,571 1,832,673 SH   SOLE   1,539,573 0 293,100
Alexandria Real Estate Equitie COM 015271109 89,827 988,300 SH   DFND 1,2 0 0 988,300
American Electric Power Co. In COM 025537101 1,189 17,900 SH   SOLE   17,900 0 0
American Tower Corp. COM 03027X100 2,037 19,900 SH   SOLE   19,900 0 0
AvalonBay Communities Inc. COM 053484101 318,998 1,677,169 SH   SOLE   1,226,943 0 450,226
AvalonBay Communities Inc. COM 053484101 214,487 1,127,694 SH   DFND 1,2 0 0 1,127,694
Avangrid Inc COM 05351W103 277 6,900 SH   SOLE   6,900 0 0
Boardwalk Pipeline Partners L. COM 096627104 8,392 569,330 SH   SOLE   569,330 0 0
Boston Properties Inc. COM 101121101 130,587 1,027,591 SH   SOLE   704,526 0 323,065
Boston Properties Inc. COM 101121101 98,532 775,358 SH   DFND 1,2 0 0 775,358
Brandywine Realty Trust SBI COM 105368203 490 34,900 SH   SOLE   34,900 0 0
Buckeye Partners L.P. COM 118230101 2,729 40,170 SH   SOLE   40,170 0 0
Columbia Pipeline Partners LP COM 198281107 2,241 153,484 SH   SOLE   153,484 0 0
Cone Midstream Partners LP COM 206812109 4,511 360,607 SH   SOLE   360,607 0 0
Crestwood Equity Partners LP COM 226344208 2,917 249,960 SH   SOLE   249,960 0 0
Crown Castle International Cor COM 22822V101 3,005 34,735 SH   SOLE   34,735 0 0
CubeSmart COM 229663109 113,547 3,409,818 SH   SOLE   2,734,158 0 675,660
CubeSmart COM 229663109 77,285 2,320,868 SH   DFND 1,2 0 0 2,320,868
DCT Industrial Trust COM 233153204 165,229 4,186,169 SH   SOLE   3,618,459 0 567,710
DCT Industrial Trust COM 233153204 67,925 1,720,950 SH   DFND 1,2 0 0 1,720,950
DDR Corp. COM 23317H102 193,330 10,867,319 SH   SOLE   8,060,319 0 2,807,000
DDR Corp. COM 23317H102 98,823 5,555,000 SH   DFND 1,2 0 0 5,555,000
Delek Logistics Partners COM 24664T103 3,959 126,088 SH   SOLE   126,088 0 0
Diamondrock Hospitality COM 252784301 6,359 628,316 SH   SOLE   534,816 0 93,500
Diamondrock Hospitality COM 252784301 13,673 1,351,100 SH   DFND 1,2 0 0 1,351,100
Digital Realty Trust Inc. COM 253868103 195,704 2,211,593 SH   SOLE   1,678,358 0 533,235
Digital Realty Trust Inc. COM 253868103 130,178 1,471,110 SH   DFND 1,2 0 0 1,471,110
Dominion Midstream COM 257454108 238 7,050 SH   SOLE   7,050 0 0
Dominion Resources Inc. (Virgi COM 25746U109 1,074 14,298 SH   SOLE   14,298 0 0
Douglas Emmett Inc. COM 25960P109 37,197 1,235,372 SH   SOLE   1,009,372 0 226,000
Douglas Emmett Inc. COM 25960P109 21,083 700,200 SH   DFND 1,2 0 0 700,200
DTE Energy Co. COM 233331107 2,047 22,584 SH   SOLE   22,584 0 0
Duke Energy Corp. COM 26441C204 662 8,200 SH   SOLE   8,200 0 0
Duke Realty Corporation COM 264411505 23,269 1,032,364 SH   SOLE   596,764 0 435,600
Duke Realty Corporation COM 264411505 29,147 1,293,100 SH   DFND 1,2 0 0 1,293,100
Edison International COM 281020107 1,453 20,209 SH   SOLE   20,209 0 0
Energy Transfer Partners L.P. COM 29273R109 19,028 588,386 SH   SOLE   588,386 0 0
Enterprise Products Partners L COM 293792107 17,173 697,530 SH   SOLE   697,530 0 0
EQT Midstream Partners, L.P. COM 26885B100 9,037 121,415 SH   SOLE   121,415 0 0
Equinix Inc COM 29444U700 14,647 44,288 SH   SOLE   35,132 0 9,156
Equinix Inc COM 29444U700 45,156 136,543 SH   DFND 1,2 0 0 136,543
Equity Residential COM 29476L107 680,477 9,069,400 SH   SOLE   7,509,061 0 1,560,339
Equity Residential COM 29476L107 297,592 3,966,310 SH   DFND 1,2 0 0 3,966,310
Essex Property Trust Inc. COM 297178105 187,245 800,674 SH   SOLE   540,276 0 260,398
Essex Property Trust Inc. COM 297178105 90,190 385,657 SH   DFND 1,2 0 0 385,657
Eversource Energy COM 30040W108 984 16,872 SH   SOLE   16,872 0 0
Exelon Corp. COM 30161N101 570 15,898 SH   SOLE   15,898 0 0
First Industrial Realty Trust COM 32054K103 14,331 630,200 SH   SOLE   630,200 0 0
Gaming and Leisure Properties COM 36467J108 20,723 670,200 SH   SOLE   645,900 0 24,300
Gaming and Leisure Properties COM 36467J108 17,927 579,800 SH   DFND 1,2 0 0 579,800
General Growth Properties COM 370023103 355,577 11,960,218 SH   SOLE   8,942,378 0 3,017,840
General Growth Properties COM 370023103 217,182 7,305,126 SH   DFND 1,2 0 0 7,305,126
Genesis Energy L.P. COM 371927104 5,417 170,405 SH   SOLE   170,405 0 0
HealthCare Realty Trust COM 421946104 141,264 4,573,142 SH   SOLE   3,453,568 0 1,119,574
HealthCare Realty Trust COM 421946104 61,986 2,006,665 SH   DFND 1,2 0 0 2,006,665
Healthcare Trust of America In COM 42225P501 62,681 2,130,561 SH   SOLE   1,564,611 0 565,950
Healthcare Trust of America In COM 42225P501 58,080 1,974,170 SH   DFND 1,2 0 0 1,974,170
Highwoods Properties Inc. COM 431284108 82,904 1,734,019 SH   SOLE   1,173,529 0 560,490
Highwoods Properties Inc. COM 431284108 50,236 1,050,747 SH   DFND 1,2 0 0 1,050,747
Host Hotels & Resorts Inc. COM 44107P104 159,283 9,537,972 SH   SOLE   7,632,022 0 1,905,950
Host Hotels & Resorts Inc. COM 44107P104 124,873 7,477,379 SH   DFND 1,2 0 0 7,477,379
ITC Holdings Corp. COM 465685105 1,063 24,400 SH   SOLE   24,400 0 0
Kilroy Realty Corp. COM 49427F108 187,762 3,034,784 SH   SOLE   2,301,684 0 733,100
Kilroy Realty Corp. COM 49427F108 101,349 1,638,100 SH   DFND 1,2 0 0 1,638,100
Kimco Realty Corp. COM 49446R109 371,876 12,921,303 SH   SOLE   10,753,515 0 2,167,788
Kimco Realty Corp. COM 49446R109 178,658 6,207,731 SH   DFND 1,2 0 0 6,207,731
Kite Realty Group Trust COM 49803T300 31,760 1,146,161 SH   SOLE   924,361 0 221,800
Kite Realty Group Trust COM 49803T300 20,503 739,900 SH   DFND 1,2 0 0 739,900
LaSalle Hotel Properties COM 517942108 19,451 768,499 SH   SOLE   724,899 0 43,600
Liberty Property Trust COM 531172104 121,006 3,616,446 SH   SOLE   2,812,846 0 803,600
Macerich Co. COM 554382101 96,210 1,214,165 SH   SOLE   1,034,486 0 179,679
Magellan Midstream Partners L. COM 559080106 16,041 233,155 SH   SOLE   233,155 0 0
Monogram Residential Trust, In COM 60979P105 12,609 1,278,800 SH   SOLE   1,278,800 0 0
MPLX LP COM 55336V100 12,261 412,963 SH   SOLE   412,963 0 0
Nextera Energy Inc COM 65339F101 1,986 16,780 SH   SOLE   16,780 0 0
NextEra Energy Partners LP COM 65341B106 2,773 101,980 SH   SOLE   101,980 0 0
NiSource Inc. COM 65473P105 839 35,619 SH   SOLE   35,619 0 0
Norfolk Southern Corp COM 655844108 1,648 19,800 SH   SOLE   19,800 0 0
NRG Yield, Inc. Class A COM 62942X306 658 48,500 SH   SOLE   48,500 0 0
Paramount Group Inc COM 69924R108 114,723 7,192,664 SH   SOLE   6,202,964 0 989,700
Paramount Group Inc COM 69924R108 52,884 3,315,600 SH   DFND 1,2 0 0 3,315,600
Pattern Energy Group Inc. COM 70338P100 214 11,200 SH   SOLE   11,200 0 0
Pebblebrook Hotel Trust COM 70509V100 103,362 3,555,639 SH   SOLE   3,059,894 0 495,745
Pebblebrook Hotel Trust COM 70509V100 59,704 2,053,802 SH   DFND 1,2 0 0 2,053,802
Pennsylvania Real Estate COM 709102107 52,411 2,398,673 SH   SOLE   2,115,273 0 283,400
Pennsylvania Real Estate COM 709102107 16,761 767,100 SH   DFND 1,2 0 0 767,100
PG&E Corp. COM 69331C108 1,481 24,800 SH   SOLE   24,800 0 0
Plains All American Pipeline, COM 726503105 7,137 340,349 SH   SOLE   340,349 0 0
Post Properties Inc. COM 737464107 126,321 2,114,514 SH   SOLE   1,838,907 0 275,607
Post Properties Inc. COM 737464107 48,001 803,500 SH   DFND 1,2 0 0 803,500
ProLogis Inc. COM 74340W103 310,827 7,035,461 SH   SOLE   5,428,520 0 1,606,941
ProLogis Inc. COM 74340W103 188,656 4,270,165 SH   DFND 1,2 0 0 4,270,165
Public Storage COM 74460D109 358,809 1,300,834 SH   SOLE   995,837 0 304,997
Public Storage COM 74460D109 266,875 967,534 SH   DFND 1,2 0 0 967,534
QTS Realty Trust Inc COM 74736A103 58,823 1,241,524 SH   SOLE   1,058,620 0 182,904
QTS Realty Trust Inc COM 74736A103 29,322 618,869 SH   DFND 1,2 0 0 618,869
Ramco Gershenson Properties Tr COM 751452202 11,865 658,063 SH   SOLE   394,463 0 263,600
Ramco Gershenson Properties Tr COM 751452202 18,395 1,020,238 SH   DFND 1,2 0 0 1,020,238
Regency Centers Corporation COM 758849103 148,780 1,987,718 SH   SOLE   1,628,082 0 359,636
Regency Centers Corporation COM 758849103 86,452 1,155,000 SH   DFND 1,2 0 0 1,155,000
Rose Rock Midstream LP COM 777149105 1,059 89,242 SH   SOLE   89,242 0 0
Semgroup Corp. COM 81663A105 2,756 123,048 SH   SOLE   123,048 0 0
Sempra Energy COM 816851109 1,738 16,705 SH   SOLE   16,705 0 0
Senior Housing Properties Trus COM 81721M109 17,380 971,500 SH   SOLE   964,500 0 7,000
Shell Midstream Partners LP COM 822634101 6,847 187,015 SH   SOLE   187,015 0 0
Simon Property Group Inc. COM 828806109 819,841 3,947,430 SH   SOLE   2,982,948 0 964,482
Simon Property Group Inc. COM 828806109 463,361 2,231,021 SH   DFND 1,2 0 0 2,231,021
SL Green Realty Corp. COM 78440X101 344,867 3,559,746 SH   SOLE   3,016,230 0 543,516
SL Green Realty Corp. COM 78440X101 140,701 1,452,314 SH   DFND 1,2 0 0 1,452,314
Spectra Energy Partners L.P. COM 84756N109 5,533 114,992 SH   SOLE   114,992 0 0
Spirit Realty Capital Inc. COM 84860W102 230,061 20,449,826 SH   SOLE   15,926,487 0 4,523,339
Spirit Realty Capital Inc. COM 84860W102 105,894 9,412,858 SH   DFND 1,2 0 0 9,412,858
Sun Communities Inc. COM 866674104 119,935 1,674,825 SH   SOLE   1,389,315 0 285,510
Sun Communities Inc. COM 866674104 74,946 1,046,591 SH   DFND 1,2 0 0 1,046,591
Sunoco Logistics Partners L.P. COM 86764L108 12,541 500,254 SH   SOLE   500,254 0 0
Sunstone Hotel Investors Inc. COM 867892101 116,528 8,323,462 SH   SOLE   7,391,758 0 931,704
Sunstone Hotel Investors Inc. COM 867892101 71,830 5,130,707 SH   DFND 1,2 0 0 5,130,707
Sunstone Hotels 8.00% Series D CV 8% CUM PFD-D 867892507 696 27,800 SH   SOLE   27,800 0 0
Tallgrass Energy Partners LP COM 874697105 7,585 197,933 SH   SOLE   197,933 0 0
Tanger Factory Outlet Centers COM 875465106 3,202 88,000 SH   SOLE   0 0 88,000
Targa Resources Corp. COM 87612G101 4,076 136,500 SH   SOLE   136,500 0 0
Taubman Centers Inc. COM 876664103 3,154 44,286 SH   SOLE   0 0 44,286
Tesoro Logistics LP COM 88160T107 9,434 206,609 SH   SOLE   206,609 0 0
UDR Inc. COM 902653104 309,347 8,028,741 SH   SOLE   5,488,609 0 2,540,132
UDR Inc. COM 902653104 122,396 3,176,637 SH   DFND 1,2 0 0 3,176,637
Valero Energy Partners LP COM 91914J102 3,500 73,902 SH   SOLE   73,902 0 0
Ventas Inc. COM 92276F100 19,007 301,893 SH   SOLE   197,493 0 104,400
Ventas Inc. COM 92276F100 6,063 96,300 SH   DFND 1,2 0 0 96,300
VEREIT Inc COM 92339V100 207,545 23,398,641 SH   SOLE   19,076,312 0 4,322,329
VEREIT Inc COM 92339V100 96,962 10,931,404 SH   DFND 1,2 0 0 10,931,404
Vornado Realty Trust COM 929042109 344,029 3,643,212 SH   SOLE   2,955,739 0 687,473
Vornado Realty Trust COM 929042109 156,078 1,652,850 SH   DFND 1,2 0 0 1,652,850
VTTI Energy Partners LP COM Y9384M101 2,636 142,492 SH   SOLE   142,492 0 0
Weingarten Realty Investors COM 948741103 39,715 1,058,516 SH   SOLE   922,116 0 136,400
Weingarten Realty Investors COM 948741103 11,928 317,900 SH   DFND 1,2 0 0 317,900
Welltower Inc. COM 95040Q104 449,199 6,478,209 SH   SOLE   5,006,872 0 1,471,337
Welltower Inc. COM 95040Q104 240,797 3,472,700 SH   DFND 1,2 0 0 3,472,700
Westar Energy, Inc. COM 95709T100 729 14,700 SH   SOLE   14,700 0 0
Western Refining Logistics, LP COM 95931Q205 4,173 178,733 SH   SOLE   178,733 0 0
Williams Cos. COM 969457100 760 47,300 SH   SOLE   47,300 0 0
Williams Partners LP COM 96949L105 13,226 646,752 SH   SOLE   646,752 0 0