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 004239109 65,694 1,849,480 SH   DFND 102 1,464,580 0 384,900
Alexander & Baldwin Inc COM 014491104 46,776 1,294,302 SH   DFND 102 1,140,702 0 153,600
American Assets Trust Inc COM 024013104 100,831 2,375,859 SH   DFND 102 1,790,559 0 585,300
American Campus Communities COM 024835100 56,111 1,061,297 SH   DFND 102 860,697 0 200,600
American Homes 4 Rent Cl A COM 02665T306 66,829 3,263,111 SH   DFND 102 2,452,811 0 810,300
AvalonBay Communities Inc COM 053484101 270,366 1,498,784 SH   DFND 102 1,123,584 0 375,200
Boston Properties Inc COM 101121101 302,267 2,291,636 SH   DFND 102 1,692,636 0 599,000
Camden Property Trust COM 133131102 139,726 1,580,252 SH   DFND 102 1,177,852 0 402,400
Chatham Lodging Trust COM 16208T102 35,003 1,592,482 SH   DFND 102 1,429,482 0 163,000
CubeSmart COM 229663109 113,151 3,664,220 SH   DFND 102 2,847,020 0 817,200
DDR Corp COM 251591103 61,089 3,367,624 SH   DFND 102 2,672,324 0 695,300
Douglas Emmett Inc COM 25960P109 46,203 1,300,761 SH   DFND 102 1,043,161 0 257,600
Dupont Fabros Technology COM 26613Q106 128,584 2,704,757 SH   DFND 102 2,110,357 0 594,400
Easterly Government Properties Inc COM 27616P103 24,554 1,244,500 SH   DFND 102 963,300 0 281,200
Empire State Realty Trust Cl A COM 292104106 50,999 2,685,562 SH   DFND 102 2,063,662 0 621,900
EPR Properties COM 26884U109 4,841 60,000 SH   DFND 102 0 0 60,000
Equity Lifestyle Properties COM 29472R108 56,169 701,675 SH   DFND 102 585,675 0 116,000
Equity Residential COM 29476L107 280,197 4,067,897 SH   DFND 102 3,080,597 0 987,300
Extended Stay America Inc COM 30224P200 61,616 4,121,479 SH   DFND 102 3,388,879 0 732,600
Federal Realty Invs Trust COM 313747206 178,825 1,080,185 SH   DFND 102 781,985 0 298,200
General Growth Properties COM 370023103 29,209 979,500 SH   DFND 102 619,500 0 360,000
Forest City Realty Trust Cl A COM 345550107 109,143 4,892,102 SH   DFND 102 3,692,202 0 1,199,900
Gramercy Property Trust COM 385002100 108,084 11,722,800 SH   DFND 102 8,707,600 0 3,015,200
Hilton Worldwide Holdings Inc COM 43300A104 26,736 1,186,700 SH   DFND 102 917,600 0 269,100
Host Hotels & Resorts Inc COM 44107P104 116,065 7,160,083 SH   DFND 102 5,872,483 0 1,287,600
Macerich Co COM 554382101 76,678 897,979 SH   DFND 102 712,979 0 185,000
Paramount Group Inc COM 69924R108 61,969 3,887,671 SH   DFND 102 2,924,571 0 963,100
Piedmont Office Realty Trust COM 720190206 132,238 6,139,172 SH   DFND 102 4,729,272 0 1,409,900
ProLogis Inc COM 74340W103 305,093 6,221,299 SH   DFND 102 4,620,999 0 1,600,300
Public Storage COM 74460D109 327,948 1,283,100 SH   DFND 102 958,100 0 325,000
Retail Opportunity Investments Corp COM 76131N101 25,287 1,166,914 SH   DFND 102 887,314 0 279,600
Retail Properties of America Inc Cl A COM 76131V202 21,417 1,267,300 SH   DFND 102 957,700 0 309,600
Rexford Industrial Realty Inc COM 76169C100 86,780 4,114,729 SH   DFND 102 3,244,429 0 870,300
RLJ Lodging Trust COM 74965L101 36,087 1,682,362 SH   DFND 102 1,499,262 0 183,100
Simon Property Group Inc COM 828806109 575,463 2,653,125 SH   DFND 102 2,009,025 0 644,100
Store Capital Corp COM 862121100 66,146 2,246,059 SH   DFND 102 1,616,259 0 629,800
Tanger Factory Outlet Centers Inc COM 875465106 64,095 1,595,200 SH   DFND 102 1,258,300 0 336,900
Taubman Centers Inc COM 876664103 109,216 1,471,919 SH   DFND 102 1,169,319 0 302,600
Terreno Realty Corp COM 88146M101 3,679 142,200 SH   DFND 102 102,000 0 40,200
Ventas Inc COM 92276F100 232,653 3,194,900 SH   DFND 102 2,435,200 0 759,700
Vornado Realty Trust COM 929042109 41,472 414,227 SH   DFND 102 323,027 0 91,200
Washington REIT COM 939653101 27,638 878,500 SH   DFND 102 521,000 0 357,500
Welltower Inc COM 95040Q104 295,615 3,880,987 SH   DFND 102 2,914,187 0 966,800