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
Access Midstream Partners LP U UNIT 00434L109 48,162 996,934 SH   DFND 1 839,234 0 157,700
AGRIUM INC COM 008916108 185 2,200 SH   DFND   2,200 0 0
Alexander's Inc COM 014752109 3,119 10,900 SH   DFND 1 0 0 10,900
American Tower Corp COM 03027X100 215,798 2,911,072 SH   DFND 1 2,521,681 0 389,391
Annaly Capital Management Inc COM 035710409 7,175 619,600 SH   DFND 1 365,100 0 254,500
ARMOUR Residential REIT Inc COM 042315101 7,269 1,730,600 SH   DFND 1 1,016,600 0 714,000
Associated Estates Realty Corp COM 045604105 24,672 1,654,754 SH   DFND 1 972,054 0 682,700
AT&T Inc COM 00206R102 2,739 80,985 SH   DFND 1 80,985 0 0
AvalonBay Communities Inc COM 053484101 91,884 722,986 SH   DFND 1 460,586 0 262,400
B&G Foods Inc COM 05508R106 691 20,000 SH   DFND 1 20,000 0 0
BANK MONTREAL QUE COM 063671101 368 5,500 SH   DFND   5,500 0 0
BANK N S HALIFAX COM 064149107 373 6,500 SH   DFND   6,500 0 0
Bank of America Corp COM 060505104 71,532 5,183,500 SH   DFND 1 5,183,500 0 0
Bank of America Corp *W EXP 10/26/201 060505153 355 450,000 SH   DFND 1 450,000 0 0
Barrick Gold Corp COM 067901108 1,214 65,200 SH   DFND 1 65,200 0 0
Basic Energy Services Inc COM 06985P100 3,159 249,936 SH   DFND 1 249,936 0 0
Beazer Homes USA Inc COM NEW 07556Q881 28,216 1,567,579 SH   DFND 1 922,904 0 644,675
Blackberry Ltd COM 09228F103 278 35,000 SH   DFND 1 35,000 0 0
BP PLC SPONSORED ADR 055622104 12,288 292,418 SH   DFND 1 292,418 0 0
BRE Properties Inc CL A 05564E106 47,516 936,094 SH   DFND 1 579,694 0 356,400
BreitBurn Energy Partners LP COM UT LTD PTN 106776107 240 13,075 SH   DFND 1 13,075 0 0
British American Tobacco PLC SPONSORED ADR 110448107 925 8,800 SH   DFND 1 8,800 0 0
Brookdale Senior Living Inc COM 112463104 41,196 1,566,389 SH   DFND 1 997,489 0 568,900
BROOKDALE SR LIVING INC COM 112463104 1,631 62,000 SH   DFND   62,000 0 0
BROOKFIELD CDA OFFICE PPTYS TR UNIT 112823109 268,857 10,564,117 SH   DFND   10,564,117 0 0
BROOKFIELD INFRAST PARTNERS LP INT UNIT G16252101 1,860 48,930 SH   DFND   48,930 0 0
BROOKFIELD OFFICE PPTYS INC COM 112900105 4,755,344 249,362,561 SH   DFND   249,362,561 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 875,962 45,199,271 SH   DFND   45,199,271 0 0
BROOKFIELD RESIDENTIAL PPTYS COM 11283W104 1,875,971 81,493,112 SH   DFND   81,493,112 0 0
Camden Property Trust SH BEN INT 133131102 53,535 871,346 SH   DFND 1 551,500 0 319,846
CANADIAN NAT RES LTD COM 136385101 189 6,000 SH   DFND   6,000 0 0
CDN IMPERIAL BK OF COMMERCE COM 136069101 319 4,000 SH   DFND   4,000 0 0
CenturyLink Inc COM 156700106 1,438 45,820 SH   DFND 1 45,820 0 0
Chevron Corp COM 166764100 972 8,000 SH   DFND 1 8,000 0 0
Chicago Bridge & Iron Co NV COM 167250109 2,812 41,500 SH   DFND 1 41,500 0 0
Cia de Saneamento Basico do Es SPONSORED ADR 20441A102 40,368 4,053,000 SH   DFND 1 3,622,400 0 430,600
Coca-Cola Co/The COM 191216100 6,648 175,500 SH   DFND 1 175,500 0 0
ConocoPhillips COM 20825C104 521 7,500 SH   DFND 1 7,500 0 0
Consolidated-Tomoka Land Co COM 210226106 7,767 201,803 SH   DFND 1 110,345 0 91,458
CorEnergy Infrastructure Trust COM 21870U205 3,150 450,000 SH   DFND 1 450,000 0 0
Crosstex Energy Inc COM 22765Y104 4,826 231,000 SH   DFND 1 231,000 0 0
Crosstex Energy LP COM 22765U102 11,124 559,000 SH   DFND 1 559,000 0 0
Crown Castle International Cor COM 228227104 122,993 1,684,146 SH   DFND 1 1,488,846 0 195,300
CVR Refining LP COMUNIT REP UT 12663P107 3,901 156,400 SH   DFND 1 156,400 0 0
CYS Investments Inc COM 12673A108 24,771 3,046,900 SH   DFND 1 1,789,900 0 1,257,000
DDR Corp COM 23317H102 5,800 369,170 SH   DFND 1 0 0 369,170
DiamondRock Hospitality Co COM 252784301 28,248 2,647,396 SH   DFND 1 1,695,762 0 951,634
DIANA SHIPPING INC COM Y2066G104 604 50,000 SH   DFND   50,000 0 0
Douglas Emmett Inc COM 25960P109 69,507 2,961,510 SH   DFND 1 1,845,910 0 1,115,600
DuPont Fabros Technology Inc COM 26613Q106 58,192 2,258,122 SH   DFND 1 1,404,274 0 853,848
Emerge Energy Services LP COM REP PARTN 29102H108 8,442 274,900 SH   DFND 1 274,900 0 0
Emeritus Corp COM 291005106 15,282 824,699 SH   DFND 1 573,900 0 250,799
Enbridge Energy Management LLC SHS UNITS LLI 29250X103 12,402 430,922 SH   DFND 1 430,922 0 0
ENBRIDGE INC COM 29250N105 559 13,400 SH   DFND   13,400 0 0
Enbridge Inc COM 29250N105 4,733 113,400 SH   DFND 1 113,400 0 0
Energy Transfer Equity LP COM UT LTD PTN 29273V100 45,983 699,041 SH   DFND 1 586,341 0 112,700
Energy Transfer Prtners LP UNIT LTD PARTN 29273R109 6,358 122,100 SH   DFND 1 122,100 0 0
Enterprise Prods Partners LP COM 293792107 46,546 762,541 SH   DFND 1 596,741 0 165,800
EPR PPTYS PFD C CNV 5.75% 26884U208 3,899 183,038 SH   DFND 1 183,038 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 6,133 207,898 SH   DFND 1 207,898 0 0
EQT Midstream Partners LP UNIT LTD PARTN 26885B100 25,816 524,401 SH   DFND 1 427,901 0 96,500
Equity Lifestyle Properties In COM 29472R108 31,288 915,648 SH   DFND 1 585,648 0 330,000
Equity Residential SH BEN INT 29476L107 179,096 3,343,207 SH   DFND 1 2,106,507 0 1,236,700
Essex Property Trust Inc COM 297178105 68,959 466,888 SH   DFND 1 292,541 0 174,347
EV Energy Partners LP COM UNITS 26926V107 49,480 1,334,050 SH   DFND 1 1,235,150 0 98,900
Exterran Partners LP COM UNITS 30225N105 9,372 322,300 SH   DFND 1 322,300 0 0
Frontier Communications Corp COM 35906A108 3,966 951,086 SH   DFND 1 951,086 0 0
General Electric Co COM 369604103 2,391 100,100 SH   DFND 1 100,100 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 6,899,315 357,662,764 SH   DFND 2 357,662,764 0 0
General Mills Inc COM 370334104 6,215 129,696 SH   DFND 1 129,696 0 0
General Motors Co COM 37045V100 23,278 647,164 SH   DFND 1 647,164 0 0
General Motors Co *W EXP 07/10/201 37045V118 1,148 43,447 SH   DFND 1 43,447 0 0
General Motors Co *W EXP 07/10/202 37045V126 808 43,447 SH   DFND 1 43,447 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,116 60,000 SH   DFND   60,000 0 0
Government Properties Income T COM SHS BEN INT 38376A103 878 36,672 SH   DFND 1 21,500 0 15,172
Halliburton Co COM 406216101 12,495 259,500 SH   DFND 1 259,500 0 0
HCP Inc COM 40414L109 28,633 699,233 SH   DFND 1 463,933 0 235,300
Highwoods Properties Inc COM 431284108 103,371 2,927,523 SH   DFND 1 1,833,115 0 1,094,408
Home Loan Servicing Solutions ORD SHS G6648D109 4,732 215,000 SH   DFND 1 215,000 0 0
Hospitality Properties Trust COM SH BEN INT 44106M102 7,658 270,600 SH   DFND 1 158,600 0 112,000
Host Hotels & Resorts Inc COM 44107P104 77,285 4,373,813 SH   DFND 1 2,663,413 0 1,710,400
Inergy LP UNIT LTD PTNR 456615103 38,778 2,816,157 SH   DFND 1 2,491,857 0 324,300
Iron Mountain Inc COM 462846106 111,387 4,122,414 SH   DFND 1 2,587,845 0 1,534,569
iShares CORE S&P500 ETF 464287200 2,636 15,607 SH   DFND 1 15,607 0 0
iShares MSCI EMG MKT ETF 464287234 6,008 147,425 SH   DFND 1 147,425 0 0
iShares S&P 500 GRWT ETF 464287309 1,078 12,059 SH   DFND 1 12,059 0 0
iShares S&P 500 VAL ETF 464287408 713 9,103 SH   DFND 1 9,103 0 0
iShares MSCI EAFE ETF 464287465 8,078 126,620 SH   DFND 1 126,620 0 0
iShares RUS MID-CAP ETF 464287499 18,123 130,314 SH   DFND 1 130,314 0 0
iShares CORE S&P MCP ETF 464287507 3,406 27,433 SH   DFND 1 27,433 0 0
iShares RUS 1000 ETF 464287622 1,750 18,582 SH   DFND 1 18,582 0 0
iShares RUSSELL 2000 ETF 464287655 9,562 89,693 SH   DFND 1 89,693 0 0
iShares SP SMCP600VL ETF 464287879 1,959 19,167 SH   DFND 1 19,167 0 0
iShares SP SMCP600GR ETF 464287887 2,080 19,199 SH   DFND 1 19,199 0 0
iShares EAFE VALUE ETF 464288877 256 4,699 SH   DFND 1 4,699 0 0
iShares EAFE GRWTH ETF 464288885 275 4,037 SH   DFND 1 4,037 0 0
ITC Holdings Corp COM 465685105 5,303 56,500 SH   DFND 1 56,500 0 0
Johnson & Johnson COM 478160104 6,645 76,656 SH   DFND 1 76,656 0 0
JPMorgan Chase & Co COM 46625H100 38,721 749,100 SH   DFND 1 749,100 0 0
JPMorgan Chase & Co *W EXP 10/28/201 46634E114 1,676 100,000 SH   DFND 1 100,000 0 0
JUST ENERGY GROUP INC COM 48213W101 213 33,368 SH   DFND   33,368 0 0
KBR Inc COM 48242W106 979 30,000 SH   DFND 1 30,000 0 0
Kellogg Co COM 487836108 5,764 98,120 SH   DFND 1 98,120 0 0
Kinder Morgan Inc/DE COM 49456B101 2,056 57,800 SH   DFND 1 57,800 0 0
Liberty Property Trust SH BEN INT 531172104 72,879 2,047,165 SH   DFND 1 1,230,496 0 816,669
LOWES COS INC COM 548661107 1,976 41,500 SH   DFND   41,500 0 0
LRR Energy LP COM 50214A104 3,809 239,100 SH   DFND 1 239,100 0 0
Mack-Cali Realty Corp COM 554489104 44,231 2,015,981 SH   DFND 1 1,184,300 0 831,681
Markwest Energy Partners LP UNIT LTD PARTN 570759100 45,804 634,144 SH   DFND 1 544,244 0 89,900
Marlin Midstream Partners LP COM UTLTD PTN IN 57118V100 1,795 100,000 SH   DFND 1 100,000 0 0
McDonald's Corp COM 580135101 8,503 88,375 SH   DFND 1 88,375 0 0
Merck & Co Inc COM 58933Y105 2,104 44,200 SH   DFND 1 44,200 0 0
MGM Resorts International COM 552953101 30,846 1,509,096 SH   DFND 1 886,500 0 622,596
Microsoft Corp COM 594918104 7,489 224,895 SH   DFND 1 224,895 0 0
Mid-America Apartment Communit COM 59522J103 80,690 1,291,042 SH   DFND 1 817,942 0 473,100
Mondelez International Inc CL A 609207105 6,808 216,750 SH   DFND 1 216,750 0 0
MPLX LP COM UNIT REP LTD 55336V100 30,796 845,102 SH   DFND 1 742,702 0 102,400
National Grid PLC SPON ADR NEW 636274300 15,046 254,800 SH   DFND 1 254,800 0 0
NextEra Energy Inc COM 65339F101 737 9,200 SH   DFND 1 9,200 0 0
Niska Gas Storage Partners LLC UNIT LTD LIABI 654678101 193 12,500 SH   DFND 1 12,500 0 0
NiSource Inc COM 65473P105 59,862 1,937,900 SH   DFND 1 1,732,000 0 205,900
North American Energy Partners COM 656844107 3,846 705,698 SH   DFND 1 705,698 0 0
Northeast Utilities COM 664397106 74,300 1,801,216 SH   DFND 1 1,624,916 0 176,300
NRG Yield Inc COM CL A 62942X108 792 26,136 SH   DFND 1 26,136 0 0
NuStar Energy LP UNIT COM 67058H102 5,748 143,300 SH   DFND 1 143,300 0 0
NuStar GP Holdings LLC UNIT RESTG LLC 67059L102 1,779 79,300 SH   DFND 1 79,300 0 0
Ocwen Financial Corp COM 675746309 2,788 50,000 SH   DFND 1 50,000 0 0
OGE Energy Corp COM 670837103 5,825 161,400 SH   DFND 1 161,400 0 0
Oneok Inc COM 682680103 102,389 1,920,283 SH   DFND 1 1,694,983 0 225,300
Orient-Express Hotels Ltd CL A G67743107 7,889 607,800 SH   DFND 1 356,800 0 251,000
PAA Natural Gas Storage LP COM UNIT LTD 693139107 4,059 174,300 SH   DFND 1 174,300 0 0
Patterson-UTI Energy Inc COM 703481101 855 40,000 SH   DFND 1 40,000 0 0
Pembina Pipeline Corp COM 706327103 23,618 712,888 SH   DFND 1 712,888 0 0
Pennsylvania Real Estate Inves SH BEN INT 709102107 30,813 1,647,775 SH   DFND 1 1,052,575 0 595,200
Philip Morris International In COM 718172109 7,818 90,300 SH   DFND 1 90,300 0 0
Phillips 66 Partners LP COM UNIT REP INT 718549207 4,106 133,500 SH   DFND 1 104,100 0 29,400
Ply Gem Holdings Inc. COM 72941W100 4,443 317,800 SH   DFND 1 172,600 0 145,200
Post Properties Inc COM 737464107 936 20,800 SH   DFND 1 20,800 0 0
Procter & Gamble Co/The COM 742718109 6,141 81,230 SH   DFND 1 81,230 0 0
Public Storage COM 74460D109 1,927 12,000 SH   DFND 1 12,000 0 0
QEP Midstream Partners LP COM UNIT RP LTD 74735R115 582 25,700 SH   DFND 1 25,700 0 0
QEP Resources Inc. COM 74733V100 6,388 230,700 SH   DFND 1 230,700 0 0
ROUSE PPTYS INC COM 779287101 547,029 26,580,603 SH   DFND 2 26,580,603 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 1,027 16,000 SH   DFND   16,000 0 0
Royal Dutch Shell PLC SPON ADR B 780259107 9,016 130,900 SH   DFND 1 130,900 0 0
SBA Communications Corp COM 78388J106 92,822 1,153,643 SH   DFND 1 1,037,043 0 116,600
Select Income REIT COM SH BEN INT 81618T100 7,735 299,800 SH   DFND 1 175,700 0 124,100
SemGroup Corp CL A 81663A105 63,862 1,120,000 SH   DFND 1 989,400 0 130,600
Sempra Energy COM 816851109 122,596 1,432,193 SH   DFND 1 1,290,093 0 142,100
Senior Housing Properties Trus SH BEN INT 81721M109 7,562 324,000 SH   DFND 1 189,800 0 134,200
Simon Property Group Inc COM 828806109 175,303 1,182,640 SH   DFND 1 771,394 0 411,246
SL Green Realty Corp COM 78440X101 116,293 1,309,014 SH   DFND 1 808,663 0 500,351
SPDR S&P 500 ETF Trust TR UNIT 78462F103 23,965 142,641 SH   DFND 1 142,641 0 0
SPDR S&P MidCap 400 ETF Tr UTSERI S&PDCRP 78467Y107 3,540 15,640 SH   DFND 1 15,640 0 0
Spectra Energy Corp COM 847560109 165,536 4,835,985 SH   DFND 1 4,353,085 0 482,900
Starwood Hotels & Resorts Worl COM 85590A401 15,444 232,413 SH   DFND 1 163,213 0 69,200
Strategic Hotels & Resorts Inc COM 86272T106 18,642 2,147,646 SH   DFND 1 1,260,700 0 886,946
Sun Life Financial Inc COM 866796105 6,102 191,100 SH   DFND 1 191,100 0 0
Superior Energy Services Inc COM 868157108 3,185 127,200 SH   DFND 1 127,200 0 0
Targa Resources Corp COM 87612G101 46,942 643,400 SH   DFND 1 586,000 0 57,400
Teekay Corp COM Y8564W103 72,094 1,686,398 SH   DFND 1 1,506,498 0 179,900
The Williams Companies, Inc. COM 969457100 124,457 3,422,900 SH   DFND 1 3,101,100 0 321,800
TORONTO DOMINION BK ONT COM NEW 891160509 477 5,300 SH   DFND   5,300 0 0
TRANSCANADA CORP COM 89353D107 176 4,000 SH   DFND   4,000 0 0
TransCanada Corp COM 89353D107 4,752 108,150 SH   DFND 1 108,150 0 0
Tri Pointe Homes LLC COM 87265H109 5,039 343,285 SH   DFND 1 178,800 0 164,485
TRW Automotive Holdings Corp COM 87264S106 11,873 166,500 SH   DFND 1 166,500 0 0
Union Pacific Corp COM 907818108 104,761 674,400 SH   DFND 1 605,800 0 68,600
Ventas Inc COM 92276F100 96,222 1,564,579 SH   DFND 1 953,979 0 610,600
Verizon Communications Inc COM 92343V104 350 7,500 SH   DFND 1 7,500 0 0
Weyerhaeuser Co COM 962166104 32,913 1,149,588 SH   DFND 1 676,188 0 473,400
Williams Partners LP COM UNIT L P 96950F104 1,978 37,400 SH   DFND 1 37,400 0 0
Windstream Holdings Inc COM 97382A101 439 54,900 SH   DFND 1 54,900 0 0
Zillow Inc CL A 98954A107 1,189 14,100 SH   DFND 1 14,100 0 0