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 57,968 1,927,780 SH   DFND 1,2 1,753,680 0 174,100
Alexander & Baldwin Inc. COM 014491104 41,807 1,217,802 SH   DFND 1,2 1,092,402 0 125,400
Alexandria R.E. Equities COM 015271109 21,540 254,400 SH   DFND 1,2 159,500 0 94,900
American Assets Trust COM 024013104 56,705 1,387,792 SH   DFND 1,2 1,244,459 0 143,333
American Campus Communities COM 024835100 35,877 989,997 SH   DFND 1,2 911,697 0 78,300
American Homes 4 Rent COM 02665T306 15,636 972,411 SH   DFND 1,2 879,411 0 93,000
Avalon Bay Communities COM 053484101 264,587 1,513,484 SH   DFND 1,2 1,281,584 0 231,900
Biomed Realty Trust Inc. COM 09063H107 55,889 2,797,224 SH   DFND 1,2 2,516,924 0 280,300
Boston Properties Inc. COM 101121101 264,001 2,229,736 SH   DFND 1,2 1,849,836 0 379,900
Camden Property Trust COM 133131102 101,320 1,371,048 SH   DFND 1,2 1,158,848 0 212,200
Chatham Lodging Trust COM 16208T102 34,752 1,617,882 SH   DFND 1,2 1,474,182 0 143,700
CubeSmart COM 229663109 90,482 3,325,320 SH   DFND 1,2 2,963,020 0 362,300
DCT Industrial Trust Inc. COM 233153204 2,087 62,000 SH   DFND 1,2 43,500 0 18,500
DDR Corp COM 251591103 61,119 3,973,924 SH   DFND 1,2 3,614,524 0 359,400
Douglas Emmett Inc. COM 25960P109 36,631 1,275,461 SH   DFND 1,2 1,162,661 0 112,800
Dupont Fabros Technology COM 26613Q106 58,099 2,244,957 SH   DFND 1,2 2,016,157 0 228,800
Empire State Realty Trust Inc. COM 292104106 36,813 2,161,662 SH   DFND 1,2 1,968,362 0 193,300
EPR Properties COM 26884U109 7,349 142,500 SH   DFND 1,2 15,000 0 127,500
Equity Lifestyle Properties COM 29472R108 73,814 1,260,275 SH   DFND 1,2 1,075,075 0 185,200
Equity Residential COM 29476L107 293,982 3,913,497 SH   DFND 1,2 3,349,897 0 563,600
Extended Stay America Inc COM 30224P200 31,578 1,881,906 SH   DFND 1,2 1,706,906 0 175,000
Extra Space Storage Inc. COM 30225T102 44,441 575,963 SH   DFND 1,2 523,863 0 52,100
Federal Realty Invs Trust COM 313747206 164,793 1,207,716 SH   DFND 1,2 979,316 0 228,400
General Growth Properties COM 370023103 13,219 509,000 SH   DFND 1,2 344,000 0 165,000
Forest City Enterprises - Class A COM 345550107 87,865 4,364,902 SH   DFND 1,2 3,752,702 0 612,200
Gramercy Property Trust Inc COM 38489R100 44,269 2,131,412 SH   DFND 1,2 1,940,012 0 191,400
HCP Inc. COM 40414L109 112,438 3,018,482 SH   DFND 1,2 2,750,582 0 267,900
Hilton Worldwide Holdings Inc. COM 43300A104 72,275 3,150,632 SH   DFND 1,2 2,520,232 0 630,400
Host Hotels & Resorts COM 44107P104 99,872 6,316,983 SH   DFND 1,2 5,209,183 0 1,107,800
Kilroy Realty Corp. COM 49427F108 12,999 199,500 SH   DFND 1,2 134,500 0 65,000
Macerich Company COM 554382101 85,600 1,114,291 SH   DFND 1,2 940,791 0 173,500
National Retail Properties COM 637417106 12,855 354,420 SH   DFND 1,2 306,620 0 47,800
Omega Healthcare Investors COM 681936100 3,480 99,000 SH   DFND 1,2 66,000 0 33,000
Paramount Group Inc COM 69924R108 83,154 4,949,671 SH   DFND 1,2 4,202,071 0 747,600
Piedmont Office Realty Trust COM 720190206 94,002 5,254,420 SH   DFND 1,2 4,729,320 0 525,100
Post Properties Inc. COM 737464107 2,681 46,000 SH   DFND 1,2 33,000 0 13,000
ProLogis Inc COM 74340W103 229,121 5,889,999 SH   DFND 1,2 5,004,799 0 885,200
Public Storage Inc. COM 74460D109 283,927 1,341,618 SH   DFND 1,2 1,128,018 0 213,600
Retail Opportunity Investments Corp. COM 76131N101 37,726 2,280,914 SH   DFND 1,2 2,072,914 0 208,000
Retail Properties of America Inc. COM 76131V202 1,508 107,000 SH   DFND 1,2 72,000 0 35,000
Rexford Industrial Realty COM 76169C100 49,247 3,571,229 SH   DFND 1,2 3,202,729 0 368,500
RLJ Lodging Trust COM 74965L101 43,359 1,715,829 SH   DFND 1,2 1,564,829 0 151,000
Seritage Growth Properties COM 81752R100 1,117 30,000 SH   DFND 1,2 20,000 0 10,000
Simon Property Group COM 828806109 501,046 2,727,225 SH   DFND 1,2 2,325,625 0 401,600
Store Capital Corp. COM 862121100 36,524 1,767,859 SH   DFND 1,2 1,534,659 0 233,200
Tanger Factory Outlets COM 875465106 49,944 1,514,819 SH   DFND 1,2 1,368,919 0 145,900
Taubman Centers Inc. COM 876664103 93,011 1,346,419 SH   DFND 1,2 1,227,619 0 118,800
Ventas Inc. COM 92276F100 140,394 2,504,355 SH   DFND 1,2 2,085,655 0 418,700
Vornado Realty Trust COM 929042109 53,585 592,627 SH   DFND 1,2 489,027 0 103,600
Welltower Inc COM 95040Q104 173,225 2,557,954 SH   DFND 1,2 2,146,054 0 411,900