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 58,274 2,001,844 SH   DFND 1,2 1,800,844 0 201,000
Alexander & Baldwin Inc. COM 014491104 41,327 1,048,900 SH   DFND 1,2 942,100 0 106,800
Alexandria R.E. Equities COM 015271109 24,008 274,500 SH   DFND 1,2 181,000 0 93,500
American Assets Trust COM 024013104 59,519 1,517,954 SH   DFND 1,2 1,378,721 0 139,233
American Campus Communities COM 024835100 40,189 1,066,307 SH   DFND 1,2 974,607 0 91,700
American Homes 4 Rent COM 02665T306 16,516 1,029,700 SH   DFND 1,2 920,800 0 108,900
Avalon Bay Communities COM 053484101 261,817 1,637,684 SH   DFND 1,2 1,415,484 0 222,200
Biomed Realty Trust Inc. COM 09063H107 59,740 3,088,942 SH   DFND 1,2 2,801,042 0 287,900
Boston Properties Inc. COM 101121101 291,414 2,407,583 SH   DFND 1,2 2,055,683 0 351,900
Camden Property Trust COM 133131102 114,309 1,538,896 SH   DFND 1,2 1,317,896 0 221,000
Chatham Lodging Trust COM 16208T102 37,574 1,419,500 SH   DFND 1,2 1,277,900 0 141,600
CubeSmart COM 229663109 61,156 2,640,574 SH   DFND 1,2 2,406,474 0 234,100
DDR Corp COM 251591103 65,318 4,224,977 SH   DFND 1,2 3,802,677 0 422,300
Douglas Emmett Inc. COM 25960P109 36,615 1,359,138 SH   DFND 1,2 1,226,438 0 132,700
Dupont Fabros Technology COM 26613Q106 70,840 2,405,416 SH   DFND 1,2 2,177,816 0 227,600
Easterly Government Properties COM 27616P103 6,994 439,300 SH   DFND 1,2 393,400 0 45,900
Empire State Realty Trust Inc. COM 292104106 38,846 2,277,000 SH   DFND 1,2 2,054,200 0 222,800
EPR Properties COM 26884U109 8,217 150,000 SH   DFND 1,2 35,000 0 115,000
Equity Lifestyle Properties COM 29472R108 72,601 1,380,781 SH   DFND 1,2 1,204,581 0 176,200
Equity Residential COM 29476L107 296,187 4,220,992 SH   DFND 1,2 3,689,792 0 531,200
Extended Stay America Inc COM 30224P200 41,887 2,231,600 SH   DFND 1,2 2,003,600 0 228,000
Extra Space Storage Inc. COM 30225T102 64,286 985,685 SH   DFND 1,2 886,485 0 99,200
Federal Realty Invs Trust COM 313747206 170,550 1,331,485 SH   DFND 1,2 1,116,985 0 214,500
General Growth Properties COM 370023103 20,574 801,800 SH   DFND 1,2 616,800 0 185,000
Forest City Enterprises - Class A COM 345550107 96,062 4,346,704 SH   DFND 1,2 3,814,004 0 532,700
Gramercy Property Trust Inc COM 38489R100 48,167 2,061,050 SH   DFND 1,2 1,858,650 0 202,400
HCP Inc. COM 40414L109 151,644 4,158,057 SH   DFND 1,2 3,573,057 0 585,000
Health Care Reit Inc. COM 42217K106 144,497 2,201,687 SH   DFND 1,2 1,997,187 0 204,500
Hersha Hospitality Trust COM 427825500 1,763 68,750 SH   DFND 1,2 68,750 0 0
Hilton Worldwide Holdings Inc. COM 43300A104 75,539 2,741,900 SH   DFND 1,2 2,296,600 0 445,300
Host Hotels & Resorts COM 44107P104 125,047 6,305,937 SH   DFND 1,2 5,328,537 0 977,400
Kilroy Realty Corp. COM 49427F108 60,786 905,226 SH   DFND 1,2 779,426 0 125,800
Liberty Property Trust COM 531172104 35,149 1,090,892 SH   DFND 1,2 977,992 0 112,900
Macerich Company COM 554382101 75,653 1,014,112 SH   DFND 1,2 875,312 0 138,800
National Retail Properties COM 637417106 37,623 1,074,635 SH   DFND 1,2 978,035 0 96,600
Omega Healthcare Investors COM 681936100 3,182 92,700 SH   DFND 1,2 92,700 0 0
Paramount Group Inc COM 69924R108 73,874 4,305,000 SH   DFND 1,2 3,695,100 0 609,900
Piedmont Office Realty Trust COM 720190206 73,547 4,181,172 SH   DFND 1,2 3,784,572 0 396,600
ProLogis Inc COM 74340W103 224,917 6,062,454 SH   DFND 1,2 5,204,854 0 857,600
Public Storage Inc. COM 74460D109 267,042 1,448,400 SH   DFND 1,2 1,237,400 0 211,000
Retail Opportunity Investments Corp. COM 76131N101 35,637 2,281,485 SH   DFND 1,2 2,053,085 0 228,400
Retail Properties of America Inc. COM 76131V202 1,588 114,000 SH   DFND 1,2 114,000 0 0
Rexford Industrial Realty COM 76169C100 49,180 3,373,100 SH   DFND 1,2 3,061,700 0 311,400
RLJ Lodging Trust COM 74965L101 53,374 1,792,286 SH   DFND 1,2 1,616,186 0 176,100
Simon Property Group COM 828806109 513,891 2,970,125 SH   DFND 1,2 2,584,725 0 385,400
Store Capital Corp. COM 862121100 34,206 1,701,800 SH   DFND 1,2 1,460,000 0 241,800
Tanger Factory Outlets COM 875465106 44,516 1,404,300 SH   DFND 1,2 1,267,500 0 136,800
Taubman Centers Inc. COM 876664103 94,484 1,359,483 SH   DFND 1,2 1,228,483 0 131,000
Ventas Inc. COM 92276F100 145,587 2,344,769 SH   DFND 1,2 1,974,169 0 370,600
Vornado Realty Trust COM 929042109 72,004 758,499 SH   DFND 1,2 637,199 0 121,300