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 33,836 1,282,641 SH   DFND 102 1,146,441 0 136,200
Alexander & Baldwin Inc. COM 014491104 15,739 369,800 SH   DFND 102 329,300 0 40,500
Alexandria R.E. Equities COM 015271109 85,770 1,182,060 SH   DFND 102 971,760 0 210,300
American Assets Trust COM 024013104 40,414 1,197,799 SH   DFND 102 1,070,966 0 126,833
American Campus Communities COM 024835100 31,744 849,907 SH   DFND 102 778,107 0 71,800
American Homes 4 Rent COM 02665T306 16,047 960,300 SH   DFND 102 846,800 0 113,500
Armada Hoffler Properties COM 04208T108 7,687 765,639 SH   DFND 102 682,239 0 83,400
Avalon Bay Communities COM 053484101 198,524 1,511,761 SH   DFND 102 1,276,161 0 235,600
Biomed Realty Trust Inc. COM 09063H107 55,486 2,707,942 SH   DFND 102 2,448,342 0 259,600
Boston Properties Inc. COM 101121101 254,074 2,218,405 SH   DFND 102 1,844,705 0 373,700
BRE Properties - Cl A COM 05564E106 50,332 801,714 SH   DFND 102 674,114 0 127,600
Camden Property Trust COM 133131102 63,293 939,896 SH   DFND 102 840,596 0 99,300
CubeSmart COM 229663109 26,489 1,543,674 SH   DFND 102 1,379,774 0 163,900
DCT Industrial Trust Inc. COM 233153105 626 79,500 SH   DFND 102 79,500 0 0
DDR Corp COM 251591103 57,004 3,458,977 SH   DFND 102 3,102,177 0 356,800
Douglas Emmett Inc. COM 25960P109 35,888 1,322,338 SH   DFND 102 1,183,838 0 138,500
Dupont Fabros Technology COM 26613Q106 51,939 2,157,816 SH   DFND 102 1,944,316 0 213,500
Empire State Realty Trust Inc. COM 292104106 36,469 2,413,600 SH   DFND 102 2,185,600 0 228,000
EPR Properties COM 26884U109 77,470 1,451,021 SH   DFND 102 1,207,621 0 243,400
Equity Lifestyle Properties COM 29472R108 58,860 1,447,981 SH   DFND 102 1,226,181 0 221,800
Equity Residential COM 29476L107 251,482 4,336,642 SH   DFND 102 3,710,142 0 626,500
Essex Property Trust Inc COM 297178105 3,826 22,500 SH   DFND 102 22,500 0 0
Extra Space Storage Inc. COM 30225T102 78,290 1,613,896 SH   DFND 102 1,454,796 0 159,100
Federal Realty Invs Trust COM 313747206 155,191 1,352,785 SH   DFND 102 1,101,285 0 251,500
First Potomac Realty Trust COM 33610F109 12,677 981,225 SH   DFND 102 872,952 0 108,273
Forest City Enterprises - Class A COM 345550107 71,805 3,759,405 SH   DFND 102 3,164,105 0 595,300
HCP Inc. COM 40414L109 165,764 4,273,357 SH   DFND 102 3,577,957 0 695,400
Health Care Reit Inc. COM 42217K106 102,851 1,725,687 SH   DFND 102 1,552,387 0 173,300
Hilton Worldwide Holdings Inc. COM 43300A104 47,509 2,136,200 SH   DFND 102 1,736,800 0 399,400
Host Hotels & Resorts COM 44107P104 174,128 8,603,144 SH   DFND 102 7,265,844 0 1,337,300
Kilroy Realty Corp. COM 49427F108 137,764 2,351,726 SH   DFND 102 2,014,426 0 337,300
Liberty Property Trust COM 531172104 82,735 2,238,492 SH   DFND 102 1,886,292 0 352,200
Macerich Company COM 554382101 90,273 1,448,312 SH   DFND 102 1,230,512 0 217,800
Mid-America Apartment COM 59522J103 15,013 219,900 SH   DFND 102 144,900 0 75,000
National Retail Properties COM 637417106 35,121 1,023,335 SH   DFND 102 922,635 0 100,700
Penn Real Estate Invest Tst. COM 709102107 744 41,200 SH   DFND 102 41,200 0 0
Piedmont Office Realty Trust COM 720190206 18,690 1,089,772 SH   DFND 102 981,472 0 108,300
ProLogis Inc COM 74340W103 228,091 5,586,354 SH   DFND 102 4,734,254 0 852,100
Public Storage Inc. COM 74460D109 232,373 1,379,152 SH   DFND 102 1,158,452 0 220,700
Ramco Gershenson Properties COM 751452202 18,548 1,137,901 SH   DFND 102 1,050,901 0 87,000
Regency Centers Corp. COM 758849103 49,923 977,726 SH   DFND 102 884,126 0 93,600
Retail Opportunity Investments Corp. COM 76131N101 31,211 2,089,085 SH   DFND 102 1,866,885 0 222,200
Rexford Industrial Realty COM 76169C100 6,355 448,200 SH   DFND 102 411,300 0 36,900
RLJ Lodging Trust COM 74965L101 44,704 1,671,786 SH   DFND 102 1,494,586 0 177,200
Simon Property Group COM 828806109 506,403 3,087,825 SH   DFND 102 2,626,925 0 460,900
Taubman Centers Inc. COM 876664103 52,518 741,883 SH   DFND 102 662,083 0 79,800
Ventas Inc. COM 92276F100 161,355 2,663,937 SH   DFND 102 2,219,937 0 444,000
Vornado Realty Trust COM 929042109 107,280 1,088,479 SH   DFND 102 906,479 0 182,000