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
Alexandria Real Estate Equities Inc. COM 015271109 22,652 258,998 SH   DFND 1,2,3 178,615 0 80,383
American Residential Property COM 02927E303 7,404 400,240 SH   DFND 1,2,3 272,554 0 127,686
Avalonbay Communities, Inc. COM 053484101 99,078 619,741 SH   DFND 1,2,3 440,064 0 179,677
Boston Properties, Inc. COM 101121101 32,743 270,514 SH   DFND 1,2,3 176,671 0 93,843
Brixmor Property Group Inc COM 11120U105 41,862 1,809,849 SH   DFND 1,2,3 1,261,251 0 548,598
Coresite Realty Corp COM 21870Q105 31,357 690,070 SH   DFND 1,2,3 479,191 0 210,879
DCT Industrial Trust Inc COM 233153204 23,969 762,364 SH   DFND 1,2,3 533,375 0 228,989
Duke Realty Corporation COM 264411505 10,694 575,866 SH   DFND 1,2,3 393,635 0 182,231
Equinix Inc COM 29444U700 38,017 149,674 SH   DFND 1,2,3 85,389 0 64,285
Equity One, Inc. COM 294752100 50,530 2,164,966 SH   DFND 1,2,3 1,534,175 0 630,791
Essex Property Trust Inc. COM 297178105 40,503 190,601 SH   DFND 1,2,3 144,121 0 46,480
General Growth Properties, Inc. COM 370023103 54,138 2,109,838 SH   DFND 1,2,3 1,465,981 0 643,857
Gramercy Property Trust Inc COM 38489R605 10,072 430,988 SH   DFND 1,2,3 243,640 0 187,348
HCP Inc. COM 40414L109 13,984 383,450 SH   DFND 1,2,3 299,920 0 83,530
Healthcare Realty Trust Inc. COM 421946104 10,308 443,180 SH   DFND 1,2,3 288,370 0 154,810
Home Properties, Inc. COM 437306103 8,515 116,564 SH   DFND 1,2,3 77,064 0 39,500
Hudson Pacific Properties COM 444097109 30,486 1,074,599 SH   DFND 1,2,3 786,692 0 287,907
Kite Realty Group Trust COM 49803T300 28,025 1,145,278 SH   DFND 1,2,3 816,356 0 328,922
Macerich Company, The COM 554382101 22,671 303,906 SH   DFND 1,2,3 198,746 0 105,160
Mack-Cali Realty Corporation COM 554489104 14,960 811,714 SH   DFND 1,2,3 515,218 0 296,496
National Health Investors, Inc. COM 63633D104 22,690 364,210 SH   DFND 1,2,3 220,562 0 143,648
New York REIT Inc COM 64976L109 10,083 1,013,400 SH   DFND 1,2,3 670,940 0 342,460
Paramount Group Inc COM 69924R108 178 10,389 SH   DFND 1,2,3 10,389 0 0
Pebblebrook Hotel Trust COM 70509V100 62,010 1,446,136 SH   DFND 1,2,3 1,022,815 0 423,321
Pennsylvania REIT COM 709102107 14,577 683,078 SH   DFND 1,2,3 506,266 0 176,812
Physicians Realty Trust COM 71943U104 32,560 2,119,823 SH   DFND 1,2,3 1,569,763 0 550,060
Post Properties, Inc. COM 737464107 24,210 445,280 SH   DFND 1,2,3 284,290 0 160,990
Prologis Inc. COM 74340W103 75,323 2,030,265 SH   DFND 1,2,3 1,422,599 0 607,666
Public Storage, Inc. COM 74460D109 73,888 400,762 SH   DFND 1,2,3 282,707 0 118,055
Rexford Industrial Realty Inc COM 76169C100 8,440 578,880 SH   DFND 1,2,3 383,589 0 195,291
Simon Property Group, Inc. COM 828806109 141,168 815,903 SH   DFND 1,2,3 571,810 0 244,093
Sovran Self Storage, Inc. COM 84610H108 21,700 249,681 SH   DFND 1,2,3 178,021 0 71,660
Spirit Realty Capital COM 84860W102 31,253 3,231,995 SH   DFND 1,2,3 2,251,977 0 980,018
Strategic Hotel and Resorts Inc COM 86272T106 14,430 1,190,624 SH   DFND 1,2,3 841,944 0 348,680
Apartment Investment & Management Company CL A 03748R101 41,239 1,116,690 SH   DFND 1,2,3 776,265 0 340,425
Empire State Realty Trust Inc CL A 292104106 12,495 732,415 SH   DFND 1,2,3 493,195 0 239,220
QTS Realty Trust Inc CL A 74736A103 10,042 275,498 SH   DFND 1,2,3 233,381 0 42,117
Retail Properties of America Inc. CL A 76131V202 19,096 1,370,870 SH   DFND 1,2,3 889,050 0 481,820
Brandywine Realty Trust SH BEN INT 105368203 15,941 1,200,389 SH   DFND 1,2,3 787,342 0 413,047
Chesapeake Lodging Trust SH BEN INT 165240102 27,409 899,251 SH   DFND 1,2,3 676,250 0 223,001
Equity Commonwealth SH BEN INT 294628102 36,400 1,417,984 SH   DFND 1,2,3 1,020,446 0 397,538
Equity Residential SH BEN INT 29476L107 26,013 370,713 SH   DFND 1,2,3 244,363 0 126,350
Federal Realty Investment Trust SH BEN INT 313747206 957 7,470 SH   DFND 1,2,3 7,470 0 0
Vornado Realty Trust SH BEN INT 929042109 68,701 723,704 SH   DFND 1,2,3 523,871 0 199,833
Equity Commonwealth PFD Series E 7.25% PFD 294628409 3,032 118,849 SH   DFND 1,2,3 118,849 0 0
Inland Real Estate Corp PFD Series B PFD 457461507 10,293 395,900 SH   DFND 1,2,3 395,900 0 0