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
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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 36,774 414,406 SH   DFND 1,2,3 262,690 0 151,716
American Homes 4 Rent COM 02665T306 7,350 431,581 SH   DFND 1,2,3 286,031 0 145,550
American Realty Capital Health COM 02917R108 19,032 1,599,290 SH   DFND 1,2,3 968,820 0 630,470
American Realty Capital Properties COM 02917T104 4,383 484,326 SH   DFND 1,2,3 193,499 0 290,827
Apartment Investment & Management Company CL A 03748R101 42,572 1,145,941 SH   DFND 1,2,3 722,136 0 423,805
Avalonbay Communities, Inc. COM 053484101 94,801 580,211 SH   DFND 1,2,3 374,258 0 205,953
Boston Properties, Inc. COM 101121101 73,953 574,659 SH   DFND 1,2,3 373,458 0 201,201
Brandywine Realty Trust COM 105368203 27,645 1,730,000 SH   DFND 1,2,3 1,132,537 0 597,463
Brixmor Property Group Inc COM 11120U105 46,540 1,873,610 SH   DFND 1,2,3 1,202,510 0 671,100
CBL & Associates Properties, Inc. COM 124830100 29,891 1,539,189 SH   DFND 1,2,3 980,825 0 558,364
Chesapeake Lodging Trust COM 165240102 42,325 1,137,476 SH   DFND 1,2,3 745,672 0 391,804
Coresite Realty Corp COM 21870Q105 27,460 703,191 SH   DFND 1,2,3 437,828 0 265,363
DCT Industrial Trust Inc COM 233153204 24,218 679,147 SH   DFND 1,2,3 458,796 0 220,351
Duke Realty Corporation COM 264411505 42,659 2,111,822 SH   DFND 1,2,3 1,383,403 0 728,419
EPR Properties SH BEN INT 26884U109 21,524 373,490 SH   DFND 1,2,3 204,133 0 169,357
Education Realty Trust COM 28140H203 24,013 656,285 SH   DFND 1,2,3 412,396 0 243,889
Equity Commonwealth SH BEN INT 294628102 16,049 625,205 SH   DFND 1,2,3 416,007 0 209,198
Equity One, Inc. COM 294752100 52,824 2,082,956 SH   DFND 1,2,3 1,327,395 0 755,561
Equity Residential SH BEN INT 29476L107 68,079 947,647 SH   DFND 1,2,3 613,473 0 334,174
Federal Realty Investment Trust SH BEN INT 313747206 515 3,862 SH   DFND 1,2,3 3,862 0 0
Forest City Enterprise CL A CL A 345550107 1,690 79,359 SH   DFND 1,2,3 68,434 0 10,925
General Growth Properties, Inc. COM 370023103 37,231 1,323,535 SH   DFND 1,2,3 850,375 0 473,160
HCP Inc. COM 40414L109 12,445 282,658 SH   DFND 1,2,3 193,918 0 88,740
Health Care REIT Inc. COM 42217K106 47,604 629,103 SH   DFND 1,2,3 381,353 0 247,750
Highwoods Properties Inc. COM 431284108 16,316 368,469 SH   DFND 1,2,3 244,766 0 123,703
Hudson Pacific Properties COM 444097109 28,028 932,413 SH   DFND 1,2,3 600,068 0 332,345
Kite Realty Group Trust COM 49803T300 4,831 168,110 SH   DFND 1,2,3 117,033 0 51,077
LaSalle Hotel Properties SH BEN INT 517942108 6,248 154,380 SH   DFND 1,2,3 87,820 0 66,560
Mack-Cali Realty Corporation COM 554489104 9,858 517,199 SH   DFND 1,2,3 350,947 0 166,252
Mid-America Apartment Communities COM 59522J103 26,423 353,816 SH   DFND 1,2,3 228,446 0 125,370
National Health Investors, Inc. COM 63633D104 35,197 503,100 SH   DFND 1,2,3 303,512 0 199,588
PS Business Parks Inc. COM 69360J107 8,896 111,842 SH   DFND 1,2,3 48,053 0 63,789
Pebblebrook Hotel Trust COM 70509V100 27,778 608,760 SH   DFND 1,2,3 391,256 0 217,504
Physicians Realty Trust COM 71943U104 14,248 858,315 SH   DFND 1,2,3 528,240 0 330,075
Prologis Inc. COM 74340W103 44,374 1,031,245 SH   DFND 1,2,3 695,623 0 335,622
Public Storage, Inc. COM 74460D109 72,651 393,025 SH   DFND 1,2,3 253,140 0 139,885
RLJ Lodging Trust COM 74965L101 1,284 38,305 SH   DFND 1,2,3 10,229 0 28,076
Ramco-Gershenson Properties Trust COM SH BEN INT 751452202 27,154 1,448,972 SH   DFND 1,2,3 908,835 0 540,137
Retail Properties of America Inc. CL A 76131V202 21,409 1,282,770 SH   DFND 1,2,3 814,030 0 468,740
Rexford Industrial Realty Inc COM 76169C100 6,344 403,841 SH   DFND 1,2,3 219,818 0 184,023
SL Green Realty Corp COM 78440X101 13,701 115,111 SH   DFND 1,2,3 51,914 0 63,197
Sabra Health Care REIT Inc COM 78573L106 11,231 369,795 SH   DFND 1,2,3 232,492 0 137,303
Simon Property Group, Inc. COM 828806109 111,029 609,679 SH   DFND 1,2,3 387,020 0 222,659
Sovran Self Storage, Inc. COM 84610H108 23,575 270,289 SH   DFND 1,2,3 173,449 0 96,840
Spirit Realty Capital COM 84860W102 25,716 2,162,826 SH   DFND 1,2,3 1,187,317 0 975,509
Starwood Hotels & Resorts Worldwide Inc. COM 85590A401 5,696 70,260 SH   DFND 1,2,3 60,320 0 9,940
Strategic Hotel and Resorts Inc COM 86272T106 1,939 146,535 SH   DFND 1,2,3 114,114 0 32,421
Sunstone Hotel Investors Inc. COM 867892101 47,987 2,906,540 SH   DFND 1,2,3 1,844,503 0 1,062,037
Tanger Factory Outlet Centers, Inc. COM 875465106 14,688 397,400 SH   DFND 1,2,3 262,130 0 135,270
Taubman Centers, Inc. COM 876664103 45,802 599,342 SH   DFND 1,2,3 392,131 0 207,211
Ventas Inc. COM 92276F100 60,435 842,887 SH   DFND 1,2,3 518,636 0 324,251
Vornado Realty Trust SH BEN INT 929042109 58,792 499,469 SH   DFND 1,2,3 330,686 0 168,783
American Realty Cap Prop Pfd F PFD 02917T401 43,922 1,922,195 SH   DFND 1,2,3 1,922,195 0 0
Equity Commonwealth PFD Series E 7.25% PFD 294628409 2,741 107,500 SH   DFND 1,2,3 107,500 0 0
Inland Real Estate Corp PFD 457461507 7,104 280,000 SH   DFND 1,2,3 280,000 0 0