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
AVIV REIT COM 05381L101 634 25,920 SH   DFND 1,2,3 0 0 25,920
Acadia Realty Trust COM SH BEN INT 004239109 10,819 410,103 SH   DFND 1,2,3 266,254 0 143,849
Alexandria Real Estate Equitie COM 015271109 16,102 221,910 SH   DFND 1,2,3 139,080 0 82,830
American Campus Communities COM 024835100 23,818 637,706 SH   DFND 1,2,3 403,660 0 234,046
Apartment Investment & Managem COM CL A 03748R101 29,348 971,129 SH   DFND 1,2,3 607,414 0 363,715
Armada Hoffler Properties COM 04208T108 728 72,520 SH   DFND 1,2,3 0 0 72,520
Avalonbay Communities, Inc. COM 053484101 63,028 479,958 SH   DFND 1,2,3 301,245 0 178,713
Boston Properties, Inc. COM 101121101 70,112 612,168 SH   DFND 1,2,3 387,618 0 224,550
CBL & Associates Properties, I COM 124830100 36,527 2,057,849 SH   DFND 1,2,3 1,275,079 0 782,770
Chesapeake Lodging Trust SH BEN INT 165240102 20,247 786,884 SH   DFND 1,2,3 500,368 0 286,516
Commonwealth REIT COM SH BEN INT 203233101 7,508 285,479 SH   DFND 1,2,3 185,523 0 99,956
Coresite Realty Corp COM 21870Q105 21,082 680,064 SH   DFND 1,2,3 416,143 0 263,921
Cousins Properties Inc. COM 222795106 21,717 1,893,347 SH   DFND 1,2,3 1,199,084 0 694,263
DCT Industrial Trust Inc COM 233153105 27,141 3,444,326 SH   DFND 1,2,3 2,132,801 0 1,311,525
DDR Corp. COM 23317H102 38,162 2,315,630 SH   DFND 1,2,3 1,436,630 0 879,000
Digital Realty Trust Inc. COM 253868103 19,423 365,917 SH   DFND 1,2,3 226,678 0 139,239
Douglas Emmett, Inc. COM 25960P109 16,898 622,621 SH   DFND 1,2,3 385,559 0 237,062
Duke Realty Corporation COM 264411505 35,449 2,100,086 SH   DFND 1,2,3 1,328,305 0 771,781
Equity One, Inc. COM 294752100 39,354 1,761,607 SH   DFND 1,2,3 1,106,391 0 655,216
Equity Residential SH BEN INT 29476L107 81,256 1,401,199 SH   DFND 1,2,3 876,955 0 524,244
Extra Space Storage Inc COM 30225T102 33,136 683,084 SH   DFND 1,2,3 424,452 0 258,632
Federal Realty Investment Trus SH BEN INT 313747206 25,354 221,005 SH   DFND 1,2,3 140,153 0 80,852
Forest City Enterprise CL A COM 345550107 1,785 93,450 SH   DFND 1,2,3 82,525 0 10,925
Glimcher Realty Trust SH BEN INT 379302102 13,678 1,363,670 SH   DFND 1,2,3 862,040 0 501,630
HCP Inc. COM 40414L109 18,509 477,158 SH   DFND 1,2,3 299,112 0 178,046
Health Care REIT Inc. COM 42217K106 82,120 1,377,844 SH   DFND 1,2,3 854,730 0 523,114
Host Hotels & Resorts, Inc. COM 44107P104 34,368 1,698,002 SH   DFND 1,2,3 1,107,700 0 590,302
Kilroy Realty Corp. COM 49427F108 28,716 490,200 SH   DFND 1,2,3 307,821 0 182,379
LTC Properties Inc COM 502175102 14,284 379,595 SH   DFND 1,2,3 226,821 0 152,774
The Macerich Company COM 554382101 60,764 974,877 SH   DFND 1,2,3 607,115 0 367,762
Mack-Cali Realty Corporation COM 554489104 3,713 178,586 SH   DFND 1,2,3 111,932 0 66,654
Mid-America Apartment Communit COM 59522J103 35,906 525,941 SH   DFND 1,2,3 332,999 0 192,942
National Health Investors, Inc COM 63633D104 18,927 313,056 SH   DFND 1,2,3 190,690 0 122,366
National Retail Properties, In COM 637417106 32,176 937,533 SH   DFND 1,2,3 462,391 0 475,142
PS Business Parks Inc. COM 69360J107 13,321 159,304 SH   DFND 1,2,3 101,510 0 57,794
Prologis Inc. COM 74340W103 64,378 1,576,743 SH   DFND 1,2,3 986,231 0 590,512
Public Storage, Inc. COM 74460D109 52,663 312,560 SH   DFND 1,2,3 198,095 0 114,465
RLJ Lodging Trust COM 74965L101 32,276 1,207,041 SH   DFND 1,2,3 772,424 0 434,617
Retail Properties of America I COM 76131V202 15,650 1,155,800 SH   DFND 1,2,3 698,660 0 457,140
SL Green Realty Corp COM 78440X101 17,340 172,336 SH   DFND 1,2,3 111,719 0 60,617
Sabra Health Care REIT Inc COM 78573L106 728 26,110 SH   DFND 1,2,3 0 0 26,110
Select Income Trust SH BEN INT 81618T100 663 21,900 SH   DFND 1,2,3 0 0 21,900
Simon Property Group, Inc. COM 828806109 149,007 908,579 SH   DFND 1,2,3 574,925 0 333,654
Sovran Self Storage, Inc. COM 84610H108 13,446 183,070 SH   DFND 1,2,3 114,940 0 68,130
Spirit Realty Capital COM 84860W102 32,870 2,993,593 SH   DFND 1,2,3 1,488,386 0 1,505,207
Stag Industrial Inc COM 85254J102 932 38,658 SH   DFND 1,2,3 0 0 38,658
Sunstone Hotel Investors Inc. COM 867892101 37,419 2,725,369 SH   DFND 1,2,3 1,750,721 0 974,648
Ventas Inc. COM 92276F100 48,393 798,962 SH   DFND 1,2,3 499,552 0 299,410
Vornado Realty Trust SH BEN INT 929042109 60,803 616,917 SH   DFND 1,2,3 399,035 0 217,882
Sunstone Hotel Investors PFD S PFD 867892507 1,054 41,000 SH   DFND 1,2,3 0 0 41,000