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 69,316 1,912,680 SH   DFND 1,2 1,513,580 0 399,100
Alexander & Baldwin Inc COM 014491104 45,708 1,189,702 SH   DFND 1,2 1,057,502 0 132,200
American Assets Trust Inc COM 024013104 102,273 2,357,597 SH   DFND 1,2 1,765,497 0 592,100
American Campus Communities COM 024835100 53,996 1,061,447 SH   DFND 1,2 861,947 0 199,500
American Homes 4 Rent Cl A COM 02665T306 70,445 3,255,311 SH   DFND 1,2 2,448,611 0 806,700
AvalonBay Communities Inc COM 053484101 263,556 1,481,984 SH   DFND 1,2 1,106,784 0 375,200
Boston Properties Inc COM 101121101 303,877 2,229,636 SH   DFND 1,2 1,635,036 0 594,600
Camden Property Trust COM 133131102 127,218 1,519,200 SH   DFND 1,2 1,134,000 0 385,200
Chatham Lodging Trust COM 16208T102 30,881 1,604,200 SH   DFND 1,2 1,445,400 0 158,800
CubeSmart COM 229663109 99,144 3,636,974 SH   DFND 1,2 2,824,074 0 812,900
DDR Corp COM 251591103 56,376 3,234,424 SH   DFND 1,2 2,567,224 0 667,200
Douglas Emmett Inc COM 25960P109 47,654 1,300,961 SH   DFND 1,2 1,044,961 0 256,000
Dupont Fabros Technology COM 26613Q106 109,034 2,643,257 SH   DFND 1,2 2,062,057 0 581,200
Easterly Government Properties Inc COM 27616P103 29,773 1,560,411 SH   DFND 1,2 1,215,331 0 345,080
Empire State Realty Trust Cl A COM 292104106 66,518 3,175,100 SH   DFND 1,2 2,433,400 0 741,700
EPR Properties COM 26884U109 3,543 45,000 SH   DFND 1,2 0 0 45,000
Equity Lifestyle Properties COM 29472R108 54,595 707,375 SH   DFND 1,2 585,575 0 121,800
Equity Residential COM 29476L107 260,401 4,047,892 SH   DFND 1,2 3,056,292 0 991,600
Extended Stay America Inc COM 30224P200 54,011 3,803,579 SH   DFND 1,2 3,228,979 0 574,600
Federal Realty Invs Trust COM 313747206 162,286 1,054,285 SH   DFND 1,2 756,485 0 297,800
General Growth Properties COM 370023103 25,273 915,700 SH   DFND 1,2 558,700 0 357,000
Forest City Realty Trust Cl A COM 345550107 113,700 4,915,702 SH   DFND 1,2 3,683,602 0 1,232,100
Gramercy Property Trust COM 385002100 111,367 11,552,600 SH   DFND 1,2 8,572,300 0 2,980,300
Host Hotels & Resorts Inc COM 44107P104 128,796 8,272,083 SH   DFND 1,2 6,735,983 0 1,536,100
Macerich Co COM 554382101 62,082 767,679 SH   DFND 1,2 610,479 0 157,200
Paramount Group Inc COM 69924R108 10,432 636,500 SH   DFND 1,2 356,500 0 280,000
Piedmont Office Realty Trust COM 720190206 131,862 6,057,072 SH   DFND 1,2 4,661,372 0 1,395,700
ProLogis Inc COM 74340W103 330,864 6,179,754 SH   DFND 1,2 4,576,954 0 1,602,800
Public Storage COM 74460D109 283,087 1,268,650 SH   DFND 1,2 941,250 0 327,400
Retail Properties of America Inc Cl A COM 76131V202 66,840 3,978,600 SH   DFND 1,2 2,888,200 0 1,090,400
Rexford Industrial Realty Inc COM 76169C100 94,055 4,109,000 SH   DFND 1,2 3,244,000 0 865,000
RLJ Lodging Trust COM 74965L101 35,321 1,679,562 SH   DFND 1,2 1,500,962 0 178,600
Simon Property Group Inc COM 828806109 536,378 2,591,075 SH   DFND 1,2 1,956,575 0 634,500
Store Capital Corp COM 862121100 65,434 2,220,359 SH   DFND 1,2 1,586,559 0 633,800
Tanger Factory Outlet Centers Inc COM 875465106 56,866 1,459,600 SH   DFND 1,2 1,147,800 0 311,800
Taubman Centers Inc COM 876664103 117,123 1,574,019 SH   DFND 1,2 1,250,819 0 323,200
Terreno Realty Corp COM 88146M101 550 20,000 SH   DFND 1,2 0 0 20,000
Ventas Inc COM 92276F100 228,248 3,231,600 SH   DFND 1,2 2,446,100 0 785,500
Vornado Realty Trust COM 929042109 40,644 401,577 SH   DFND 1,2 311,177 0 90,400
Washington REIT COM 939653101 71,514 2,298,000 SH   DFND 1,2 1,626,500 0 671,500
Welltower Inc COM 95040Q104 285,665 3,820,587 SH   DFND 1,2 2,862,987 0 957,600