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

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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
Acadia Realty Trust COM 004239109 59,918 1,833,480 SH   DFND 01,02 1,447,380 0 386,100
Alexander & Baldwin Inc COM 014491104 34,514 769,202 SH   DFND 01,02 684,802 0 84,400
American Assets Trust Inc COM 024013104 92,747 2,152,897 SH   DFND 01,02 1,701,997 0 450,900
American Campus Communities COM 024835100 51,629 1,037,347 SH   DFND 01,02 840,347 0 197,000
American Homes 4 Rent Cl A COM 02665T306 66,282 3,159,311 SH   DFND 01,02 2,399,611 0 759,700
AvalonBay Communities Inc COM 053484101 232,259 1,311,084 SH   DFND 01,02 1,050,384 0 260,700
Boston Properties Inc COM 101121101 242,735 1,929,836 SH   DFND 01,02 1,557,236 0 372,600
Camden Property Trust COM 133131102 118,993 1,415,400 SH   DFND 01,02 1,120,400 0 295,000
Chatham Lodging Trust COM 16208T102 30,780 1,497,800 SH   DFND 01,02 1,353,800 0 144,000
CubeSmart COM 229663109 95,246 3,557,924 SH   DFND 01,02 2,768,224 0 789,700
DDR Corp COM 251591103 47,495 3,110,324 SH   DFND 01,02 2,466,724 0 643,600
Digital Realty Trust Inc COM 253868103 30,775 313,200 SH   DFND 01,02 255,300 0 57,900
Douglas Emmett Inc COM 25960P109 46,496 1,271,761 SH   DFND 01,02 1,019,461 0 252,300
Dupont Fabros Technology COM 26613Q106 103,437 2,354,596 SH   DFND 01,02 1,832,596 0 522,000
Easterly Government Properties Inc COM 27616P103 35,707 1,783,557 SH   DFND 01,02 1,395,194 0 388,363
Empire State Realty Trust Cl A COM 292104106 66,496 3,293,500 SH   DFND 01,02 2,538,200 0 755,300
Equity Commonwealth COM 294628102 302 10,000 SH   DFND 01,02 10,000 0 0
Equity Lifestyle Properties COM 29472R108 42,854 594,375 SH   DFND 01,02 536,875 0 57,500
Equity Residential COM 29476L107 231,309 3,593,992 SH   DFND 01,02 2,921,292 0 672,700
Extended Stay America Inc COM 30224P200 52,804 3,269,579 SH   DFND 01,02 2,921,679 0 347,900
Federal Realty Invs Trust COM 313747206 126,526 890,335 SH   DFND 01,02 728,335 0 162,000
General Growth Properties COM 370023103 16,689 668,100 SH   DFND 01,02 613,100 0 55,000
Forest City Realty Trust Cl A COM 345550107 90,056 4,321,323 SH   DFND 01,02 3,460,423 0 860,900
Gramercy Property Trust COM 385002100 99,821 10,873,800 SH   DFND 01,02 8,551,100 0 2,322,700
Host Hotels & Resorts Inc COM 44107P104 135,000 7,165,583 SH   DFND 01,02 6,410,183 0 755,400
Macerich Co COM 554382101 56,182 793,079 SH   DFND 01,02 629,579 0 163,500
Paramount Group Inc COM 69924R108 6,250 390,900 SH   DFND 01,02 353,400 0 37,500
Piedmont Office Realty Trust COM 720190206 117,873 5,637,172 SH   DFND 01,02 4,510,172 0 1,127,000
ProLogis Inc COM 74340W103 285,713 5,412,257 SH   DFND 01,02 4,337,657 0 1,074,600
Public Storage COM 74460D109 233,278 1,043,750 SH   DFND 01,02 846,850 0 196,900
Retail Properties of America Inc Cl A COM 76131V202 74,493 4,859,300 SH   DFND 01,02 3,888,100 0 971,200
Rexford Industrial Realty Inc COM 76169C100 93,493 4,031,600 SH   DFND 01,02 3,181,200 0 850,400
RLJ Lodging Trust COM 74965L101 36,744 1,500,362 SH   DFND 01,02 1,344,262 0 156,100
Simon Property Group Inc COM 828806109 420,292 2,365,575 SH   DFND 01,02 1,899,875 0 465,700
Store Capital Corp COM 862121100 46,108 1,865,959 SH   DFND 01,02 1,440,959 0 425,000
Tanger Factory Outlet Centers Inc COM 875465106 50,161 1,401,920 SH   DFND 01,02 1,097,120 0 304,800
Taubman Centers Inc COM 876664103 96,731 1,308,419 SH   DFND 01,02 1,035,619 0 272,800
Terreno Realty Corp COM 88146M101 1,211 42,500 SH   DFND 01,02 27,500 0 15,000
Ventas Inc COM 92276F100 182,865 2,924,900 SH   DFND 01,02 2,350,900 0 574,000
Vornado Realty Trust COM 929042109 41,620 398,777 SH   DFND 01,02 308,877 0 89,900
Washington REIT COM 939653101 60,418 1,848,200 SH   DFND 01,02 1,513,000 0 335,200
Welltower Inc COM 95040Q104 228,813 3,418,687 SH   DFND 01,02 2,755,287 0 663,400