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 53,735 1,787,580 SH   DFND 01,02 1,402,680 0 384,900
Alexander & Baldwin Inc COM 014491104 27,349 614,298 SH   DFND 01,02 545,598 0 68,700
American Assets Trust Inc COM 024013104 92,387 2,208,097 SH   DFND 01,02 1,744,097 0 464,000
American Campus Communities COM 024835100 48,454 1,018,147 SH   DFND 01,02 821,147 0 197,000
American Homes 4 Rent Cl A COM 02665T306 75,495 3,288,111 SH   DFND 01,02 2,515,211 0 772,900
AvalonBay Communities Inc COM 053484101 231,456 1,260,654 SH   DFND 01,02 1,005,554 0 255,100
Boston Properties Inc COM 101121101 250,511 1,891,936 SH   DFND 01,02 1,523,436 0 368,500
Camden Property Trust COM 133131102 113,561 1,411,400 SH   DFND 01,02 1,112,400 0 299,000
Chatham Lodging Trust COM 16208T102 14,009 709,300 SH   DFND 01,02 636,000 0 73,300
CubeSmart COM 229663109 91,004 3,505,560 SH   DFND 01,02 2,716,760 0 788,800
DDR Corp COM 251591103 38,541 3,075,924 SH   DFND 01,02 2,428,524 0 647,400
Digital Realty Trust Inc COM 253868103 40,215 378,000 SH   DFND 01,02 304,800 0 73,200
Douglas Emmett Inc COM 25960P109 48,098 1,252,561 SH   DFND 01,02 999,261 0 253,300
Dupont Fabros Technology COM 26613Q106 114,856 2,316,119 SH   DFND 01,02 1,795,219 0 520,900
Easterly Government Properties Inc COM 27616P103 37,297 1,884,657 SH   DFND 01,02 1,475,094 0 409,563
Empire State Realty Trust Cl A COM 292104106 67,559 3,273,200 SH   DFND 01,02 2,510,000 0 763,200
Equity Lifestyle Properties COM 29472R108 42,882 556,475 SH   DFND 01,02 503,675 0 52,800
Equity Residential COM 29476L107 217,664 3,498,292 SH   DFND 01,02 2,835,192 0 663,100
Extended Stay America Inc COM 30224P200 53,493 3,355,879 SH   DFND 01,02 2,982,079 0 373,800
Federal Realty Invs Trust COM 313747206 114,354 856,585 SH   DFND 01,02 700,385 0 156,200
Forest City Realty Trust Cl A COM 345550107 80,062 3,675,923 SH   DFND 01,02 2,926,323 0 749,600
GGP Inc COM 36174X101 16,476 710,800 SH   DFND 01,02 660,800 0 50,000
Gramercy Property Trust COM 385002100 93,433 3,552,591 SH   DFND 01,02 2,783,026 0 769,565
Host Hotels & Resorts Inc COM 44107P104 129,347 6,931,783 SH   DFND 01,02 6,207,583 0 724,200
Kilroy Realty Corp COM 49427F108 8,311 115,300 SH   DFND 01,02 105,300 0 10,000
Macerich Co COM 554382101 49,593 770,079 SH   DFND 01,02 607,079 0 163,000
National Retail Properties COM 637417106 1,352 31,000 SH   DFND 01,02 21,000 0 10,000
Penn Real Estate Invest Tst COM 709102107 10,867 717,800 SH   DFND 01,02 562,700 0 155,100
Piedmont Office Realty Trust COM 720190206 118,450 5,540,219 SH   DFND 01,02 4,413,119 0 1,127,100
ProLogis Inc COM 74340W103 275,967 5,319,325 SH   DFND 01,02 4,254,625 0 1,064,700
Public Storage COM 74460D109 212,912 972,599 SH   DFND 01,02 788,299 0 184,300
Retail Properties of America Inc Cl A COM 76131V202 82,047 5,689,800 SH   DFND 01,02 4,566,200 0 1,123,600
Rexford Industrial Realty Inc COM 76169C100 90,920 4,037,300 SH   DFND 01,02 3,167,100 0 870,200
RLJ Lodging Trust COM 74965L101 51,467 2,189,162 SH   DFND 01,02 1,957,962 0 231,200
Simon Property Group Inc COM 828806109 400,284 2,326,828 SH   DFND 01,02 1,866,228 0 460,600
Store Capital Corp COM 862121100 48,115 2,014,859 SH   DFND 01,02 1,551,459 0 463,400
Tanger Factory Outlet Centers Inc COM 875465106 37,195 1,135,020 SH   DFND 01,02 887,820 0 247,200
Taubman Centers Inc COM 876664103 84,435 1,278,929 SH   DFND 01,02 1,006,629 0 272,300
Terreno Realty Corp COM 88146M101 280 10,000 SH   DFND 01,02 10,000 0 0
Ventas Inc COM 92276F100 184,437 2,835,750 SH   DFND 01,02 2,267,550 0 568,200
Vornado Realty Trust COM 929042109 39,500 393,777 SH   DFND 01,02 303,377 0 90,400
Washington REIT COM 939653101 56,801 1,815,900 SH   DFND 01,02 1,484,900 0 331,000
Welltower Inc COM 95040Q104 238,316 3,365,097 SH   DFND 01,02 2,701,497 0 663,600