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
AES CORP COM 00130H105 1,710 133,050 SH   DFND 1 133,050 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 6,167 315,600 SH   DFND 1 315,600 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 53,649 1,480,383 SH   DFND 1 1,128,056 0 352,327
AGRIUM INC COM 008916108 5,232 57,692 SH   DFND 1 0 0 57,692
AMEREN CORP COM 023608102 68,321 1,389,200 SH   DFND 1 1,136,000 0 253,200
AMERICAN HOMES 4 RENT CL A 02665T306 136,531 6,309,209 SH   DFND 1 5,074,609 0 1,234,600
AMERICAN TOWER CORP NEW COM 03027X100 392,283 3,461,423 SH   DFND 1 2,860,044 0 601,379
AMERICAN WTR WKS CO INC NEW COM 030420103 115,912 1,548,801 SH   DFND 1 1,273,201 0 275,600
ANNALY CAP MGMT INC COM 035710409 2,958 281,700 SH   DFND 1 281,700 0 0
APPLE INC COM 037833100 7,581 67,060 SH   DFND 1 67,060 0 0
ARCHROCK PARTNERS L P COM UNITS REPSTG 03957U100 2,653 180,200 SH   DFND 1 180,200 0 0
AVALONBAY CMTYS INC COM 053484101 153,141 861,117 SH   DFND 1 692,926 0 168,191
AVANGRID INC COM 05351W103 7,174 171,700 SH   DFND 1 171,700 0 0
B & G FOODS INC NEW COM 05508R106 679 13,810 SH   DFND 1 13,810 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 6,542 188,800 SH   DFND 1 0 0 188,800
BP PLC SPONSORED ADR 055622104 13,673 388,886 SH   DFND 1 224,866 0 164,020
BANK AMER CORP COM 060505104 800 51,135 SH   DFND 1 47,160 0 3,975
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 42,841 2,496,581 SH   DFND 1 1,958,681 0 537,900
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 85,113 5,448,953 SH   DFND 1 4,300,297 0 1,148,656
BRIXMOR PPTY GROUP INC COM 11120U105 146,283 5,263,879 SH   DFND 1 4,182,179 0 1,081,700
BROOKDALE SR LIVING INC COM 112463104 149,849 8,587,315 SH   DFND 1 6,990,914 0 1,596,401
BROOKFIELD GLOBL LISTED INFR COM SHS 11273Q109 1,748 127,388 SH   DFND 1 0 0 127,388
BROOKFIELD HIGH INCOME FD IN COM 11272P102 513 70,070 SH   DFND 1 0 0 70,070
BROOKFIELD MTG OPP INC FD IN COM 112792106 352 23,450 SH   DFND 1 0 0 23,450
BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 46,947 655,690 SH   DFND 1 498,390 0 157,300
CBL & ASSOC PPTYS INC COM 124830100 155,031 12,770,300 SH   DFND 1 10,469,065 0 2,301,235
GROUPE CGI INC CL A SUB VTG 39945C109 7,332 154,029 SH   DFND 1 0 0 154,029
CSX CORP COM 126408103 4,751 155,773 SH   DFND 1 155,773 0 0
CANADIAN PAC RY LTD COM 13645T100 4,657 30,500 SH   DFND 1 30,500 0 0
CARE CAP PPTYS INC COM 141624106 103,426 3,628,998 SH   DFND 1 2,915,873 0 713,125
CENTERPOINT ENERGY INC COM 15189T107 38,529 1,658,590 SH   DFND 1 1,365,190 0 293,400
CENTURYLINK INC COM 156700106 1,257 45,820 SH   DFND 1 45,820 0 0
CHEVRON CORP NEW COM 166764100 5,151 50,050 SH   DFND 1 0 0 50,050
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 33,672 3,636,300 SH   DFND 1 2,953,000 0 683,300
CIVEO CORP CDA COM 17878Y108 4,206 3,689,322 SH   DFND 1 3,689,322 0 0
COCA COLA CO COM 191216100 6,847 161,800 SH   DFND 1 161,800 0 0
COLUMBIA PIPELINE PARTNERS L COM UT REPSTG 198281107 133 8,210 SH   DFND 1 8,210 0 0
COMMUNICATIONS SALES&LEAS IN COM 20341J104 74,010 2,356,251 SH   DFND 1 1,924,551 0 431,700
CORENERGY INFRASTRUCTURE TR COM NEW 21870U502 1,751 59,700 SH   DFND 1 59,700 0 0
CORENERGY INFRASTRUCTURE TR DEP SHS REPSTG 21870U304 270 10,900 SH   DFND 1 10,900 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 74,019 785,681 SH   DFND 1 690,481 0 95,200
CYRUSONE INC COM 23283R100 128,057 2,691,972 SH   DFND 1 2,136,972 0 555,000
DDR CORP COM 23317H102 15,399 883,500 SH   DFND 1 752,800 0 130,700
DEVON ENERGY CORP NEW COM 25179M103 2,315 52,490 SH   DFND 1 48,800 0 3,690
DIAMONDROCK HOSPITALITY CO COM 252784301 51,333 5,640,962 SH   DFND 1 4,528,862 0 1,112,100
EPR PPTYS PFD C CNV 5.75% 26884U208 104 3,403 SH   DFND 1 3,403 0 0
EQT MIDSTREAM PARTNERS LP UNIT LTD PARTN 26885B100 31,519 413,691 SH   DFND 1 298,391 0 115,300
EV ENERGY PARTNERS LP COM UNITS 26926V107 38 16,011 SH   DFND 1 16,011 0 0
EDISON INTL COM 281020107 53,826 744,997 SH   DFND 1 640,497 0 104,500
LILLY ELI & CO COM 532457108 1,667 20,770 SH   DFND 1 19,300 0 1,470
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 138 7,800 SH   DFND 1 7,800 0 0
ENABLE MIDSTREAM PARTNERS LP COM UNIT RP IN 292480100 145 9,500 SH   DFND 1 9,500 0 0
ENBRIDGE ENERGY MANAGEMENT L SHS UNITS LLI 29250X103 8,410 330,600 SH   DFND 1 330,600 0 0
ENBRIDGE ENERGY PARTNERS L P COM 29250R106 51,540 2,026,750 SH   DFND 1 1,583,550 0 443,200
ENBRIDGE INC COM 29250N105 663 15,000 SH   DFND 1 0 0 15,000
ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 27,514 1,638,700 SH   DFND 1 1,170,000 0 468,700
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 83,242 2,249,794 SH   DFND 1 1,790,494 0 459,300
ENTERPRISE PRODS PARTNERS L COM 293792107 173,148 6,266,661 SH   DFND 1 4,727,361 0 1,539,300
EQUITY COMWLTH COM SH BEN INT 294628102 67,808 2,243,805 SH   DFND 1 1,771,305 0 472,500
EQUITY COMWLTH CUM PFD S D 6.5% 294628201 589 21,746 SH   DFND 1 21,746 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 145,623 2,263,684 SH   DFND 1 1,792,184 0 471,500
ESSEX PPTY TR INC COM 297178105 96,802 434,675 SH   DFND 1 343,875 0 90,800
EXXON MOBIL CORP COM 30231G102 4,888 56,000 SH   DFND 1 0 0 56,000
FIRST MAJESTIC SILVER CORP COM 32076V103 2,225 215,879 SH   DFND 1 0 0 215,879
FORD MTR CO DEL COM PAR $0.01 345370860 1,506 124,800 SH   DFND 1 124,800 0 0
FORTRESS TRANS INFRST INVS L COM REP LTD LIAB 34960P101 6,682 534,157 SH   DFND 1 0 0 534,157
GENERAL ELECTRIC CO COM 369604103 2,229 75,250 SH   DFND 1 75,250 0 0
GENERAL MLS INC COM 370334104 8,285 129,696 SH   DFND 1 129,696 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 477 34,193 SH Call DFND 1 34,193 0 0
GENERAL MTRS CO COM 37045V100 708 22,276 SH   DFND 1 22,276 0 0
GRAMERCY PPTY TR COM 385002100 165,934 17,213,082 SH   DFND 1 13,815,803 0 3,397,279
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 50,693 2,813,169 SH   DFND 1 2,311,840 0 501,329
HIGHWOODS PPTYS INC COM 431284108 63,882 1,225,666 SH   DFND 1 981,066 0 244,600
HILTON WORLDWIDE HLDGS INC COM 43300A104 77,064 3,360,827 SH   DFND 1 2,706,778 0 654,049
HUDSON PAC PPTYS INC COM 444097109 66,293 2,016,810 SH   DFND 1 1,592,410 0 424,400
ION GEOPHYSICAL CORP COM NEW 462044207 259 37,750 SH   DFND 1 29,750 0 8,000
PENNY J C INC COM 708160106 2,845 308,600 SH   DFND 1 308,600 0 0
JPMORGAN CHASE & CO PUT 46625H955 651 3,200 SH Put DFND 1 3,200 0 0
JOHNSON & JOHNSON COM 478160104 9,055 76,656 SH   DFND 1 76,656 0 0
KELLOGG CO COM 487836108 7,601 98,120 SH   DFND 1 98,120 0 0
KINDER MORGAN INC DEL COM 49456B101 242,165 10,469,750 SH   DFND 1 8,680,150 0 1,789,600
LA QUINTA HLDGS INC COM 50420D108 3,001 268,400 SH   DFND 1 268,400 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 95,793 4,013,093 SH   DFND 1 3,236,528 0 776,565
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 342 6,459 SH   DFND 1 6,459 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 69,862 2,679,791 SH   DFND 1 2,234,591 0 445,200
MPLX LP COM UNIT REP LTD 55336V100 35,202 1,039,637 SH   DFND 1 774,738 0 264,899
MCDONALDS CORP COM 580135101 7,377 63,950 SH   DFND 1 63,950 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 81,889 5,544,300 SH   DFND 1 4,483,900 0 1,060,400
MONDELEZ INTL INC CL A 609207105 12,177 277,370 SH   DFND 1 273,200 0 4,170
NRG YIELD INC CL C 62942X405 1,615 95,200 SH   DFND 1 95,200 0 0
NRG YIELD INC CL A NEW 62942X306 8,413 515,500 SH   DFND 1 515,500 0 0
NEW GOLD INC CDA COM 644535106 1,616 372,732 SH   DFND 1 0 0 372,732
NEW HOME CO INC COM 645370107 5,741 538,053 SH   DFND 1 538,053 0 0
NEXTERA ENERGY INC COM 65339F101 37,026 302,700 SH   DFND 1 302,700 0 0
NISOURCE INC COM 65473P105 58,061 2,408,179 SH   DFND 1 2,129,224 0 278,955
NUSTAR GP HOLDINGS LLC UNIT RESTG LLC 67059L102 148 5,800 SH   DFND 1 5,800 0 0
ONE GAS INC COM 68235P108 29,273 473,371 SH   DFND 1 403,831 0 69,540
OMEGA HEALTHCARE INVES INC COM 681936100 98,293 2,772,726 SH   DFND 1 2,265,804 0 506,922
OUTFRONT MEDIA INC COM 69007J106 86,920 3,675,254 SH   DFND 1 2,927,482 0 747,772
PG&E CORP COM 69331C108 251,873 4,117,589 SH   DFND 1 3,356,889 0 760,700
PATTERN ENERGY GROUP INC CL A 70338P100 4,838 215,100 SH   DFND 1 215,100 0 0
PEMBINA PIPELINE CORP COM 706327103 35,562 1,167,492 SH   DFND 1 1,167,492 0 0
PFIZER INC COM 717081103 8,413 248,395 SH   DFND 1 244,325 0 4,070
PHILIP MORRIS INTL INC COM 718172109 7,414 76,265 SH   DFND 1 76,265 0 0
PHYSICIANS RLTY TR COM 71943U104 21,500 998,149 SH   DFND 1 751,849 0 246,300
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 36,616 1,165,732 SH   DFND 1 837,032 0 328,700
POTASH CORP SASK INC COM 73755L107 5,188 317,900 SH   DFND 1 0 0 317,900
PROCTER AND GAMBLE CO COM 742718109 7,290 81,230 SH   DFND 1 81,230 0 0
RICE MIDSTREAM PARTNERS LP UNIT LTD PARTN 762819100 25,166 1,037,330 SH   DFND 1 777,530 0 259,800
RIO TINTO PLC SPONSORED ADR 767204100 5,753 172,250 SH   DFND 1 0 0 172,250
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 13,542 256,330 SH   DFND 1 150,300 0 106,030
SBA COMMUNICATIONS CORP COM 78388J106 326,155 2,907,940 SH   DFND 1 2,361,440 0 546,500
SL GREEN RLTY CORP COM 78440X101 5,952 55,056 SH   DFND 1 44,674 0 10,382
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 2,956 80,500 SH   DFND 1 80,500 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 15,115 600,269 SH   DFND 1 468,783 0 131,486
SEMPRA ENERGY COM 816851109 68,182 636,085 SH   DFND 1 555,885 0 80,200
SIMON PPTY GROUP INC NEW COM 828806109 366,160 1,768,805 SH   DFND 1 1,405,848 0 362,957
SOUTHWEST GAS CORP COM 844895102 58,557 838,210 SH   DFND 1 715,510 0 122,700
SPECTRA ENERGY CORP COM 847560109 18,099 423,369 SH   DFND 1 423,369 0 0
SPIRE INC COM 84857L101 45,472 713,400 SH   DFND 1 580,700 0 132,700
STATOIL ASA SPONSORED ADR 85771P102 5,401 321,500 SH   DFND 1 0 0 321,500
SUNCOR ENERGY INC NEW COM 867224107 5,258 189,500 SH   DFND 1 0 0 189,500
SUNOCO LOGISTICS PRTNRS L P COM UNITS 86764L108 34,224 1,204,652 SH   DFND 1 898,052 0 306,600
TOTAL S A SPONSORED ADR 89151E109 4,939 103,550 SH   DFND 1 0 0 103,550
TRI POINTE GROUP INC COM 87265H109 3,023 229,400 SH   DFND 1 229,400 0 0
TARGA RES CORP COM 87612G101 90,326 1,839,262 SH   DFND 1 1,601,162 0 238,100
TOLL BROTHERS INC COM 889478103 9,629 322,484 SH   DFND 1 322,484 0 0
TRANSCANADA CORP COM 89353D107 291,978 6,133,454 SH   DFND 1 5,049,854 0 1,083,600
UNITED STATES OIL FUND LP PUT 91232N958 66 22,100 SH Put DFND 1 22,100 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 1,840 75,032 SH   DFND 1 0 0 75,032
VERIZON COMMUNICATIONS INC COM 92343V104 390 7,500 SH   DFND 1 7,500 0 0
VERMILION ENERGY INC COM 923725105 1,035 26,740 SH   DFND 1 25,160 0 1,580
VORNADO RLTY TR SH BEN INT 929042109 189,662 1,873,949 SH   DFND 1 1,502,172 0 371,777
WCI CMNTYS INC COM PAR $0.01 92923C807 9,216 388,541 SH   DFND 1 388,541 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 47,199 3,812,528 SH   DFND 1 3,033,099 0 779,429
WELLS FARGO & CO NEW COM 949746101 1,539 34,750 SH   DFND 1 32,300 0 2,450
WELLTOWER INC COM 95040Q104 161,908 2,165,408 SH   DFND 1 1,716,708 0 448,700
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 19,262 349,908 SH   DFND 1 254,008 0 95,900
WEYERHAEUSER CO COM 962166104 14,560 455,858 SH   DFND 1 307,648 0 148,210
WILLIAMS COS INC DEL COM 969457100 139,749 4,547,632 SH   DFND 1 3,822,113 0 725,519
WILLIAMS PARTNERS L P NEW COM UNIT LTD PAR 96949L105 17,781 478,102 SH   DFND 1 478,102 0 0
WYNN RESORTS LTD COM 983134107 5,373 55,149 SH   DFND 1 55,149 0 0
CALPINE CORP COM 131347304 5,056 400,000 SH   DFND 3 400,000 0 0
DYNEGY INC NEW DEL COM 26817R108 2,788 225,000 SH   DFND 3 225,000 0 0
GOODYEAR TIRE & RUBBER CO COM 382550101 3,230 100,000 SH   DFND 3 100,000 0 0
GOODYEAR TIRE & RUBBER CO COM 382550101 6,460 200,000 SH Call DFND 3 200,000 0 0
HELCA MNG CO COM 422704106 3,848 675,000 SH   DFND 3 675,000 0 0
INTERACTIVE BROKERS GROUP IN COM 45841N107 8,571 243,000 SH   DFND 3 243,000 0 0
ISHARES TR PUT RUSSELL 2000 ETF 464287655 18,694 150,500 SH Put DFND 3 150,500 0 0
KRATON PERFORMANCE POLYMERS COM 50077C106 14,717 420,000 SH   DFND 3 420,000 0 0
PARKER DRILLING CO COM 701081101 4,666 2,150,000 SH   DFND 3 2,150,000 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 2,818 250,000 SH   DFND 3 250,000 0 0
SERVICE CORP INTL COM 817565104 8,626 325,000 SH   DFND 3 325,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 72,461 335,000 SH Put DFND 3 335,000 0 0
TERRAFORM PWR INC CL A COM 88104R100 8,694 625,000 SH   DFND 3 625,000 0 0
ISHARES TR PUT 20 YR TR BD ETF 464287432 27,502 200,000 SH Put DFND 3 200,000 0 0
WEYERHAEUSER CO PUT COM 962166104 3,194 100,000 SH Put DFND 3 100,000 0 0
BROOKFIELD INFRAST PARTNERS LP INT UNIT LP Units G16252101 8,648 249,645 SH   DFND   249,645 0 0
BROOKFIELD PPTY PARTNERS LP LP UNIT LP Units G16249107 1,153,616 50,332,307 SH   DFND   50,332,307 0 0
BROOKFIELD RENEWABLE ENERGY PARTNERS LP LIMITED PARTNERSHIP LP Units G16258108 1,572,634 51,125,944 SH   DFND   51,125,944 0 0
General Growth Properties, Inc. COM 370023103 7,127,248 258,233,612 SH   DFND 2 2,877,575 0 0
Equity One Inc. COM 294752100 39 1,259 SH   DFND 2 1,259 0 0
Performance Sports Group (PSG) COM 71377G100 23,625 6,026,860 SH   DFND 5 6,237,887 0 0
TRANSALTA CORPORATION COM 89346D107 62,209 14,007,164 SH   DFND 4 14,007,164 0 0
TERRAFORM POWER INC COM 88104R100 145,360 10,450,000 SH   DFND 4 10,450,000 0 0
Brookfield Canada Office Properties TR UNIT 112823109 221,445 10,564,117 SH   SOLE 2 221,445 0 0
Norbord Inc. COM 65548P403 722,329 28,084,344 SH   DFND   0 0 0
Norbord Inc. COM 65548P403 445,545 17,322,897 SH   DFND 2 0 0 0
KKR & CO L P DEL COM 48248M102 80,828 5,668,176 SH   DFND   5,668,176 0 0
SPX FLOW INC COM 78469X107 1,544 50,000 SH   DFND 5 50,000 0 0
TRINITY INDS INC COM 896522109 18,173 750,000 SH   DFND 5 750,000 0 0