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 RLTY TR COM SH BEN INT 004239109 34,116 960,460 SH   DFND 1 729,511 0 230,949
ADVANTAGE OIL & GAS LTD COM 00765F101 207 37,140 SH   DFND 1 37,140 0 0
AES CORP COM 00130H105 1,660 133,050 SH   DFND 1 133,050 0 0
AGRIUM INC COM 008916108 5,596 61,894 SH   DFND 1 4,202 0 57,692
ALCOA INC COM 013817101 236 25,422 SH   DFND 1 25,422 0 0
ALEXANDERS INC COM 014752109 14,001 34,212 SH   DFND 1 34,212 0 0
AMEREN CORP COM 023608102 77,820 1,452,400 SH   DFND 1 1,181,500 0 270,900
AMERICAN CAPITAL AGENCY CORP COM 02503X105 15,886 801,500 SH   DFND 1 801,500 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 108,235 5,284,898 SH   DFND 1 4,178,298 0 1,106,600
AMERICAN TOWER CORP COM 03027X100 358,465 3,155,223 SH   DFND 1 2,609,044 0 546,179
AMERICAN WTR WKS CO INC NEW COM 030420103 141,945 1,679,618 SH   DFND 1 1,371,218 0 308,400
ANADARKO PETE CORP COM 032511107 686 12,890 SH   DFND 1 12,890 0 0
ANNALY CAP MGMT INC COM 035710409 9,160 827,500 SH   DFND 1 827,500 0 0
APPLE INC COM 037833100 6,411 67,060 SH   DFND 1 67,060 0 0
APTARGROUP INC COM 038336103 64 813 SH   DFND 1 813 0 0
ARCELORMITTAL NY REGISTRY SH 03938L104 81 17,400 SH   DFND 1 17,400 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 283 6,600 SH   DFND 1 6,600 0 0
ARCHROCK PARTNERS LP COM UNITS REPSTG 03957U100 3,993 294,900 SH   DFND 1 294,900 0 0
ASPEN TECHNOLOGY INC COM 045327103 761 18,920 SH   DFND 1 18,920 0 0
AVALONBAY CMNTYS INC COM 053484101 117,208 649,750 SH   DFND 1 508,754 0 140,996
AVANGRID INC COM 05351W103 7,909 171,700 SH   DFND 1 171,700 0 0
B&G FOODS INC COM 05508R106 666 13,810 SH   DFND 1 13,810 0 0
BAKER HUGHES INC COM 057224107 280 6,200 SH   DFND 1 6,200 0 0
BANK AMER CORP COM 060505104 6,580 495,850 SH   DFND 1 270,150 0 225,700
BARRICK GOLD CORP COM 067901108 507 23,724 SH   DFND 1 23,724 0 0
BEMIS INC COM 081437105 42 813 SH   DFND 1 813 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 5,767 201,936 SH   DFND 1 23,436 0 178,500
BOARDWALK PIPELINE PARTNERS LP UT LTD PARTNER 096627104 40,241 2,306,081 SH   DFND 1 1,808,681 0 497,400
BP PLC SPONSORED ADR 055622104 17,328 487,966 SH   DFND 1 243,216 0 244,750
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 93,078 5,540,370 SH   DFND 1 4,312,677 0 1,227,693
BRISTOW GROUP INC COM 110394103 165 14,500 SH   DFND 1 14,500 0 0
BROOKDALE SR LIVING INC COM 112463104 23,445 1,518,450 SH   DFND 1 1,518,450 0 0
BROOKFIELD BUSINESS PARTNERS LP LP Units G16234109 3 94 SH   DFND   94 0 0
Brookfield Canada Office Properties TR Units 112823109 234,578 10,564,117 SH   DFND 2 15,064,117 0 0
BROOKFIELD GLOBAL LISTED INFR COM SHS 11273Q109 1,669 126,802 SH   DFND 1 0 0 126,802
BROOKFIELD HIGH INCOME FD IN COM 11272P102 85 11,800 SH   DFND 1 0 0 11,800
BROOKFIELD INFRAST PARTNERS LP INT UNIT LP Units G16252101 7,533 166,430 SH   DFND   166,430 0 0
BROOKFIELD MTG OPP INC FD IN COM 112792106 349 23,450 SH   DFND 1 0 0 23,450
BROOKFIELD PPTY PARTNERS LP LP UNIT LP Units G16249107 1,062,872 47,322,899 SH   DFND   47,322,899 0 0
BROOKFIELD RENEWABLE ENERGY PARTNERS LP LIMITED PARTNERSHIP LP Units G16258108 1,523,042 51,125,944 SH   DFND   51,125,944 0 0
BUCKEYE PARTNERS LP UNIT LTD PARTN 118230101 562 7,990 SH   DFND 1 7,990 0 0
CABOT OIL & GAS CORP COM 127097103 81 3,160 SH   DFND 1 3,160 0 0
CALIFORNIA WTR SVC GROUP COM 130788102 5,044 144,400 SH   DFND 1 144,400 0 0
CAMDEN PPTY TR COM 133131102 124,365 1,406,530 SH   DFND 1 1,089,432 0 317,098
CARE CAPITAL PPTYS INC COM 141624106 100,258 3,825,183 SH   DFND 1 3,102,708 0 722,475
CBL & ASSOC PPTYS INC COM 124830100 120,150 12,905,516 SH   DFND 1 10,764,020 0 2,141,496
CBRE CLARION GLOBAL REAL EST COM 12504G100 2,029 246,497 SH   DFND 1 246,497 0 0
CENOVUS ENERGY INC COM 15135U109 720 52,260 SH   DFND 1 52,260 0 0
CENTERPOINT ENERGY INC COM 15189T107 39,209 1,633,690 SH   DFND 1 1,333,090 0 300,600
CENTURYLINK INC COM 156700106 1,329 45,820 SH   DFND 1 45,820 0 0
CF INDS HLDGS INC COM 125269100 57 2,363 SH   DFND 1 2,363 0 0
CHEVRON CORP NEW COM 166764100 5,247 50,050 SH   DFND 1 0 0 50,050
CIMAREX ENERGY CO COM 171798101 513 4,300 SH   DFND 1 4,300 0 0
CIVEO CORP CDA COM 17878Y108 7,496 4,164,408 SH   DFND 1 4,164,408 0 0
CLEAR CHANNEL OUTDOOR HLDGS CL A 18451C109 1,959 315,000 SH   DFND 3 315,000 0 0
COCA-COLA CO COM 191216100 7,334 161,800 SH   DFND 1 161,800 0 0
COLUMBIA PIPELINE PARTNERS L COM UT REPSTG 198281107 465 31,010 SH   DFND 1 31,010 0 0
COMMUNICATIONS SALES & LEAS IN COM 20341J104 751 26,000 SH   DFND 1 26,000 0 0
CONCHO RES INC COM 20605P101 556 4,660 SH   DFND 1 4,660 0 0
CONE MIDSTREAM PARTNERS LP COM UNIT REPST 206812109 321 18,540 SH   DFND 1 18,540 0 0
CORENERGY INFRASTRUCTURE TR COM NEW 21870U502 6,839 237,046 SH   DFND 1 237,046 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 80,228 2,713,150 SH   DFND 1 2,126,550 0 586,600
CROWN CASTLE INTL CORP NEW COM 22822V101 171,252 1,688,381 SH   DFND 1 1,396,081 0 292,300
CSX CORP COM 126408103 4,063 155,773 SH   DFND 1 155,773 0 0
CURRENCYSHARES EURO TR EURO SHS 23130C108 10,817 100,000 SH Put DFND 3 100,000 0 0
CYRUSONE INC COM 23283R100 115,514 2,075,350 SH   DFND 1 1,629,550 0 445,800
DDR CORP COM 23317H102 15,591 859,500 SH   DFND 1 743,300 0 116,200
DEERE & CO COM 244199105 89 1,100 SH   DFND 1 1,100 0 0
DEVON ENERGY CORP NEW COM 25179M103 3,788 104,500 SH   DFND 1 57,800 0 46,700
DHT HOLDINGS INC COM Y2065G121 91 18,100 SH   DFND 1 18,100 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 50,719 5,616,774 SH   DFND 1 4,491,974 0 1,124,800
DYNEGY INC NEW DEL COMMON 26817R108 3,879 225,000 SH   DFND 3 225,000 0 0
EDISON INTL COM 281020107 108,396 1,395,597 SH   DFND 1 1,157,297 0 238,300
ENABLE MIDSTREAM PARTNERS LP COM UNIT RP IN 292480100 180 13,300 SH   DFND 1 13,300 0 0
ENBRIDGE ENERGY MANAGEMENT L SHS UNITS LLI 29250X103 3,850 167,300 SH   DFND 1 167,300 0 0
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 18,301 788,850 SH   DFND 1 627,550 0 161,300
ENBRIDGE INC COM 29250N105 635 15,000 SH   DFND 1 0 0 15,000
ENERGY TRANSFER EQUITY LP COM UT LTD PTN 29273V100 22,726 1,581,500 SH   DFND 1 1,113,200 0 468,300
ENERGY TRANSFER PRTNRS LP UNIT LTD PARTN 29273R109 102,317 2,687,594 SH   DFND 1 2,138,494 0 549,100
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 130 7,800 SH   DFND 1 7,800 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 179,538 6,135,961 SH   DFND 1 4,602,261 0 1,533,700
EPR PPTYS PFD C CNV 5.57% 26884U208 203 6,603 SH   DFND 1 6,603 0 0
EQT MIDSTREAM PARTNERS LP UNIT LTD PARTN 26885B100 32,336 402,691 SH   DFND 1 293,291 0 109,400
EQUITY COMWLTH COM SH BEN INT 294628102 62,970 2,161,705 SH   DFND 1 1,687,205 0 474,500
EQUITY COMWLTH CUM PFD S D 6.25% 294628201 158 6,046 SH   DFND 1 6,046 0 0
Equity One Inc. Common Stock 294752100 41 1,259 SH   DFND 2 1,259 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 91,901 1,334,212 SH   DFND 1 1,037,312 0 296,900
EURONAV NV SHS B38564108 92 10,045 SH   DFND 1 10,045 0 0
EV ENERGY PARTNERS LP COM UNITS 26926V107 37 16,011 SH   DFND 1 16,011 0 0
EVERSOURCE ENERGY COM 30040W108 82,450 1,376,461 SH   DFND 1 1,134,161 0 242,300
EXXON MOBIL CORP COM 30231G102 5,812 62,000 SH   DFND 1 6,000 0 56,000
FIRST MAJESTIC SILVER CORP COM 32076V103 3,897 288,221 SH   DFND 1 0 0 288,221
FMC CORP COM NEW 302491303 51 1,100 SH   DFND 1 1,100 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,569 124,800 SH   DFND 1 124,800 0 0
FORTRESS TRANS & INFRST INVS L COM REP LTD LIAB 34960P101 4,909 534,157 SH   DFND 1 0 0 534,157
FREEPORT-MCMORAN INC CL B 35671D857 186 16,685 SH   DFND 1 16,685 0 0
GENER8 MARITIME INC COM Y26889108 1,035 161,700 SH   DFND 1 161,700 0 0
GENERAL ELECTRIC CO COM 369604103 2,369 75,250 SH   DFND 1 75,250 0 0
General Growth Properties Common Stock 370023103 7,359,361 255,356,037 SH   DFND 2 255,356,037 0 0
General Growth Properties, Inc. Common Stock 370023103 1,316,521 44,148,940 SH   DFND 2 44,148,940 0 0
GENERAL MLS INC COM 370334104 9,250 129,696 SH   DFND 1 129,696 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V118 630 34,193 SH Call DFND 1 34,193 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 358 34,193 SH Call DFND 1 34,193 0 0
GOLDCORP INC NEW COM 380956409 327 17,100 SH   DFND 1 17,100 0 0
GRAMERCY PPTY TR COM 385002100 148,627 16,120,116 SH   DFND 1 12,983,437 0 3,136,679
GROUPE CGI INC CL A SUB VTG 39945C109 8,745 205,646 SH   DFND 1 0 0 205,646
GULFPORT ENERGY CORP COM NEW 402635304 526 16,840 SH   DFND 1 16,840 0 0
HELMERICH & PAYNE INC COM 423452101 349 5,200 SH   DFND 1 5,200 0 0
HERSHA HOSPITALITY TRUST PR SHS BEN INT 427825500 55,258 3,222,069 SH   DFND 1 2,677,740 0 544,329
HESS CORP COM 42809H107 662 11,020 SH   DFND 1 11,020 0 0
HIGHWOODS PPTYS INC COM 431284108 112,728 2,135,006 SH   DFND 1 1,682,006 0 453,000
HOME DEPOT INC COM 437076102 104 813 SH   DFND 1 813 0 0
HOST HOTELS & RESORTS INC COM 44107P104 117,655 7,258,168 SH   DFND 1 5,718,514 0 1,539,654
HSBC HLDGS PLC SPON ADR NEW 404280406 3,131 100,000 SH Put DFND 3 100,000 0 0
INGREDION INC COM 457187102 172 1,330 SH   DFND 1 1,330 0 0
INTERACTIVE BROKERS GROUP IN COMMON 45841N107 4,602 130,000 SH   DFND 3 130,000 0 0
INTL PAPER CO COM 460146103 198 4,679 SH   DFND 1 4,679 0 0
ION GEOPHYSICAL CORP COM NEW 462044207 235 37,750 SH   DFND 1 29,750 0 8,000
ISHARES MSCI TURKEY ETF 464286715 678 17,100 SH   DFND 1 17,100 0 0
ISHARES MSCI BRZ CAP ETF 464286400 4,526 150,000 SH Put DFND 3 150,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 2,680 150,000 SH Call DFND 3 150,000 0 0
ISHARES TR MSCI EAFE ETF 464287465 12,560 225,000 SH Call DFND 3 225,000 0 0
JOHNSON & JOHNSON COM 478160104 9,298 76,656 SH   DFND 1 76,656 0 0
JPMORGAN CHASE & CO COM 46625H100 6,419 103,300 SH   DFND 1 55,600 0 47,700
JPMORGAN CHASE & CO PUT 46625H955 651 3,200 SH Put DFND 1 3,200 0 0
KELLOGG CO COM 487836108 8,011 98,120 SH   DFND 1 98,120 0 0
KILROY RLTY CORP COM 49427F108 99,687 1,503,802 SH   DFND 1 1,183,002 0 320,800
KINDER MORGAN INC DEL COM 49456B101 229,896 12,280,750 SH   DFND 1 10,291,750 0 1,989,000
KRATON PERFORMANCE POLYMERS COMMON 50077C106 4,767 170,689 SH   DFND 3 170,689 0 0
KRATON PERFORMANCE POLYMERS COMMON 50077C106 2,153 77,100 SH Call DFND 3 77,100 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 119 2,359 SH   DFND 1 2,359 0 0
LIBERTY PPTY TR SH BEN INT 531172104 60,549 1,524,395 SH   DFND 1 1,191,695 0 332,700
LILLY ELI & CO COM 532457108 2,433 30,900 SH   DFND 1 17,300 0 13,600
LOUISIANA PAC CORP COM 546347105 66 3,786 SH   DFND 1 3,786 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 6,038 35,000 SH   DFND 3 35,000 0 0
MCDONALDS CORP COM 580135101 7,696 63,950 SH   DFND 1 63,950 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 88,428 3,314,393 SH   DFND 1 2,817,793 0 496,600
MGM RESORTS INTERNATIONAL COM 552953101 12,302 543,600 SH   DFND 1 543,600 0 0
MONDELEZ INTL INC CL A 609207105 15,312 336,450 SH   DFND 1 283,650 0 52,800
MONSANTO CO NEW COM 61166W101 548 5,303 SH   DFND 1 5,303 0 0
MOSAIC CO NEW COM 61945C103 43 1,626 SH   DFND 1 1,626 0 0
MPLX LP COM UNIT REP LTD 55336V100 33,641 1,000,337 SH   DFND 1 732,338 0 267,999
NATIONAL OILWELL VARCO INC COM 637071101 286 8,489 SH   DFND 1 8,489 0 0
NEW GOLD INC CDA COM 644535106 2,166 497,635 SH   DFND 1 0 0 497,635
NEW YORK REIT INC COM 64976L109 6,093 658,700 SH   DFND 1 658,700 0 0
NEWFIELD EXPL CO COM 651290108 773 17,500 SH   DFND 1 17,500 0 0
NEWMONT MINING CORP COM 651639106 445 11,388 SH   DFND 1 11,388 0 0
NEXTERA ENERGY INC COM 65339F101 30,774 236,000 SH   DFND 1 236,000 0 0
NISOURCE INC COM 65473P105 134,103 5,056,683 SH   DFND 1 4,380,728 0 675,955
NRG YIELD INC CL A NEW 62942X306 7,846 515,500 SH   DFND 1 515,500 0 0
NRG YIELD INC CL C 62942X405 1,484 95,200 SH   DFND 1 95,200 0 0
NUCOR CORP COM 670346105 306 6,200 SH   DFND 1 6,200 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 4,353 87,416 SH   DFND 1 87,416 0 0
ONE GAS INC COM 68235P108 30,916 464,271 SH   DFND 1 392,531 0 71,740
OUTFRONT MEDIA INC COM 69007J106 125,305 5,184,337 SH   DFND 1 4,179,342 0 1,004,995
PACKAGING CORP AMER COM 695156109 99 1,478 SH   DFND 1 1,478 0 0
PARKER DRILLING CO COMMON 701081101 5,267 2,300,000 SH   DFND 3 2,300,000 0 0
PARSLEY ENERGY INC COM 701877102 857 31,680 SH   DFND 1 31,680 0 0
PATTERN ENERGY GROUP INC CL A 70338P100 4,994 217,400 SH   DFND 1 217,400 0 0
PEMBINA PIPELINE CORP COM 706327103 37,151 1,224,492 SH   DFND 1 1,224,492 0 0
PFIZER INC COM 717081103 10,786 306,325 SH   DFND 1 254,725 0 51,600
PG&E CORP COM 69331C108 251,582 3,935,889 SH   DFND 1 3,186,589 0 749,300
PHILIP MORRIS INTERNATIONAL INC COM 718172109 7,758 76,265 SH   DFND 1 76,265 0 0
PHYSICIANS REALTY TRUST COM 71943U104 96,924 4,613,225 SH   DFND 1 3,643,573 0 969,652
POTASH CORP OF SASK INC COM 73755L107 5,373 330,861 SH   DFND 1 12,961 0 317,900
PROCTER & GAMBLE CO COM 742718109 6,878 81,230 SH   DFND 1 81,230 0 0
PROLOGIS INC COM 74340W103 156,027 3,181,623 SH   DFND 1 2,498,101 0 683,522
RICE ENERGY INC COM 762760106 740 33,570 SH   DFND 1 33,570 0 0
RICE MIDSTREAM PARTNERS LP UNIT LTD PARTN 762819100 27,768 1,359,158 SH   DFND 1 1,062,058 0 297,100
RIO TINTO PLC SPONSORED ADR 767204100 5,587 178,499 SH   DFND 1 6,249 0 172,250
Rouse Common Stock 779287101 353,824 19,387,624 SH   DFND 2 19,387,624 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 17,528 313,000 SH   DFND 1 160,000 0 153,000
SBA COMMUNICATIONS CORP COM 78388J106 180,042 1,667,982 SH   DFND 1 1,351,882 0 316,100
SCHLUMBERGER LTD COM 806857108 207 2,620 SH   DFND 1 2,620 0 0
SEMGROUP CORP CL A 81663A105 17,149 526,700 SH   DFND 1 422,240 0 104,460
SEMPRA ENERGY COM 816851109 68,855 603,885 SH   DFND 1 525,185 0 78,700
SERVICE CORP INTL COMMON 817565104 9,464 350,000 SH   DFND 3 350,000 0 0
SILVER WHEATON CORP COM 828336107 144 6,100 SH   DFND 1 6,100 0 0
SIMON PPTY GROUP INC NEW COM 828806109 401,335 1,850,323 SH   DFND 1 1,452,633 0 397,690
SL GREEN RLTY CORP COM 78440X101 152,902 1,436,101 SH   DFND 1 1,169,601 0 266,500
SOUTHERN COPPER CORP COM 84265V105 96 3,573 SH   DFND 1 3,573 0 0
SOUTHWEST GAS CORP COM 844895102 73,154 929,410 SH   DFND 1 785,110 0 144,300
SPDR S&P 500 ETF TR TR UNIT 78462F103 62,843 300,000 SH Put DFND 3 300,000 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 2,873 80,500 SH   DFND 1 80,500 0 0
SPECTRA ENERGY CORP COM 847560109 15,849 432,669 SH   DFND 1 432,669 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 287 6,080 SH   DFND 1 6,080 0 0
SPIRE INC COM 84857L101 23,951 338,100 SH   DFND 1 271,200 0 66,900
SPIRIT RLTY CAP INC NEW COM 84860W102 98,736 7,731,905 SH   DFND 1 6,287,605 0 1,444,300
STATOIL ASA SPONSORED ADR 85771P102 5,349 309,000 SH   DFND 1 0 0 309,000
STILLWATER MNG CO COM 86074Q102 222 18,744 SH   DFND 1 18,744 0 0
SUNCOR ENERGY INC NEW COM 867224107 5,233 189,500 SH   DFND 1 0 0 189,500
SUNOCO LOGISTICS PRTNRS LP COM UNITS 86764L108 34,343 1,194,552 SH   DFND 1 867,252 0 327,300
SUNSTONE HOTEL INVS INC COM 867892101 10,059 833,400 SH   DFND 1 767,700 0 65,700
SYNGENTA AG SPONSORED ADR 87160A100 476 6,197 SH   DFND 1 6,197 0 0
TARGA RES CORP COM 87612G101 99,735 2,366,762 SH   DFND 1 2,052,262 0 314,500
TERRAFORM POWER INC COMMON SHARES 88104R100 113,905 10,450,000 SH   DFND 4 10,450,000 0 0
TERRAFORM PWR INC CL A COM 88104R100 6,813 625,000 SH   DFND 3 625,000 0 0
TESORO CORP COM 881609101 232 3,100 SH   DFND 1 3,100 0 0
TOLL BROTHERS INC COM 889478103 14,104 524,100 SH   DFND 1 524,100 0 0
TOTAL SA SPONSORED ADR 89151E109 4,981 103,550 SH   DFND 1 0 0 103,550
TOWER INTL INC COMMON 891826109 3,676 178,600 SH   DFND 3 178,600 0 0
TRANSALTA CORPORATION COMMON SHARES 89346D107 72,630 14,007,164 SH   DFND 4 14,007,164 0 0
TRANSCANADA CORP COM 89353D107 270,822 6,012,654 SH   DFND 1 4,904,254 0 1,108,400
TRI POINTE GROUP INC COM 87265H109 9,265 783,800 SH   DFND 1 783,800 0 0
UNION PAC CORP COM 907818108 5,218 59,800 SH   DFND 1 59,800 0 0
UNITED STATES OIL FUND LP PUT 91232N958 309 22,100 SH Put DFND 1 22,100 0 0
URBAN EDGE PPTYS COM 91704F104 70,155 2,349,454 SH   DFND 1 1,829,603 0 519,851
VALE SA COM 91912E105 44 8,730 SH   DFND 1 8,730 0 0
VALEANT PHARMACEUTICALS INTERNATIONAL INC COM 91911K102 2,011 100,177 SH   DFND 1 0 0 100,177
VALERO ENERGY CORP NEW COM 91913Y100 140 2,740 SH   DFND 1 2,740 0 0
VENTAS INC COM 92276F100 96,867 1,330,227 SH   DFND 1 1,047,527 0 282,700
VERIZON COMMUNICATIONS INC COM 92343V104 419 7,500 SH   DFND 1 7,500 0 0
VERMILION ENERGY INC COM 923725105 4,528 142,850 SH   DFND 1 79,350 0 63,500
VORNADO RLTY TR SH BEN INT 929042109 245,819 2,455,242 SH   DFND 1 1,977,462 0 477,780
WCI COMMUNITIES INC COM 92923C807 12,545 742,280 SH   DFND 1 742,280 0 0
WEATHERFORD INTERNATIONAL PLC ORD SHS G48833100 117 21,060 SH   DFND 1 21,060 0 0
WELLTOWER INC COM 95040Q104 169,307 2,222,748 SH   DFND 1 1,729,148 0 493,600
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 17,782 352,810 SH   DFND 1 250,410 0 102,400
WESTROCK CO COM 96145D105 100 2,571 SH   DFND 1 2,571 0 0
WEYERHAEUSER CO COM 962166104 13,718 460,812 SH   DFND 1 312,602 0 148,210
WEYERHAEUSER CO COMMON 962166104 6,698 225,000 SH Put DFND 3 225,000 0 0
WILLIAMS COS INC DEL COM 969457100 118,892 5,496,632 SH   DFND 1 4,578,813 0 917,819
WILLIAMS PARTNERS LP NEW COM UNIT LTD PAR 96949L105 44,755 1,292,017 SH   DFND 1 1,091,675 0 200,342
WP GLIMCHER IN COM 92939N102 37,827 3,380,386 SH   DFND 1 2,694,112 0 686,274
WYNN RESORTS LTD COM 983134107 9,612 106,049 SH   DFND 1 106,049 0 0
TRINITY INDS INC COM 896522109 127,869 6,885,765 SH   DFND 5 6,885,765 0 0
SPX FLOW INC COM 78469X107 3,911 150,000 SH   DFND 5 150,000 0 0
KKR & CO L P DEL COM 48248M102 69,593 5,639,589 SH   DFND   5,639,589 0 0
Norbord Inc. COM 65548P403 553,823 28,084,343 SH   DFND   0 0 0
Norbord Inc. COM 65548P403 341,608 17,322,897 SH   DFND 2 0 0 0