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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OMB Number: 3235-0006
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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 43,278 1,759,286 SH   DFND 01,02 1,400,086 0 359,200
American Assets Trust Inc COM 024013104 69,388 2,076,859 SH   DFND 01,02 1,628,059 0 448,800
American Campus Communities COM 024835100 91,459 2,368,174 SH   DFND 01,02 1,878,574 0 489,600
American Homes 4 Rent Cl A COM 02665T306 75,377 3,753,811 SH   DFND 01,02 2,902,011 0 851,800
Apartment Invt & Mgmt Co COM 03748R101 6,687 164,100 SH   DFND 01,02 164,100 0 0
AvalonBay Communities Inc COM 053484101 203,643 1,238,250 SH   DFND 01,02 994,150 0 244,100
Boston Properties Inc COM 101121101 210,652 1,709,558 SH   DFND 01,02 1,376,958 0 332,600
Brookfield Asset Management Cl A COM 112585104 390 10,000 SH   DFND 01,02 10,000 0 0
Camden Property Trust COM 133131102 51,235 608,633 SH   DFND 01,02 464,533 0 144,100
Corporate Office Properties COM 22002T108 5,569 215,600 SH   DFND 01,02 215,600 0 0
CubeSmart COM 229663109 96,815 3,433,160 SH   DFND 01,02 2,705,360 0 727,800
CyrusOne Inc COM 23283R100 44,937 877,500 SH   DFND 01,02 695,700 0 181,800
Diamondrock Hospitality Co COM 252784301 626 60,000 SH   DFND 01,02 60,000 0 0
Digital Realty Trust Inc COM 253868103 144,724 1,373,356 SH   DFND 01,02 1,078,700 0 294,656
Douglas Emmett Inc COM 25960P109 44,688 1,215,661 SH   DFND 01,02 980,161 0 235,500
Duke Realty Corp COM 264411505 118,683 4,482,000 SH   DFND 01,02 3,652,900 0 829,100
Easterly Government Properties Inc COM 27616P103 34,473 1,689,847 SH   DFND 01,02 1,344,650 0 345,197
Equinix Inc COM 292104106 9,826 23,500 SH   DFND 01,02 23,500 0 0
Empire State Realty Trust Cl A COM 29444U700 66,769 3,976,700 SH   DFND 01,02 3,159,200 0 817,500
Equity Lifestyle Properties COM 29472R108 47,754 544,076 SH   DFND 01,02 500,376 0 43,700
Equity Residential COM 29476L107 170,281 2,763,400 SH   DFND 01,02 2,204,900 0 558,500
Essex Property Trust Inc COM 297178105 15,079 62,650 SH   DFND 01,02 62,650 0 0
Extended Stay America Inc COM 30224P200 45,793 2,316,292 SH   DFND 01,02 2,089,692 0 226,600
Federal Realty Invs Trust COM 313747206 88,361 761,009 SH   DFND 01,02 630,409 0 130,600
Forest City Realty Trust Cl A COM 345605109 48,451 2,391,454 SH   DFND 01,02 1,896,654 0 494,800
GGP Inc COM 36174X101 4,062 198,550 SH   DFND 01,02 198,550 0 0
Gramercy Property Trust COM 385002308 70,899 3,262,715 SH   DFND 01,02 2,595,583 0 667,132
HCP Inc COM 40414L109 49,487 2,130,300 SH   DFND 01,02 1,690,900 0 439,400
Healthcare Trust of America Inc Cl A COM 42225P501 89,203 3,372,500 SH   DFND 01,02 2,732,800 0 639,700
Host Hotels & Resorts Inc COM 44107P104 121,847 6,536,837 SH   DFND 01,02 5,980,637 0 556,200
Invitation Homes Inc COM 46187W107 443 19,400 SH   DFND 01,02 19,400 0 0
Kilroy Realty Corp COM 49427F108 5,549 78,200 SH   DFND 01,02 78,200 0 0
National Retail Properties COM 637417106 1,178 30,000 SH   DFND 01,02 30,000 0 0
Pennsylvania Real Estate Investment Trust COM 709102107 35,994 3,729,900 SH   DFND 01,02 2,969,600 0 760,300
Piedmont Office Realty Trust COM 720190206 82,562 4,693,672 SH   DFND 01,02 3,700,272 0 993,400
ProLogis Inc COM 74340W103 186,131 2,954,922 SH   DFND 01,02 2,350,622 0 604,300
Public Storage COM 74460D109 150,903 753,049 SH   DFND 01,02 614,449 0 138,600
Retail Properties of America Inc Cl A COM 76131V202 83,358 7,149,093 SH   DFND 01,02 5,778,893 0 1,370,200
Rexford Industrial Realty Inc COM 76169C100 106,915 3,713,600 SH   DFND 01,02 2,957,800 0 755,800
RLJ Lodging Trust COM 74965L101 48,354 2,487,362 SH   DFND 01,02 2,278,762 0 208,600
Simon Property Group Inc COM 828806109 320,238 2,074,753 SH   DFND 01,02 1,670,253 0 404,500
Store Capital Corp COM 862121100 54,027 2,176,734 SH   DFND 01,02 1,720,234 0 456,500
Tanger Factory Outlet Centers Inc COM 875465106 38,093 1,731,520 SH   DFND 01,02 1,360,120 0 371,400
Taubman Centers Inc COM 876664103 49,390 867,866 SH   DFND 01,02 689,266 0 178,600
Urban Edge Properties COM 91704F104 854 40,000 SH   DFND 01,02 40,000 0 0
Ventas Inc COM 92276F100 60,347 1,218,400 SH   DFND 01,02 969,800 0 248,600
Vici Properties Inc COM 925652109 29,356 1,602,400 SH   DFND 01,02 1,449,600 0 152,800
Vornado Realty Trust COM 929042109 26,721 397,037 SH   DFND 01,02 313,037 0 84,000
Washington REIT COM 939653101 40,784 1,493,923 SH   DFND 01,02 1,215,823 0 278,100
Welltower Inc COM 95040Q104 167,388 3,075,297 SH   DFND 01,02 2,486,297 0 589,000