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 Realty Trust COM 004239109 45,746 1,671,386 SH   DFND 01,02 1,332,386 0 339,000
American Assets Trust Inc COM 024013104 81,349 2,124,559 SH   DFND 01,02 1,668,259 0 456,300
American Campus Communities COM 024835100 100,570 2,345,374 SH   DFND 01,02 1,871,374 0 474,000
American Homes 4 Rent Cl A COM 02665T306 80,474 3,628,211 SH   DFND 01,02 2,811,711 0 816,500
American Tower Corp COM 03027X100 577 4,000 SH   DFND 01,02 4,000 0 0
Apartment Invt & Mgmt Co COM 03748R101 7,648 180,800 SH   DFND 01,02 180,800 0 0
AvalonBay Communities Inc COM 053484101 213,311 1,240,975 SH   DFND 01,02 996,975 0 244,000
Boston Properties Inc COM 101121101 209,731 1,672,233 SH   DFND 01,02 1,352,233 0 320,000
Camden Property Trust COM 133131102 53,177 583,533 SH   DFND 01,02 446,033 0 137,500
Corporate Office Properties COM 22002T108 6,737 232,400 SH   DFND 01,02 232,400 0 0
CubeSmart COM 229663109 108,396 3,364,250 SH   DFND 01,02 2,640,450 0 723,800
CyrusOne Inc COM 23283R100 58,477 1,002,000 SH   DFND 01,02 801,900 0 200,100
Diamondrock Hospitality Co COM 252784301 860 70,000 SH   DFND 01,02 70,000 0 0
Digital Realty Trust Inc COM 253868103 143,098 1,282,470 SH   DFND 01,02 1,009,274 0 273,196
Douglas Emmett Inc COM 25960P109 49,525 1,232,587 SH   DFND 01,02 965,887 0 266,700
Duke Realty Corp COM 264411505 139,716 4,812,800 SH   DFND 01,02 3,921,400 0 891,400
Easterly Government Properties Inc COM 27616P103 40,022 2,025,428 SH   DFND 01,02 1,619,950 0 405,478
Equinix Inc COM 292104106 9,501 22,100 SH   DFND 01,02 22,100 0 0
Empire State Realty Trust Cl A COM 29444U700 66,599 3,894,703 SH   DFND 01,02 3,118,803 0 775,900
Equity Lifestyle Properties COM 29472R108 57,594 626,706 SH   DFND 01,02 580,006 0 46,700
Equity Residential COM 29476L107 167,244 2,625,900 SH   DFND 01,02 2,099,600 0 526,300
Essex Property Trust Inc COM 297178105 15,253 63,800 SH   DFND 01,02 63,800 0 0
Extended Stay America Inc COM 30224P200 48,257 2,233,092 SH   DFND 01,02 2,037,392 0 195,700
Federal Realty Invs Trust COM 313747206 91,370 722,009 SH   DFND 01,02 598,909 0 123,100
Forest City Realty Trust Cl A COM 345605109 46,536 2,040,154 SH   DFND 01,02 1,638,354 0 401,800
GGP Inc COM 36174X101 409 20,000 SH   DFND 01,02 20,000 0 0
Gramercy Property Trust COM 385002308 42,944 1,571,883 SH   DFND 01,02 1,209,217 0 362,666
HCP Inc COM 40414L109 127,264 4,928,900 SH   DFND 01,02 3,889,400 0 1,039,500
Healthcare Trust of America Inc Cl A COM 42225P501 96,924 3,595,100 SH   DFND 01,02 2,947,800 0 647,300
Host Hotels & Resorts Inc COM 44107P104 132,129 6,270,937 SH   DFND 01,02 5,792,037 0 478,900
Kilroy Realty Corp COM 49427F108 6,146 81,250 SH   DFND 01,02 81,250 0 0
Macerich Co COM 554382101 2,245 39,500 SH   DFND 01,02 39,500 0 0
Pennsylvania Real Estate Investment Trust COM 709102107 39,497 3,593,900 SH   DFND 01,02 2,875,700 0 718,200
Piedmont Office Realty Trust COM 720190206 89,515 4,491,472 SH   DFND 01,02 3,553,172 0 938,300
ProLogis Inc COM 74340W103 179,703 2,735,622 SH   DFND 01,02 2,183,622 0 552,000
Public Storage COM 74460D109 162,630 716,874 SH   DFND 01,02 586,374 0 130,500
Retail Properties of America Inc Cl A COM 76131V202 93,589 7,323,093 SH   DFND 01,02 5,934,193 0 1,388,900
Rexford Industrial Realty Inc COM 76169C100 112,100 3,571,200 SH   DFND 01,02 2,858,300 0 712,900
RLJ Lodging Trust COM 74965L101 52,919 2,399,962 SH   DFND 01,02 2,220,362 0 179,600
Simon Property Group Inc COM 828806109 340,615 2,001,378 SH   DFND 01,02 1,615,978 0 385,400
Store Capital Corp COM 862121100 57,944 2,114,734 SH   DFND 01,02 1,682,734 0 432,000
Tanger Factory Outlet Centers Inc COM 875465106 35,926 1,529,420 SH   DFND 01,02 1,201,520 0 327,900
Taubman Centers Inc COM 876664103 45,672 777,266 SH   DFND 01,02 619,666 0 157,600
Urban Edge Properties COM 91704F104 1,201 52,500 SH   DFND 01,02 52,500 0 0
Ventas Inc COM 92276F100 1,281 22,500 SH   DFND 01,02 22,500 0 0
Vici Properties Inc COM 925652109 45,680 2,213,200 SH   DFND 01,02 2,047,100 0 166,100
Vornado Realty Trust COM 929042109 28,329 383,237 SH   DFND 01,02 303,737 0 79,500
Washington REIT COM 939653101 39,442 1,300,423 SH   DFND 01,02 1,038,123 0 262,300
Welltower Inc COM 95040Q104 177,162 2,825,997 SH   DFND 01,02 2,293,597 0 532,400