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 44,581 1,590,486 SH   DFND 01,02 1,267,486 0 323,000
American Assets Trust Inc COM 024013104 78,084 2,093,959 SH   DFND 01,02 1,632,459 0 461,500
American Campus Communities COM 024835100 94,490 2,295,674 SH   DFND 01,02 1,832,374 0 463,300
American Homes 4 Rent Cl A COM 02665T306 79,798 3,645,411 SH   DFND 01,02 2,815,011 0 830,400
Americold Realty Trust COM 03064D108 22,155 885,500 SH   DFND 01,02 813,300 0 72,200
Apartment Invt & Mgmt Co COM 03748R101 5,399 122,350 SH   DFND 01,02 122,350 0 0
AvalonBay Communities Inc COM 053484101 217,298 1,199,550 SH   DFND 01,02 958,750 0 240,800
Boston Properties Inc COM 101121101 199,028 1,616,933 SH   DFND 01,02 1,301,433 0 315,500
Camden Property Trust COM 133131102 53,160 568,133 SH   DFND 01,02 433,233 0 134,900
Corporate Office Properties COM 22002T108 1,342 45,000 SH   DFND 01,02 45,000 0 0
CubeSmart COM 229663109 96,986 3,399,450 SH   DFND 01,02 2,680,350 0 719,100
CyrusOne Inc COM 23283R100 56,559 892,100 SH   DFND 01,02 699,700 0 192,400
Digital Realty Trust Inc COM 253868103 143,692 1,277,487 SH   DFND 01,02 995,703 0 281,784
Douglas Emmett Inc COM 25960P109 51,729 1,371,387 SH   DFND 01,02 1,057,287 0 314,100
Duke Realty Corp COM 264411505 132,091 4,656,000 SH   DFND 01,02 3,724,800 0 931,200
Easterly Government Properties Inc COM 27616P103 38,394 1,982,128 SH   DFND 01,02 1,575,750 0 406,378
Equinix Inc COM 292104106 10,995 25,400 SH   DFND 01,02 25,400 0 0
Empire State Realty Trust Cl A COM 29444U700 60,856 3,663,803 SH   DFND 01,02 2,904,003 0 759,800
Equity Lifestyle Properties COM 29472R108 56,383 584,581 SH   DFND 01,02 540,781 0 43,800
Equity Residential COM 29476L107 111,171 1,677,800 SH   DFND 01,02 1,337,000 0 340,800
Essex Property Trust Inc COM 297178105 74,469 301,850 SH   DFND 01,02 243,950 0 57,900
Extended Stay America Inc COM 30224P200 52,292 2,584,892 SH   DFND 01,02 2,371,492 0 213,400
Federal Realty Invs Trust COM 313747206 87,193 689,434 SH   DFND 01,02 556,734 0 132,700
Forest City Realty Trust Cl A COM 345605109 753 30,000 SH   DFND 01,02 30,000 0 0
HCP Inc COM 40414L109 132,487 5,033,700 SH   DFND 01,02 3,962,600 0 1,071,100
Healthcare Trust of America Inc Cl A COM 42225P501 92,302 3,460,900 SH   DFND 01,02 2,797,000 0 663,900
Host Hotels & Resorts Inc COM 44107P104 122,028 5,783,337 SH   DFND 01,02 5,346,537 0 436,800
Howard Hughes Corp COM 44267D107 27,416 220,707 SH   DFND 01,02 201,784 0 18,923
Kilroy Realty Corp COM 49427F108 4,205 58,650 SH   DFND 01,02 58,650 0 0
Macerich Co COM 554382101 2,637 47,700 SH   DFND 01,02 47,700 0 0
National Retail Properties COM 637417106 48,253 1,076,600 SH   DFND 2,02 842,200 0 234,400
Pennsylvania Real Estate Investment Trust COM 709102107 32,968 3,485,000 SH   DFND 01,02 2,782,800 0 702,200
Piedmont Office Realty Trust COM 720190206 82,621 4,364,572 SH   DFND 01,02 3,447,072 0 917,500
ProLogis Inc COM 74340W103 152,753 2,253,322 SH   DFND 01,02 1,741,322 0 512,000
Public Storage COM 74460D109 133,519 662,200 SH   DFND 01,02 534,600 0 127,600
Retail Properties of America Inc Cl A COM 76131V202 86,649 7,108,193 SH   DFND 01,02 5,700,693 0 1,407,500
Rexford Industrial Realty Inc COM 76169C100 111,480 3,488,100 SH   DFND 01,02 2,791,600 0 696,500
RLJ Lodging Trust COM 74965L101 49,622 2,252,462 SH   DFND 01,02 2,077,662 0 174,800
Select Income REIT COM 81618T100 292 13,300 SH   DFND 01,02 13,300 0 0
Simon Property Group Inc COM 828806109 331,712 1,876,728 SH   DFND 01,02 1,504,828 0 371,900
Store Capital Corp COM 862121100 58,021 2,087,834 SH   DFND 01,02 1,665,134 0 422,700
Taubman Centers Inc COM 876664103 45,008 752,266 SH   DFND 01,02 598,166 0 154,100
Urban Edge Properties COM 91704F104 883 40,000 SH   DFND 01,02 40,000 0 0
Ventas Inc COM 92276F100 761 14,000 SH   DFND 01,02 14,000 0 0
Vici Properties Inc COM 925652109 60,192 2,784,100 SH   DFND 01,02 2,573,000 0 211,100
Vornado Realty Trust COM 929042109 27,414 375,537 SH   DFND 01,02 297,737 0 77,800
Washington REIT COM 939653101 37,700 1,230,023 SH   DFND 01,02 973,523 0 256,500
Welltower Inc COM 95040Q104 174,455 2,712,297 SH   DFND 01,02 2,189,597 0 522,700