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
Alexandria Real Estate Equities COM 015271109 183,421 1,468,664 SH   DFND 1 978,487 0 490,177
AMEREN CORPORATION COM 023608102 35 620 SH   DFND 1 620 0 0
AMERICAN ELECTRIC POWER COM 025537101 90 1,310 SH   DFND 1 1,310 0 0
American Homes 4 Rent COM 02665T306 153,505 7,644,680 SH   DFND 1 5,047,720 0 2,596,960
American Tower Corp - Cl A COM 03027X100 34,333 236,225 SH   DFND 1 191,860 0 44,365
AMERICAN WATER WORKS CO INC COM 030420103 34 410 SH   DFND 1 410 0 0
Americold Realty Trust COM 03064D108 34,844 1,826,220 SH   DFND 1 1,349,030 0 477,190
AIMCO 6.875 Series A Pref. PREF 03748R762 168 6,500 SH   DFND 1 0 0 6,500
ATMOS ENERGY CORP COM 049560105 28 330 SH   DFND 1 330 0 0
Avalon Bay Communities COM 053484101 351,747 2,138,797 SH   DFND 1 1,418,037 0 720,760
Boston Properties COM 101121101 244,133 1,981,274 SH   DFND 1 1,314,474 0 666,800
Brixmor Property Group Inc. COM 11120U105 3 206 SH   DFND 1 206 0 0
CMS ENERGY CORP COM 125896100 45 1,000 SH   DFND 1 1,000 0 0
CSX CORP COM 126408103 52 930 SH   DFND 1 930 0 0
Camden Property Trust COM 133131102 175,193 2,081,177 SH   DFND 1 1,365,187 0 715,990
CANADIAN PACIFIC RAILWAY LTD COM 13645T100 44 250 SH   DFND 1 250 0 0
CENTERPOINT ENERGY COM 15189T107 48 1,740 SH   DFND 1 1,740 0 0
Chesapeake Lodging Trust COM 165240102 44,948 1,616,240 SH   DFND 1 1,245,577 0 370,663
Columbia Property Trust COM 198287203 42,199 2,062,530 SH   DFND 1 1,320,490 0 742,040
Coresite Realty Corp COM 21870Q105 316 3,150 SH   DFND 1 3,150 0 0
Corporate Office Properties Trust COM 22002T108 45,704 1,769,420 SH   DFND 1 1,117,030 0 652,390
Cousins Properties Inc. COM 222795106 49,860 5,744,280 SH   DFND 1 3,920,010 0 1,824,270
Crown Castle Intl Corp COM 22822V101 12,019 109,650 SH   DFND 1 84,380 0 25,270
Cubesmart COM 229663109 220,634 7,823,896 SH   DFND 1 5,196,923 0 2,626,973
CyrusOne COM 23283R100 137,599 2,686,956 SH   DFND 1 1,791,310 0 895,646
DCT Industrial Trust Inc. COM 233153204 59,605 1,057,960 SH   DFND 1 705,330 0 352,630
DDR Corp COM 23317H102 36,724 5,010,120 SH   DFND 1 3,249,510 0 1,760,610
DTE ENERGY COMPANY COM 233331107 48 460 SH   DFND 1 460 0 0
Digital Realty Trust, Inc. COM 253868103 11,710 111,120 SH   DFND 1 8,310 0 102,810
DOMINION ENERGY INC COM 25746U109 50 740 SH   DFND 1 740 0 0
Douglas Emmett Inc COM 25960P109 459 12,490 SH   DFND 1 12,490 0 0
Duke Realty Investments, Inc. COM 264411505 144,488 5,456,503 SH   DFND 1 3,619,251 0 1,837,252
DUKE ENERGY CORP COM 26441C204 122 1,570 SH   DFND 1 1,570 0 0
EDISON INTERNATIONAL COM 281020107 31 480 SH   DFND 1 480 0 0
ENBRIDGE INC COM 29250N105 59 1,870 SH   DFND 1 1,870 0 0
ENTERGY CORP COM 29364G103 28 350 SH   DFND 1 350 0 0
Equinix, Inc. COM 29444U700 256,648 613,784 SH   DFND 1 486,698 0 127,086
Equity Residential Properties Trust COM 29476L107 34,671 562,653 SH   DFND 1 380,693 0 181,960
Essex Property Trust, Inc. COM 297178105 47,186 196,054 SH   DFND 1 123,904 0 72,150
Extra Space Storage, Inc. COM 30225T102 78,278 896,042 SH   DFND 1 585,882 0 310,160
Federal Realty Investment Trust COM 313747206 1,918 16,523 SH   DFND 1 4,813 0 11,710
FIRSTENERGY CORP COM 337932107 32 930 SH   DFND 1 930 0 0
Forest City Realty Trust - A COM 345605109 69,304 3,420,709 SH   DFND 1 2,301,795 0 1,118,914
FORTIS INC COM 349553107 27 790 SH   DFND 1 790 0 0
GDS Holdings Ltd - ADR ADR 36165L108 277 10,100 SH   DFND 1 10,100 0 0
GGP Inc. COM 36174X101 128,383 6,274,811 SH   DFND 1 4,139,761 0 2,135,050
GREAT PLAINS ENERGY INC COM 391164100 31 960 SH   DFND 1 960 0 0
HCP, Inc. COM 40414L109 166,154 7,152,581 SH   DFND 1 4,732,631 0 2,419,950
Healthcare Trust of America COM 42225P501 178,045 6,731,398 SH   DFND 1 4,460,608 0 2,270,790
Highwoods Properties, Inc. COM 431284108 116,495 2,658,480 SH   DFND 1 1,732,610 0 925,870
Hilton Worldwide Holdings Inc. COM 43300A203 75,570 959,493 SH   DFND 1 679,493 0 280,000
Host Hotels & Resorts, Inc. COM 44107P104 6,434 345,162 SH   DFND 1 183,622 0 161,540
Hudson Pacific Properties COM 444097109 72,334 2,223,616 SH   DFND 1 1,511,480 0 712,136
Invitation Homes Inc. COM 46187W107 130,918 5,734,483 SH   DFND 1 3,845,818 0 1,888,665
Iron Mountain Inc. COM 46284V101 126,901 3,861,867 SH   DFND 1 3,004,107 0 857,760
KANSAS CITY SOUTHERN COM 485170302 8 70 SH   DFND 1 70 0 0
Kilroy Realty Corporation COM 49427F108 188,591 2,657,704 SH   DFND 1 1,749,254 0 908,450
Kimco Realty Corp. COM 49446R109 68,720 4,772,220 SH   DFND 1 3,096,700 0 1,675,520
KINDER MORGAN INC COM 49456B101 30 1,960 SH   DFND 1 1,960 0 0
Lasalle Hotel Properties COM 517942108 47,334 1,631,660 SH   DFND 1 1,182,390 0 449,270
Liberty Property Trust COM 531172104 66,556 1,675,220 SH   DFND 1 1,095,680 0 579,540
Macerich Company COM 554382101 1,976 35,280 SH   DFND 1 18,130 0 17,150
Mack Cali Realty Corporation COM 554489104 91,211 5,458,460 SH   DFND 1 3,622,330 0 1,836,130
NEXTERA ENERGY INC COM 65339F101 150 920 SH   DFND 1 920 0 0
NISOURCE INC COM 65473P105 27 1,110 SH   DFND 1 1,110 0 0
NOBLE MIDSTREAM PARTNERS LP COM 65506L105 14 310 SH   DFND 1 310 0 0
NORFOLK SOUTHERN CORP COM 655844108 10 70 SH   DFND 1 70 0 0
ONEOK INC COM 682680103 68 1,190 SH   DFND 1 1,190 0 0
P G & E CORP COM 69331C108 31 710 SH   DFND 1 710 0 0
PPL CORPORATION COM 69351T106 36 1,280 SH   DFND 1 1,280 0 0
PS Business Parks Inc/CA COM 69360J107 411 3,640 SH   DFND 1 3,640 0 0
Park Hotels & Resorts Inc COM 700517105 107,555 3,980,578 SH   DFND 1 2,897,947 0 1,082,631
PEMBINA PIPELINE CORP. COM 706327103 66 2,110 SH   DFND 1 2,110 0 0
PINNACLE WEST CAPITAL COM 723484101 24 300 SH   DFND 1 300 0 0
Prologis Trust COM 74340W103 349,766 5,552,719 SH   DFND 1 3,676,039 0 1,876,680
PUBLIC SERVICE ENTERPRISE GP COM 744573106 55 1,100 SH   DFND 1 1,100 0 0
Public Storage, Inc. COM 74460D109 72,877 363,676 SH   DFND 1 220,756 0 142,920
QTS Realty Trust COM 74736A103 12,376 341,680 SH   DFND 1 220,870 0 120,810
Realty Income Corp. COM 756109104 28,362 548,261 SH   DFND 1 348,281 0 199,980
Regency Centers Corp COM 758849103 117,986 2,000,445 SH   DFND 1 1,296,285 0 704,160
Rexford Industrial Realty COM 76169C100 74 2,564 SH   DFND 1 2,564 0 0
SBA COMMUNICATIONS CORP. COM 78410G104 1,738 10,170 SH   DFND 1 2,970 0 7,200
SCANA CORP COM 80589M102 7 190 SH   DFND 1 190 0 0
SEMPRA ENERGY COM 816851109 51 460 SH   DFND 1 460 0 0
Simon Property Group, Inc. COM 828806109 417,379 2,704,105 SH   DFND 1 1,777,455 0 926,650
SOUTHERN CO/THE COM 842587107 36 800 SH   DFND 1 800 0 0
STAG Industrial COM 85254J102 63,682 2,662,300 SH   DFND 1 1,767,030 0 895,270
Store Capital Corp COM 862121100 35,580 1,433,525 SH   DFND 1 928,205 0 505,320
Sun Communities Inc. COM 866674104 137,788 1,508,026 SH   DFND 1 997,426 0 510,600
Sunstone Hotel Investors, Inc. COM 867892101 87,206 5,729,727 SH   DFND 1 4,221,668 0 1,508,059
Taubman Centers Inc. COM 876664103 20,913 367,473 SH   DFND 1 241,493 0 125,980
Terreno Realty Corp COM 88146M101 74 2,140 SH   DFND 1 2,140 0 0
TRANSCANADA CORP COM 89353D107 62 1,510 SH   DFND 1 1,510 0 0
UDR, Inc. COM 902653104 142,862 4,010,718 SH   DFND 1 2,663,580 0 1,347,138
UNION PACIFIC CORP COM 907818108 43 320 SH   DFND 1 320 0 0
Urban Edge Properties COM 91704F104 35,981 1,685,271 SH   DFND 1 1,129,516 0 555,755
Ventas Inc. COM 92276F100 91,426 1,845,863 SH   DFND 1 1,249,635 0 596,228
VEREIT Inc. COM 92339V100 113,734 16,341,141 SH   DFND 1 10,966,954 0 5,374,187
VICI Properties Inc COM 925652109 33,257 1,815,327 SH   DFND 1 1,502,770 0 312,557
Vornado Realty Trust COM 929042109 37,443 556,360 SH   DFND 1 329,910 0 226,450
Washington REIT COM 939653101 9,164 335,661 SH   DFND 1 233,180 0 102,481
Weingarten Realty Investment Trust COM 948741103 95,756 3,410,116 SH   DFND 1 2,297,746 0 1,112,370
Welltower Inc. COM 95040Q104 53,060 974,821 SH   DFND 1 590,131 0 384,690
Weyerhauser COM 962166104 12,517 357,627 SH   DFND 1 277,600 0 80,027
WILLIAMS COS INC COM 969457100 60 2,410 SH   DFND 1 2,410 0 0
XCEL Energy Inc COM 98389B100 17 370 SH   DFND 1 370 0 0
ZAYO GROUP HOLDINGS INC. COM 98919V105 378 11,062 SH   DFND 1 11,062 0 0
Interxion Holding NV COM N47279109 1,303 20,975 SH   DFND 1 20,975 0 0
Alexandria Real Estate Equitie COM 015271109 10,648 85,260 SH   DFND 2 85,260 0 0
American Homes 4 Rent COM 02665T306 9,220 459,160 SH   DFND 2 459,160 0 0
Americold Realty Trust COM 03064D108 2,970 155,680 SH   DFND 2 155,680 0 0
Avalon Bay Communities COM 053484101 19,959 121,360 SH   DFND 2 121,360 0 0
Boston Properties COM 101121101 14,286 115,940 SH   DFND 2 115,940 0 0
Camden Property Trust COM 133131102 9,658 114,730 SH   DFND 2 114,730 0 0
Chesapeake Lodging Trust COM 165240102 3,926 141,190 SH   DFND 2 141,190 0 0
Corporate Office Properties Tr COM 22002T108 4,215 163,190 SH   DFND 2 163,190 0 0
Cousins Properties Inc. COM 222795106 4,642 534,760 SH   DFND 2 534,760 0 0
Cubesmart COM 229663109 9,775 346,640 SH   DFND 2 346,640 0 0
CyrusOne COM 23283R100 9,405 183,649 SH   DFND 2 183,649 0 0
DCT Industrial Trust Inc. COM 233153204 4,570 81,120 SH   DFND 2 81,120 0 0
DDR Corp COM 23317H102 1,288 175,670 SH   DFND 2 175,670 0 0
Digital Realty Trust, Inc. COM 253868103 2,809 26,660 SH   DFND 2 26,660 0 0
Duke Realty Investments, Inc. COM 264411505 9,780 369,350 SH   DFND 2 369,350 0 0
Equinix, Inc. COM 29444U700 21,325 51,000 SH   DFND 2 51,000 0 0
Equity Residential Properties COM 29476L107 3,070 49,820 SH   DFND 2 49,820 0 0
Essex Property Trust, Inc. COM 297178105 4,751 19,740 SH   DFND 2 19,740 0 0
Extra Space Storage, Inc. COM 30225T102 6,765 77,440 SH   DFND 2 77,440 0 0
Federal Realty Investment Trus COM 313747206 3,841 33,080 SH   DFND 2 33,080 0 0
Forest City Realty Trust - A COM 345605109 5,412 267,120 SH   DFND 2 267,120 0 0
GGP Inc. COM 36174X101 7,360 359,710 SH   DFND 2 359,710 0 0
HCP, Inc. COM 40414L109 9,928 427,390 SH   DFND 2 427,390 0 0
Healthcare Trust of America COM 42225P501 11,298 427,130 SH   DFND 2 427,130 0 0
Highwoods Properties, Inc. COM 431284108 6,574 150,030 SH   DFND 2 150,030 0 0
Hilton Worldwide Holdings Inc. COM 43300A203 5,599 71,090 SH   DFND 2 71,090 0 0
Host Hotels & Resorts, Inc. COM 44107P104 1,874 100,510 SH   DFND 2 100,510 0 0
Hudson Pacific Properties COM 444097109 5,791 178,030 SH   DFND 2 178,030 0 0
Invitation Homes Inc. COM 46187W107 8,067 353,341 SH   DFND 2 353,341 0 0
Iron Mountain Inc. COM 46284V101 10,061 306,180 SH   DFND 2 306,180 0 0
Kilroy Realty Corporation COM 49427F108 10,732 151,240 SH   DFND 2 151,240 0 0
Kimco Realty Corp. COM 49446R109 3,171 220,230 SH   DFND 2 220,230 0 0
Lasalle Hotel Properties COM 517942108 3,445 118,750 SH   DFND 2 118,750 0 0
Liberty Property Trust COM 531172104 3,865 97,270 SH   DFND 2 97,270 0 0
Mack Cali Realty Corporation COM 554489104 5,127 306,800 SH   DFND 2 306,800 0 0
Park Hotels & Resorts Inc COM 700517105 7,211 266,880 SH   DFND 2 266,880 0 0
Prologis Trust COM 74340W103 21,075 334,570 SH   DFND 2 334,570 0 0
Public Storage, Inc. COM 74460D109 4,737 23,640 SH   DFND 2 23,640 0 0
Realty Income Corp. COM 756109104 6,172 119,310 SH   DFND 2 119,310 0 0
Regency Centers Corp COM 758849103 7,578 128,490 SH   DFND 2 128,490 0 0
Simon Property Group, Inc. COM 828806109 24,440 158,340 SH   DFND 2 158,340 0 0
STAG Industrial COM 85254J102 5,101 213,260 SH   DFND 2 213,260 0 0
Store Capital Corp COM 862121100 4,516 181,940 SH   DFND 2 181,940 0 0
Sun Communities Inc. COM 866674104 9,025 98,770 SH   DFND 2 98,770 0 0
Sunstone Hotel Investors, Inc. COM 867892101 4,829 317,270 SH   DFND 2 317,270 0 0
Taubman Centers Inc. COM 876664103 2,295 40,330 SH   DFND 2 40,330 0 0
UDR, Inc. COM 902653104 8,814 247,440 SH   DFND 2 247,440 0 0
Ventas Inc. COM 92276F100 5,747 116,030 SH   DFND 2 116,030 0 0
VEREIT Inc. COM 92339V100 6,794 976,170 SH   DFND 2 976,170 0 0
VICI Properties Inc COM 925652109 3,671 200,370 SH   DFND 2 200,370 0 0
Weingarten Realty Investment T COM 948741103 5,844 208,120 SH   DFND 2 208,120 0 0
Welltower Inc. COM 95040Q104 1,946 35,760 SH   DFND 2 35,760 0 0