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 204,096 1,617,629 SH   DFND 1 1,044,205 0 573,424
AMEREN CORPORATION COM 023608102 38 630 SH   DFND 1 630 0 0
AMERICAN ELECTRIC POWER COM 025537101 83 1,200 SH   DFND 1 1,200 0 0
American Homes 4 Rent COM 02665T306 196,551 8,861,623 SH   DFND 1 5,572,923 0 3,288,700
American Tower Corp - Cl A COM 03027X100 29,510 204,689 SH   DFND 1 166,024 0 38,665
AMERICAN WATER WORKS CO INC COM 030420103 35 410 SH   DFND 1 410 0 0
Americold Realty Trust COM 03064D108 39,127 1,776,883 SH   DFND 1 1,243,223 0 533,660
AIMCO 6.875 Series A Pref. PREF 03748R762 167 6,500 SH   DFND 1 0 0 6,500
ATMOS ENERGY CORP COM 049560105 30 330 SH   DFND 1 330 0 0
Avalon Bay Communities COM 053484101 358,088 2,083,242 SH   DFND 1 1,348,376 0 734,866
Boston Properties COM 101121101 298,971 2,383,762 SH   DFND 1 1,523,607 0 860,155
Brixmor Property Group Inc. COM 11120U105 4 206 SH   DFND 1 206 0 0
CMS ENERGY CORP COM 125896100 34 710 SH   DFND 1 710 0 0
CSX CORP COM 126408103 45 700 SH   DFND 1 700 0 0
Camden Property Trust COM 133131102 210,686 2,311,925 SH   DFND 1 1,468,365 0 843,560
CANADIAN PACIFIC RAILWAY LTD COM 13645T100 51 278 SH   DFND 1 278 0 0
CENTERPOINT ENERGY COM 15189T107 35 1,250 SH   DFND 1 1,250 0 0
Chesapeake Lodging Trust COM 165240102 42,960 1,357,774 SH   DFND 1 1,068,008 0 289,766
Columbia Property Trust COM 198287203 7,961 350,537 SH   DFND 1 207,581 0 142,956
Coresite Realty Corp COM 21870Q105 387 3,490 SH   DFND 1 3,490 0 0
Corporate Office Properties Trust COM 22002T108 585 20,170 SH   DFND 1 20,170 0 0
Cousins Properties Inc. COM 222795106 52,556 5,423,690 SH   DFND 1 3,795,440 0 1,628,250
Crown Castle Intl Corp COM 22822V101 17,427 161,630 SH   DFND 1 127,460 0 34,170
Cubesmart COM 229663109 226,152 7,018,989 SH   DFND 1 4,514,009 0 2,504,980
CyrusOne COM 23283R100 154,788 2,652,288 SH   DFND 1 1,749,327 0 902,961
DCT Industrial Trust Inc. COM 233153204 93,165 1,396,156 SH   DFND 1 951,122 0 445,034
DTE ENERGY COMPANY COM 233331107 46 440 SH   DFND 1 440 0 0
Digital Realty Trust, Inc. COM 253868103 6,833 61,240 SH   DFND 1 4,530 0 56,710
DOMINION ENERGY INC COM 25746U109 27 400 SH   DFND 1 400 0 0
Duke Realty Investments, Inc. COM 264411505 130,004 4,478,260 SH   DFND 1 2,907,000 0 1,571,260
DUKE ENERGY CORP COM 26441C204 139 1,760 SH   DFND 1 1,760 0 0
EDISON INTERNATIONAL COM 281020107 30 480 SH   DFND 1 480 0 0
ENBRIDGE INC COM 29250N105 129 3,610 SH   DFND 1 3,610 0 0
ENTERGY CORP COM 29364G103 68 840 SH   DFND 1 840 0 0
Equinix, Inc. COM 29444U700 293,423 682,553 SH   DFND 1 537,836 0 144,717
Essex Property Trust, Inc. COM 297178105 40,477 169,309 SH   DFND 1 104,039 0 65,270
Extra Space Storage, Inc. COM 30225T102 110,161 1,103,709 SH   DFND 1 702,029 0 401,680
Federal Realty Investment Trust COM 313747206 27,103 214,172 SH   DFND 1 132,089 0 82,083
FIRSTENERGY CORP COM 337932107 41 1,150 SH   DFND 1 1,150 0 0
Forest City Realty Trust - A COM 345605109 83,074 3,641,993 SH   DFND 1 2,404,159 0 1,237,834
FORTIS INC COM 349553107 25 790 SH   DFND 1 790 0 0
GDS Holdings Ltd - ADR ADR 36165L108 186 4,647 SH   DFND 1 4,647 0 0
GGP Inc. COM 36174X101 107,145 5,244,475 SH   DFND 1 3,321,649 0 1,922,826
HCP, Inc. COM 40414L109 151,959 5,885,335 SH   DFND 1 3,846,735 0 2,038,600
Healthcare Trust of America COM 42225P501 181,151 6,719,241 SH   DFND 1 4,308,421 0 2,410,820
Highwoods Properties, Inc. COM 431284108 153,335 3,022,580 SH   DFND 1 1,903,540 0 1,119,040
Hilton Worldwide Holdings Inc. COM 43300A203 71,264 900,258 SH   DFND 1 620,588 0 279,670
Host Hotels & Resorts, Inc. COM 44107P104 8,759 415,702 SH   DFND 1 222,462 0 193,240
Hudson Pacific Properties COM 444097109 58,403 1,648,408 SH   DFND 1 1,142,008 0 506,400
Invitation Homes Inc. COM 46187W107 112,264 4,868,344 SH   DFND 1 3,273,612 0 1,594,732
Iron Mountain Inc. COM 46284V101 106,792 3,050,337 SH   DFND 1 2,335,147 0 715,190
Kilroy Realty Corporation COM 49427F108 198,708 2,627,020 SH   DFND 1 1,681,369 0 945,651
Kimco Realty Corp. COM 49446R109 74,266 4,371,170 SH   DFND 1 2,703,600 0 1,667,570
KINDER MORGAN INC COM 49456B101 96 5,450 SH   DFND 1 5,450 0 0
Liberty Property Trust COM 531172104 89,147 2,010,990 SH   DFND 1 1,288,700 0 722,290
Macerich Company COM 554382101 41,511 730,444 SH   DFND 1 502,544 0 227,900
Mack Cali Realty Corporation COM 554489104 110,225 5,435,180 SH   DFND 1 3,463,630 0 1,971,550
NEXTERA ENERGY INC COM 65339F101 162 970 SH   DFND 1 970 0 0
NISOURCE INC COM 65473P105 45 1,700 SH   DFND 1 1,700 0 0
NORFOLK SOUTHERN CORP COM 655844108 47 312 SH   DFND 1 312 0 0
ONEOK INC COM 682680103 32 460 SH   DFND 1 460 0 0
P G & E CORP COM 69331C108 34 810 SH   DFND 1 810 0 0
Park Hotels & Resorts Inc COM 700517105 137,593 4,492,090 SH   DFND 1 3,213,900 0 1,278,190
PEMBINA PIPELINE CORP. COM 706327103 28 810 SH   DFND 1 810 0 0
Prologis Trust COM 74340W103 326,036 4,963,256 SH   DFND 1 3,187,886 0 1,775,370
PUBLIC SERVICE ENTERPRISE GP COM 744573106 60 1,100 SH   DFND 1 1,100 0 0
Public Storage, Inc. COM 74460D109 89,762 395,673 SH   DFND 1 247,271 0 148,402
QTS Realty Trust COM 74736A103 9,087 230,052 SH   DFND 1 149,780 0 80,272
Realty Income Corp. COM 756109104 34,126 634,429 SH   DFND 1 394,359 0 240,070
Regency Centers Corp COM 758849103 190,004 3,060,627 SH   DFND 1 1,968,337 0 1,092,290
Rexford Industrial Realty COM 76169C100 88 2,789 SH   DFND 1 2,789 0 0
SBA COMMUNICATIONS CORP. COM 78410G104 3,220 19,500 SH   DFND 1 12,300 0 7,200
SCANA CORP COM 80589M102 7 190 SH   DFND 1 190 0 0
SEMPRA ENERGY COM 816851109 30 260 SH   DFND 1 260 0 0
Simon Property Group, Inc. COM 828806109 488,776 2,871,941 SH   DFND 1 1,844,171 0 1,027,770
SOUTHERN CO/THE COM 842587107 27 580 SH   DFND 1 580 0 0
STAG Industrial COM 85254J102 61,620 2,262,939 SH   DFND 1 1,433,879 0 829,060
Store Capital Corp COM 862121100 51,658 1,885,314 SH   DFND 1 1,226,034 0 659,280
Sun Communities Inc. COM 866674104 147,849 1,510,512 SH   DFND 1 972,412 0 538,100
Sunstone Hotel Investors, Inc. COM 867892101 123,571 7,435,071 SH   DFND 1 5,215,921 0 2,219,150
Taubman Centers Inc. COM 876664103 21,663 368,664 SH   DFND 1 233,884 0 134,780
Terreno Realty Corp COM 88146M101 109 2,900 SH   DFND 1 2,900 0 0
TRANSCANADA CORP COM 89353D107 43 990 SH   DFND 1 990 0 0
UDR, Inc. COM 902653104 155,315 4,137,308 SH   DFND 1 2,710,504 0 1,426,804
UNION PACIFIC CORP COM 907818108 31 220 SH   DFND 1 220 0 0
Urban Edge Properties COM 91704F104 22,653 990,490 SH   DFND 1 651,540 0 338,950
Ventas Inc. COM 92276F100 210,855 3,702,462 SH   DFND 1 2,386,902 0 1,315,560
VEREIT Inc. COM 92339V100 146,655 19,711,733 SH   DFND 1 12,585,733 0 7,126,000
VICI Properties Inc COM 925652109 38,879 1,883,678 SH   DFND 1 1,562,621 0 321,057
Weingarten Realty Investment Trust COM 948741103 80,054 2,598,317 SH   DFND 1 1,676,867 0 921,450
Weyerhauser COM 962166104 10,410 285,527 SH   DFND 1 217,600 0 67,927
WILLIAMS COS INC COM 969457100 76 2,810 SH   DFND 1 2,810 0 0
XCEL Energy Inc COM 98389B100 60 1,320 SH   DFND 1 1,320 0 0
ZAYO GROUP HOLDINGS INC. COM 98919V105 1,057 28,982 SH   DFND 1 11,562 0 17,420
Interxion Holding NV COM N47279109 1,334 21,370 SH   DFND 1 21,370 0 0
UNITI GROUP INC. COM 91325V108 82 4,070 SH   DFND 1 4,070 0 0
Brandywine Realty Trust COM 105368203 37,394 2,215,280 SH   DFND 1 1,489,610 0 725,670
Easterly Government Properties, Inc. COM 27616P103 13,148 665,360 SH   DFND 1 445,820 0 219,540
JBG Smith Properties COM 46590V100 12,438 341,050 SH   DFND 1 229,610 0 111,440
Mid-America Apartment Communities Inc. COM 59522J103 67,312 668,645 SH   DFND 1 436,775 0 231,870
Paramount Group Inc. COM 69924R108 29,860 1,938,970 SH   DFND 1 1,295,791 0 643,179
EL PASO ELECTRIC CO COM 283677854 12 200 SH   DFND 1 200 0 0
EVERSOURCE ENERGY COM 30040W108 51 870 SH   DFND 1 870 0 0
EVERGY INC COM 30034W106 45 807 SH   DFND 1 807 0 0
Essential Properties Realty COM 29670E107 315 23,260 SH   DFND 1 23,260 0 0
Empire State Realty Trust COM 292104106 268 15,665 SH   DFND 1 15,665 0 0
Alexandria Real Estate Equities COM 015271109 13,552 107,410 SH   DFND 2 107,410 0 0
American Homes 4 Rent COM 02665T306 12,113 546,140 SH   DFND 2 546,140 0 0
Americold Realty Trust COM 03064D108 3,723 169,070 SH   DFND 2 169,070 0 0
Avalon Bay Communities COM 053484101 24,348 141,650 SH   DFND 2 141,650 0 0
Boston Properties COM 101121101 19,665 156,790 SH   DFND 2 156,790 0 0
Camden Property Trust COM 133131102 15,424 169,250 SH   DFND 2 169,250 0 0
Chesapeake Lodging Trust COM 165240102 4,851 153,330 SH   DFND 2 153,330 0 0
Corporate Office Properties Trust COM 22002T108 1,611 55,570 SH   DFND 2 55,570 0 0
Cousins Properties Inc. COM 222795106 4,693 484,280 SH   DFND 2 484,280 0 0
Cubesmart COM 229663109 13,345 414,180 SH   DFND 2 414,180 0 0
CyrusOne COM 23283R100 11,770 201,680 SH   DFND 2 201,680 0 0
DCT Industrial Trust Inc. COM 233153204 5,723 85,760 SH   DFND 2 85,760 0 0
Duke Realty Investments, Inc. COM 264411505 11,315 389,770 SH   DFND 2 389,770 0 0
Equinix, Inc. COM 29444U700 27,453 63,860 SH   DFND 2 63,860 0 0
Essex Property Trust, Inc. COM 297178105 3,270 13,680 SH   DFND 2 13,680 0 0
Extra Space Storage, Inc. COM 30225T102 9,609 96,270 SH   DFND 2 96,270 0 0
Federal Realty Investment Trust COM 313747206 6,435 50,850 SH   DFND 2 50,850 0 0
Forest City Realty Trust - A COM 345605109 5,942 260,500 SH   DFND 2 260,500 0 0
GGP Inc. COM 36174X101 6,436 315,010 SH   DFND 2 315,010 0 0
HCP, Inc. COM 40414L109 11,329 438,780 SH   DFND 2 438,780 0 0
Healthcare Trust of America COM 42225P501 12,114 449,340 SH   DFND 2 449,340 0 0
Highwoods Properties, Inc. COM 431284108 10,453 206,060 SH   DFND 2 206,060 0 0
Hilton Worldwide Holdings Inc. COM 43300A203 5,928 74,890 SH   DFND 2 74,890 0 0
Host Hotels & Resorts, Inc. COM 44107P104 2,235 106,070 SH   DFND 2 106,070 0 0
Hudson Pacific Properties COM 444097109 6,657 187,880 SH   DFND 2 187,880 0 0
Invitation Homes Inc. COM 46187W107 8,370 362,950 SH   DFND 2 362,950 0 0
Iron Mountain Inc. COM 46284V101 11,509 328,740 SH   DFND 2 328,740 0 0
Kilroy Realty Corporation COM 49427F108 13,159 173,970 SH   DFND 2 173,970 0 0
Kimco Realty Corp. COM 49446R109 3,825 225,120 SH   DFND 2 225,120 0 0
Liberty Property Trust COM 531172104 5,583 125,940 SH   DFND 2 125,940 0 0
Mack Cali Realty Corporation COM 554489104 6,757 333,200 SH   DFND 2 333,200 0 0
Park Hotels & Resorts Inc COM 700517105 9,593 313,180 SH   DFND 2 313,180 0 0
Prologis Trust COM 74340W103 23,049 350,870 SH   DFND 2 350,870 0 0
Public Storage, Inc. COM 74460D109 7,144 31,490 SH   DFND 2 31,490 0 0
Realty Income Corp. COM 756109104 6,890 128,100 SH   DFND 2 128,100 0 0
Regency Centers Corp COM 758849103 12,259 197,470 SH   DFND 2 197,470 0 0
Simon Property Group, Inc. COM 828806109 33,866 198,990 SH   DFND 2 198,990 0 0
STAG Industrial COM 85254J102 5,671 208,260 SH   DFND 2 208,260 0 0
Store Capital Corp COM 862121100 4,551 166,110 SH   DFND 2 166,110 0 0
Sun Communities Inc. COM 866674104 11,241 114,840 SH   DFND 2 114,840 0 0
Sunstone Hotel Investors, Inc. COM 867892101 9,468 569,670 SH   DFND 2 569,670 0 0
Taubman Centers Inc. COM 876664103 1,884 32,070 SH   DFND 2 32,070 0 0
UDR, Inc. COM 902653104 10,703 285,100 SH   DFND 2 285,100 0 0
Ventas Inc. COM 92276F100 14,253 250,280 SH   DFND 2 250,280 0 0
VEREIT Inc. COM 92339V100 9,693 1,302,840 SH   DFND 2 1,302,840 0 0
VICI Properties Inc COM 925652109 5,639 273,190 SH   DFND 2 273,190 0 0
Weingarten Realty Investment Trust COM 948741103 5,732 186,030 SH   DFND 2 186,030 0 0
Brandywine Realty Trust COM 105368203 4,047 239,780 SH   DFND 2 239,780 0 0
Easterly Government Properties, Inc. COM 27616P103 1,401 70,890 SH   DFND 2 70,890 0 0
JBG Smith Properties COM 46590V100 1,221 33,490 SH   DFND 2 33,490 0 0
Mid-America Apartment Communities Inc. COM 59522J103 7,629 75,780 SH   DFND 2 75,780 0 0
Empire State Realty Trust COM 292104106 2,063 120,660 SH   DFND 2 120,660 0 0