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 191,641 1,523,500 SH   DFND 1 989,106 0 534,394
AMEREN CORPORATION COM 023608102 40 630 SH   DFND 1 630 0 0
AMERICAN ELECTRIC POWER COM 025537101 85 1,200 SH   DFND 1 1,200 0 0
American Homes 4 Rent COM 02665T306 176,678 8,071,172 SH   DFND 1 5,133,740 0 2,937,432
American Tower Corp COM 03027X100 7,917 54,485 SH   DFND 1 7,210 0 47,275
AMERICAN WATER WORKS CO INC COM 030420103 36 410 SH   DFND 1 410 0 0
Americold Realty Trust COM 03064D108 48,583 1,941,763 SH   DFND 1 1,419,903 0 521,860
AIMCO 6.875 Series A Pref. PREF 03748R762 78 3,000 SH   DFND 1 0 0 3,000
ATMOS ENERGY CORP COM 049560105 31 330 SH   DFND 1 330 0 0
Avalon Bay Communities COM 053484101 334,267 1,845,251 SH   DFND 1 1,188,691 0 656,560
Boston Properties COM 101121101 251,626 2,044,248 SH   DFND 1 1,309,266 0 734,982
Brixmor Property Group Inc. COM 11120U105 208 11,876 SH   DFND 1 11,876 0 0
CSX CORP COM 126408103 84 1,140 SH   DFND 1 1,140 0 0
Camden Property Trust COM 133131102 191,625 2,047,931 SH   DFND 1 1,304,402 0 743,529
CANADIAN PACIFIC RAILWAY LTD COM 13645T100 59 278 SH   DFND 1 278 0 0
CENTERPOINT ENERGY COM 15189T107 97 3,500 SH   DFND 1 3,500 0 0
Chesapeake Lodging Trust COM 165240102 42,166 1,314,822 SH   DFND 1 1,024,326 0 290,496
Coresite Realty Corp COM 21870Q105 454 4,086 SH   DFND 1 4,086 0 0
Corporate Office Properties Trust COM 22002T108 129 4,340 SH   DFND 1 4,340 0 0
Cousins Properties Inc. COM 222795106 77,135 8,676,637 SH   DFND 1 5,820,337 0 2,856,300
Crown Castle Intl Corp COM 22822V101 4,723 42,420 SH   DFND 1 6,210 0 36,210
Cubesmart COM 229663109 185,245 6,492,978 SH   DFND 1 4,181,568 0 2,311,410
CyrusOne COM 23283R100 167,773 2,646,265 SH   DFND 1 1,745,562 0 900,703
Digital Realty Trust, Inc. COM 253868103 13,862 123,237 SH   DFND 1 5,727 0 117,510
DOMINION ENERGY INC COM 25746U109 74 1,060 SH   DFND 1 1,060 0 0
Duke Realty Investments, Inc. COM 264411505 79,119 2,788,828 SH   DFND 1 1,815,348 0 973,480
DUKE ENERGY CORP COM 26441C204 110 1,370 SH   DFND 1 1,370 0 0
EDISON INTERNATIONAL COM 281020107 32 480 SH   DFND 1 480 0 0
ENBRIDGE INC COM 29250N105 77 2,380 SH   DFND 1 2,380 0 0
ENTERGY CORP COM 29364G103 54 660 SH   DFND 1 660 0 0
Equinix, Inc. COM 29444U700 283,037 653,832 SH   DFND 1 508,205 0 145,627
Essex Property Trust, Inc. COM 297178105 71,135 288,335 SH   DFND 1 173,905 0 114,430
Extra Space Storage, Inc. COM 30225T102 112,690 1,300,666 SH   DFND 1 849,651 0 451,015
Federal Realty Investment Trust COM 313747206 49,914 394,670 SH   DFND 1 249,720 0 144,950
FIRSTENERGY CORP COM 337932107 77 2,080 SH   DFND 1 2,080 0 0
FORTIS INC COM 349553107 26 790 SH   DFND 1 790 0 0
GDS Holdings Ltd - ADR ADR 36165L108 195 5,557 SH   DFND 1 5,557 0 0
HCP, Inc. COM 40414L109 161,456 6,134,348 SH   DFND 1 3,990,349 0 2,143,999
Healthcare Trust of America COM 42225P501 159,470 5,979,363 SH   DFND 1 3,918,043 0 2,061,320
Highwoods Properties, Inc. COM 431284108 125,577 2,657,142 SH   DFND 1 1,705,982 0 951,160
Hilton Worldwide Holdings Inc. COM 43300A203 84,534 1,046,475 SH   DFND 1 739,725 0 306,750
Host Hotels & Resorts, Inc. COM 44107P104 9,512 450,815 SH   DFND 1 234,265 0 216,550
Hudson Pacific Properties COM 444097109 58,510 1,788,209 SH   DFND 1 1,215,929 0 572,280
Invitation Homes Inc. COM 46187W107 109,902 4,797,110 SH   DFND 1 3,235,640 0 1,561,470
Iron Mountain Inc. COM 46284V101 98,341 2,848,822 SH   DFND 1 2,204,551 0 644,271
Kilroy Realty Corporation COM 49427F108 207,917 2,900,219 SH   DFND 1 1,877,053 0 1,023,166
Kimco Realty Corp. COM 49446R109 29,363 1,754,040 SH   DFND 1 1,022,770 0 731,270
KINDER MORGAN INC COM 49456B101 103 5,800 SH   DFND 1 5,800 0 0
Liberty Property Trust COM 531172104 102,829 2,433,811 SH   DFND 1 1,557,986 0 875,825
Macerich Company COM 554382101 109,028 1,971,930 SH   DFND 1 1,282,400 0 689,530
Mack Cali Realty Corporation COM 554489104 109,006 5,127,300 SH   DFND 1 3,315,160 0 1,812,140
NEXTERA ENERGY INC COM 65339F101 163 970 SH   DFND 1 970 0 0
NISOURCE INC COM 65473P105 24 950 SH   DFND 1 950 0 0
NORFOLK SOUTHERN CORP COM 655844108 56 312 SH   DFND 1 312 0 0
ONEOK INC COM 682680103 32 470 SH   DFND 1 470 0 0
P G & E CORP COM 69331C108 37 810 SH   DFND 1 810 0 0
Park Hotels & Resorts Inc COM 700517105 120,405 3,668,650 SH   DFND 1 2,630,300 0 1,038,350
PEMBINA PIPELINE CORP. COM 706327103 74 2,170 SH   DFND 1 2,170 0 0
Prologis Trust COM 74340W103 421,901 6,223,646 SH   DFND 1 4,038,524 0 2,185,122
PUBLIC SERVICE ENTERPRISE GP COM 744573106 47 890 SH   DFND 1 890 0 0
Public Storage, Inc. COM 74460D109 78,405 388,854 SH   DFND 1 238,852 0 150,002
Realty Income Corp. COM 756109104 26,851 471,974 SH   DFND 1 307,924 0 164,050
Regency Centers Corp COM 758849103 157,413 2,434,090 SH   DFND 1 1,554,644 0 879,446
Rexford Industrial Realty COM 76169C100 548 17,159 SH   DFND 1 17,159 0 0
SBA COMMUNICATIONS CORP COM 78410G104 3,884 24,180 SH   DFND 1 4,440 0 19,740
SCANA CORP COM 80589M102 7 190 SH   DFND 1 190 0 0
SEMPRA ENERGY COM 816851109 37 327 SH   DFND 1 327 0 0
Simon Property Group, Inc. COM 828806109 443,624 2,509,894 SH   DFND 1 1,615,164 0 894,730
SOUTHERN CO/THE COM 842587107 25 580 SH   DFND 1 580 0 0
STAG Industrial COM 85254J102 60,829 2,211,969 SH   DFND 1 1,447,339 0 764,630
Store Capital Corp COM 862121100 60,433 2,174,639 SH   DFND 1 1,461,529 0 713,110
Sun Communities Inc. COM 866674104 155,458 1,531,000 SH   DFND 1 1,010,890 0 520,110
Sunstone Hotel Investors, Inc. COM 867892101 135,361 8,273,890 SH   DFND 1 5,904,750 0 2,369,140
Taubman Centers Inc. COM 876664103 21,256 355,274 SH   DFND 1 224,694 0 130,580
Terreno Realty Corp COM 88146M101 146 3,880 SH   DFND 1 3,880 0 0
TRANSCANADA CORP COM 89353D107 47 1,160 SH   DFND 1 1,160 0 0
UDR, Inc. COM 902653104 146,730 3,629,236 SH   DFND 1 2,382,010 0 1,247,226
Urban Edge Properties COM 91704F104 21,930 993,210 SH   DFND 1 650,140 0 343,070
Ventas Inc. COM 92276F100 193,768 3,563,217 SH   DFND 1 2,295,445 0 1,267,772
VEREIT Inc COM 92339V100 135,621 18,680,555 SH   DFND 1 12,054,335 0 6,626,220
VICI Properties Inc COM 925652109 60,871 2,815,491 SH   DFND 1 2,172,733 0 642,758
Weingarten Realty Investment Trust COM 948741103 75,298 2,530,176 SH   DFND 1 1,632,074 0 898,102
Weyerhauser Co COM 962166104 2,741 84,927 SH   DFND 1 0 0 84,927
WILLIAMS COS INC COM 969457100 68 2,500 SH   DFND 1 2,500 0 0
ZAYO GROUP HOLDINGS INC. COM 98919V105 1,360 39,172 SH   DFND 1 14,652 0 24,520
Interxion Holding NV COM N47279109 1,182 17,560 SH   DFND 1 17,560 0 0
UNITI GROUP INC. COM 91325V108 64 3,170 SH   DFND 1 3,170 0 0
Brandywine Realty Trust COM 105368203 35,153 2,236,210 SH   DFND 1 1,470,310 0 765,900
JBG Smith Properties COM 46590V100 13,367 362,940 SH   DFND 1 232,500 0 130,440
Mid-America Apartment Communities Inc. COM 59522J103 33,934 338,726 SH   DFND 1 211,111 0 127,615
Paramount Group Inc. COM 69924R108 29,828 1,976,650 SH   DFND 1 1,280,671 0 695,979
EL PASO ELECTRIC CO COM 283677854 11 200 SH   DFND 1 200 0 0
EVERSOURCE ENERGY COM 30040W108 54 880 SH   DFND 1 880 0 0
EVERGY INC COM 30034W106 55 997 SH   DFND 1 997 0 0
Essential Properties Realty COM 29670E107 249 17,520 SH   DFND 1 17,520 0 0
Acadia Realty Trust COM 004239109 4 138 SH   DFND 1 138 0 0
Alexander & Baldwin Inc COM 014491104 18 774 SH   DFND 1 774 0 0
DiamondRock Hospitality Co COM 252784301 12 1,042 SH   DFND 1 1,042 0 0
EastGroup Properties Inc COM 277276101 10 103 SH   DFND 1 103 0 0
Equity Residential Properties Trust COM 29476L107 17 264 SH   DFND 1 264 0 0
National Retail Properties COM 637417106 8 180 SH   DFND 1 180 0 0
Retail Opportunity Investments Corp COM 76131N101 4 195 SH   DFND 1 195 0 0
Tanger Factory Outlet Centers Inc COM 875465106 6 271 SH   DFND 1 271 0 0
TIER REIT Inc COM 88650V208 28,634 1,188,136 SH   DFND 1 833,510 0 354,626
Welltower Inc COM 95040Q104 17 262 SH   DFND 1 262 0 0
Colony Capital Inc COM 19626G108 2 358 SH   DFND 1 358 0 0
CareTrust REIT Inc COM 14174T107 198 11,193 SH   DFND 1 11,193 0 0
Healthcare Realty Trust COM 421946104 2 80 SH   DFND 1 80 0 0
Kite Realty Group Trust COM 49803T300 2 98 SH   DFND 1 98 0 0
Pebblebrook Hotel Trust COM 70509V100 23,123 635,774 SH   DFND 1 492,434 0 143,340
First Industrial Realty Trust COM 32054K103 471 15,000 SH   DFND 1 15,000 0 0
Switch, Inc A COM 87105L104 33 3,030 SH   DFND 1 3,030 0 0
Apartment Investment and Management Co COM 03748R101 38,165 864,833 SH   DFND 1 572,250 0 292,583
Brookfield Property REIT Inc COM 11282X103 686 32,769 SH   DFND 1 4,046 0 28,723
Retail Properties of America COM 76131V202 53,666 4,402,490 SH   DFND 1 2,981,170 0 1,421,320
Alexandria Real Estate Equities COM 015271109 15,151 120,450 SH   DFND 2 120,450 0 0
American Homes 4 Rent COM 02665T306 13,401 612,220 SH   DFND 2 612,220 0 0
Americold Realty Trust COM 03064D108 5,315 212,440 SH   DFND 2 212,440 0 0
Avalon Bay Communities COM 053484101 26,022 143,650 SH   DFND 2 143,650 0 0
Boston Properties COM 101121101 18,836 153,030 SH   DFND 2 153,030 0 0
Camden Property Trust COM 133131102 16,201 173,140 SH   DFND 2 173,140 0 0
Chesapeake Lodging Trust COM 165240102 5,200 162,150 SH   DFND 2 162,150 0 0
Cousins Properties Inc. COM 222795106 6,997 787,120 SH   DFND 2 787,120 0 0
Cubesmart COM 229663109 12,756 447,120 SH   DFND 2 447,120 0 0
CyrusOne COM 23283R100 14,843 234,110 SH   DFND 2 234,110 0 0
Duke Realty Investments, Inc. COM 264411505 7,914 278,960 SH   DFND 2 278,960 0 0
Equinix, Inc. COM 29444U700 31,185 72,040 SH   DFND 2 72,040 0 0
Essex Property Trust, Inc. COM 297178105 6,192 25,100 SH   DFND 2 25,100 0 0
Extra Space Storage, Inc. COM 30225T102 9,360 108,030 SH   DFND 2 108,030 0 0
Federal Realty Investment Trust COM 313747206 5,273 41,690 SH   DFND 2 41,690 0 0
HCP, Inc. COM 40414L109 12,234 464,800 SH   DFND 2 464,800 0 0
Healthcare Trust of America COM 42225P501 13,490 505,810 SH   DFND 2 505,810 0 0
Highwoods Properties, Inc. COM 431284108 10,108 213,890 SH   DFND 2 213,890 0 0
Hilton Worldwide Holdings Inc. COM 43300A203 8,572 106,120 SH   DFND 2 106,120 0 0
Hudson Pacific Properties COM 444097109 6,274 191,740 SH   DFND 2 191,740 0 0
Invitation Homes Inc. COM 46187W107 8,975 391,740 SH   DFND 2 391,740 0 0
Iron Mountain Inc. COM 46284V101 12,389 358,880 SH   DFND 2 358,880 0 0
Kilroy Realty Corporation COM 49427F108 15,493 216,105 SH   DFND 2 216,105 0 0
Liberty Property Trust COM 531172104 7,988 189,059 SH   DFND 2 189,059 0 0
Macerich Company COM 554382101 9,593 173,510 SH   DFND 2 173,510 0 0
Mack Cali Realty Corporation COM 554489104 7,920 372,550 SH   DFND 2 372,550 0 0
Park Hotels & Resorts Inc COM 700517105 10,673 325,210 SH   DFND 2 325,210 0 0
Prologis Trust COM 74340W103 35,005 516,375 SH   DFND 2 516,375 0 0
Public Storage, Inc. COM 74460D109 6,349 31,490 SH   DFND 2 31,490 0 0
Realty Income Corp. COM 756109104 7,761 136,420 SH   DFND 2 136,420 0 0
Regency Centers Corp COM 758849103 12,717 196,650 SH   DFND 2 196,650 0 0
Simon Property Group, Inc. COM 828806109 35,415 200,370 SH   DFND 2 200,370 0 0
STAG Industrial COM 85254J102 5,945 216,170 SH   DFND 2 216,170 0 0
Store Capital Corp COM 862121100 6,433 231,480 SH   DFND 2 231,480 0 0
Sun Communities Inc. COM 866674104 13,426 132,220 SH   DFND 2 132,220 0 0
Sunstone Hotel Investors, Inc. COM 867892101 11,526 704,520 SH   DFND 2 704,520 0 0
Taubman Centers Inc. COM 876664103 1,992 33,290 SH   DFND 2 33,290 0 0
UDR, Inc. COM 902653104 11,964 295,930 SH   DFND 2 295,930 0 0
Urban Edge Properties COM 91704F104 2,957 133,940 SH   DFND 2 133,940 0 0
Ventas Inc. COM 92276F100 15,874 291,910 SH   DFND 2 291,910 0 0
VEREIT Inc COM 92339V100 9,905 1,364,330 SH   DFND 2 1,364,330 0 0
VICI Properties Inc COM 925652109 7,516 347,660 SH   DFND 2 347,660 0 0
Weingarten Realty Investment Trust COM 948741103 5,747 193,100 SH   DFND 2 193,100 0 0
Brandywine Realty Trust COM 105368203 3,913 248,890 SH   DFND 2 248,890 0 0
JBG Smith Properties COM 46590V100 2,710 73,580 SH   DFND 2 73,580 0 0
Mid-America Apartment Communities Inc. COM 59522J103 3,546 35,401 SH   DFND 2 35,401 0 0
TIER REIT Inc COM 88650V208 2,676 111,057 SH   DFND 2 111,057 0 0
Pebblebrook Hotel Trust COM 70509V100 2,921 80,310 SH   DFND 2 80,310 0 0
Apartment Investment and Management Co COM 03748R101 5,328 120,730 SH   DFND 2 120,730 0 0