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 134,119 1,163,822 SH   DFND 1 728,548 0 435,274
American Homes 4 Rent COM 02665T306 168,039 8,465,425 SH   DFND 1 5,367,847 0 3,097,578
American Tower Corp COM 03027X100 8,407 53,145 SH   DFND 1 6,640 0 46,505
Americold Realty Trust COM 03064D108 46,882 1,835,636 SH   DFND 1 1,323,396 0 512,240
AIMCO 6.875 Series A Pref. PREF 03748R762 76 3,000 SH   DFND 1 0 0 3,000
ATMOS ENERGY CORP COM 049560105 45 480 SH   DFND 1 480 0 0
Avalon Bay Communities COM 053484101 277,107 1,592,112 SH   DFND 1 1,011,492 0 580,620
Boston Properties COM 101121101 166,880 1,482,718 SH   DFND 1 962,508 0 520,210
Brixmor Property Group Inc. COM 11120U105 62,524 4,256,233 SH   DFND 1 2,705,713 0 1,550,520
CSX CORP COM 126408103 26 420 SH   DFND 1 420 0 0
Camden Property Trust COM 133131102 187,306 2,127,272 SH   DFND 1 1,337,932 0 789,340
CANADIAN PACIFIC RAILWAY LTD COM 13645T100 49 278 SH   DFND 1 278 0 0
CENTERPOINT ENERGY COM 15189T107 83 2,950 SH   DFND 1 2,950 0 0
Chesapeake Lodging Trust COM 165240102 28,031 1,151,150 SH   DFND 1 894,730 0 256,420
Coresite Realty Corp COM 21870Q105 354 4,060 SH   DFND 1 4,060 0 0
Corporate Office Properties Trust COM 22002T108 93 4,410 SH   DFND 1 4,410 0 0
Cousins Properties Inc. COM 222795106 74,564 9,438,500 SH   DFND 1 6,185,920 0 3,252,580
Crown Castle Intl Corp COM 22822V101 7,306 67,260 SH   DFND 1 7,560 0 59,700
Cubesmart COM 229663109 187,462 6,534,043 SH   DFND 1 4,152,433 0 2,381,610
CyrusOne COM 23283R100 157,148 2,971,792 SH   DFND 1 1,877,092 0 1,094,700
Digital Realty Trust, Inc. COM 253868103 6,129 57,520 SH   DFND 1 6,320 0 51,200
DOMINION ENERGY INC COM 25746U109 99 1,380 SH   DFND 1 1,380 0 0
Duke Realty Investments, Inc. COM 264411505 20,538 792,970 SH   DFND 1 580,560 0 212,410
DUKE ENERGY CORP COM 26441C204 118 1,370 SH   DFND 1 1,370 0 0
EDISON INTERNATIONAL COM 281020107 27 480 SH   DFND 1 480 0 0
ENBRIDGE INC COM 29250N105 122 3,940 SH   DFND 1 3,940 0 0
ENTERGY CORP COM 29364G103 84 980 SH   DFND 1 980 0 0
Equinix, Inc. COM 29444U700 223,697 634,494 SH   DFND 1 491,803 0 142,691
Essex Property Trust, Inc. COM 297178105 55,180 225,030 SH   DFND 1 141,112 0 83,918
Extra Space Storage, Inc. COM 30225T102 108,108 1,194,828 SH   DFND 1 814,483 0 380,345
Federal Realty Investment Trust COM 313747206 59,227 501,752 SH   DFND 1 332,520 0 169,232
FIRSTENERGY CORP COM 337932107 89 2,360 SH   DFND 1 2,360 0 0
FORTIS INC COM 349553107 50 1,490 SH   DFND 1 1,490 0 0
GDS Holdings Ltd - ADR ADR 36165L108 185 8,007 SH   DFND 1 8,007 0 0
HCP, Inc. COM 40414L109 221,570 7,933,053 SH   DFND 1 5,032,573 0 2,900,480
Healthcare Trust of America COM 42225P501 153,203 6,053,067 SH   DFND 1 3,915,857 0 2,137,210
Highwoods Properties, Inc. COM 431284108 96,437 2,492,569 SH   DFND 1 1,580,879 0 911,690
Hilton Worldwide Holdings Inc. COM 43300A203 52,670 733,571 SH   DFND 1 511,921 0 221,650
Host Hotels & Resorts, Inc. COM 44107P104 23,039 1,382,054 SH   DFND 1 938,314 0 443,740
Hudson Pacific Properties COM 444097109 274 9,419 SH   DFND 1 9,419 0 0
Invitation Homes Inc. COM 46187W107 92,483 4,605,746 SH   DFND 1 3,098,596 0 1,507,150
Iron Mountain Inc. COM 46284V101 100,560 3,102,749 SH   DFND 1 2,277,335 0 825,414
Kilroy Realty Corporation COM 49427F108 156,860 2,494,586 SH   DFND 1 1,611,016 0 883,570
KINDER MORGAN INC COM 49456B101 105 6,820 SH   DFND 1 6,820 0 0
Liberty Property Trust COM 531172104 98,549 2,353,129 SH   DFND 1 1,548,419 0 804,710
Macerich Company COM 554382101 95,419 2,204,697 SH   DFND 1 1,405,277 0 799,420
Mack Cali Realty Corporation COM 554489104 80,940 4,131,713 SH   DFND 1 2,775,496 0 1,356,217
NEXTERA ENERGY INC COM 65339F101 189 1,090 SH   DFND 1 1,090 0 0
NISOURCE INC COM 65473P105 50 1,980 SH   DFND 1 1,980 0 0
NORFOLK SOUTHERN CORP COM 655844108 55 370 SH   DFND 1 370 0 0
ONEOK INC COM 682680103 33 615 SH   DFND 1 615 0 0
P G & E CORP COM 69331C108 19 810 SH   DFND 1 810 0 0
Park Hotels & Resorts Inc COM 700517105 93,690 3,606,230 SH   DFND 1 2,565,010 0 1,041,220
Prologis Trust COM 74340W103 344,597 5,868,481 SH   DFND 1 3,818,161 0 2,050,320
PUBLIC SERVICE ENTERPRISE GP COM 744573106 93 1,780 SH   DFND 1 1,780 0 0
Public Storage, Inc. COM 74460D109 84,599 417,959 SH   DFND 1 237,441 0 180,518
Realty Income Corp. COM 756109104 42,447 673,331 SH   DFND 1 373,801 0 299,530
Regency Centers Corp COM 758849103 121,628 2,072,741 SH   DFND 1 1,288,351 0 784,390
Rexford Industrial Realty COM 76169C100 108 3,659 SH   DFND 1 3,659 0 0
SBA COMMUNICATIONS CORP COM 78410G104 3,208 19,817 SH   DFND 1 4,147 0 15,670
SCANA CORP COM 80589M102 9 190 SH   DFND 1 190 0 0
SEMPRA ENERGY COM 816851109 65 600 SH   DFND 1 600 0 0
Simon Property Group, Inc. COM 828806109 361,063 2,149,311 SH   DFND 1 1,380,281 0 769,030
SOUTHERN CO/THE COM 842587107 45 1,030 SH   DFND 1 1,030 0 0
STAG Industrial COM 85254J102 65,832 2,645,993 SH   DFND 1 1,717,853 0 928,140
Store Capital Corp COM 862121100 61,485 2,171,844 SH   DFND 1 1,650,984 0 520,860
Sun Communities Inc. COM 866674104 153,074 1,505,003 SH   DFND 1 977,303 0 527,700
Sunstone Hotel Investors, Inc. COM 867892101 88,612 6,811,030 SH   DFND 1 4,849,450 0 1,961,580
Taubman Centers Inc. COM 876664103 34,934 767,939 SH   DFND 1 511,970 0 255,969
Terreno Realty Corp COM 88146M101 136 3,880 SH   DFND 1 3,880 0 0
UDR, Inc. COM 902653104 88,508 2,233,923 SH   DFND 1 1,418,935 0 814,988
Urban Edge Properties COM 91704F104 22,830 1,373,620 SH   DFND 1 925,360 0 448,260
Ventas Inc. COM 92276F100 208,589 3,560,146 SH   DFND 1 2,313,416 0 1,246,730
VEREIT Inc COM 92339V100 154,716 21,638,591 SH   DFND 1 14,038,251 0 7,600,340
VICI Properties Inc COM 925652109 59,706 3,179,249 SH   DFND 1 2,372,271 0 806,978
Weingarten Realty Investment Trust COM 948741103 32,586 1,313,421 SH   DFND 1 875,634 0 437,787
Weyerhauser Co COM 962166104 2,329 106,527 SH   DFND 1 0 0 106,527
WILLIAMS COS INC COM 969457100 62 2,790 SH   DFND 1 2,790 0 0
ZAYO GROUP HOLDINGS INC. COM 98919V105 407 17,822 SH   DFND 1 5,562 0 12,260
Interxion Holding NV COM N47279109 990 18,270 SH   DFND 1 18,270 0 0
UNITI GROUP INC. COM 91325V108 25 1,580 SH   DFND 1 1,580 0 0
Brandywine Realty Trust COM 105368203 30,425 2,364,000 SH   DFND 1 1,589,140 0 774,860
JBG Smith Properties COM 46590V100 25,841 742,331 SH   DFND 1 393,928 0 348,403
Mid-America Apartment Communities Inc. COM 59522J103 204 2,127 SH   DFND 1 2,127 0 0
Paramount Group Inc. COM 69924R108 214 17,044 SH   DFND 1 17,044 0 0
EVERSOURCE ENERGY COM 30040W108 63 970 SH   DFND 1 970 0 0
Essential Properties Realty COM 29670E107 218 15,740 SH   DFND 1 15,740 0 0
DiamondRock Hospitality Co COM 252784301 14 1,518 SH   DFND 1 1,518 0 0
Equity Residential Properties Trust COM 29476L107 168,651 2,554,934 SH   DFND 1 1,677,414 0 877,520
TIER REIT Inc COM 88650V208 24,787 1,201,512 SH   DFND 1 829,551 0 371,961
Welltower Inc COM 95040Q104 0 7 SH   DFND 1 7 0 0
CareTrust REIT Inc COM 14174T107 272 14,733 SH   DFND 1 14,733 0 0
Kite Realty Group Trust COM 49803T300 6 419 SH   DFND 1 419 0 0
Pebblebrook Hotel Trust COM 70509V100 13,241 467,700 SH   DFND 1 358,000 0 109,700
First Industrial Realty Trust COM 32054K103 7,996 277,075 SH   DFND 1 75 0 277,000
Switch, Inc A COM 87105L104 21 3,030 SH   DFND 1 3,030 0 0
Apartment Investment and Management Co COM 03748R101 3 73 SH   DFND 1 73 0 0
Retail Properties of America COM 76131V202 58,566 5,397,780 SH   DFND 1 3,376,520 0 2,021,260
Empire State Realty Trust COM 292104106 83,715 5,882,996 SH   DFND 1 3,855,636 0 2,027,360
WP Carey Inc COM 92936U109 107,069 1,638,650 SH   DFND 1 1,016,680 0 621,970
American Campus Communities COM 024835100 20 479 SH   DFND 1 479 0 0
Apple Hospitality REIT Inc. COM 03784Y200 4 286 SH   DFND 1 286 0 0
CoreCivic Inc COM 21871N101 13 756 SH   DFND 1 756 0 0
Franklin Street Properties Corp COM 35471R106 3 544 SH   DFND 1 544 0 0
Geo Group Inc. COM 36162J106 4 178 SH   DFND 1 178 0 0
Gaming and Leisure Properties, Inc. COM 36467J108 11 339 SH   DFND 1 339 0 0
Hospitality Properties Trust COM 44106M102 10 418 SH   DFND 1 418 0 0
Industrial Logistics Properties Trust COM 456237106 9 479 SH   DFND 1 479 0 0
Life Storage Inc COM 53223X107 19 206 SH   DFND 1 206 0 0
Lexington Realty Trust COM 529043101 17 2,111 SH   DFND 1 2,111 0 0
Medical Properties Trust Inc COM 58463J304 12 724 SH   DFND 1 724 0 0
National Storage Affiliates Trust COM 637870106 5 172 SH   DFND 1 172 0 0
Pennsylvania REIT COM 709102107 3 569 SH   DFND 1 569 0 0
QTS Realty Trust COM 74736A103 17 459 SH   DFND 1 459 0 0
Sabra Health Care REIT Inc COM 78573L106 17 1,007 SH   DFND 1 1,007 0 0
Select Income REIT COM 81618T100 7 955 SH   DFND 1 955 0 0
Senior Housing Property Trust COM 81721M109 16 1,405 SH   DFND 1 1,405 0 0
Washington Prime Group Inc COM 93964W108 4 801 SH   DFND 1 801 0 0
SITE Centers Corp COM 82981J109 2 144 SH   DFND 1 144 0 0
Agree Realty Corp COM 008492100 2,424 41,000 SH   DFND 1 0 0 41,000
PPL CORPORATION COM 69351T106 13 470 SH   DFND 1 470 0 0
UNION PACIFIC CORP COM 907818108 28 200 SH   DFND 1 200 0 0
Alexandria Real Estate Equities COM 015271109 12,265 106,430 SH   DFND 2 106,430 0 0
American Homes 4 Rent COM 02665T306 13,934 701,980 SH   DFND 2 701,980 0 0
Americold Realty Trust COM 03064D108 5,686 222,630 SH   DFND 2 222,630 0 0
Avalon Bay Communities COM 053484101 25,787 148,160 SH   DFND 2 148,160 0 0
Boston Properties COM 101121101 16,715 148,510 SH   DFND 2 148,510 0 0
Brixmor Property Group Inc. COM 11120U105 5,826 396,630 SH   DFND 2 396,630 0 0
Camden Property Trust COM 133131102 16,450 186,820 SH   DFND 2 186,820 0 0
Chesapeake Lodging Trust COM 165240102 3,831 157,330 SH   DFND 2 157,330 0 0
Cousins Properties Inc. COM 222795106 7,265 919,580 SH   DFND 2 919,580 0 0
Cubesmart COM 229663109 14,111 491,830 SH   DFND 2 491,830 0 0
CyrusOne COM 23283R100 14,331 271,010 SH   DFND 2 271,010 0 0
Duke Realty Investments, Inc. COM 264411505 2,655 102,510 SH   DFND 2 102,510 0 0
Equinix, Inc. COM 29444U700 28,392 80,530 SH   DFND 2 80,530 0 0
Essex Property Trust, Inc. COM 297178105 6,407 26,130 SH   DFND 2 26,130 0 0
Extra Space Storage, Inc. COM 30225T102 11,073 122,377 SH   DFND 2 122,377 0 0
Federal Realty Investment Trust COM 313747206 9,670 81,920 SH   DFND 2 81,920 0 0
HCP, Inc. COM 40414L109 21,068 754,330 SH   DFND 2 754,330 0 0
Healthcare Trust of America COM 42225P501 14,511 573,350 SH   DFND 2 573,350 0 0
Highwoods Properties, Inc. COM 431284108 7,712 199,320 SH   DFND 2 199,320 0 0
Hilton Worldwide Holdings Inc. COM 43300A203 5,688 79,220 SH   DFND 2 79,220 0 0
Host Hotels & Resorts, Inc. COM 44107P104 1,448 86,850 SH   DFND 2 86,850 0 0
Hudson Pacific Properties COM 444097109 1,859 63,980 SH   DFND 2 63,980 0 0
Invitation Homes Inc. COM 46187W107 8,455 421,060 SH   DFND 2 421,060 0 0
Iron Mountain Inc. COM 46284V101 12,800 394,930 SH   DFND 2 394,930 0 0
Kilroy Realty Corporation COM 49427F108 14,305 227,500 SH   DFND 2 227,500 0 0
Liberty Property Trust COM 531172104 9,475 226,239 SH   DFND 2 226,239 0 0
Macerich Company COM 554382101 7,510 173,510 SH   DFND 2 173,510 0 0
Mack Cali Realty Corporation COM 554489104 7,396 377,550 SH   DFND 2 377,550 0 0
Park Hotels & Resorts Inc COM 700517105 9,559 367,940 SH   DFND 2 367,940 0 0
Prologis Trust COM 74340W103 33,258 566,385 SH   DFND 2 566,385 0 0
Public Storage, Inc. COM 74460D109 8,621 42,590 SH   DFND 2 42,590 0 0
Realty Income Corp. COM 756109104 9,864 156,470 SH   DFND 2 156,470 0 0
Regency Centers Corp COM 758849103 9,439 160,850 SH   DFND 2 160,850 0 0
Simon Property Group, Inc. COM 828806109 34,712 206,629 SH   DFND 2 206,629 0 0
STAG Industrial COM 85254J102 8,449 339,610 SH   DFND 2 339,610 0 0
Store Capital Corp COM 862121100 9,943 351,230 SH   DFND 2 351,230 0 0
Sun Communities Inc. COM 866674104 14,984 147,320 SH   DFND 2 147,320 0 0
Sunstone Hotel Investors, Inc. COM 867892101 9,383 721,200 SH   DFND 2 721,200 0 0
Taubman Centers Inc. COM 876664103 2,693 59,200 SH   DFND 2 59,200 0 0
UDR, Inc. COM 902653104 10,855 273,990 SH   DFND 2 273,990 0 0
Urban Edge Properties COM 91704F104 5,304 319,130 SH   DFND 2 319,130 0 0
Ventas Inc. COM 92276F100 19,740 336,920 SH   DFND 2 336,920 0 0
VEREIT Inc COM 92339V100 12,095 1,691,560 SH   DFND 2 1,691,560 0 0
VICI Properties Inc COM 925652109 7,696 409,818 SH   DFND 2 409,818 0 0
Weingarten Realty Investment Trust COM 948741103 2,161 87,107 SH   DFND 2 87,107 0 0
Brandywine Realty Trust COM 105368203 3,502 272,090 SH   DFND 2 272,090 0 0
JBG Smith Properties COM 46590V100 2,660 76,420 SH   DFND 2 76,420 0 0
Equity Residential Properties Trust COM 29476L107 15,391 233,160 SH   DFND 2 233,160 0 0
TIER REIT Inc COM 88650V208 2,830 137,157 SH   DFND 2 137,157 0 0
Pebblebrook Hotel Trust COM 70509V100 2,486 87,810 SH   DFND 2 87,810 0 0
Empire State Realty Trust COM 292104106 8,068 566,990 SH   DFND 2 566,990 0 0
WP Carey Inc COM 92936U109 10,548 161,430 SH   DFND 2 161,430 0 0