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
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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 160,576 1,126,373 SH   DFND 1 707,119 0 419,254
American Homes 4 Rent COM 02665T306 174,652 7,687,153 SH   DFND 1 4,810,053 0 2,877,100
American Tower Corp COM 03027X100 11,159 56,625 SH   DFND 1 11,620 0 45,005
Americold Realty Trust COM 03064D108 72,781 2,385,465 SH   DFND 1 1,713,615 0 671,850
Avalon Bay Communities COM 053484101 310,314 1,545,925 SH   DFND 1 958,195 0 587,730
Boston Properties COM 101121101 158,214 1,181,758 SH   DFND 1 749,118 0 432,640
Brixmor Property Group Inc. COM 11120U105 95,429 5,194,853 SH   DFND 1 3,327,618 0 1,867,235
CSX CORP COM 126408103 67 890 SH   DFND 1 890 0 0
Camden Property Trust COM 133131102 171,588 1,690,522 SH   DFND 1 1,055,376 0 635,146
CENTERPOINT ENERGY COM 15189T107 74 2,400 SH   DFND 1 2,400 0 0
Chesapeake Lodging Trust COM 165240102 38,335 1,378,470 SH   DFND 1 1,069,680 0 308,790
Coresite Realty Corp COM 21870Q105 24,243 226,528 SH   DFND 1 173,901 0 52,627
Corporate Office Properties Trust COM 22002T108 280 10,270 SH   DFND 1 10,270 0 0
Crown Castle Intl Corp COM 22822V101 24,084 188,160 SH   DFND 1 106,320 0 81,840
Cubesmart COM 229663109 148,122 4,623,023 SH   DFND 1 2,981,073 0 1,641,950
CyrusOne COM 23283R100 164,198 3,131,152 SH   DFND 1 1,969,172 0 1,161,980
Digital Realty Trust, Inc. COM 253868103 7,248 60,910 SH   DFND 1 15,520 0 45,390
DOMINION ENERGY INC COM 25746U109 92 1,197 SH   DFND 1 1,197 0 0
Duke Realty Investments, Inc. COM 264411505 138,971 4,544,521 SH   DFND 1 3,011,151 0 1,533,370
DUKE ENERGY CORP COM 26441C204 50 560 SH   DFND 1 560 0 0
EDISON INTERNATIONAL COM 281020107 30 480 SH   DFND 1 480 0 0
ENBRIDGE INC COM 29250N105 111 3,070 SH   DFND 1 3,070 0 0
ENTERGY CORP COM 29364G103 94 980 SH   DFND 1 980 0 0
Equinix, Inc. COM 29444U700 229,970 507,480 SH   DFND 1 397,210 0 110,270
Essex Property Trust, Inc. COM 297178105 67,333 232,793 SH   DFND 1 152,663 0 80,130
Extra Space Storage, Inc. COM 30225T102 96,867 950,511 SH   DFND 1 624,641 0 325,870
Federal Realty Investment Trust COM 313747206 50,033 362,949 SH   DFND 1 255,623 0 107,326
FIRSTENERGY CORP COM 337932107 98 2,360 SH   DFND 1 2,360 0 0
FORTIS INC COM 349553107 55 1,490 SH   DFND 1 1,490 0 0
GDS Holdings Ltd - ADR ADR 36165L108 546 15,300 SH   DFND 1 15,300 0 0
HCP Inc COM 40414L109 214,705 6,859,584 SH   DFND 1 4,324,294 0 2,535,290
Healthcare Trust of America COM 42225P501 132,114 4,620,969 SH   DFND 1 2,966,293 0 1,654,676
Highwoods Properties, Inc. COM 431284108 23,972 512,434 SH   DFND 1 325,224 0 187,210
Hilton Worldwide Holdings Inc. COM 43300A203 46,335 557,513 SH   DFND 1 374,313 0 183,200
Host Hotels & Resorts, Inc. COM 44107P104 77,398 4,095,123 SH   DFND 1 2,954,303 0 1,140,820
Hudson Pacific Properties COM 444097109 538 15,620 SH   DFND 1 15,620 0 0
Invitation Homes Inc. COM 46187W107 98,712 4,057,201 SH   DFND 1 2,612,610 0 1,444,591
Iron Mountain Inc. COM 46284V101 104,638 2,950,879 SH   DFND 1 2,167,020 0 783,859
Kilroy Realty Corporation COM 49427F108 180,463 2,375,758 SH   DFND 1 1,517,753 0 858,005
KINDER MORGAN INC COM 49456B101 42 2,120 SH   DFND 1 2,120 0 0
Liberty Property Trust COM 531172104 68,989 1,424,806 SH   DFND 1 865,012 0 559,794
Macerich Company COM 554382101 107,458 2,478,842 SH   DFND 1 1,590,472 0 888,370
Mack Cali Realty Corporation COM 554489104 73,281 3,300,953 SH   DFND 1 2,129,761 0 1,171,192
NEXTERA ENERGY INC COM 65339F101 400 2,070 SH   DFND 1 2,070 0 0
NISOURCE INC COM 65473P105 57 1,980 SH   DFND 1 1,980 0 0
ONEOK INC COM 682680103 32 465 SH   DFND 1 465 0 0
P G & E CORP COM 69331C108 14 810 SH   DFND 1 810 0 0
Park Hotels & Resorts Inc COM 700517105 91,528 2,944,910 SH   DFND 1 2,089,820 0 855,090
Prologis Trust COM 74340W103 375,275 5,215,769 SH   DFND 1 3,357,949 0 1,857,820
PUBLIC SERVICE ENTERPRISE GP COM 744573106 82 1,380 SH   DFND 1 1,380 0 0
Public Storage, Inc. COM 74460D109 186,678 857,186 SH   DFND 1 518,906 0 338,280
Realty Income Corp. COM 756109104 121,090 1,646,143 SH   DFND 1 1,097,727 0 548,416
Regency Centers Corp COM 758849103 111,962 1,658,947 SH   DFND 1 980,277 0 678,670
Rexford Industrial Realty COM 76169C100 220 6,150 SH   DFND 1 6,150 0 0
SBA COMMUNICATIONS CORP COM 78410G104 5,143 25,757 SH   DFND 1 8,587 0 17,170
SEMPRA ENERGY COM 816851109 99 790 SH   DFND 1 790 0 0
Simon Property Group, Inc. COM 828806109 357,819 1,963,775 SH   DFND 1 1,237,966 0 725,809
SOUTHERN CO/THE COM 842587107 53 1,030 SH   DFND 1 1,030 0 0
STAG Industrial COM 85254J102 47,564 1,604,176 SH   DFND 1 1,070,406 0 533,770
Store Capital Corp COM 862121100 73,132 2,183,050 SH   DFND 1 1,528,490 0 654,560
Sun Communities Inc. COM 866674104 197,802 1,668,935 SH   DFND 1 1,058,554 0 610,381
Sunstone Hotel Investors, Inc. COM 867892101 59,378 4,123,458 SH   DFND 1 2,847,968 0 1,275,490
Taubman Centers Inc. COM 876664103 59,871 1,132,211 SH   DFND 1 708,692 0 423,519
Terreno Realty Corp COM 88146M101 277 6,600 SH   DFND 1 6,600 0 0
UDR, Inc. COM 902653104 51,462 1,132,035 SH   DFND 1 708,335 0 423,700
Urban Edge Properties COM 91704F104 17,880 941,064 SH   DFND 1 665,637 0 275,427
Ventas Inc. COM 92276F100 317,674 4,978,430 SH   DFND 1 3,144,099 0 1,834,331
VEREIT Inc COM 92339V100 163,092 19,485,336 SH   DFND 1 12,435,226 0 7,050,110
VICI Properties Inc COM 925652109 53,500 2,445,172 SH   DFND 1 1,793,219 0 651,953
Weyerhauser Co COM 962166104 2,806 106,527 SH   DFND 1 0 0 106,527
WILLIAMS COS INC COM 969457100 122 4,250 SH   DFND 1 4,250 0 0
ZAYO GROUP HOLDINGS INC. COM 98919V105 410 14,410 SH   DFND 1 2,150 0 12,260
Interxion Holding NV COM N47279109 1,445 21,660 SH   DFND 1 21,660 0 0
Brandywine Realty Trust COM 105368203 41,589 2,622,248 SH   DFND 1 1,781,599 0 840,649
JBG Smith Properties COM 46590V100 35,188 850,986 SH   DFND 1 462,500 0 388,486
Mid-America Apartment Communities Inc. COM 59522J103 24 224 SH   DFND 1 224 0 0
Paramount Group Inc. COM 69924R108 2 158 SH   DFND 1 158 0 0
EVERSOURCE ENERGY COM 30040W108 28 390 SH   DFND 1 390 0 0
Equity Residential Properties Trust COM 29476L107 273,759 3,634,611 SH   DFND 1 2,303,671 0 1,330,940
Welltower Inc COM 95040Q104 1 12 SH   DFND 1 12 0 0
CareTrust REIT Inc COM 14174T107 174 7,416 SH   DFND 1 7,416 0 0
Kite Realty Group Trust COM 49803T300 10,075 630,085 SH   DFND 1 448,865 0 181,220
Pebblebrook Hotel Trust COM 70509V100 1,336 43,020 SH   DFND 1 24,640 0 18,380
First Industrial Realty Trust COM 32054K103 9,800 277,145 SH   DFND 1 145 0 277,000
Retail Properties of America COM 76131V202 86,271 7,077,226 SH   DFND 1 4,310,363 0 2,766,863
Empire State Realty Trust COM 292104106 96,881 6,131,714 SH   DFND 1 4,030,542 0 2,101,172
WP Carey Inc COM 92936U109 137,719 1,758,186 SH   DFND 1 1,141,826 0 616,360
American Campus Communities COM 024835100 22 467 SH   DFND 1 467 0 0
Franklin Street Properties Corp COM 35471R106 2 269 SH   DFND 1 269 0 0
Hospitality Properties Trust COM 44106M102 19 738 SH   DFND 1 738 0 0
Industrial Logistics Properties Trust COM 456237106 3 139 SH   DFND 1 139 0 0
Life Storage Inc COM 53223X107 255 2,625 SH   DFND 1 2,625 0 0
Lexington Realty Trust COM 529043101 14 1,516 SH   DFND 1 1,516 0 0
Medical Properties Trust Inc COM 58463J304 20 1,061 SH   DFND 1 1,061 0 0
National Storage Affiliates Trust COM 637870106 3 121 SH   DFND 1 121 0 0
QTS Realty Trust COM 74736A103 12,319 273,812 SH   DFND 1 175,042 0 98,770
Sabra Health Care REIT Inc COM 78573L106 58,451 3,002,131 SH   DFND 1 1,985,071 0 1,017,060
SITE Centers Corp COM 82981J109 8 606 SH   DFND 1 606 0 0
Agree Realty Corp COM 008492100 7,260 104,700 SH   DFND 1 0 0 104,700
PPL CORPORATION COM 69351T106 15 470 SH   DFND 1 470 0 0
UNION PACIFIC CORP COM 907818108 94 560 SH   DFND 1 560 0 0
Granite Real Estate Investment Trust COM 387437114 8,590 179,740 SH   DFND 1 53,690 0 126,050
Columbia Property Trust COM 198287203 57,267 2,544,091 SH   DFND 1 1,707,545 0 836,546
Vornado Realty Trust COM 929042109 54,294 805,073 SH   DFND 1 458,313 0 346,760
American Finance Trust Inc COM 02607T109 17 1,577 SH   DFND 1 1,577 0 0
Apartment Investment and Management Co COM 03748R754 23 452 SH   DFND 1 452 0 0
Colony Capital Inc COM 19626G108 16 3,101 SH   DFND 1 3,101 0 0
Global Net Lease Inc COM 379378201 19 1,019 SH   DFND 1 1,019 0 0
National Health Investors COM 63633D104 4 57 SH   DFND 1 57 0 0
Omega Healthcare Investors Inc COM 681936100 17 450 SH   DFND 1 450 0 0
Office Properties Income Trust COM 67623C109 15 554 SH   DFND 1 554 0 0
RLJ Lodging Trust COM 74965L101 9 518 SH   DFND 1 518 0 0
Tanger Factory Outlet Centers Inc COM 875465106 17 818 SH   DFND 1 818 0 0
SL Green Realty Corp COM 78440X101 22 242 SH   DFND 1 242 0 0
Outfront Media Inc COM 69007J106 2 96 SH   DFND 1 96 0 0
Retail Opportunity Investments Corp COM 76131N101 19,668 1,134,271 SH   DFND 1 680,115 0 454,156
CANADIAN NATL RAILWAY CO COM 136375102 49 550 SH   DFND 1 550 0 0
EVERGY INC COM 30034W106 38 650 SH   DFND 1 650 0 0
EXELON CORP COM 30161N101 26 510 SH   DFND 1 510 0 0
ALLIANT ENERGY CORP COM 018802108 67 1,420 SH   DFND 1 1,420 0 0
TRANSCANADA CORP COM 89353D107 54 1,200 SH   DFND 1 1,200 0 0
XCEL Energy Inc COM 98389B100 80 1,430 SH   DFND 1 1,430 0 0
Alexander & Baldwin Inc COM 014491104 10,535 414,122 SH   DFND 1 327,442 0 86,680
Rayonier Inc COM 754907103 498 15,800 SH   DFND 1 0 0 15,800
Alexandria Real Estate Equities COM 015271109 11,566 81,130 SH   DFND 2 81,130 0 0
American Homes 4 Rent COM 02665T306 12,606 554,850 SH   DFND 2 554,850 0 0
Americold Realty Trust COM 03064D108 5,775 189,290 SH   DFND 2 189,290 0 0
Avalon Bay Communities COM 053484101 22,646 112,820 SH   DFND 2 112,820 0 0
Boston Properties COM 101121101 11,627 86,850 SH   DFND 2 86,850 0 0
Brixmor Property Group Inc. COM 11120U105 6,401 348,460 SH   DFND 2 348,460 0 0
Camden Property Trust COM 133131102 11,395 112,270 SH   DFND 2 112,270 0 0
Chesapeake Lodging Trust COM 165240102 3,518 126,510 SH   DFND 2 126,510 0 0
Crown Castle Intl Corp COM 22822V101 2,362 18,450 SH   DFND 2 18,450 0 0
Cubesmart COM 229663109 10,030 313,060 SH   DFND 2 313,060 0 0
CyrusOne COM 23283R100 11,784 224,720 SH   DFND 2 224,720 0 0
Duke Realty Investments, Inc. COM 264411505 7,477 244,490 SH   DFND 2 244,490 0 0
Equinix, Inc. COM 29444U700 26,501 58,480 SH   DFND 2 58,480 0 0
Essex Property Trust, Inc. COM 297178105 5,611 19,400 SH   DFND 2 19,400 0 0
Extra Space Storage, Inc. COM 30225T102 7,846 76,990 SH   DFND 2 76,990 0 0
Federal Realty Investment Trust COM 313747206 6,304 45,730 SH   DFND 2 45,730 0 0
HCP Inc COM 40414L109 17,302 552,790 SH   DFND 2 552,790 0 0
Healthcare Trust of America COM 42225P501 10,302 360,320 SH   DFND 2 360,320 0 0
Highwoods Properties, Inc. COM 431284108 3,878 82,900 SH   DFND 2 82,900 0 0
Hilton Worldwide Holdings Inc. COM 43300A203 4,867 58,560 SH   DFND 2 58,560 0 0
Host Hotels & Resorts, Inc. COM 44107P104 5,034 266,350 SH   DFND 2 266,350 0 0
Invitation Homes Inc. COM 46187W107 8,645 355,320 SH   DFND 2 355,320 0 0
Iron Mountain Inc. COM 46284V101 10,633 299,850 SH   DFND 2 299,850 0 0
Kilroy Realty Corporation COM 49427F108 12,963 170,650 SH   DFND 2 170,650 0 0
Liberty Property Trust COM 531172104 4,528 93,510 SH   DFND 2 93,510 0 0
Macerich Company COM 554382101 6,938 160,040 SH   DFND 2 160,040 0 0
Mack Cali Realty Corporation COM 554489104 6,343 285,710 SH   DFND 2 285,710 0 0
Park Hotels & Resorts Inc COM 700517105 7,866 253,100 SH   DFND 2 253,100 0 0
Prologis Trust COM 74340W103 28,301 393,340 SH   DFND 2 393,340 0 0
Public Storage, Inc. COM 74460D109 12,320 56,570 SH   DFND 2 56,570 0 0
Realty Income Corp. COM 756109104 10,165 138,180 SH   DFND 2 138,180 0 0
Regency Centers Corp COM 758849103 7,702 114,120 SH   DFND 2 114,120 0 0
Simon Property Group, Inc. COM 828806109 26,084 143,154 SH   DFND 2 143,154 0 0
STAG Industrial COM 85254J102 6,119 206,390 SH   DFND 2 206,390 0 0
Store Capital Corp COM 862121100 7,643 228,160 SH   DFND 2 228,160 0 0
Sun Communities Inc. COM 866674104 13,603 114,770 SH   DFND 2 114,770 0 0
Sunstone Hotel Investors, Inc. COM 867892101 5,385 373,980 SH   DFND 2 373,980 0 0
Taubman Centers Inc. COM 876664103 4,253 80,430 SH   DFND 2 80,430 0 0
UDR, Inc. COM 902653104 6,296 138,500 SH   DFND 2 138,500 0 0
Urban Edge Properties COM 91704F104 3,687 194,060 SH   DFND 2 194,060 0 0
Ventas Inc. COM 92276F100 20,657 323,730 SH   DFND 2 323,730 0 0
VEREIT Inc COM 92339V100 11,262 1,345,570 SH   DFND 2 1,345,570 0 0
VICI Properties Inc COM 925652109 6,540 298,900 SH   DFND 2 298,900 0 0
Brandywine Realty Trust COM 105368203 3,708 233,770 SH   DFND 2 233,770 0 0
JBG Smith Properties COM 46590V100 3,763 91,000 SH   DFND 2 91,000 0 0
Equity Residential Properties Trust COM 29476L107 18,910 251,060 SH   DFND 2 251,060 0 0
Pebblebrook Hotel Trust COM 70509V100 2,426 78,120 SH   DFND 2 78,120 0 0
Retail Properties of America COM 76131V202 6,573 539,200 SH   DFND 2 539,200 0 0
Empire State Realty Trust COM 292104106 7,056 446,560 SH   DFND 2 446,560 0 0
WP Carey Inc COM 92936U109 10,554 134,740 SH   DFND 2 134,740 0 0
QTS Realty Trust COM 74736A103 1,371 30,480 SH   DFND 2 30,480 0 0
Sabra Health Care REIT Inc COM 78573L106 4,225 217,020 SH   DFND 2 217,020 0 0
Columbia Property Trust COM 198287203 3,833 170,272 SH   DFND 2 170,272 0 0
Vornado Realty Trust COM 929042109 5,061 75,050 SH   DFND 2 75,050 0 0