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
Agree Realty Corp COM 008492100 7,685 119,990 SH   DFND 1 0 0 119,990
Alexander & Baldwin Inc COM 014491104 5,926 256,527 SH   DFND 1 197,368 0 59,159
Alexandria Real Estate Equities COM 015271109 165,375 1,172,121 SH   DFND 1 733,865 0 438,256
ALLIANT ENERGY CORP COM 018802108 73 1,490 SH   DFND 1 1,490 0 0
AMEREN CORPORATION COM 023608102 64 850 SH   DFND 1 850 0 0
American Campus Communities COM 024835100 12 270 SH   DFND 1 270 0 0
American Finance Trust Inc COM 02607T109 10 894 SH   DFND 1 894 0 0
American Homes 4 Rent COM 02665T306 93,924 3,863,579 SH   DFND 1 2,331,018 0 1,532,561
American Tower Corp COM 03027X100 16,234 79,405 SH   DFND 1 29,060 0 50,345
Americold Realty Trust COM 03064D108 76,775 2,368,148 SH   DFND 1 1,726,776 0 641,372
Apartment Investment and Management Co COM 03748R754 6 121 SH   DFND 1 121 0 0
AQUA AMERICA INC COM 03836W103 32 775 SH   DFND 1 775 0 0
Avalon Bay Communities COM 053484101 328,686 1,617,708 SH   DFND 1 1,003,718 0 613,990
Boston Properties COM 101121101 140,808 1,091,536 SH   DFND 1 678,035 0 413,501
Brandywine Realty Trust COM 105368203 50,178 3,504,075 SH   DFND 1 2,230,350 0 1,273,725
Brixmor Property Group Inc COM 11120U105 72,035 4,028,794 SH   DFND 1 2,556,328 0 1,472,466
Camden Property Trust COM 133131102 147,633 1,414,248 SH   DFND 1 879,978 0 534,270
CareTrust REIT Inc COM 14174T107 220 9,257 SH   DFND 1 9,257 0 0
CENTERPOINT ENERGY COM 15189T107 46 1,620 SH   DFND 1 1,620 0 0
CHENIERE ENERGY INC COM 16411R208 43 630 SH   DFND 1 630 0 0
Chesapeake Lodging Trust COM 165240102 51,680 1,818,448 SH   DFND 1 1,400,207 0 418,241
Columbia Property Trust COM 198287203 79,914 3,853,121 SH   DFND 1 2,479,870 0 1,373,251
Coresite Realty Corp COM 21870Q105 39,175 340,152 SH   DFND 1 260,741 0 79,411
CoreCivic Inc COM 21871N101 5 264 SH   DFND 1 264 0 0
Corporate Office Properties Trust COM 22002T108 722 27,370 SH   DFND 1 27,370 0 0
Cousins Properties Inc COM 222795502 226 6,257 SH   DFND 1 6,257 0 0
Crown Castle Intl Corp COM 22822V101 10,664 81,810 SH   DFND 1 34,860 0 46,950
Cubesmart COM 229663109 155,801 4,659,107 SH   DFND 1 2,958,787 0 1,700,320
CyrusOne COM 23283R100 179,161 3,103,971 SH   DFND 1 1,956,231 0 1,147,740
DiamondRock Hospitality Co COM 252784301 20,266 1,960,005 SH   DFND 1 1,282,218 0 677,787
Digital Realty Trust Inc COM 253868103 35,122 298,171 SH   DFND 1 167,517 0 130,654
DOMINION ENERGY INC COM 25746U109 81 1,047 SH   DFND 1 1,047 0 0
Duke Realty Investments Inc COM 264411505 113,319 3,584,914 SH   DFND 1 2,377,047 0 1,207,867
DUKE ENERGY CORP COM 26441C204 49 560 SH   DFND 1 560 0 0
EDISON INTERNATIONAL COM 281020107 32 480 SH   DFND 1 480 0 0
Empire State Realty Trust COM 292104106 93,406 6,306,938 SH   DFND 1 4,055,229 0 2,251,709
ENTERGY CORP COM 29364G103 101 980 SH   DFND 1 980 0 0
ENTERPRISE PRODUCTS PARTNERS COM 293792107 34 1,170 SH   DFND 1 1,170 0 0
Equinix Inc COM 29444U700 234,322 464,658 SH   DFND 1 366,566 0 98,092
Equity Residential Properties Trust COM 29476L107 286,879 3,778,704 SH   DFND 1 2,358,414 0 1,420,290
Essex Property Trust Inc COM 297178105 55,039 188,534 SH   DFND 1 117,554 0 70,980
EVERSOURCE ENERGY COM 30040W108 83 1,090 SH   DFND 1 1,090 0 0
EXELON CORP COM 30161N101 24 510 SH   DFND 1 510 0 0
Extra Space Storage Inc COM 30225T102 114,285 1,077,141 SH   DFND 1 680,501 0 396,640
Federal Realty Investment Trust COM 313747206 58,795 456,628 SH   DFND 1 296,552 0 160,076
First Industrial Realty Trust COM 32054K103 10,177 277,000 SH   DFND 1 0 0 277,000
FIRSTENERGY CORP COM 337932107 108 2,530 SH   DFND 1 2,530 0 0
Franklin Street Properties Corp COM 35471R106 5 666 SH   DFND 1 666 0 0
Geo Group Inc COM 36162J106 9 426 SH   DFND 1 426 0 0
GDS Holdings Ltd - ADR ADR 36165L108 1,420 37,800 SH   DFND 1 37,800 0 0
Gaming and Leisure Properties Inc COM 36467J108 10 260 SH   DFND 1 260 0 0
Global Net Lease Inc COM 379378201 10 527 SH   DFND 1 527 0 0
HCP Inc COM 40414L109 232,299 7,263,897 SH   DFND 1 4,551,587 0 2,712,310
Healthcare Trust of America COM 42225P501 93,351 3,403,236 SH   DFND 1 2,175,447 0 1,227,789
Highwoods Properties Inc COM 431284108 19,901 481,860 SH   DFND 1 312,550 0 169,310
Hospitality Properties Trust COM 44106M102 11 452 SH   DFND 1 452 0 0
Host Hotels & Resorts Inc COM 44107P104 83,627 4,589,849 SH   DFND 1 3,199,559 0 1,390,290
Hudson Pacific Properties COM 444097109 1,378 41,410 SH   DFND 1 41,410 0 0
Industrial Logistics Properties Trust COM 456237106 17,823 856,034 SH   DFND 1 612,300 0 243,734
Invitation Homes Inc COM 46187W107 155,045 5,800,405 SH   DFND 1 3,740,704 0 2,059,701
Iron Mountain Inc COM 46284V101 102,640 3,279,249 SH   DFND 1 2,381,690 0 897,559
JBG Smith Properties COM 46590V100 47,396 1,204,772 SH   DFND 1 691,371 0 513,401
Kilroy Realty Corporation COM 49427F108 159,830 2,165,429 SH   DFND 1 1,365,479 0 799,950
Kite Realty Group Trust COM 49803T300 7,051 466,041 SH   DFND 1 320,418 0 145,623
Lexington Realty Trust COM 529043101 10 1,092 SH   DFND 1 1,092 0 0
Liberty Property Trust COM 531172104 97,172 1,941,880 SH   DFND 1 1,212,147 0 729,733
Life Storage Inc COM 53223X107 282 2,969 SH   DFND 1 2,969 0 0
MGM Growth Properties LLC COM 55303A105 23,207 757,164 SH   DFND 1 597,284 0 159,880
Macerich Company COM 554382101 72,385 2,161,403 SH   DFND 1 1,388,588 0 772,815
Mack Cali Realty Corporation COM 554489104 63,716 2,735,770 SH   DFND 1 1,723,276 0 1,012,494
MACQUARIE INFRASTRUCTURE CORPORATION COM 55608B105 31 770 SH   DFND 1 770 0 0
Mid-America Apartment Communities Inc COM 59522J103 37,060 314,709 SH   DFND 1 176,306 0 138,403
National Retail Properties COM 637417106 21,503 405,640 SH   DFND 1 317,820 0 87,820
NEXTERA ENERGY INC COM 65339F101 1,022 4,990 SH   DFND 1 4,990 0 0
NISOURCE INC COM 65473P105 46 1,610 SH   DFND 1 1,610 0 0
Office Properties Income Trust COM 67623C109 10 368 SH   DFND 1 368 0 0
Omega Healthcare Investors Inc COM 681936100 14 370 SH   DFND 1 370 0 0
ONEOK INC COM 682680103 17 250 SH   DFND 1 250 0 0
P G & E CORP COM 69331C108 19 810 SH   DFND 1 810 0 0
PPL CORPORATION COM 69351T106 15 470 SH   DFND 1 470 0 0
Paramount Group Inc COM 69924R108 10 742 SH   DFND 1 742 0 0
Park Hotels & Resorts Inc COM 700517105 77,439 2,809,825 SH   DFND 1 1,963,905 0 845,920
Pebblebrook Hotel Trust COM 70509V100 228 8,100 SH   DFND 1 7,360 0 740
Prologis Trust COM 74340W103 397,286 4,959,876 SH   DFND 1 3,145,776 0 1,814,100
PUBLIC SERVICE ENTERPRISE GP COM 744573106 81 1,380 SH   DFND 1 1,380 0 0
Public Storage Inc COM 74460D109 182,395 765,818 SH   DFND 1 460,268 0 305,550
QTS Realty Trust COM 74736A103 454 9,826 SH   DFND 1 9,826 0 0
RLJ Lodging Trust COM 74965L101 11 619 SH   DFND 1 619 0 0
Rayonier Inc COM 754907103 1,338 44,150 SH   DFND 1 0 0 44,150
Realty Income Corp COM 756109104 127,458 1,848,016 SH   DFND 1 1,177,936 0 670,080
Regency Centers Corp COM 758849103 81,381 1,219,376 SH   DFND 1 707,516 0 511,860
Retail Opportunity Investments Corp COM 76131N101 42,453 2,478,300 SH   DFND 1 1,612,840 0 865,460
Retail Properties of America COM 76131V202 87,346 7,427,396 SH   DFND 1 4,473,593 0 2,953,803
Rexford Industrial Realty COM 76169C100 16,659 412,659 SH   DFND 1 249,649 0 163,010
Ryman Hospitality Properties COM 78377T107 269 3,320 SH   DFND 1 0 0 3,320
SBA Communications Corp COM 78410G104 9,416 41,877 SH   DFND 1 19,747 0 22,130
SL Green Realty Corp COM 78440X101 12 150 SH   DFND 1 150 0 0
Sabra Health Care REIT Inc COM 78573L106 69,875 3,548,744 SH   DFND 1 2,307,514 0 1,241,230
Saul Centers Inc COM 804395101 2 27 SH   DFND 1 27 0 0
SEMPRA ENERGY COM 816851109 62 450 SH   DFND 1 450 0 0
Senior Housing Properties Trust COM 81721M109 11 1,281 SH   DFND 1 1,281 0 0
Simon Property Group Inc COM 828806109 280,071 1,753,071 SH   DFND 1 1,086,541 0 666,530
SITE Centers Corp COM 82981J109 5 414 SH   DFND 1 414 0 0
SOUTHERN CO/THE COM 842587107 118 2,130 SH   DFND 1 2,130 0 0
STAG Industrial COM 85254J102 37,229 1,231,111 SH   DFND 1 812,461 0 418,650
Store Capital Corp COM 862121100 54,424 1,639,776 SH   DFND 1 1,083,266 0 556,510
Summit Hotel Properties Inc COM 866082100 2 172 SH   DFND 1 172 0 0
Sun Communities Inc COM 866674104 204,560 1,595,755 SH   DFND 1 1,001,655 0 594,100
Sunstone Hotel Investors Inc COM 867892101 58,890 4,295,428 SH   DFND 1 2,934,728 0 1,360,700
Tanger Factory Outlet Centers Inc COM 875465106 9 578 SH   DFND 1 578 0 0
Taubman Centers Inc COM 876664103 62,507 1,530,898 SH   DFND 1 937,535 0 593,363
Terreno Realty Corp COM 88146M101 1,777 36,230 SH   DFND 1 21,060 0 15,170
UDR Inc COM 902653104 45,533 1,014,329 SH   DFND 1 630,745 0 383,584
UNION PACIFIC CORP COM 907818108 135 800 SH   DFND 1 800 0 0
Urban Edge Properties COM 91704F104 15,772 910,077 SH   DFND 1 646,600 0 263,477
Ventas Inc COM 92276F100 376,826 5,513,183 SH   DFND 1 3,457,323 0 2,055,860
VEREIT Inc COM 92339V100 164,880 18,299,638 SH   DFND 1 11,530,778 0 6,768,860
VICI Properties Inc COM 925652109 30,933 1,403,485 SH   DFND 1 1,019,465 0 384,020
Vornado Realty Trust COM 929042109 15 233 SH   DFND 1 233 0 0
WP Carey Inc COM 92936U109 136,534 1,681,867 SH   DFND 1 1,098,954 0 582,913
Welltower Inc COM 95040Q104 27,917 342,408 SH   DFND 1 207,348 0 135,060
Weyerhauser Co COM 962166104 1,918 72,830 SH   DFND 1 0 0 72,830
WILLIAMS COS INC COM 969457100 88 3,150 SH   DFND 1 3,150 0 0
XCEL Energy Inc COM 98389B100 23 390 SH   DFND 1 390 0 0
Alexandria Real Estate Equities COM 015271109 10,675 75,660 SH   DFND 2 75,660 0 0
American Homes 4 Rent COM 02665T306 6,619 272,290 SH   DFND 2 272,290 0 0
Americold Realty Trust COM 03064D108 6,534 201,550 SH   DFND 2 201,550 0 0
Avalon Bay Communities COM 053484101 21,714 106,870 SH   DFND 2 106,870 0 0
Boston Properties COM 101121101 8,168 63,320 SH   DFND 2 63,320 0 0
Brandywine Realty Trust COM 105368203 3,992 278,790 SH   DFND 2 278,790 0 0
Brixmor Property Group Inc COM 11120U105 3,752 209,840 SH   DFND 2 209,840 0 0
Camden Property Trust COM 133131102 7,996 76,600 SH   DFND 2 76,600 0 0
Chesapeake Lodging Trust COM 165240102 3,265 114,890 SH   DFND 2 114,890 0 0
Columbia Property Trust COM 198287203 5,544 267,290 SH   DFND 2 267,290 0 0
Cousins Properties Inc COM 222795502 2,230 61,660 SH   DFND 2 61,660 0 0
Crown Castle Intl Corp COM 22822V101 2,224 17,060 SH   DFND 2 17,060 0 0
Cubesmart COM 229663109 9,329 278,970 SH   DFND 2 278,970 0 0
CyrusOne COM 23283R100 11,063 191,670 SH   DFND 2 191,670 0 0
DiamondRock Hospitality Co COM 252784301 2,253 217,870 SH   DFND 2 217,870 0 0
Digital Realty Trust Inc COM 253868103 3,464 29,410 SH   DFND 2 29,410 0 0
Duke Realty Investments Inc COM 264411505 8,122 256,930 SH   DFND 2 256,930 0 0
Empire State Realty Trust COM 292104106 5,829 393,560 SH   DFND 2 393,560 0 0
Equinix Inc COM 29444U700 24,034 47,660 SH   DFND 2 47,660 0 0
Equity Residential Properties Trust COM 29476L107 18,181 239,480 SH   DFND 2 239,480 0 0
Essex Property Trust Inc COM 297178105 4,195 14,370 SH   DFND 2 14,370 0 0
Extra Space Storage Inc COM 30225T102 7,566 71,310 SH   DFND 2 71,310 0 0
Federal Realty Investment Trust COM 313747206 5,427 42,150 SH   DFND 2 42,150 0 0
HCP Inc COM 40414L109 17,019 532,190 SH   DFND 2 532,190 0 0
Healthcare Trust of America COM 42225P501 6,641 242,110 SH   DFND 2 242,110 0 0
Host Hotels & Resorts Inc COM 44107P104 5,576 306,050 SH   DFND 2 306,050 0 0
Invitation Homes Inc COM 46187W107 11,563 432,580 SH   DFND 2 432,580 0 0
Iron Mountain Inc COM 46284V101 8,843 282,510 SH   DFND 2 282,510 0 0
iShares MBS ETF COM 464288588 83,046 771,800 SH   DFND 2 771,800 0 0
JBG Smith Properties COM 46590V100 4,464 113,480 SH   DFND 2 113,480 0 0
Kilroy Realty Corporation COM 49427F108 10,110 136,970 SH   DFND 2 136,970 0 0
Liberty Property Trust COM 531172104 6,046 120,820 SH   DFND 2 120,820 0 0
MGM Growth Properties LLC COM 55303A105 2,289 74,680 SH   DFND 2 74,680 0 0
Macerich Company COM 554382101 4,825 144,070 SH   DFND 2 144,070 0 0
Mack Cali Realty Corporation COM 554489104 4,776 205,080 SH   DFND 2 205,080 0 0
Mid-America Apartment Communities Inc COM 59522J103 4,579 38,880 SH   DFND 2 38,880 0 0
Park Hotels & Resorts Inc COM 700517105 4,895 177,610 SH   DFND 2 177,610 0 0
Pebblebrook Hotel Trust COM 70509V100 2,121 75,260 SH   DFND 2 75,260 0 0
Prologis Trust COM 74340W103 26,063 325,380 SH   DFND 2 325,380 0 0
Public Storage Inc COM 74460D109 11,951 50,180 SH   DFND 2 50,180 0 0
Realty Income Corp COM 756109104 12,326 178,710 SH   DFND 2 178,710 0 0
Regency Centers Corp COM 758849103 6,658 99,760 SH   DFND 2 99,760 0 0
Retail Properties of America COM 76131V202 6,019 511,780 SH   DFND 2 511,780 0 0
Rexford Industrial Realty COM 76169C100 1,785 44,220 SH   DFND 2 44,220 0 0
Sabra Health Care REIT Inc COM 78573L106 4,454 226,200 SH   DFND 2 226,200 0 0
Simon Property Group Inc COM 828806109 18,796 117,650 SH   DFND 2 117,650 0 0
STAG Industrial COM 85254J102 4,648 153,720 SH   DFND 2 153,720 0 0
Store Capital Corp COM 862121100 7,119 214,490 SH   DFND 2 214,490 0 0
Sun Communities Inc COM 866674104 12,506 97,560 SH   DFND 2 97,560 0 0
Sunstone Hotel Investors Inc COM 867892101 4,746 346,180 SH   DFND 2 346,180 0 0
Taubman Centers Inc COM 876664103 2,902 71,070 SH   DFND 2 71,070 0 0
UDR Inc COM 902653104 4,612 102,730 SH   DFND 2 102,730 0 0
Urban Edge Properties COM 91704F104 2,768 159,750 SH   DFND 2 159,750 0 0
Urstadt Biddle 6.750 Series G Pref. PREF 917286809 1,029 40,000 SH   DFND 2 40,000 0 0
Vanguard Mortgage-Backed Securities ETF COM 92206C771 83,012 1,571,300 SH   DFND 2 1,571,300 0 0
Ventas Inc COM 92276F100 24,358 356,370 SH   DFND 2 356,370 0 0
VEREIT Inc COM 92339V100 10,337 1,147,280 SH   DFND 2 1,147,280 0 0
VICI Properties Inc COM 925652109 3,483 158,030 SH   DFND 2 158,030 0 0
WP Carey Inc COM 92936U109 11,204 138,020 SH   DFND 2 138,020 0 0