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
Acadia Realty Trust COM 004239109 4 894 SH   DFND 1 145 0 0
Agree Realty Corp COM 008492100 11,729 3,863,579 SH   DFND 1 58 0 160,290
Alexander & Baldwin Inc COM 014491104 18 79,405 SH   DFND 1 723 0 0
Alexandria Real Estate Equities COM 015271109 136,932 2,368,148 SH   DFND 1 575,066 0 313,870
ALLIANT ENERGY CORP COM 018802108 64 121 SH   DFND 1 1,190 0 0
AMEREN CORPORATION COM 023608102 58 775 SH   DFND 1 730 0 0
American Homes 4 Rent COM 02665T306 84,448 1,091,536 SH   DFND 1 2,128,870 0 1,132,920
American Tower Corp COM 03027X100 25,588 3,504,075 SH   DFND 1 48,960 0 66,755
Americold Realty Trust COM 03064D108 79,182 4,028,794 SH   DFND 1 1,540,038 0 595,969
Apartment Investment and Management Co COM 03748R754 96,182 1,414,248 SH   DFND 1 1,185,010 0 659,680
AQUA AMERICA INC COM 03836W103 35 9,257 SH   DFND 1 775 0 0
Avalon Bay Communities COM 053484101 264,783 1,620 SH   DFND 1 751,204 0 478,457
Boston Properties COM 101121101 110,076 630 SH   DFND 1 519,322 0 329,635
Brandywine Realty Trust COM 105368203 49,808 1,818,448 SH   DFND 1 2,041,690 0 1,245,960
Brixmor Property Group Inc COM 11120U105 68,810 3,853,121 SH   DFND 1 2,107,357 0 1,283,950
Camden Property Trust COM 133131102 97,421 340,152 SH   DFND 1 561,216 0 316,376
CareTrust REIT Inc COM 14174T107 47,529 264 SH   DFND 1 1,519,719 0 502,350
CENTERPOINT ENERGY COM 15189T107 25 27,370 SH   DFND 1 820 0 0
Columbia Property Trust COM 198287203 82,739 6,257 SH   DFND 1 2,516,715 0 1,395,300
Coresite Realty Corp COM 21870Q105 2,694 81,810 SH   DFND 1 22,110 0 0
Corporate Office Properties Trust COM 22002T108 1,254 4,659,107 SH   DFND 1 42,100 0 0
Cousins Properties Inc COM 222795502 27,104 3,103,971 SH   DFND 1 488,610 0 232,430
Crown Castle Intl Corp COM 22822V101 22,922 1,960,005 SH   DFND 1 81,820 0 83,077
Cubesmart COM 229663109 117,758 298,171 SH   DFND 1 2,284,685 0 1,089,456
CyrusOne COM 23283R100 197,518 1,047 SH   DFND 1 1,648,321 0 848,740
DiamondRock Hospitality Co COM 252784301 27,391 3,584,914 SH   DFND 1 1,772,553 0 899,736
Digital Realty Trust Inc COM 253868103 76,619 560 SH   DFND 1 346,158 0 244,078
DOMINION ENERGY INC COM 25746U109 163 480 SH   DFND 1 2,010 0 0
Duke Realty Investments Inc COM 264411505 26,226 6,306,938 SH   DFND 1 578,773 0 193,249
DUKE ENERGY CORP COM 26441C204 54 980 SH   DFND 1 560 0 0
EDISON INTERNATIONAL COM 281020107 36 1,170 SH   DFND 1 480 0 0
Empire State Realty Trust COM 292104106 95,436 464,658 SH   DFND 1 4,267,411 0 2,420,449
ENERGY TRANSFER LP COM 29273V100 32 3,778,704 SH   DFND 1 2,470 0 0
ENTERGY CORP COM 29364G103 86 188,534 SH   DFND 1 730 0 0
ENTERPRISE PRODUCTS PARTNERS COM 293792107 50 1,090 SH   DFND 1 1,750 0 0
Equinix Inc COM 29444U700 283,517 510 SH   DFND 1 383,354 0 108,180
Equity Residential Properties Trust COM 29476L107 383,511 1,077,141 SH   DFND 1 2,791,344 0 1,654,641
Essential Properties Realty COM 29670E107 3 456,628 SH   DFND 1 149 0 0
Essex Property Trust Inc COM 297178105 61,079 277,000 SH   DFND 1 114,086 0 72,900
EVERSOURCE ENERGY COM 30040W108 94 2,530 SH   DFND 1 1,100 0 0
Extra Space Storage Inc COM 30225T102 139,095 666 SH   DFND 1 731,488 0 459,193
Federal Realty Investment Trust COM 313747206 51,433 426 SH   DFND 1 241,299 0 136,496
First Industrial Realty Trust COM 32054K103 10,958 37,800 SH   DFND 1 0 0 277,000
FIRSTENERGY CORP COM 337932107 122 260 SH   DFND 1 2,530 0 0
Four Corners Property Trust COM 35086T109 20 527 SH   DFND 1 704 0 0
GDS Holdings Ltd - ADR ADR 36165L108 1,988 7,263,897 SH   DFND 1 49,610 0 0
HCP Inc COM 40414L109 339,632 3,403,236 SH   DFND 1 5,882,820 0 3,649,380
Healthcare Realty Trust COM 421946104 19 481,860 SH   DFND 1 571 0 0
Healthcare Trust of America COM 42225P501 92,199 452 SH   DFND 1 1,946,368 0 1,191,783
Highwoods Properties Inc COM 431284108 5 4,589,849 SH   DFND 1 121 0 0
Host Hotels & Resorts Inc COM 44107P104 137,357 41,410 SH   DFND 1 5,569,270 0 2,375,050
Hudson Pacific Properties COM 444097109 2,623 856,034 SH   DFND 1 78,400 0 0
Industrial Logistics Properties Trust COM 456237106 23,741 5,800,405 SH   DFND 1 763,888 0 353,325
Invitation Homes Inc COM 46187W107 182,527 3,279,249 SH   DFND 1 3,876,679 0 2,287,707
Iron Mountain Inc COM 46284V101 111,737 1,204,772 SH   DFND 1 2,512,910 0 936,839
JBG Smith Properties COM 46590V100 138,970 2,165,429 SH   DFND 1 2,161,340 0 1,382,919
Kilroy Realty Corporation COM 49427F108 154,747 466,041 SH   DFND 1 1,269,867 0 716,868
LTC Properties Inc COM 502175102 2 1,092 SH   DFND 1 39 0 0
Liberty Property Trust COM 531172104 118,055 1,941,880 SH   DFND 1 1,424,490 0 875,430
Life Storage Inc COM 53223X107 99,339 2,969 SH   DFND 1 569,830 0 372,572
MGM Growth Properties LLC COM 55303A105 26,580 757,164 SH   DFND 1 682,210 0 202,320
Macerich Company COM 554382101 55,708 2,161,403 SH   DFND 1 1,125,702 0 637,758
Mack Cali Realty Corporation COM 554489104 51,599 2,735,770 SH   DFND 1 1,488,982 0 893,236
MACQUARIE INFRASTRUCTURE CORPORATION COM 55608B105 19 770 SH   DFND 1 470 0 0
Mid-America Apartment Communities Inc COM 59522J103 86,137 314,709 SH   DFND 1 359,752 0 302,788
National Retail Properties COM 637417106 55,106 405,640 SH   DFND 1 746,309 0 230,750
NEXTERA ENERGY INC COM 65339F101 1,771 4,990 SH   DFND 1 7,600 0 0
NISOURCE INC COM 65473P105 55 1,610 SH   DFND 1 1,840 0 0
NORFOLK SOUTHERN CORP COM 655844108 63 368 SH   DFND 1 350 0 0
Omega Healthcare Investors Inc COM 681936100 84,740 370 SH   DFND 1 1,264,427 0 763,320
P G & E CORP COM 69331C108 8 250 SH   DFND 1 810 0 0
PPL CORPORATION COM 69351T106 15 810 SH   DFND 1 470 0 0
Park Hotels & Resorts Inc COM 700517105 87,499 470 SH   DFND 1 2,501,775 0 1,002,380
Pebblebrook Hotel Trust COM 70509V100 222 742 SH   DFND 1 7,240 0 740
Prologis Trust COM 74340W103 469,055 2,809,825 SH   DFND 1 3,470,038 0 2,034,010
PUBLIC SERVICE ENTERPRISE GP COM 744573106 77 8,100 SH   DFND 1 1,240 0 0
Public Storage Inc COM 74460D109 113,840 4,959,876 SH   DFND 1 262,703 0 201,440
QTS Realty Trust COM 74736A103 1,144 1,380 SH   DFND 1 22,250 0 0
Rayonier Inc COM 754907103 1,908 765,818 SH   DFND 1 0 0 67,650
Realty Income Corp COM 756109104 169,656 9,826 SH   DFND 1 1,347,425 0 865,101
Regency Centers Corp COM 758849103 66,316 619 SH   DFND 1 556,866 0 397,460
Retail Opportunity Investments Corp COM 76131N101 77,222 44,150 SH   DFND 1 2,651,980 0 1,584,030
Retail Properties of America COM 76131V202 120,278 1,848,016 SH   DFND 1 5,998,279 0 3,764,529
Rexford Industrial Realty COM 76169C100 65,523 1,219,376 SH   DFND 1 994,103 0 494,390
Ryman Hospitality Properties COM 78377T107 1,127 2,478,300 SH   DFND 1 0 0 13,780
SBA Communications Corp COM 78410G104 16,669 7,427,396 SH   DFND 1 34,110 0 35,015
SEMPRA ENERGY COM 816851109 47 412,659 SH   DFND 1 320 0 0
Senior Housing Properties Trust COM 81721M109 22,173 3,320 SH   DFND 1 1,556,250 0 839,570
Simon Property Group Inc COM 828806109 244,343 41,877 SH   DFND 1 966,529 0 603,297
SOUTHERN CO/THE COM 842587107 147 150 SH   DFND 1 2,380 0 0
Store Capital Corp COM 862121100 63,413 3,548,744 SH   DFND 1 1,150,540 0 544,530
Sun Communities Inc COM 866674104 228,195 27 SH   DFND 1 956,392 0 580,790
Sunstone Hotel Investors Inc COM 867892101 20,518 450 SH   DFND 1 1,122,264 0 371,030
Taubman Centers Inc COM 876664103 61,678 1,281 SH   DFND 1 915,461 0 595,138
Terreno Realty Corp COM 88146M101 4,461 1,753,071 SH   DFND 1 35,220 0 52,100
UDR Inc COM 902653104 10 414 SH   DFND 1 216 0 0
UNION PACIFIC CORP COM 907818108 47 2,130 SH   DFND 1 290 0 0
Urban Edge Properties COM 91704F104 15,834 1,231,111 SH   DFND 1 551,905 0 248,189
Ventas Inc COM 92276F100 322,508 1,639,776 SH   DFND 1 2,761,026 0 1,655,080
VEREIT Inc COM 92339V100 151,534 172 SH   DFND 1 9,609,010 0 5,885,260
VICI Properties Inc COM 925652109 39,604 1,595,755 SH   DFND 1 1,222,850 0 525,690
WP Carey Inc COM 92936U109 133,736 4,295,428 SH   DFND 1 983,770 0 510,492
Welltower Inc COM 95040Q104 29,763 578 SH   DFND 1 202,600 0 125,730
Weyerhauser Co COM 962166104 3,073 1,530,898 SH   DFND 1 0 0 110,930
WILLIAMS COS INC COM 969457100 76 36,230 SH   DFND 1 3,150 0 0
XCEL Energy Inc COM 98389B100 90 1,014,329 SH   DFND 1 1,390 0 0
Alexandria Real Estate Equities COM 015271109 11,213 72,790 SH   DFND 2 72,790 0 0
American Homes 4 Rent COM 02665T306 6,090 235,208 SH   DFND 2 235,208 0 0
American Tower Corp COM 03027X100 2,459 11,120 SH   DFND 2 11,120 0 0
Americold Realty Trust COM 03064D108 6,249 168,580 SH   DFND 2 168,580 0 0
Avalon Bay Communities COM 053484101 18,307 85,020 SH   DFND 2 85,020 0 0
Boston Properties COM 101121101 7,490 57,770 SH   DFND 2 57,770 0 0
Brandywine Realty Trust COM 105368203 4,023 265,520 SH   DFND 2 265,520 0 0
Brixmor Property Group Inc COM 11120U105 4,487 221,140 SH   DFND 2 221,140 0 0
Camden Property Trust COM 133131102 5,102 45,960 SH   DFND 2 45,960 0 0
CareTrust REIT Inc COM 14174T107 3,768 160,300 SH   DFND 2 160,300 0 0
Columbia Property Trust COM 198287203 5,058 239,170 SH   DFND 2 239,170 0 0
Cousins Properties Inc COM 222795502 2,856 75,990 SH   DFND 2 75,990 0 0
Cubesmart COM 229663109 10,049 287,940 SH   DFND 2 287,940 0 0
CyrusOne COM 23283R100 13,367 168,990 SH   DFND 2 168,990 0 0
DiamondRock Hospitality Co COM 252784301 2,524 246,270 SH   DFND 2 246,270 0 0
Digital Realty Trust Inc COM 253868103 7,778 59,920 SH   DFND 2 59,920 0 0
Duke Realty Investments Inc COM 264411505 4,704 138,488 SH   DFND 2 138,488 0 0
Empire State Realty Trust COM 292104106 5,943 416,480 SH   DFND 2 416,480 0 0
Equinix Inc COM 29444U700 27,836 48,260 SH   DFND 2 48,260 0 0
Equity Residential Properties Trust COM 29476L107 28,570 331,213 SH   DFND 2 331,213 0 0
Essex Property Trust Inc COM 297178105 5,141 15,740 SH   DFND 2 15,740 0 0
Extra Space Storage Inc COM 30225T102 10,950 93,730 SH   DFND 2 93,730 0 0
Federal Realty Investment Trust COM 313747206 5,218 38,330 SH   DFND 2 38,330 0 0
HCP Inc COM 40414L109 24,116 676,850 SH   DFND 2 676,850 0 0
Healthcare Trust of America COM 42225P501 6,230 212,040 SH   DFND 2 212,040 0 0
Host Hotels & Resorts Inc COM 44107P104 7,799 451,070 SH   DFND 2 451,070 0 0
Invitation Homes Inc COM 46187W107 13,102 442,490 SH   DFND 2 442,490 0 0
Iron Mountain Inc COM 46284V101 9,932 306,640 SH   DFND 2 306,640 0 0
iShares MBS ETF COM 464288588 91,737 847,060 SH   DFND 2 847,060 0 0
JBG Smith Properties COM 46590V100 9,282 236,720 SH   DFND 2 236,720 0 0
Kilroy Realty Corporation COM 49427F108 10,586 135,910 SH   DFND 2 135,910 0 0
Liberty Property Trust COM 531172104 7,108 138,480 SH   DFND 2 138,480 0 0
Life Storage Inc COM 53223X107 7,595 72,050 SH   DFND 2 72,050 0 0
MGM Growth Properties LLC COM 55303A105 2,408 80,130 SH   DFND 2 80,130 0 0
Macerich Company COM 554382101 3,739 118,350 SH   DFND 2 118,350 0 0
Mack Cali Realty Corporation COM 554489104 3,642 168,140 SH   DFND 2 168,140 0 0
Mid-America Apartment Communities Inc COM 59522J103 10,342 79,550 SH   DFND 2 79,550 0 0
Omega Healthcare Investors Inc COM 681936100 7,118 170,320 SH   DFND 2 170,320 0 0
Park Hotels & Resorts Inc COM 700517105 6,906 276,564 SH   DFND 2 276,564 0 0
Pebblebrook Hotel Trust COM 70509V100 1,753 63,020 SH   DFND 2 63,020 0 0
Prologis Trust COM 74340W103 32,380 379,960 SH   DFND 2 379,960 0 0
Realty Income Corp COM 756109104 17,980 234,480 SH   DFND 2 234,480 0 0
Regency Centers Corp COM 758849103 6,148 88,480 SH   DFND 2 88,480 0 0
Retail Opportunity Investments Corp COM 76131N101 5,797 317,970 SH   DFND 2 317,970 0 0
Retail Properties of America COM 76131V202 7,743 628,510 SH   DFND 2 628,510 0 0
Rexford Industrial Realty COM 76169C100 5,563 126,378 SH   DFND 2 126,378 0 0
Simon Property Group Inc COM 828806109 16,749 107,610 SH   DFND 2 107,610 0 0
Store Capital Corp COM 862121100 8,258 220,740 SH   DFND 2 220,740 0 0
Sun Communities Inc COM 866674104 14,391 96,940 SH   DFND 2 96,940 0 0
Sunstone Hotel Investors Inc COM 867892101 2,546 185,330 SH   DFND 2 185,330 0 0
Taubman Centers Inc COM 876664103 2,766 67,740 SH   DFND 2 67,740 0 0
Urban Edge Properties COM 91704F104 2,589 130,820 SH   DFND 2 130,820 0 0
Urstadt Biddle 6.750 Series G Pref. PREF 917286809 1,416 55,756 SH   DFND 2 55,756 0 0
Vanguard Mortgage-Backed Securities ETF COM 92206C771 91,813 1,723,870 SH   DFND 2 1,723,870 0 0
Ventas Inc COM 92276F100 22,652 310,180 SH   DFND 2 310,180 0 0
VEREIT Inc COM 92339V100 11,889 1,215,660 SH   DFND 2 1,215,660 0 0
VICI Properties Inc COM 925652109 5,161 227,860 SH   DFND 2 227,860 0 0
WP Carey Inc COM 92936U109 9,929 110,940 SH   DFND 2 110,940 0 0