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 20,556 1,957,698 SH   DFND 1 1,440,364 0 517,334
AES Corporation COM 00130H105 14,189 783,512 SH   DFND 1 783,512 0 0
Agree Realty Corp COM 008492100 3,201 50,300 SH   SOLE   0 0 50,300
Alexandria Real Estate Equitie COM 015271109 137,021 856,379 SH   DFND 1 615,542 0 240,837
Alliant Energy Corporation COM 018802108 18,034 349,166 SH   DFND 1 349,166 0 0
Ameren Corp. COM 023608102 23,092 292,005 SH   DFND 1 292,005 0 0
American Campus Communities COM 024835100 44,166 1,264,771 SH   DFND 1 965,036 0 299,735
American Electric Power Co. In COM 025537101 32,351 395,830 SH   DFND 1 395,830 0 0
American Homes 4 Rent COM 02665T306 37,786 1,326,758 SH   SOLE   958,951 0 367,807
American Tower Corp. COM 03027X100 110,108 455,501 SH   DFND 1 437,661 0 17,840
Apartment Investment and Manag COM 03748R754 54,822 1,625,810 SH   DFND 1 1,355,914 0 269,896
Atmos Energy Corp. COM 049560105 7,659 80,126 SH   DFND 1 80,126 0 0
AvalonBay Communities Inc. COM 053484101 71,585 479,340 SH   DFND 1 253,496 0 225,844
Boston Properties Inc. COM 101121101 14,021 174,606 SH   SOLE   1,148 0 173,458
Brandywine Realty Trust SBI COM 105368203 33,623 3,251,699 SH   DFND 1 2,384,519 0 867,180
Brixmor Property Group COM 11120U105 48,767 4,171,684 SH   DFND 1 2,857,949 0 1,313,735
Camden Property Trust COM 133131102 77,605 872,166 SH   DFND 1 606,403 0 265,763
Cheniere Energy Inc. COM 16411R208 17,462 377,391 SH   DFND 1 377,391 0 0
CMS Energy Corporation COM 125896100 12,902 210,099 SH   DFND 1 210,099 0 0
Columbia Property Trust, Inc. COM 198287203 31,302 2,869,140 SH   DFND 1 2,176,490 0 692,650
Coresite Realty Corp COM 21870Q105 2,080 17,500 SH   SOLE   17,500 0 0
Corporate Office Properties Tr COM 22002T108 3,481 146,755 SH   SOLE   0 0 146,755
Cousins Properties Inc. COM 222795502 43,615 1,525,519 SH   DFND 1 1,054,177 0 471,342
Crown Castle International Cor COM 22822V101 114,589 688,224 SH   DFND 1 640,437 0 47,787
CubeSmart COM 229663109 134,705 4,169,153 SH   DFND 1 3,212,291 0 956,862
CyrusOne Inc. COM 23283R100 118,620 1,693,840 SH   DFND 1 1,267,700 0 426,140
DCP Midstream LP COM 23311P100 393 35,200 SH   SOLE   35,200 0 0
Diamondrock Hospitality COM 252784301 75 14,800 SH   SOLE   14,800 0 0
Digital Realty Trust Inc. COM 253868103 41,396 282,064 SH   SOLE   12,200 0 269,864
Douglas Emmett Inc. COM 25960P109 2,108 83,977 SH   SOLE   0 0 83,977
Duke Realty Corporation COM 264411505 119,811 3,246,911 SH   DFND 1 2,412,247 0 834,664
Enbridge Inc COM 29250N105 469 16,057 SH   SOLE   16,057 0 0
Energy Transfer LP COM 29273V100 1,431 264,077 SH   SOLE   264,077 0 0
Enterprise Products Partners L COM 293792107 1,551 98,239 SH   SOLE   98,239 0 0
Equinix Inc COM 29444U700 113,968 149,932 SH   DFND 1 125,477 0 24,455
Equitrans Midstream Corp COM 294600101 406 48,000 SH   SOLE   48,000 0 0
Equity Lifestyle Properties COM 29472R108 10,278 167,665 SH   SOLE   0 0 167,665
Equity Residential COM 29476L107 122,136 2,379,425 SH   DFND 1 1,666,475 0 712,950
Essential Utilities COM 29670G102 20,708 514,487 SH   DFND 1 514,487 0 0
Essex Property Trust Inc. COM 297178105 12,744 63,469 SH   SOLE   0 0 63,469
Exelon Corp. COM 30161N101 14,502 405,530 SH   DFND 1 405,530 0 0
Extra Space Storage Inc. COM 30225T102 29,799 278,525 SH   DFND 1 101,578 0 176,947
Federal Realty Investment Trus COM 313747206 22,833 310,909 SH   SOLE   227,394 0 83,515
First Industrial Realty Trust COM 32054K103 2,304 57,900 SH   SOLE   0 0 57,900
FirstEnergy Corp. COM 337932107 17,352 604,378 SH   DFND 1 604,378 0 0
Front Yard Residential Corp COM 35904G107 9,411 1,076,815 SH   DFND 1 866,873 0 209,942
HealthCare Realty Trust COM 421946104 3,867 128,400 SH   SOLE   0 0 128,400
Healthcare Trust of America In COM 42225P501 110,885 4,264,795 SH   DFND 1 3,258,869 0 1,005,926
Healthpeak Properties Inc. COM 42250P103 47,298 1,742,094 SH   DFND 1 980,121 0 761,973
Hess Midstream LP COM 428103105 187 12,400 SH   SOLE   12,400 0 0
Highwoods Properties Inc. COM 431284108 37,433 1,115,062 SH   DFND 1 856,432 0 258,630
Host Hotels & Resorts Inc. COM 44107P104 36,125 3,348,053 SH   DFND 1 2,408,715 0 939,338
Hudson Pacific Properties COM 444097109 46,517 2,121,143 SH   DFND 1 1,657,722 0 463,421
Invitation Homes Inc COM 46187W107 185,696 6,634,382 SH   DFND 1 4,999,070 0 1,635,312
Iron Mountain Incorporated COM 46284V101 4,723 176,312 SH   SOLE   0 0 176,312
JBG Smith Properties COM 46590V100 2,764 103,359 SH   SOLE   0 0 103,359
Kansas City Southern COM 485170302 10,168 56,228 SH   DFND 1 56,228 0 0
Kilroy Realty Corp. COM 49427F108 5,835 112,300 SH   SOLE   0 0 112,300
Kimco Realty Corp. COM 49446R109 4,574 406,200 SH   SOLE   0 0 406,200
Kinder Morgan Inc. COM 49456B101 14,618 1,185,591 SH   DFND 1 1,185,591 0 0
Life Storage Inc COM 53223X107 117,834 1,119,348 SH   DFND 1 858,150 0 261,198
Magellan Midstream Partners L. COM 559080106 1,468 42,913 SH   SOLE   42,913 0 0
Marriott International Inc. COM 571903202 4,356 47,056 SH   DFND 1 32,369 0 14,687
Medical Properties Trust COM 58463J304 5,686 322,531 SH   SOLE   147,931 0 174,600
MGM Growth Properties LLC COM 55303A105 74,508 2,662,886 SH   DFND 1 2,158,852 0 504,034
Mid-America Apt. Comm. COM 59522J103 44,026 379,698 SH   DFND 1 188,214 0 191,484
MPLX LP COM 55336V100 1,073 68,170 SH   SOLE   68,170 0 0
National Retail Properties Inc COM 637417106 7,410 214,715 SH   SOLE   0 0 214,715
Netstreit Corp COM 64119V303 4,884 267,443 SH   DFND 1 185,265 0 82,178
Nextera Energy Inc COM 65339F101 28,261 101,821 SH   DFND 1 101,821 0 0
NiSource Inc. COM 65473P105 10,994 499,719 SH   DFND 1 499,719 0 0
Norfolk Southern Corp COM 655844108 17,557 82,047 SH   DFND 1 82,047 0 0
NuSTAR Energy L.P. COM 67058H102 703 66,200 SH   SOLE   66,200 0 0
ONEOK Inc. COM 682680103 309 11,900 SH   SOLE   11,900 0 0
Paramount Group Inc COM 69924R108 1,135 160,300 SH   SOLE   0 0 160,300
Pembina Pipeline Corp COM 706327103 338 15,926 SH   DFND 1 15,926 0 0
Phillips 66 Partners LP COM 718549207 472 20,500 SH   SOLE   20,500 0 0
Physicians Realty Trust COM 71943U104 9,548 533,103 SH   SOLE   342,903 0 190,200
Piedmont Office Realty Trust I COM 720190206 46,691 3,440,729 SH   DFND 1 2,586,509 0 854,220
Plains All American Pipeline, COM 726503105 1,253 209,587 SH   SOLE   209,587 0 0
ProLogis Inc. COM 74340W103 374,671 3,723,623 SH   DFND 1 2,547,849 0 1,175,774
PS Business Parks Inc. COM 69360J107 7,717 63,051 SH   SOLE   44,051 0 19,000
Public Service Enterprise Grou COM 744573106 12,065 219,719 SH   DFND 1 219,719 0 0
Public Storage COM 74460D109 36,050 161,864 SH   SOLE   0 0 161,864
QTS Realty Trust Inc COM 74736A103 51,012 809,462 SH   DFND 1 556,196 0 253,266
Realty Income Corp COM 756109104 20,339 334,799 SH   SOLE   7,099 0 327,700
Regency Centers Corporation COM 758849103 40,835 1,074,037 SH   DFND 1 615,973 0 458,064
Retail Properties of America, COM 76131V202 25,488 4,387,000 SH   DFND 1 3,136,396 0 1,250,604
Rexford Industrial Realty, Inc COM 76169C100 5,340 116,705 SH   SOLE   0 0 116,705
Sempra Energy COM 816851109 9,405 79,465 SH   DFND 1 79,465 0 0
Simon Property Group Inc. COM 828806109 152,016 2,350,280 SH   DFND 1 1,667,768 0 682,512
Site Centers Corp COM 82981J109 10,484 1,456,070 SH   SOLE   1,190,985 0 265,085
SL Green Realty Corp. COM 78440X101 3,307 71,317 SH   SOLE   0 0 71,317
Spirit Realty Capital Inc. COM 84860W300 91,112 2,699,628 SH   DFND 1 1,997,917 0 701,711
STAG Industrial, Inc. COM 85254J102 34,217 1,122,233 SH   DFND 1 781,953 0 340,280
STORE Capital Corp COM 862121100 62,371 2,273,823 SH   SOLE   1,573,513 0 700,310
Sun Communities Inc. COM 866674104 12,794 90,990 SH   SOLE   0 0 90,990
Sunstone Hotel Investors Inc. COM 867892101 7,894 994,165 SH   DFND 1 719,090 0 275,075
Targa Resources Corp. COM 87612G101 644 45,900 SH   SOLE   45,900 0 0
TC Energy Corp COM 87807B107 824 19,610 SH   DFND 1 19,610 0 0
TC Pipelines L.P. COM 87233Q108 642 25,100 SH   SOLE   25,100 0 0
Terreno Realty Corp COM 88146M101 3,275 59,800 SH   SOLE   0 0 59,800
UDR Inc. COM 902653104 9,164 281,008 SH   SOLE   0 0 281,008
Union Pacific Corp COM 907818108 23,534 119,539 SH   DFND 1 119,539 0 0
Ventas Inc. COM 92276F100 128,696 3,067,115 SH   DFND 1 2,188,459 0 878,656
VEREIT Inc COM 92339V100 145,987 22,459,467 SH   DFND 1 16,834,928 0 5,624,539
Vici Properties Inc. COM 925652109 100,356 4,294,202 SH   DFND 1 3,365,346 0 928,856
Vornado Realty Trust COM 929042109 1,985 58,896 SH   SOLE   0 0 58,896
Weingarten Realty Investors COM 948741103 1,945 114,700 SH   SOLE   0 0 114,700
Welltower Inc. COM 95040Q104 130,645 2,371,479 SH   DFND 1 1,421,628 0 949,851
Williams Cos. COM 969457100 844 42,940 SH   SOLE   42,940 0 0
WP Carey Inc. COM 92936U109 10,849 166,500 SH   SOLE   0 0 166,500