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 1,366 110,232 SH   DFND 1 52 0 110,180
Agree Realty Corp COM 008492100 4,865 78,600 SH   DFND 1 5,140 0 73,460
Alexander & Baldwin Inc COM 014491104 0 40 SH   DFND 1 40 0 0
Alexandria Real Estate Equities COM 015271109 38,997 284,527 SH   DFND 1 118,237 0 166,290
ALLIANT ENERGY CORP COM 018802108 29 610 SH   DFND 1 610 0 0
AMEREN CORPORATION COM 023608102 23 315 SH   DFND 1 315 0 0
American Assets Trust COM 024013104 2,749 109,970 SH   DFND 1 0 0 109,970
American Campus Communities COM 024835100 25,346 913,355 SH   DFND 1 499,845 0 413,510
AMERICAN ELECTRIC POWER COM 025537101 71 890 SH   DFND 1 890 0 0
American Homes 4 Rent COM 02665T306 27,824 1,199,322 SH   DFND 1 612,979 0 586,343
American Tower Corp COM 03027X100 131,643 604,559 SH   DFND 1 405,319 0 199,240
AMERICAN WATER WORKS CO INC COM 030420103 48 405 SH   DFND 1 405 0 0
Americold Realty Trust COM 03064D108 91,972 2,701,880 SH   DFND 1 1,987,960 0 713,920
Apartment Investment and Management Co COM 03748R754 40,138 1,141,898 SH   DFND 1 643,192 0 498,706
Apple Hospitality REIT Inc COM 03784Y200 7,618 830,804 SH   DFND 1 590,605 0 240,199
Armada Hoffler Properties COM 04208T108 700 65,432 SH   DFND 1 32 0 65,400
Avalon Bay Communities COM 053484101 123,393 838,440 SH   DFND 1 436,129 0 402,311
Boston Properties COM 101121101 101,413 1,099,566 SH   DFND 1 620,288 0 479,278
Brandywine Realty Trust COM 105368203 9,786 930,272 SH   DFND 1 584,159 0 346,113
Brixmor Property Group Inc COM 11120U105 26,632 2,803,388 SH   DFND 1 1,570,328 0 1,233,060
CMS ENERGY CORP COM 125896100 36 620 SH   DFND 1 620 0 0
CSX CORP COM 126408103 37 640 SH   DFND 1 640 0 0
Camden Property Trust COM 133131102 36,834 464,838 SH   DFND 1 225,368 0 239,470
CareTrust REIT Inc COM 14174T107 138 9,348 SH   DFND 1 9,348 0 0
CENTERPOINT ENERGY COM 15189T107 13 860 SH   DFND 1 860 0 0
CHENIERE ENERGY INC COM 16411R208 9 280 SH   DFND 1 280 0 0
CIty Office REIT Inc COM 178587101 0 23 SH   DFND 1 23 0 0
Columbia Property Trust COM 198287203 55,123 4,409,857 SH   DFND 1 2,876,160 0 1,533,697
Community Healthcare Trust Inc COM 20369C106 938 24,500 SH   DFND 1 0 0 24,500
CONSOLIDATED EDISON INC COM 209115104 39 500 SH   DFND 1 500 0 0
Coresite Realty Corp COM 21870Q105 26,877 231,900 SH   DFND 1 173,780 0 58,120
CoreCivic Inc COM 21871N101 0 34 SH   DFND 1 34 0 0
Corporate Office Properties Trust COM 22002T108 5,817 262,860 SH   DFND 1 120,660 0 142,200
Cousins Properties Inc COM 222795502 61,534 2,102,273 SH   DFND 1 1,425,656 0 676,617
Crown Castle Intl Corp COM 22822V101 33,738 233,645 SH   DFND 1 140,225 0 93,420
Cubesmart COM 229663109 34,895 1,302,549 SH   DFND 1 684,631 0 617,918
CyrusOne COM 23283R100 108,054 1,749,859 SH   DFND 1 1,196,028 0 553,831
DiamondRock Hospitality Co COM 252784301 940 184,950 SH   DFND 1 0 0 184,950
Digital Realty Trust Inc COM 253868103 137,020 986,391 SH   DFND 1 578,061 0 408,330
Diversified Healthcare Trust COM 25525P107 17,855 4,918,630 SH   DFND 1 3,172,480 0 1,746,150
DOMINION ENERGY INC COM 25746U109 94 1,305 SH   DFND 1 1,305 0 0
Douglas Emmett Inc COM 25960P109 47,032 1,541,539 SH   DFND 1 872,059 0 669,480
Duke Realty Investments Inc COM 264411505 31,891 984,910 SH   DFND 1 402,720 0 582,190
DUKE ENERGY CORP COM 26441C204 91 1,130 SH   DFND 1 1,130 0 0
EastGroup Properties Inc COM 277276101 5,036 48,200 SH   DFND 1 0 0 48,200
EDISON INTERNATIONAL COM 281020107 32 590 SH   DFND 1 590 0 0
Empire State Realty Trust COM 292104106 46,532 5,193,317 SH   DFND 1 3,298,323 0 1,894,994
ENTERGY CORP COM 29364G103 46 490 SH   DFND 1 490 0 0
Equinix Inc COM 29444U700 339,637 543,794 SH   DFND 1 414,574 0 129,220
Equity Lifestyle Properties COM 29472R108 14,780 257,130 SH   DFND 1 0 0 257,130
Equity Residential Properties Trust COM 29476L107 256,366 4,154,365 SH   DFND 1 2,603,616 0 1,550,749
ESSENTIAL UTILITIES INC COM 29670G102 14 340 SH   DFND 1 340 0 0
Essex Property Trust Inc COM 297178105 63,453 288,110 SH   DFND 1 123,323 0 164,787
EVERGY INC COM 30034W106 21 380 SH   DFND 1 380 0 0
EVERSOURCE ENERGY COM 30040W108 49 632 SH   DFND 1 632 0 0
Extra Space Storage Inc COM 30225T102 176,609 1,844,283 SH   DFND 1 1,083,543 0 760,740
Federal Realty Investment Trust COM 313747206 7,213 96,672 SH   DFND 1 4 0 96,668
First Industrial Realty Trust COM 32054K103 48,953 1,473,170 SH   DFND 1 880,019 0 593,151
FIRSTENERGY CORP COM 337932107 40 990 SH   DFND 1 990 0 0
Four Corners Property Trust COM 35086T109 12 615 SH   DFND 1 615 0 0
GDS Holdings Ltd - ADR ADR 36165L108 3,586 61,855 SH   DFND 1 61,855 0 0
Healthcare Realty Trust COM 421946104 16,124 577,288 SH   DFND 1 294,088 0 283,200
Healthcare Trust of America COM 42225P501 31,094 1,280,642 SH   DFND 1 693,152 0 587,490
Healthpeak Properties Inc COM 42250P103 201,035 8,429,144 SH   DFND 1 5,241,154 0 3,187,990
Highwoods Properties Inc COM 431284108 34,572 976,050 SH   DFND 1 556,662 0 419,388
Host Hotels & Resorts Inc COM 44107P104 60,267 5,458,980 SH   DFND 1 3,792,340 0 1,666,640
Hudson Pacific Properties COM 444097109 19,629 774,010 SH   DFND 1 418,977 0 355,033
Hyatt Hotels COM 448579102 474 9,900 SH   DFND 1 0 0 9,900
IDACORP INC COM 451107106 7 80 SH   DFND 1 80 0 0
Independence Realty Trust Inc COM 45378A106 0 52 SH   DFND 1 52 0 0
Invitation Homes Inc COM 46187W107 167,623 7,843,862 SH   DFND 1 4,858,825 0 2,985,037
Iron Mountain Inc COM 46284V101 54,617 2,294,850 SH   DFND 1 1,707,600 0 587,250
JBG Smith Properties COM 46590V100 123,567 3,882,104 SH   DFND 1 2,589,452 0 1,292,652
KANSAS CITY SOUTHERN COM 485170302 15 120 SH   DFND 1 120 0 0
Kilroy Realty Corporation COM 49427F108 112,389 1,764,348 SH   DFND 1 1,129,948 0 634,400
Kimco Realty Corp COM 49446R109 4,838 500,270 SH   DFND 1 1,070 0 499,200
KINDER MORGAN INC COM 49456B101 39 2,770 SH   DFND 1 2,770 0 0
Kite Realty Group Trust COM 49803T300 1,036 109,425 SH   DFND 1 25 0 109,400
LTC Properties Inc COM 502175102 1 22 SH   DFND 1 22 0 0
Life Storage Inc COM 53223X107 49,591 524,500 SH   DFND 1 329,165 0 195,335
Macerich Company COM 554382101 0 7 SH   DFND 1 7 0 0
Medical Properties Trust Inc COM 58463J304 79,848 4,618,173 SH   DFND 1 3,068,620 0 1,549,553
Mid-America Apartment Communities Inc COM 59522J103 40,693 394,960 SH   DFND 1 168,110 0 226,850
National Retail Properties COM 637417106 24,862 772,351 SH   DFND 1 461,170 0 311,181
National Storage Affiliates Trust COM 637870106 2,244 75,800 SH   DFND 1 0 0 75,800
New Senior Investment Group Inc COM 648691103 0 88 SH   DFND 1 88 0 0
NEXTERA ENERGY INC COM 65339F101 2,750 11,428 SH   DFND 1 11,428 0 0
NexPoint Residential Trust Inc COM 65341D102 12,246 485,755 SH   DFND 1 353,944 0 131,811
NISOURCE INC COM 65473P105 16 660 SH   DFND 1 660 0 0
Omega Healthcare Investors Inc COM 681936100 2 65 SH   DFND 1 65 0 0
ONEOK INC COM 682680103 10 480 SH   DFND 1 480 0 0
P G & E CORP COM 69331C108 7 810 SH   DFND 1 810 0 0
PPL CORPORATION COM 69351T106 30 1,200 SH   DFND 1 1,200 0 0
PS Business Parks Inc/CA COM 69360J107 20,302 149,811 SH   DFND 1 79,175 0 70,636
Paramount Group Inc COM 69924R108 2,193 249,200 SH   DFND 1 0 0 249,200
Park Hotels & Resorts Inc COM 700517105 5,214 659,190 SH   DFND 1 456,090 0 203,100
Physicians Realty Trust COM 71943U104 15 1,111 SH   DFND 1 1,111 0 0
Piedmont Office Realty Trust Inc COM 720190206 2,872 162,650 SH   DFND 1 0 0 162,650
PINNACLE WEST CAPITAL COM 723484101 14 180 SH   DFND 1 180 0 0
PORTLAND GENERAL ELECTRIC CO COM 736508847 7 140 SH   DFND 1 140 0 0
Preferred Apartment Communities - A COM 74039L103 386 53,800 SH   DFND 1 0 0 53,800
Prologis Trust COM 74340W103 446,286 5,552,894 SH   DFND 1 3,245,712 0 2,307,182
PUBLIC SERVICE ENTERPRISE GP COM 744573106 27 610 SH   DFND 1 610 0 0
Public Storage Inc COM 74460D109 117,045 589,323 SH   DFND 1 304,201 0 285,122
QTS Realty Trust COM 74736A103 6,487 111,826 SH   DFND 1 38,026 0 73,800
RLJ Lodging Trust COM 74965L101 19,153 2,480,989 SH   DFND 1 1,669,810 0 811,179
RPT Realty COM 74971D101 0 23 SH   DFND 1 23 0 0
Realty Income Corp COM 756109104 157,093 3,150,675 SH   DFND 1 2,017,567 0 1,133,108
Regency Centers Corp COM 758849103 34,242 891,035 SH   DFND 1 461,155 0 429,880
Retail Opportunity Investments Corp COM 76131N101 34,428 4,152,952 SH   DFND 1 3,063,062 0 1,089,890
Retail Properties of America COM 76131V202 48,653 9,410,647 SH   DFND 1 6,132,692 0 3,277,955
Retail Value Inc COM 76133Q102 0 10 SH   DFND 1 10 0 0
Rexford Industrial Realty COM 76169C100 54,246 1,322,760 SH   DFND 1 937,925 0 384,835
Ryman Hospitality Properties COM 78377T107 1 14 SH   DFND 1 14 0 0
SBA Communications Corp COM 78410G104 92,784 343,682 SH   DFND 1 252,452 0 91,230
SL Green Realty Corp COM 78440X101 5,623 130,460 SH   DFND 1 0 0 130,460
Sabra Health Care REIT Inc COM 78573L106 33,501 3,067,897 SH   DFND 1 2,120,547 0 947,350
SEMPRA ENERGY COM 816851109 59 520 SH   DFND 1 520 0 0
Simon Property Group Inc COM 828806109 68,478 1,248,229 SH   DFND 1 594,689 0 653,540
SITE Centers Corp COM 82981J109 989 189,900 SH   DFND 1 0 0 189,900
SOUTHERN CO/THE COM 842587107 96 1,780 SH   DFND 1 1,780 0 0
Spirit Realty Capital COM 84860W300 3,274 125,200 SH   DFND 1 0 0 125,200
STAG Industrial COM 85254J102 60,297 2,677,496 SH   DFND 1 1,681,467 0 996,029
Store Capital Corp COM 862121100 40,226 2,219,965 SH   DFND 1 1,474,385 0 745,580
Sun Communities Inc COM 866674104 118,660 950,419 SH   DFND 1 567,944 0 382,475
Sunstone Hotel Investors Inc COM 867892101 32,872 3,774,017 SH   DFND 1 2,549,467 0 1,224,550
Taubman Centers Inc COM 876664103 3,154 75,300 SH   DFND 1 0 0 75,300
Terreno Realty Corp COM 88146M101 8,603 166,250 SH   DFND 1 51,300 0 114,950
UDR Inc COM 902653104 131,894 3,609,569 SH   DFND 1 2,253,300 0 1,356,269
UNION PACIFIC CORP COM 907818108 79 560 SH   DFND 1 560 0 0
Universal Health Realty Income Trust COM 91359E105 0 4 SH   DFND 1 4 0 0
Urban Edge Properties COM 91704F104 19,497 2,213,080 SH   DFND 1 1,378,050 0 835,030
Ventas Inc COM 92276F100 133,317 4,974,497 SH   DFND 1 3,056,939 0 1,917,558
VEREIT Inc COM 92339V100 81,095 16,583,780 SH   DFND 1 10,479,350 0 6,104,430
VICI Properties Inc COM 925652109 28,146 1,691,445 SH   DFND 1 1,261,042 0 430,403
Vornado Realty Trust COM 929042109 8,071 222,900 SH   DFND 1 0 0 222,900
WP Carey Inc COM 92936U109 8,605 148,166 SH   DFND 1 5,046 0 143,120
WEC ENERGY COM 92939U106 48 550 SH   DFND 1 550 0 0
Washington REIT COM 939653101 2,440 102,200 SH   DFND 1 0 0 102,200
Weingarten Realty Investment Trust COM 948741103 2,254 156,200 SH   DFND 1 0 0 156,200
Welltower Inc COM 95040Q104 23,889 521,813 SH   DFND 1 13 0 521,800
Weyerhauser Co COM 962166104 2,130 125,680 SH   DFND 1 1,880 0 123,800
WILLIAMS COS INC COM 969457100 25 1,740 SH   DFND 1 1,740 0 0
XCEL Energy Inc COM 98389B100 60 1,000 SH   DFND 1 1,000 0 0
Xenia Hotels & Resorts Inc COM 984017103 0 34 SH   DFND 1 34 0 0
Alexandria Real Estate Equities COM 015271109 4,833 35,260 SH   DFND 2 35,260 0 0
American Campus Communities COM 024835100 1,177 42,419 SH   DFND 2 42,419 0 0
American Homes 4 Rent COM 02665T306 2,034 87,680 SH   DFND 2 87,680 0 0
American Tower Corp COM 03027X100 3,255 14,950 SH   DFND 2 14,950 0 0
Americold Realty Trust COM 03064D108 3,599 105,740 SH   DFND 2 105,740 0 0
Avalon Bay Communities COM 053484101 5,034 34,207 SH   DFND 2 34,207 0 0
Boston Properties COM 101121101 4,049 43,904 SH   DFND 2 43,904 0 0
Brixmor Property Group Inc COM 11120U105 1,198 126,120 SH   DFND 2 126,120 0 0
Camden Property Trust COM 133131102 1,610 20,320 SH   DFND 2 20,320 0 0
Columbia Property Trust COM 198287203 2,112 168,950 SH   DFND 2 168,950 0 0
Coresite Realty Corp COM 21870Q105 1,524 13,150 SH   DFND 2 13,150 0 0
Cousins Properties Inc COM 222795502 3,362 114,860 SH   DFND 2 114,860 0 0
CyrusOne COM 23283R100 4,810 77,900 SH   DFND 2 77,900 0 0
Digital Realty Trust Inc COM 253868103 7,998 57,580 SH   DFND 2 57,580 0 0
Douglas Emmett Inc COM 25960P109 2,152 70,520 SH   DFND 2 70,520 0 0
Duke Realty Investments Inc COM 264411505 528 16,310 SH   DFND 2 16,310 0 0
Empire State Realty Trust COM 292104106 1,419 158,320 SH   DFND 2 158,320 0 0
Equinix Inc COM 29444U700 15,046 24,090 SH   DFND 2 24,090 0 0
Equity Residential Properties Trust COM 29476L107 10,944 177,340 SH   DFND 2 177,340 0 0
Extra Space Storage Inc COM 30225T102 6,800 71,010 SH   DFND 2 71,010 0 0
First Industrial Realty Trust COM 32054K103 2,501 75,270 SH   DFND 2 75,270 0 0
Healthcare Trust of America COM 42225P501 3,180 130,980 SH   DFND 2 130,980 0 0
Healthpeak Properties Inc COM 42250P103 7,897 331,100 SH   DFND 2 331,100 0 0
Highwoods Properties Inc COM 431284108 1,593 44,968 SH   DFND 2 44,968 0 0
Host Hotels & Resorts Inc COM 44107P104 2,692 243,850 SH   DFND 2 243,850 0 0
Hudson Pacific Properties COM 444097109 1,556 61,370 SH   DFND 2 61,370 0 0
Invitation Homes Inc COM 46187W107 5,863 274,340 SH   DFND 2 274,340 0 0
Iron Mountain Inc COM 46284V101 1,815 76,260 SH   DFND 2 76,260 0 0
JBG Smith Properties COM 46590V100 4,299 135,063 SH   DFND 2 135,063 0 0
Kilroy Realty Corporation COM 49427F108 4,000 62,800 SH   DFND 2 62,800 0 0
Life Storage Inc COM 53223X107 2,977 31,490 SH   DFND 2 31,490 0 0
Medical Properties Trust Inc COM 58463J304 4,683 270,830 SH   DFND 2 270,830 0 0
Mid-America Apartment Communities Inc COM 59522J103 1,978 19,200 SH   DFND 2 19,200 0 0
NexPoint Residential Trust Inc COM 65341D102 860 34,096 SH   DFND 2 34,096 0 0
PS Business Parks Inc/CA COM 69360J107 823 6,072 SH   DFND 2 6,072 0 0
Prologis Trust COM 74340W103 15,771 196,230 SH   DFND 2 196,230 0 0
Public Storage Inc COM 74460D109 4,684 23,586 SH   DFND 2 23,586 0 0
RLJ Lodging Trust COM 74965L101 672 87,030 SH   DFND 2 87,030 0 0
Realty Income Corp COM 756109104 6,348 127,320 SH   DFND 2 127,320 0 0
Regency Centers Corp COM 758849103 2,575 67,010 SH   DFND 2 67,010 0 0
Retail Opportunity Investments Corp COM 76131N101 1,610 194,180 SH   DFND 2 194,180 0 0
Retail Properties of America COM 76131V202 1,473 284,890 SH   DFND 2 284,890 0 0
Rexford Industrial Realty COM 76169C100 3,284 80,070 SH   DFND 2 80,070 0 0
SBA Communications Corp COM 78410G104 4,760 17,630 SH   DFND 2 17,630 0 0
Sabra Health Care REIT Inc COM 78573L106 1,792 164,110 SH   DFND 2 164,110 0 0
Simon Property Group Inc COM 828806109 2,692 49,070 SH   DFND 2 49,070 0 0
STAG Industrial COM 85254J102 3,126 138,830 SH   DFND 2 138,830 0 0
Store Capital Corp COM 862121100 2,189 120,810 SH   DFND 2 120,810 0 0
Sun Communities Inc COM 866674104 5,394 43,200 SH   DFND 2 43,200 0 0
Sunstone Hotel Investors Inc COM 867892101 1,734 199,051 SH   DFND 2 199,051 0 0
UDR Inc COM 902653104 7,144 195,503 SH   DFND 2 195,503 0 0
Ventas Inc COM 92276F100 3,514 131,130 SH   DFND 2 131,130 0 0
VEREIT Inc COM 92339V100 3,736 764,060 SH   DFND 2 764,060 0 0
VICI Properties Inc COM 925652109 1,051 63,172 SH   DFND 2 63,172 0 0
WP Carey Inc COM 92936U109 1,552 26,730 SH   DFND 2 26,730 0 0