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 20,587 1,450,795 SH   DFND 1 1,018,295 0 432,500
AES Corporation COM 00130H105 21,154 900,187 SH   DFND 1 900,187 0 0
Agree Realty Corp COM 008492100 3,349 50,300 SH   SOLE   0 0 50,300
Alexandria Real Estate Equitie COM 015271109 152,079 853,320 SH   DFND 1 611,522 0 241,798
Alliant Energy Corporation COM 018802108 24,246 470,530 SH   DFND 1 470,530 0 0
Ameren Corp. COM 023608102 28,061 359,478 SH   DFND 1 359,478 0 0
American Campus Communities COM 024835100 47,908 1,120,127 SH   DFND 1 839,098 0 281,029
American Electric Power Co. In COM 025537101 37,558 451,034 SH   DFND 1 451,034 0 0
American Homes 4 Rent COM 02665T306 7,579 252,639 SH   SOLE   0 0 252,639
American Tower Corp. COM 03027X100 166,809 743,159 SH   DFND 1 703,517 0 39,642
Apartment Income REIT Co COM 03750L109 104,890 2,730,805 SH   DFND 1 2,190,429 0 540,376
Apple Hospitality REIT Inc COM 03784Y200 17,202 1,332,432 SH   DFND 1 960,036 0 372,396
Atmos Energy Corp. COM 049560105 2,410 25,257 SH   DFND 1 25,257 0 0
AvalonBay Communities Inc. COM 053484101 22,213 138,462 SH   SOLE   0 0 138,462
Boston Properties Inc. COM 101121101 13,260 140,275 SH   SOLE   0 0 140,275
Brandywine Realty Trust SBI COM 105368203 39,110 3,283,831 SH   DFND 1 2,326,731 0 957,100
Brixmor Property Group COM 11120U105 43,733 2,642,454 SH   SOLE   1,863,271 0 779,183
Camden Property Trust COM 133131102 87,908 879,787 SH   DFND 1 618,730 0 261,057
Cheniere Energy Inc. COM 16411R208 26,875 447,691 SH   DFND 1 447,691 0 0
CMS Energy Corporation COM 125896100 18,821 308,489 SH   DFND 1 308,489 0 0
Columbia Property Trust, Inc. COM 198287203 21,936 1,529,689 SH   SOLE   1,139,139 0 390,550
Coresite Realty Corp COM 21870Q105 2,004 16,000 SH   SOLE   16,000 0 0
Corporate Office Properties Tr COM 22002T108 3,757 144,055 SH   SOLE   0 0 144,055
Cousins Properties Inc. COM 222795502 41,414 1,236,230 SH   DFND 1 866,710 0 369,520
Crown Castle International Cor COM 22822V101 140,503 882,613 SH   DFND 1 790,771 0 91,842
CubeSmart COM 229663109 147,670 4,393,626 SH   DFND 1 3,370,241 0 1,023,385
CyrusOne Inc. COM 23283R100 48,842 667,694 SH   DFND 1 406,251 0 261,443
DCP Midstream LP COM 23311P100 657 35,500 SH   SOLE   35,500 0 0
Digital Realty Trust Inc. COM 253868103 40,648 291,364 SH   SOLE   22,700 0 268,664
Duke Realty Corporation COM 264411505 192,143 4,807,192 SH   DFND 1 3,702,916 0 1,104,276
Enbridge Inc COM 29250N105 514 16,057 SH   SOLE   16,057 0 0
Energy Transfer LP COM 29273V100 1,547 250,377 SH   SOLE   250,377 0 0
Enterprise Products Partners L COM 293792107 1,646 84,039 SH   SOLE   84,039 0 0
Equinix Inc COM 29444U700 56,895 79,665 SH   DFND 1 64,259 0 15,406
Equity Lifestyle Properties COM 29472R108 10,224 161,365 SH   SOLE   0 0 161,365
Equity Residential COM 29476L107 51,383 866,783 SH   SOLE   306,948 0 559,835
Essential Utilities COM 29670G102 21,173 447,721 SH   DFND 1 447,721 0 0
Essex Property Trust Inc. COM 297178105 14,345 60,419 SH   SOLE   0 0 60,419
Exelon Corp. COM 30161N101 20,774 492,031 SH   DFND 1 492,031 0 0
Extra Space Storage Inc. COM 30225T102 116,682 1,007,099 SH   DFND 1 693,491 0 313,608
Federal Realty Investment Trus COM 313747206 6,469 76,000 SH   SOLE   0 0 76,000
First Industrial Realty Trust COM 32054K103 2,237 53,100 SH   SOLE   0 0 53,100
FirstEnergy Corp. COM 337932107 15,900 519,423 SH   DFND 1 519,423 0 0
Four Corners Property Trust COM 35086T109 558 18,757 SH   SOLE   18,757 0 0
HealthCare Realty Trust COM 421946104 3,724 125,800 SH   SOLE   0 0 125,800
Healthcare Trust of America In COM 42225P501 104,202 3,783,650 SH   DFND 1 2,872,470 0 911,180
Healthpeak Properties Inc. COM 42250P103 15,853 524,425 SH   SOLE   0 0 524,425
Hess Midstream LP COM 428103105 243 12,400 SH   SOLE   12,400 0 0
Highwoods Properties Inc. COM 431284108 39,054 985,475 SH   DFND 1 759,243 0 226,232
Host Hotels & Resorts Inc. COM 44107P104 1,807 123,532 SH   SOLE   0 0 123,532
Hudson Pacific Properties COM 444097109 53,904 2,244,140 SH   DFND 1 1,718,309 0 525,831
Invitation Homes Inc COM 46187W107 146,241 4,923,930 SH   DFND 1 3,620,077 0 1,303,853
Iron Mountain Incorporated COM 46284V101 11,709 397,200 SH   DFND 1 150,613 0 246,587
JBG Smith Properties COM 46590V100 3,144 100,543 SH   SOLE   0 0 100,543
Kansas City Southern COM 485170302 17,268 84,595 SH   DFND 1 84,595 0 0
Kilroy Realty Corp. COM 49427F108 19,984 348,150 SH   SOLE   193,033 0 155,117
Kimco Realty Corp. COM 49446R109 5,888 392,300 SH   SOLE   0 0 392,300
Kinder Morgan Inc. COM 49456B101 20,051 1,466,755 SH   DFND 1 1,466,755 0 0
Life Storage Inc COM 53223X107 140,317 1,175,280 SH   DFND 1 893,725 0 281,555
Magellan Midstream Partners L. COM 559080106 1,584 37,313 SH   SOLE   37,313 0 0
Marriott International Inc. COM 571903202 4,487 34,012 SH   DFND 1 21,965 0 12,047
Medical Properties Trust COM 58463J304 3,805 174,600 SH   SOLE   0 0 174,600
MGM Growth Properties LLC COM 55303A105 79,680 2,545,675 SH   DFND 1 2,061,266 0 484,409
Mid-America Apt. Comm. COM 59522J103 93,072 734,645 SH   DFND 1 520,041 0 214,604
MPLX LP COM 55336V100 1,467 67,770 SH   SOLE   67,770 0 0
National Retail Properties Inc COM 637417106 6,446 157,515 SH   SOLE   0 0 157,515
Netstreit Corp COM 64119V303 8,961 459,771 SH   DFND 1 358,185 0 101,586
Nextera Energy Inc COM 65339F101 35,460 459,621 SH   DFND 1 459,621 0 0
NiSource Inc. COM 65473P105 15,927 694,302 SH   DFND 1 694,302 0 0
Norfolk Southern Corp COM 655844108 22,994 96,770 SH   DFND 1 96,770 0 0
NuSTAR Energy L.P. COM 67058H102 690 47,900 SH   SOLE   47,900 0 0
ONEOK Inc. COM 682680103 1,197 31,200 SH   SOLE   31,200 0 0
Paramount Group Inc COM 69924R108 8,423 931,733 SH   DFND 1 703,524 0 228,209
Pembina Pipeline Corp COM 706327103 460 19,426 SH   DFND 1 19,426 0 0
Phillips 66 Partners LP COM 718549207 475 18,000 SH   SOLE   18,000 0 0
Physicians Realty Trust COM 71943U104 10,203 573,203 SH   SOLE   380,303 0 192,900
Piedmont Office Realty Trust I COM 720190206 57,271 3,528,736 SH   DFND 1 2,669,057 0 859,679
Plains All American Pipeline, COM 726503105 1,378 167,287 SH   SOLE   167,287 0 0
ProLogis Inc. COM 74340W103 363,356 3,645,956 SH   DFND 1 2,462,625 0 1,183,331
PS Business Parks Inc. COM 69360J107 8,672 65,267 SH   SOLE   49,367 0 15,900
Public Service Enterprise Grou COM 744573106 22,195 380,709 SH   DFND 1 380,709 0 0
Public Storage COM 74460D109 32,740 141,775 SH   SOLE   0 0 141,775
QTS Realty Trust Inc COM 74736A103 30,035 485,370 SH   DFND 1 278,176 0 207,194
Realty Income Corp COM 756109104 20,323 326,900 SH   SOLE   0 0 326,900
Regency Centers Corporation COM 758849103 46,883 1,028,352 SH   DFND 1 640,747 0 387,605
Retail Properties of America, COM 76131V202 34,499 4,030,225 SH   DFND 1 3,008,734 0 1,021,491
Rexford Industrial Realty, Inc COM 76169C100 4,155 84,605 SH   SOLE   0 0 84,605
Sempra Energy COM 816851109 12,872 101,025 SH   DFND 1 101,025 0 0
Simon Property Group Inc. COM 828806109 274,768 3,221,956 SH   DFND 1 2,328,410 0 893,546
Site Centers Corp COM 82981J109 25,508 2,520,574 SH   DFND 1 1,719,919 0 800,655
Spirit Realty Capital Inc. COM 84860W300 69,095 1,720,060 SH   DFND 1 1,204,135 0 515,925
STAG Industrial, Inc. COM 85254J102 35,413 1,130,681 SH   DFND 1 809,194 0 321,487
STORE Capital Corp COM 862121100 74,899 2,204,194 SH   SOLE   1,588,243 0 615,951
Sun Communities Inc. COM 866674104 32,392 213,177 SH   DFND 1 101,163 0 112,014
Targa Resources Corp. COM 87612G101 936 35,500 SH   SOLE   35,500 0 0
TC Energy Corp COM 87807B107 702 17,241 SH   DFND 1 17,241 0 0
TC Pipelines L.P. COM 87233Q108 483 16,400 SH   SOLE   16,400 0 0
Terreno Realty Corp COM 88146M101 3,423 58,500 SH   SOLE   0 0 58,500
UDR Inc. COM 902653104 45,075 1,172,910 SH   DFND 1 668,705 0 504,205
Union Pacific Corp COM 907818108 29,310 140,764 SH   DFND 1 140,764 0 0
Ventas Inc. COM 92276F100 117,632 2,398,685 SH   DFND 1 1,594,568 0 804,117
VEREIT Inc COM 92339V308 176,880 4,680,612 SH   DFND 1 3,407,458 0 1,273,154
Vici Properties Inc. COM 925652109 101,871 3,994,949 SH   DFND 1 3,104,476 0 890,473
Vornado Realty Trust COM 929042109 5,444 145,796 SH   SOLE   0 0 145,796
Washington REIT COM 939653101 1,648 76,200 SH   SOLE   0 0 76,200
Weingarten Realty Investors COM 948741103 2,516 116,100 SH   SOLE   2,200 0 113,900
Welltower Inc. COM 95040Q104 107,239 1,659,537 SH   DFND 1 919,660 0 739,877
Weyerhaeuser Co. COM 962166104 11,411 340,326 SH   DFND 1 283,057 0 57,269
Williams Cos. COM 969457100 1,001 49,940 SH   SOLE   49,940 0 0
WP Carey Inc. COM 92936U109 11,420 161,800 SH   SOLE   0 0 161,800