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 26,498 1,396,834 SH   DFND 1 1,005,832 0 391,002
AES Corporation COM 00130H105 26,784 999,022 SH   DFND 1 999,022 0 0
Agree Realty Corp COM 008492100 3,891 57,800 SH   SOLE   0 0 57,800
Alexandria Real Estate Equitie COM 015271109 128,217 780,383 SH   DFND 1 551,980 0 228,403
Alliant Energy Corporation COM 018802108 36,019 665,055 SH   DFND 1 665,055 0 0
Ameren Corp. COM 023608102 39,531 485,872 SH   DFND 1 485,872 0 0
American Campus Communities COM 024835100 5,498 127,351 SH   SOLE   0 0 127,351
American Electric Power Co. In COM 025537101 50,369 594,678 SH   DFND 1 594,678 0 0
American Homes 4 Rent COM 02665T306 4,642 139,239 SH   SOLE   0 0 139,239
American Tower Corp. COM 03027X100 251,281 1,051,123 SH   DFND 1 987,554 0 63,569
Apartment Income REIT Co COM 03750L109 118,602 2,773,660 SH   DFND 1 2,164,078 0 609,582
Apple Hospitality REIT Inc COM 03784Y200 18,756 1,287,278 SH   DFND 1 785,777 0 501,501
AvalonBay Communities Inc. COM 053484101 27,688 150,064 SH   SOLE   0 0 150,064
Boston Properties Inc. COM 101121101 13,877 137,040 SH   SOLE   0 0 137,040
Brandywine Realty Trust SBI COM 105368203 39,750 3,079,014 SH   DFND 1 1,970,189 0 1,108,825
Brixmor Property Group COM 11120U105 70,441 3,482,004 SH   DFND 1 2,445,447 0 1,036,557
Brookfield Infrastructure Part COM 11275Q107 4,478 84,100 SH   SOLE   84,100 0 0
Camden Property Trust COM 133131102 143,288 1,303,689 SH   DFND 1 1,011,293 0 292,396
Cheniere Energy Inc. COM 16411R208 24,429 339,243 SH   DFND 1 339,243 0 0
CMS Energy Corporation COM 125896100 28,003 457,416 SH   DFND 1 457,416 0 0
Columbia Property Trust, Inc. COM 198287203 18,139 1,060,760 SH   DFND 1 851,692 0 209,068
Corporate Office Properties Tr COM 22002T108 11,884 451,359 SH   SOLE   244,004 0 207,355
Cousins Properties Inc. COM 222795502 21,296 602,430 SH   SOLE   518,499 0 83,931
Crestwood Equity Partners LP COM 226344208 489 17,500 SH   SOLE   17,500 0 0
Crown Castle International Cor COM 22822V101 178,749 1,038,454 SH   DFND 1 937,256 0 101,198
CubeSmart COM 229663109 162,396 4,292,795 SH   DFND 1 3,314,270 0 978,525
CyrusOne Inc. COM 23283R100 35,651 526,451 SH   DFND 1 317,569 0 208,882
DCP Midstream LP COM 23311P100 658 30,400 SH   SOLE   30,400 0 0
Digital Realty Trust Inc. COM 253868103 45,331 321,864 SH   SOLE   30,000 0 291,864
Dominion Energy Inc. COM 25746U109 21,205 279,156 SH   DFND 1 279,156 0 0
Duke Realty Corporation COM 264411505 215,204 5,132,453 SH   DFND 1 3,939,496 0 1,192,957
Enbridge Inc COM 29250N105 516 14,180 SH   SOLE   14,180 0 0
Energy Transfer LP COM 29273V100 1,632 212,477 SH   SOLE   212,477 0 0
Enterprise Products Partners L COM 293792107 1,703 77,339 SH   SOLE   77,339 0 0
Equinix Inc COM 29444U700 61,152 89,984 SH   DFND 1 73,102 0 16,882
Equity Lifestyle Properties COM 29472R108 10,269 161,365 SH   SOLE   0 0 161,365
Equity Residential COM 29476L107 33,742 471,061 SH   SOLE   83,191 0 387,870
Essential Utilities COM 29670G102 21,050 470,385 SH   DFND 1 470,385 0 0
Essex Property Trust Inc. COM 297178105 18,987 69,846 SH   SOLE   0 0 69,846
Exelon Corp. COM 30161N101 29,612 677,003 SH   DFND 1 677,003 0 0
Extra Space Storage Inc. COM 30225T102 218,058 1,645,100 SH   DFND 1 1,176,441 0 468,659
Federal Realty Investment Trus COM 313747206 7,418 73,118 SH   SOLE   0 0 73,118
First Industrial Realty Trust COM 32054K103 1,667 36,400 SH   SOLE   0 0 36,400
FirstEnergy Corp. COM 337932107 24,548 707,634 SH   DFND 1 707,634 0 0
Four Corners Property Trust COM 35086T109 14,219 518,925 SH   SOLE   334,440 0 184,485
Getty Realty Corp. COM 374297109 6,281 221,798 SH   SOLE   221,798 0 0
HealthCare Realty Trust COM 421946104 2,783 91,800 SH   SOLE   0 0 91,800
Healthcare Trust of America In COM 42225P501 98,642 3,576,575 SH   DFND 1 2,673,951 0 902,624
Healthpeak Properties Inc. COM 42250P103 17,512 551,722 SH   SOLE   0 0 551,722
Hess Midstream LP COM 428103105 339 15,100 SH   SOLE   15,100 0 0
Highwoods Properties Inc. COM 431284108 47,480 1,105,731 SH   DFND 1 839,507 0 266,224
Hilton Worldwide Holdings Inc. COM 43300A203 61,260 506,615 SH   SOLE   477,703 0 28,912
Hudson Pacific Properties COM 444097109 75,743 2,791,864 SH   DFND 1 2,152,355 0 639,509
Invitation Homes Inc COM 46187W107 82,414 2,576,245 SH   DFND 1 1,744,894 0 831,351
JBG Smith Properties COM 46590V100 3,196 100,543 SH   SOLE   0 0 100,543
Kansas City Southern COM 485170302 31,561 119,586 SH   DFND 1 119,586 0 0
Kilroy Realty Corp. COM 49427F108 37,658 573,794 SH   DFND 1 282,739 0 291,055
Kimco Realty Corp. COM 49446R109 7,365 392,800 SH   SOLE   0 0 392,800
Kinder Morgan Inc. COM 49456B101 9,022 541,838 SH   DFND 1 541,838 0 0
Lexington Realty Trust COM 529043101 2,813 253,200 SH   SOLE   0 0 253,200
Life Storage Inc COM 53223X107 111,624 1,298,707 SH   DFND 1 1,007,500 0 291,207
Magellan Midstream Partners L. COM 559080106 1,508 34,788 SH   SOLE   34,788 0 0
Marriott International Inc. COM 571903202 6,289 42,463 SH   DFND 1 27,947 0 14,516
Medical Properties Trust COM 58463J304 3,718 174,700 SH   SOLE   0 0 174,700
MGM Growth Properties LLC COM 55303A105 85,499 2,621,067 SH   DFND 1 2,026,120 0 594,947
Mid-America Apt. Comm. COM 59522J103 145,138 1,005,392 SH   DFND 1 711,185 0 294,207
MPLX LP COM 55336V100 1,634 63,770 SH   SOLE   63,770 0 0
National Retail Properties Inc COM 637417106 2,217 50,300 SH   SOLE   0 0 50,300
National Storage Affiliates Tr COM 637870106 2,468 61,800 SH   SOLE   0 0 61,800
Netstreit Corp COM 64119V303 10,118 547,206 SH   DFND 1 378,152 0 169,054
Nextera Energy Inc COM 65339F101 49,237 651,195 SH   DFND 1 651,195 0 0
NiSource Inc. COM 65473P105 23,664 981,521 SH   DFND 1 981,521 0 0
Norfolk Southern Corp COM 655844108 6,990 26,030 SH   DFND 1 26,030 0 0
NuSTAR Energy L.P. COM 67058H102 716 41,900 SH   SOLE   41,900 0 0
ONEOK Inc. COM 682680103 1,218 24,050 SH   SOLE   24,050 0 0
Outfront Media Inc. COM 69007J106 1,531 70,113 SH   SOLE   70,113 0 0
Paramount Group Inc COM 69924R108 16,332 1,612,233 SH   DFND 1 1,132,204 0 480,029
Park Hotels & Resorts Inc COM 700517105 14,420 668,233 SH   DFND 1 398,975 0 269,258
Pebblebrook Hotel Trust COM 70509V100 15,842 652,182 SH   SOLE   575,418 0 76,764
Pembina Pipeline Corp COM 706327103 566 19,612 SH   DFND 1 19,612 0 0
Phillips 66 Partners LP COM 718549207 500 15,800 SH   SOLE   15,800 0 0
Physicians Realty Trust COM 71943U104 13,857 784,203 SH   SOLE   588,503 0 195,700
Piedmont Office Realty Trust I COM 720190206 66,192 3,810,734 SH   DFND 1 2,667,467 0 1,143,267
Plains All American Pipeline, COM 726503105 1,431 157,287 SH   SOLE   157,287 0 0
ProLogis Inc. COM 74340W103 429,605 4,052,878 SH   DFND 1 2,761,677 0 1,291,201
PS Business Parks Inc. COM 69360J107 8,955 57,934 SH   SOLE   41,734 0 16,200
Public Service Enterprise Grou COM 744573106 33,485 556,138 SH   DFND 1 556,138 0 0
Public Storage COM 74460D109 34,950 141,635 SH   SOLE   0 0 141,635
QTS Realty Trust Inc COM 74736A103 23,298 375,533 SH   DFND 1 179,627 0 195,906
Realty Income Corp COM 756109104 22,066 347,500 SH   SOLE   0 0 347,500
Regency Centers Corporation COM 758849103 39,536 697,162 SH   DFND 1 355,872 0 341,290
Retail Opportunity Investments COM 76131N101 6,275 395,424 SH   SOLE   395,424 0 0
Retail Properties of America, COM 76131V202 35,427 3,380,402 SH   DFND 1 2,489,810 0 890,592
Rexford Industrial Realty, Inc COM 76169C100 3,427 68,005 SH   SOLE   0 0 68,005
Sempra Energy COM 816851109 6,127 46,214 SH   DFND 1 46,214 0 0
Simon Property Group Inc. COM 828806109 354,903 3,119,477 SH   DFND 1 2,256,586 0 862,891
Site Centers Corp COM 82981J109 39,871 2,940,375 SH   DFND 1 1,952,235 0 988,140
SL Green Realty Corp. COM 78440X804 4,524 64,636 SH   SOLE   0 0 64,636
Spirit Realty Capital Inc. COM 84860W300 33,961 799,088 SH   SOLE   529,515 0 269,573
STAG Industrial, Inc. COM 85254J102 39,495 1,175,100 SH   DFND 1 837,238 0 337,862
STORE Capital Corp COM 862121100 60,312 1,800,347 SH   SOLE   1,343,750 0 456,597
Sun Communities Inc. COM 866674104 34,894 232,562 SH   SOLE   119,031 0 113,531
Targa Resources Corp. COM 87612G101 943 29,700 SH   SOLE   29,700 0 0
TC Energy Corp COM 87807B107 799 17,467 SH   DFND 1 17,467 0 0
UDR Inc. COM 902653104 67,320 1,534,894 SH   DFND 1 762,231 0 772,663
Union Pacific Corp COM 907818108 45,041 204,353 SH   DFND 1 204,353 0 0
Urban Edge Properties COM 91704F104 1,211 73,277 SH   SOLE   73,277 0 0
Ventas Inc. COM 92276F100 123,307 2,311,709 SH   DFND 1 1,505,592 0 806,117
VEREIT Inc COM 92339V308 170,402 4,412,284 SH   DFND 1 3,199,968 0 1,212,316
Vici Properties Inc. COM 925652109 29,079 1,029,725 SH   SOLE   917,554 0 112,171
Vornado Realty Trust COM 929042109 6,618 145,796 SH   SOLE   0 0 145,796
Weingarten Realty Investors COM 948741103 3,011 111,900 SH   SOLE   0 0 111,900
Welltower Inc. COM 95040Q104 39,189 547,110 SH   SOLE   62,106 0 485,004
Weyerhaeuser Co. COM 962166104 16,852 473,362 SH   DFND 1 418,267 0 55,095
Williams Cos. COM 969457100 1,126 47,540 SH   SOLE   47,540 0 0
WP Carey Inc. COM 92936U109 11,449 161,800 SH   SOLE   0 0 161,800