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 19,229 875,657 SH   DFND 1 621,049 0 254,608
AES Corporation COM 00130H105 33,961 1,302,690 SH   DFND 1 1,302,690 0 0
Agree Realty Corp COM 008492100 4,554 64,600 SH   SOLE   0 0 64,600
Alexandria Real Estate Equitie COM 015271109 105,817 581,603 SH   DFND 1 385,268 0 196,335
Alliant Energy Corporation COM 018802108 40,113 719,395 SH   DFND 1 719,395 0 0
Ameren Corp. COM 023608102 43,961 549,238 SH   DFND 1 549,238 0 0
American Campus Communities COM 024835100 6,026 128,973 SH   SOLE   0 0 128,973
American Electric Power Co. In COM 025537101 66,968 791,677 SH   DFND 1 791,677 0 0
American Homes 4 Rent COM 02665T306 2,383 61,339 SH   SOLE   0 0 61,339
American Tower Corp. COM 03027X100 303,537 1,123,629 SH   DFND 1 1,067,355 0 56,274
Apartment Income REIT Co COM 03750L109 92,037 1,940,479 SH   DFND 1 1,404,753 0 535,726
Apple Hospitality REIT Inc COM 03784Y200 16,859 1,104,800 SH   DFND 1 603,941 0 500,859
AvalonBay Communities Inc. COM 053484101 35,054 167,972 SH   SOLE   0 0 167,972
Boston Properties Inc. COM 101121101 17,387 151,731 SH   SOLE   0 0 151,731
Brandywine Realty Trust SBI COM 105368203 26,864 1,959,451 SH   SOLE   975,008 0 984,443
Brixmor Property Group COM 11120U105 84,408 3,687,545 SH   DFND 1 2,593,171 0 1,094,374
Camden Property Trust COM 133131102 168,174 1,267,612 SH   DFND 1 958,806 0 308,806
Cheniere Energy Inc. COM 16411R208 34,218 394,493 SH   DFND 1 394,493 0 0
CMS Energy Corporation COM 125896100 33,677 570,023 SH   DFND 1 570,023 0 0
Columbia Property Trust, Inc. COM 198287203 23,005 1,322,863 SH   DFND 1 1,016,241 0 306,622
Corporate Office Properties Tr COM 22002T108 6,518 232,855 SH   SOLE   0 0 232,855
Cousins Properties Inc. COM 222795502 4,822 131,100 SH   SOLE   0 0 131,100
Crestwood Equity Partners LP COM 226344208 492 16,400 SH   SOLE   16,400 0 0
Crown Castle International Cor COM 22822V101 172,043 881,821 SH   DFND 1 789,338 0 92,483
CubeSmart COM 229663109 168,482 3,637,343 SH   DFND 1 2,735,368 0 901,975
CyrusOne Inc. COM 23283R100 52,246 730,511 SH   DFND 1 431,212 0 299,299
DCP Midstream LP COM 23311P100 878 28,600 SH   SOLE   28,600 0 0
Diamondrock Hospitality COM 252784301 1,070 110,314 SH   SOLE   110,314 0 0
Digital Realty Trust Inc. COM 253868103 45,072 299,564 SH   SOLE   14,900 0 284,664
Dominion Energy Inc. COM 25746U109 33,570 456,304 SH   DFND 1 456,304 0 0
Duke Realty Corporation COM 264411505 226,961 4,793,264 SH   DFND 1 3,511,716 0 1,281,548
Eastgroup Properties COM 277276101 740 4,500 SH   SOLE   4,500 0 0
Enbridge Inc COM 29250N105 548 13,680 SH   SOLE   13,680 0 0
Energy Transfer LP COM 29273V100 1,920 180,577 SH   SOLE   180,577 0 0
Enterprise Products Partners L COM 293792107 1,801 74,639 SH   SOLE   74,639 0 0
Equinix Inc COM 29444U700 70,061 87,293 SH   DFND 1 67,528 0 19,765
Equity Lifestyle Properties COM 29472R108 12,095 162,765 SH   SOLE   0 0 162,765
Equity Residential COM 29476L107 28,039 364,146 SH   SOLE   0 0 364,146
Essential Utilities COM 29670G102 14,435 315,854 SH   DFND 1 315,854 0 0
Essex Property Trust Inc. COM 297178105 71,161 237,196 SH   DFND 1 106,225 0 130,971
Exelon Corp. COM 30161N101 40,174 906,665 SH   DFND 1 906,665 0 0
Extra Space Storage Inc. COM 30225T102 264,737 1,616,025 SH   DFND 1 1,137,113 0 478,912
Federal Realty Investment Trus COM 313747206 10,341 88,258 SH   SOLE   0 0 88,258
FirstEnergy Corp. COM 337932107 30,928 831,169 SH   DFND 1 831,169 0 0
Four Corners Property Trust COM 35086T109 18,798 680,841 SH   DFND 1 465,361 0 215,480
Getty Realty Corp. COM 374297109 10,412 334,260 SH   SOLE   274,012 0 60,248
HealthCare Realty Trust COM 421946104 1,839 60,900 SH   SOLE   0 0 60,900
Healthcare Trust of America In COM 42225P501 89,129 3,338,158 SH   DFND 1 2,466,746 0 871,412
Healthpeak Properties Inc. COM 42250P103 18,993 570,520 SH   SOLE   0 0 570,520
Hess Midstream LP COM 428103105 359 14,226 SH   SOLE   14,226 0 0
Highwoods Properties Inc. COM 431284108 39,330 870,718 SH   DFND 1 623,124 0 247,594
Host Hotels & Resorts Inc. COM 44107P104 41,960 2,455,264 SH   SOLE   2,335,772 0 119,492
Hudson Pacific Properties COM 444097109 71,865 2,583,200 SH   DFND 1 1,950,084 0 633,116
Invitation Homes Inc COM 46187W107 137,503 3,687,409 SH   DFND 1 2,589,592 0 1,097,817
JBG Smith Properties COM 46590V100 3,168 100,543 SH   SOLE   0 0 100,543
Kansas City Southern COM 485170302 32,341 114,130 SH   DFND 1 114,130 0 0
Kilroy Realty Corp. COM 49427F108 7,848 112,700 SH   SOLE   0 0 112,700
Kimco Realty Corp. COM 49446R109 7,819 375,000 SH   SOLE   0 0 375,000
Kinder Morgan Inc. COM 49456B101 1,154 63,300 SH   SOLE   63,300 0 0
Lexington Realty Trust COM 529043101 3,026 253,200 SH   SOLE   0 0 253,200
Life Storage Inc COM 53223X107 60,055 559,436 SH   DFND 1 350,090 0 209,346
Magellan Midstream Partners L. COM 559080106 1,530 31,288 SH   SOLE   31,288 0 0
MGM Growth Properties LLC COM 55303A105 86,603 2,364,909 SH   DFND 1 1,794,550 0 570,359
Mid-America Apt. Comm. COM 59522J103 159,645 947,900 SH   DFND 1 666,923 0 280,977
MPLX LP COM 55336V100 1,823 61,570 SH   SOLE   61,570 0 0
National Retail Properties Inc COM 637417106 27,306 582,457 SH   SOLE   462,638 0 119,819
National Storage Affiliates Tr COM 637870106 3,382 66,900 SH   SOLE   0 0 66,900
Netstreit Corp COM 64119V303 13,253 574,714 SH   DFND 1 368,395 0 206,319
Nextera Energy Inc COM 65339F101 62,856 857,756 SH   DFND 1 857,756 0 0
NiSource Inc. COM 65473P105 31,587 1,289,253 SH   DFND 1 1,289,253 0 0
NuSTAR Energy L.P. COM 67058H102 740 41,000 SH   SOLE   41,000 0 0
ONEOK Inc. COM 682680103 1,288 23,150 SH   SOLE   23,150 0 0
Outfront Media Inc. COM 69007J106 1,662 69,156 SH   SOLE   69,156 0 0
Paramount Group Inc COM 69924R108 905 89,900 SH   SOLE   0 0 89,900
Park Hotels & Resorts Inc COM 700517105 17,754 861,417 SH   DFND 1 527,282 0 334,135
Pebblebrook Hotel Trust COM 70509V100 23,949 1,016,957 SH   SOLE   927,263 0 89,694
Pembina Pipeline Corp COM 706327103 585 18,420 SH   DFND 1 18,420 0 0
Phillips 66 Partners LP COM 718549207 533 13,500 SH   SOLE   13,500 0 0
Physicians Realty Trust COM 71943U104 15,079 816,403 SH   SOLE   615,903 0 200,500
Piedmont Office Realty Trust I COM 720190206 68,523 3,709,945 SH   DFND 1 2,508,485 0 1,201,460
Plains All American Pipeline, COM 726503105 1,451 127,687 SH   SOLE   127,687 0 0
ProLogis Inc. COM 74340W103 478,796 4,005,654 SH   DFND 1 2,670,739 0 1,334,915
PS Business Parks Inc. COM 69360J107 8,492 57,350 SH   SOLE   44,450 0 12,900
Public Service Enterprise Grou COM 744573106 40,888 684,428 SH   DFND 1 684,428 0 0
Public Storage COM 74460D109 41,039 136,484 SH   SOLE   955 0 135,529
QTS Realty Trust Inc COM 74736A103 10,950 141,659 SH   SOLE   40,019 0 101,640
Realty Income Corp COM 756109104 23,806 356,700 SH   SOLE   0 0 356,700
Regency Centers Corporation COM 758849103 55,656 868,674 SH   DFND 1 478,646 0 390,028
Retail Opportunity Investments COM 76131N101 8,811 498,924 SH   SOLE   498,924 0 0
Simon Property Group Inc. COM 828806109 366,054 2,805,442 SH   DFND 1 1,966,959 0 838,483
Site Centers Corp COM 82981J109 49,125 3,261,935 SH   DFND 1 2,303,775 0 958,160
Spirit Realty Capital Inc. COM 84860W300 83,119 1,737,428 SH   DFND 1 1,320,163 0 417,265
STAG Industrial, Inc. COM 85254J102 35,641 952,194 SH   DFND 1 647,138 0 305,056
STORE Capital Corp COM 862121100 9,151 265,179 SH   SOLE   0 0 265,179
Sun Communities Inc. COM 866674104 32,644 190,453 SH   SOLE   75,917 0 114,536
Sunstone Hotel Investors Inc. COM 867892101 54,830 4,414,614 SH   DFND 1 3,733,076 0 681,538
Targa Resources Corp. COM 87612G101 1,360 30,600 SH   SOLE   30,600 0 0
TC Energy Corp COM 87807B107 850 17,167 SH   DFND 1 17,167 0 0
UDR Inc. COM 902653104 101,429 2,070,816 SH   DFND 1 1,250,478 0 820,338
Union Pacific Corp COM 907818108 61,901 281,456 SH   DFND 1 281,456 0 0
Urban Edge Properties COM 91704F104 1,102 57,710 SH   SOLE   57,710 0 0
Ventas Inc. COM 92276F100 141,582 2,479,551 SH   DFND 1 1,576,154 0 903,397
VEREIT Inc COM 92339V308 106,712 2,323,355 SH   DFND 1 1,475,107 0 848,248
Weingarten Realty Investors COM 948741103 3,589 111,900 SH   SOLE   0 0 111,900
Welltower Inc. COM 95040Q104 105,618 1,270,971 SH   DFND 1 614,137 0 656,834
Weyerhaeuser Co. COM 962166104 26,676 775,028 SH   DFND 1 585,746 0 189,282
Williams Cos. COM 969457100 1,222 46,040 SH   SOLE   46,040 0 0
WP Carey Inc. COM 92936U109 12,462 167,000 SH   SOLE   0 0 167,000
Xenia Hotels & Resorts Inc COM 984017103 17,945 958,092 SH   DFND 1 740,155 0 217,937