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
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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 6,026 295,224 SH   SOLE   254,196 0 41,028
AES Corporation COM 00130H105 51,518 2,256,578 SH   DFND 1 2,256,578 0 0
Agree Realty Corp COM 008492100 4,278 64,600 SH   SOLE   0 0 64,600
Alexander & Baldwin Inc. COM 014491104 8,532 363,986 SH   DFND 1 281,725 0 82,261
Alexandria Real Estate Equitie COM 015271109 82,330 430,891 SH   DFND 1 256,623 0 174,268
Alliant Energy Corporation COM 018802108 20,308 362,765 SH   DFND 1 362,765 0 0
Ameren Corp. COM 023608102 54,909 677,884 SH   DFND 1 677,884 0 0
American Campus Communities COM 024835100 6,300 130,025 SH   SOLE   0 0 130,025
American Electric Power Co. In COM 025537101 82,951 1,021,812 SH   DFND 1 1,021,812 0 0
American Homes 4 Rent COM 02665T306 9,989 262,039 SH   SOLE   0 0 262,039
American Tower Corp. COM 03027X100 287,086 1,081,671 SH   DFND 1 1,009,185 0 72,486
Apartment Income REIT Co COM 03750L109 63,288 1,296,613 SH   DFND 1 857,167 0 439,446
Apple Hospitality REIT Inc COM 03784Y200 14,736 936,799 SH   DFND 1 489,897 0 446,902
AvalonBay Communities Inc. COM 053484101 37,229 167,972 SH   SOLE   0 0 167,972
Boston Properties Inc. COM 101121101 18,701 172,600 SH   SOLE   0 0 172,600
Brandywine Realty Trust SBI COM 105368203 12,463 928,661 SH   SOLE   377,261 0 551,400
Brixmor Property Group COM 11120U105 10,875 491,871 SH   SOLE   56,044 0 435,827
Camden Property Trust COM 133131102 179,639 1,218,141 SH   DFND 1 911,105 0 307,036
Cheniere Energy Inc. COM 16411R208 51,356 525,809 SH   DFND 1 525,809 0 0
CMS Energy Corporation COM 125896100 49,743 832,796 SH   DFND 1 832,796 0 0
Corporate Office Properties Tr COM 22002T108 8,980 332,855 SH   SOLE   0 0 332,855
Cousins Properties Inc. COM 222795502 4,889 131,100 SH   SOLE   0 0 131,100
Crestwood Equity Partners LP COM 226344208 457 16,100 SH   SOLE   16,100 0 0
Crown Castle International Cor COM 22822V101 162,499 937,567 SH   DFND 1 862,299 0 75,268
CubeSmart COM 229663109 179,047 3,695,491 SH   DFND 1 2,797,926 0 897,565
CyrusOne Inc. COM 23283R100 68,091 879,616 SH   DFND 1 546,956 0 332,660
DCP Midstream LP COM 23311P100 790 28,000 SH   SOLE   28,000 0 0
Diamondrock Hospitality COM 252784301 1,025 108,513 SH   SOLE   108,513 0 0
Digital Realty Trust Inc. COM 253868103 60,238 417,014 SH   SOLE   92,930 0 324,084
Dominion Energy Inc. COM 25746U109 50,584 692,736 SH   DFND 1 692,736 0 0
Duke Realty Corporation COM 264411505 240,187 5,017,488 SH   DFND 1 3,653,963 0 1,363,525
Eastgroup Properties COM 277276101 900 5,400 SH   SOLE   5,400 0 0
Enbridge Inc COM 29250N105 415 10,432 SH   SOLE   10,432 0 0
Energy Transfer LP COM 29273V100 1,683 175,677 SH   SOLE   175,677 0 0
Enterprise Products Partners L COM 293792107 1,576 72,839 SH   SOLE   72,839 0 0
Equinix Inc COM 29444U700 106,482 134,765 SH   DFND 1 112,737 0 22,028
Equity Lifestyle Properties COM 29472R108 13,601 174,153 SH   SOLE   9,188 0 164,965
Equity Residential COM 29476L107 34,052 420,813 SH   SOLE   0 0 420,813
Essex Property Trust Inc. COM 297178105 110,261 344,847 SH   DFND 1 196,080 0 148,767
Exelon Corp. COM 30161N101 60,424 1,249,986 SH   DFND 1 1,249,986 0 0
Extra Space Storage Inc. COM 30225T102 274,779 1,635,685 SH   DFND 1 1,144,377 0 491,308
Federal Realty Investment Trus COM 313747206 12,318 104,402 SH   SOLE   10,481 0 93,921
FirstEnergy Corp. COM 337932107 39,630 1,112,566 SH   DFND 1 1,112,566 0 0
Four Corners Property Trust COM 35086T109 20,238 753,460 SH   DFND 1 503,344 0 250,116
Getty Realty Corp. COM 374297109 10,336 352,643 SH   SOLE   292,303 0 60,340
HealthCare Realty Trust COM 421946104 1,814 60,900 SH   SOLE   0 0 60,900
Healthcare Trust of America In COM 42225P501 91,721 3,092,400 SH   DFND 1 2,286,201 0 806,199
Healthpeak Properties Inc. COM 42250P103 19,101 570,520 SH   SOLE   0 0 570,520
Hess Midstream LP COM 428103105 345 12,239 SH   SOLE   12,239 0 0
Highwoods Properties Inc. COM 431284108 2,011 45,843 SH   SOLE   0 0 45,843
Host Hotels & Resorts Inc. COM 44107P104 62,828 3,847,411 SH   SOLE   3,604,273 0 243,138
Hudson Pacific Properties COM 444097109 54,325 2,067,948 SH   DFND 1 1,495,922 0 572,026
Invitation Homes Inc COM 46187W107 190,350 4,966,090 SH   DFND 1 3,586,943 0 1,379,147
JBG Smith Properties COM 46590V100 3,024 102,138 SH   SOLE   0 0 102,138
Kansas City Southern COM 485170302 18,508 68,386 SH   DFND 1 68,386 0 0
Kilroy Realty Corp. COM 49427F108 6,687 101,000 SH   SOLE   0 0 101,000
Kimco Realty Corp. COM 49446R109 11,524 555,355 SH   SOLE   0 0 555,355
Kinder Morgan Inc. COM 49456B101 706 42,200 SH   SOLE   42,200 0 0
Lexington Realty Trust COM 529043101 4,973 390,037 SH   SOLE   13,237 0 376,800
Life Storage Inc COM 53223X107 69,842 608,695 SH   DFND 1 368,926 0 239,769
Magellan Midstream Partners L. COM 559080106 1,298 28,488 SH   SOLE   28,488 0 0
MGM Growth Properties LLC COM 55303A105 18,934 494,372 SH   DFND 1 309,608 0 184,764
Mid-America Apt. Comm. COM 59522J103 58,748 314,579 SH   SOLE   179,661 0 134,918
MPLX LP COM 55336V100 1,642 57,670 SH   SOLE   57,670 0 0
National Retail Properties Inc COM 637417106 76,353 1,767,842 SH   DFND 1 1,392,447 0 375,395
NexPoint Residential Trust, In COM 65341D102 13,130 212,182 SH   DFND 1 161,133 0 51,049
Nextera Energy Inc COM 65339F101 85,159 1,084,551 SH   DFND 1 1,084,551 0 0
NiSource Inc. COM 65473P105 34,164 1,409,975 SH   DFND 1 1,409,975 0 0
NuSTAR Energy L.P. COM 67058H102 645 41,000 SH   SOLE   41,000 0 0
ONEOK Inc. COM 682680103 1,366 23,550 SH   SOLE   23,550 0 0
Outfront Media Inc. COM 69007J106 2,139 84,894 SH   SOLE   84,894 0 0
Paramount Group Inc COM 69924R108 12,886 1,433,407 SH   DFND 1 1,095,581 0 337,826
Park Hotels & Resorts Inc COM 700517105 19,705 1,029,535 SH   DFND 1 633,944 0 395,591
Pebblebrook Hotel Trust COM 70509V100 22,031 983,090 SH   SOLE   899,076 0 84,014
Pembina Pipeline Corp COM 706327103 344 10,840 SH   DFND 1 10,840 0 0
Phillips 66 Partners LP COM 718549207 430 12,000 SH   SOLE   12,000 0 0
Physicians Realty Trust COM 71943U104 13,826 784,703 SH   SOLE   605,103 0 179,600
Piedmont Office Realty Trust I COM 720190206 52,673 3,021,974 SH   DFND 1 2,278,814 0 743,160
Plains All American Pipeline, COM 726503105 1,180 115,987 SH   SOLE   115,987 0 0
ProLogis Inc. COM 74340W103 474,393 3,782,132 SH   DFND 1 2,446,426 0 1,335,706
PS Business Parks Inc. COM 69360J107 6,204 39,580 SH   SOLE   26,680 0 12,900
Public Service Enterprise Grou COM 744573106 51,961 853,225 SH   DFND 1 853,225 0 0
Public Storage COM 74460D109 43,160 145,271 SH   SOLE   1,069 0 144,202
Realty Income Corp COM 756109104 42,399 653,700 SH   SOLE   271,200 0 382,500
Regency Centers Corporation COM 758849103 119,728 1,778,226 SH   DFND 1 1,188,124 0 590,102
Retail Opportunity Investments COM 76131N101 7,667 440,108 SH   SOLE   440,108 0 0
Rexford Industrial Realty, Inc COM 76169C100 31,468 554,506 SH   DFND 1 412,557 0 141,949
Simon Property Group Inc. COM 828806109 367,728 2,829,326 SH   DFND 1 1,965,415 0 863,911
Site Centers Corp COM 82981J109 42,998 2,784,814 SH   DFND 1 2,007,100 0 777,714
Spirit Realty Capital Inc. COM 84860W300 76,608 1,663,946 SH   DFND 1 1,210,977 0 452,969
STAG Industrial, Inc. COM 85254J102 29,164 743,021 SH   DFND 1 428,735 0 314,286
STORE Capital Corp COM 862121100 8,249 257,552 SH   SOLE   0 0 257,552
Sun Communities Inc. COM 866674104 161,769 873,954 SH   DFND 1 646,102 0 227,852
Sunstone Hotel Investors Inc. COM 867892101 59,259 4,963,072 SH   DFND 1 3,883,809 0 1,079,263
Targa Resources Corp. COM 87612G101 1,373 27,900 SH   SOLE   27,900 0 0
TC Energy Corp COM 87807B107 587 12,205 SH   DFND 1 12,205 0 0
UDR Inc. COM 902653104 71,911 1,357,319 SH   DFND 1 731,806 0 625,513
Union Pacific Corp COM 907818108 71,035 362,403 SH   DFND 1 362,403 0 0
Urban Edge Properties COM 91704F104 718 39,194 SH   SOLE   39,194 0 0
Ventas Inc. COM 92276F100 141,036 2,554,534 SH   DFND 1 1,563,075 0 991,459
VEREIT Inc COM 92339V308 124,911 2,761,681 SH   DFND 1 1,797,783 0 963,898
Washington REIT COM 939653101 1,960 79,200 SH   SOLE   0 0 79,200
WEC Energy Group Inc. COM 92939U106 34,195 387,704 SH   DFND 1 387,704 0 0
Welltower Inc. COM 95040Q104 120,257 1,459,434 SH   DFND 1 825,779 0 633,655
Weyerhaeuser Co. COM 962166104 44,285 1,245,004 SH   DFND 1 1,018,633 0 226,371
Williams Cos. COM 969457100 24,916 960,523 SH   DFND 1 960,523 0 0
WP Carey Inc. COM 92936U109 12,614 172,700 SH   SOLE   0 0 172,700
Xenia Hotels & Resorts Inc COM 984017103 19,973 1,125,893 SH   DFND 1 842,941 0 282,952