# EDGAR Filing Document

**Accession Number:** 0001725296
**File Stem:** 0001725296-23-000002
**Filing Date:** 2023-2
**Character Count:** 27103
**Document Hash:** 90f43eabee3bcec27cec6dcf2495d953
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001725296-23-000002.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001725296-23-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CENTERSQUARE INVESTMENT MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001725296
- **IRS NUMBER:** 822740442
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18741
- **FILM NUMBER:** 23620307

**BUSINESS ADDRESS:**
- **STREET 1:** 630 WEST GERMANTOWN PIKE
- **STREET 2:** SUITE 300
- **CITY:** PLYMOUTH MEETING
- **STATE:** PA
- **ZIP:** 19462
- **BUSINESS PHONE:** 6108349500

**MAIL ADDRESS:**
- **STREET 1:** 630 WEST GERMANTOWN PIKE
- **STREET 2:** SUITE 300
- **CITY:** PLYMOUTH MEETING
- **STATE:** PA
- **ZIP:** 19462

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CSIM Investment Management LLC
- **DATE OF NAME CHANGE:** 20171213

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** CENTERSQUARE INVESTMENT MANAGEMENT LLC<br>**Address:** 630 WEST GERMANTOWN PIKE<br>SUITE 300<br>PLYMOUTH MEETING, PA 19462

**Form 13F File Number:** 028-18741

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Michael Haynes<br>**Title:** Compliance Associate<br>**Phone:** 610-818-4657

**Signature, Place, and Date of Signing:**

Michael Haynes  Plymouth Meeting, PA  02-13-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 4

**Form 13F Information Table Entry Total:** 223

**Form 13F Information Table Value Total:** $8577140

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                                | Form 13F File Number   |
|:---|:---|:---|
|  | Apollo Real Estate Fund Adviser LLC | 028-17771              |
|  | BANK OF NEW YORK MELLON             | 028-02009              |
|  | BNY Mellon Investment Adviser Inc.  | 028-00127              |
|  | Bank of New York Mellon Corp        |  |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Acadia Realty Trust | COM | 004239109 |  | 50778135 | 3538546 | SH |  | DFND | 1 | 3538546 | 0 | 0 |
| Agree Realty Corp | COM | 008492100 |  | 184000000 | 2589203 | SH |  | DFND | 1 | 2589203 | 0 | 0 |
| Alexandria Real Estate Equitie | COM | 015271109 |  | 194000000 | 1333356 | SH |  | DFND | 1 | 1333356 | 0 | 0 |
| American Assets Trust | COM | 024013104 |  | 547755 | 20670 | SH |  | DFND | 1 | 20670 | 0 | 0 |
| American Homes 4 Rent | COM | 02665T306 |  | 123000000 | 4088695 | SH |  | DFND | 1 | 4088695 | 0 | 0 |
| American Tower Corp | COM | 03027X100 |  | 106000000 | 502031 | SH |  | DFND | 1 | 502031 | 0 | 0 |
| Americold Realty Trust Inc | COM | 03064D108 |  | 67061521 | 2368828 | SH |  | DFND | 1 | 2368828 | 0 | 0 |
| Apartment Income REIT Corp | COM | 03750L109 |  | 2116035 | 61674 | SH |  | DFND | 1 | 61674 | 0 | 0 |
| Apartment Investment and Manag | COM | 03748R747 |  | 554648 | 77900 | SH |  | DFND | 1 | 77900 | 0 | 0 |
| Apple Hospitality REIT Inc | COM | 03784Y200 |  | 17776722 | 1126535 | SH |  | DFND | 1 | 1126535 | 0 | 0 |
| Avalon Bay Communities | COM | 053484101 |  | 228000000 | 1409403 | SH |  | DFND | 1 | 1409403 | 0 | 0 |
| Boston Properties | COM | 101121101 |  | 12276380 | 181657 | SH |  | DFND | 1 | 181657 | 0 | 0 |
| Brandywine Realty Trust | COM | 105368203 |  | 703868 | 114450 | SH |  | DFND | 1 | 114450 | 0 | 0 |
| Brixmor Property Group Inc | COM | 11120U105 |  | 145000000 | 6398901 | SH |  | DFND | 1 | 6398901 | 0 | 0 |
| Broadstone Net Lease Inc | COM | 11135E203 |  | 75623232 | 4665221 | SH |  | DFND | 1 | 4665221 | 0 | 0 |
| Camden Property Trust | COM | 133131102 |  | 11410306 | 101987 | SH |  | DFND | 1 | 101987 | 0 | 0 |
| Corporate Office Properties Tr | COM | 22002T108 |  | 3030337 | 116821 | SH |  | DFND | 1 | 116821 | 0 | 0 |
| Cousins Properties Inc | COM | 222795502 |  | 54201174 | 2143186 | SH |  | DFND | 1 | 2143186 | 0 | 0 |
| Crown Castle Intl Corp | COM | 22822V101 |  | 63897291 | 471080 | SH |  | DFND | 1 | 471080 | 0 | 0 |
| Cubesmart | COM | 229663109 |  | 38859765 | 965460 | SH |  | DFND | 1 | 965460 | 0 | 0 |
| DiamondRock Hospitality Co | COM | 252784301 |  | 15548854 | 1898517 | SH |  | DFND | 1 | 1898517 | 0 | 0 |
| Digital Realty Trust Inc | COM | 253868103 |  | 295000000 | 2940568 | SH |  | DFND | 1 | 2940568 | 0 | 0 |
| DigitalBridge Group Inc | COM | 25401T603 |  | 738450 | 67500 | SH |  | DFND | 1 | 67500 | 0 | 0 |
| Douglas Emmett Inc | COM | 25960P109 |  | 53632970 | 3420470 | SH |  | DFND | 1 | 3420470 | 0 | 0 |
| EastGroup Properties Inc | COM | 277276101 |  | 5771083 | 38978 | SH |  | DFND | 1 | 38978 | 0 | 0 |
| Empire State Realty Trust | COM | 292104106 |  | 541357 | 80320 | SH |  | DFND | 1 | 80320 | 0 | 0 |
| Equinix Inc | COM | 29444U700 |  | 339000000 | 517450 | SH |  | DFND | 1 | 517450 | 0 | 0 |
| Equity Lifestyle Properties | COM | 29472R108 |  | 11750094 | 181890 | SH |  | DFND | 1 | 181890 | 0 | 0 |
| Equity Residential Properties | COM | 29476L107 |  | 246000000 | 4169519 | SH |  | DFND | 1 | 4169519 | 0 | 0 |
| Essential Properties Realty | COM | 29670E107 |  | 200199 | 8530 | SH |  | DFND | 1 | 8530 | 0 | 0 |
| Essex Property Trust Inc | COM | 297178105 |  | 45271198 | 213624 | SH |  | DFND | 1 | 213624 | 0 | 0 |
| Extra Space Storage Inc | COM | 30225T102 |  | 53524215 | 363665 | SH |  | DFND | 1 | 363665 | 0 | 0 |
| Federal Realty Investment Trus | COM | 313745101 |  | 4052310 | 40106 | SH |  | DFND | 1 | 40106 | 0 | 0 |
| First Industrial Realty Trust | COM | 32054K103 |  | 146000000 | 3031367 | SH |  | DFND | 1 | 3031367 | 0 | 0 |
| Four Corners Property Trust | COM | 35086T109 |  | 31312186 | 1207566 | SH |  | DFND | 1 | 1207566 | 0 | 0 |
| Healthcare Realty Trust Inc | COM | 42226K105 |  | 3962336 | 205622 | SH |  | DFND | 1 | 205622 | 0 | 0 |
| Healthpeak Properties Inc | COM | 42250P103 |  | 66580354 | 2655778 | SH |  | DFND | 1 | 2655778 | 0 | 0 |
| Highwoods Properties Inc | COM | 431284108 |  | 52633458 | 1881110 | SH |  | DFND | 1 | 1881110 | 0 | 0 |
| Host Hotels  Resorts Inc | COM | 44107P104 |  | 69238833 | 4313946 | SH |  | DFND | 1 | 4313946 | 0 | 0 |
| Hudson Pacific Properties | COM | 444097109 |  | 641985 | 65980 | SH |  | DFND | 1 | 65980 | 0 | 0 |
| IHS Holding Ltd | COM | G4701H109 |  | 984000 | 160000 | SH |  | DFND | 1 | 160000 | 0 | 0 |
| Independence Realty Trust Inc | COM | 45378A106 |  | 2508768 | 148800 | SH |  | DFND | 1 | 148800 | 0 | 0 |
| Invitation Homes Inc | COM | 46187W107 |  | 259000000 | 8734967 | SH |  | DFND | 1 | 8734967 | 0 | 0 |
| JBG Smith Properties | COM | 46590V100 |  | 774802 | 40822 | SH |  | DFND | 1 | 40822 | 0 | 0 |
| Kilroy Realty Corporation | COM | 49427F108 |  | 103000000 | 2653330 | SH |  | DFND | 1 | 2653330 | 0 | 0 |
| Kimco Realty Corp | COM | 49446R109 |  | 7737118 | 365303 | SH |  | DFND | 1 | 365303 | 0 | 0 |
| Kite Realty Group Trust | COM | 49803T300 |  | 2479732 | 117802 | SH |  | DFND | 1 | 117802 | 0 | 0 |
| Life Storage Inc | COM | 53223X107 |  | 145000000 | 1472562 | SH |  | DFND | 1 | 1472562 | 0 | 0 |
| LXP Industrial Trust | COM | 529043101 |  | 1461918 | 145900 | SH |  | DFND | 1 | 145900 | 0 | 0 |
| Medical Properties Trust Inc | COM | 58463J304 |  | 95232440 | 8548693 | SH |  | DFND | 1 | 8548693 | 0 | 0 |
| Mid-America Apartment Communit | COM | 59522J103 |  | 118000000 | 750728 | SH |  | DFND | 1 | 750728 | 0 | 0 |
| National Retail Properties | COM | 637417106 |  | 4737579 | 103531 | SH |  | DFND | 1 | 103531 | 0 | 0 |
| NetSTREIT Corp | COM | 64119V303 |  | 605990 | 33060 | SH |  | DFND | 1 | 33060 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 1734700 | 20750 | SH |  | DFND | 1 | 20750 | 0 | 0 |
| Omega Healthcare Investors Inc | COM | 681936100 |  | 14874599 | 532186 | SH |  | DFND | 1 | 532186 | 0 | 0 |
| Outfront Media Inc | COM | 69007J106 |  | 17568035 | 1059592 | SH |  | DFND | 1 | 1059592 | 0 | 0 |
| Park Hotels  Resorts Inc | COM | 700517105 |  | 25915104 | 2198058 | SH |  | DFND | 1 | 2198058 | 0 | 0 |
| Phillips Edison  Company Inc | COM | 71844V201 |  | 24509859 | 769782 | SH |  | DFND | 1 | 769782 | 0 | 0 |
| Physicians Realty Trust | COM | 71943U104 |  | 1397788 | 96599 | SH |  | DFND | 1 | 96599 | 0 | 0 |
| Piedmont Office Realty Trust I | COM | 720190206 |  | 423122 | 46142 | SH |  | DFND | 1 | 46142 | 0 | 0 |
| Prologis Trust | COM | 74340W103 |  | 695000000 | 6167978 | SH |  | DFND | 1 | 6167978 | 0 | 0 |
| Public Storage Inc | COM | 74460D109 |  | 314000000 | 1121890 | SH |  | DFND | 1 | 1121890 | 0 | 0 |
| Radius Global Infrastructure I | COM | 750481103 |  | 1418400 | 120000 | SH |  | DFND | 1 | 120000 | 0 | 0 |
| Realty Income Corp | COM | 756109104 |  | 301000000 | 4742678 | SH |  | DFND | 1 | 4742678 | 0 | 0 |
| Regency Centers Corp | COM | 758849103 |  | 85178438 | 1362855 | SH |  | DFND | 1 | 1362855 | 0 | 0 |
| Retail Opportunity Investments | COM | 76131N101 |  | 1256207 | 83580 | SH |  | DFND | 1 | 83580 | 0 | 0 |
| Rexford Industrial Realty | COM | 76169C100 |  | 114000000 | 2079230 | SH |  | DFND | 1 | 2079230 | 0 | 0 |
| RPT Realty | COM | 74971D101 |  | 54580010 | 5436256 | SH |  | DFND | 1 | 5436256 | 0 | 0 |
| Ryman Hospitality Properties | COM | 78377T107 |  | 2347168 | 28701 | SH |  | DFND | 1 | 28701 | 0 | 0 |
| Sabra Health Care REIT Inc | COM | 78573L106 |  | 69806507 | 5615970 | SH |  | DFND | 1 | 5615970 | 0 | 0 |
| SBA Communications Corp | COM | 78410G104 |  | 115000000 | 411873 | SH |  | DFND | 1 | 411873 | 0 | 0 |
| Simon Property Group Inc | COM | 828806109 |  | 209000000 | 1774845 | SH |  | DFND | 1 | 1774845 | 0 | 0 |
| Spirit Realty Capital | COM | 84860W300 |  | 38243836 | 957772 | SH |  | DFND | 1 | 957772 | 0 | 0 |
| STAG Industrial | COM | 85254J102 |  | 4329540 | 134000 | SH |  | DFND | 1 | 134000 | 0 | 0 |
| Sun Communities Inc | COM | 866674104 |  | 257000000 | 1795419 | SH |  | DFND | 1 | 1795419 | 0 | 0 |
| Terreno Realty Corp | COM | 88146M101 |  | 1892349 | 33275 | SH |  | DFND | 1 | 33275 | 0 | 0 |
| Tricon Residential Inc | COM | 89612W102 |  | 4225080 | 548000 | SH |  | DFND | 1 | 548000 | 0 | 0 |
| UDR Inc | COM | 902653104 |  | 178000000 | 4604586 | SH |  | DFND | 1 | 4604586 | 0 | 0 |
| UMH Properties Inc | COM | 903002103 |  | 454020 | 28200 | SH |  | DFND | 1 | 28200 | 0 | 0 |
| Urban Edge Properties | COM | 91704F104 |  | 20964835 | 1487923 | SH |  | DFND | 1 | 1487923 | 0 | 0 |
| Ventas Inc | COM | 92276F100 |  | 226000000 | 5012705 | SH |  | DFND | 1 | 5012705 | 0 | 0 |
| Veris Residential Inc | COM | 554489104 |  | 14775744 | 927542 | SH |  | DFND | 1 | 927542 | 0 | 0 |
| VICI Properties Inc | COM | 925652109 |  | 96250615 | 2970698 | SH |  | DFND | 1 | 2970698 | 0 | 0 |
| Welltower Inc | COM | 95040Q104 |  | 243000000 | 3700878 | SH |  | DFND | 1 | 3700878 | 0 | 0 |
| Weyerhaeuser Co | COM | 962166104 |  | 14048580 | 453180 | SH |  | DFND | 1 | 453180 | 0 | 0 |
| WP Carey Inc | COM | 92936U109 |  | 17703241 | 226529 | SH |  | DFND | 1 | 226529 | 0 | 0 |
| Xenia Hotels  Resorts Inc | COM | 984017103 |  | 59420910 | 4508415 | SH |  | DFND | 1 | 4508415 | 0 | 0 |
| Tricon Residential | COM | 89612W102 |  | 1133417 | 147100 | SH |  | DFND | 1 | 147100 | 0 | 0 |
| Acadia Realty Trust | COM | 004239109 |  | 11751359 | 818910 | SH |  | DFND | 2 | 818910 | 0 | 0 |
| Agree Realty Corp | COM | 008492100 |  | 36350206 | 512480 | SH |  | DFND | 2 | 512480 | 0 | 0 |
| Alexandria Real Estate Equitie | COM | 015271109 |  | 41416894 | 284320 | SH |  | DFND | 2 | 284320 | 0 | 0 |
| American Homes 4 Rent | COM | 02665T306 |  | 25116265 | 833320 | SH |  | DFND | 2 | 833320 | 0 | 0 |
| Americold Realty Trust Inc | COM | 03064D108 |  | 14271637 | 504120 | SH |  | DFND | 2 | 504120 | 0 | 0 |
| Apple Hospitality REIT Inc | COM | 03784Y200 |  | 6725752 | 426220 | SH |  | DFND | 2 | 426220 | 0 | 0 |
| Avalon Bay Communities | COM | 053484101 |  | 49413814 | 305930 | SH |  | DFND | 2 | 305930 | 0 | 0 |
| Brixmor Property Group Inc | COM | 11120U105 |  | 28853243 | 1272750 | SH |  | DFND | 2 | 1272750 | 0 | 0 |
| Broadstone Net Lease Inc | COM | 11135E203 |  | 18949652 | 1169010 | SH |  | DFND | 2 | 1169010 | 0 | 0 |
| Cousins Properties Inc | COM | 222795502 |  | 12228727 | 483540 | SH |  | DFND | 2 | 483540 | 0 | 0 |
| Cubesmart | COM | 229663109 |  | 8479065 | 210660 | SH |  | DFND | 2 | 210660 | 0 | 0 |
| DiamondRock Hospitality Co | COM | 252784301 |  | 5586563 | 682120 | SH |  | DFND | 2 | 682120 | 0 | 0 |
| Digital Realty Trust Inc | COM | 253868103 |  | 60283327 | 601210 | SH |  | DFND | 2 | 601210 | 0 | 0 |
| Douglas Emmett Inc | COM | 25960P109 |  | 12885824 | 821800 | SH |  | DFND | 2 | 821800 | 0 | 0 |
| Equinix Inc | COM | 29444U700 |  | 78200102 | 119384 | SH |  | DFND | 2 | 119384 | 0 | 0 |
| Equity Residential Properties | COM | 29476L107 |  | 49689210 | 842190 | SH |  | DFND | 2 | 842190 | 0 | 0 |
| Essex Property Trust Inc | COM | 297178105 |  | 10901165 | 51440 | SH |  | DFND | 2 | 51440 | 0 | 0 |
| Extra Space Storage Inc | COM | 30225T102 |  | 15339836 | 104225 | SH |  | DFND | 2 | 104225 | 0 | 0 |
| First Industrial Realty Trust | COM | 32054K103 |  | 32695185 | 677480 | SH |  | DFND | 2 | 677480 | 0 | 0 |
| Four Corners Property Trust | COM | 35086T109 |  | 10849112 | 418400 | SH |  | DFND | 2 | 418400 | 0 | 0 |
| Healthpeak Properties Inc | COM | 42250P103 |  | 18225639 | 726990 | SH |  | DFND | 2 | 726990 | 0 | 0 |
| Highwoods Properties Inc | COM | 431284108 |  | 13601358 | 486110 | SH |  | DFND | 2 | 486110 | 0 | 0 |
| Host Hotels  Resorts Inc | COM | 44107P104 |  | 16668407 | 1038530 | SH |  | DFND | 2 | 1038530 | 0 | 0 |
| Invitation Homes Inc | COM | 46187W107 |  | 47489801 | 1602220 | SH |  | DFND | 2 | 1602220 | 0 | 0 |
| Kilroy Realty Corporation | COM | 49427F108 |  | 22006478 | 569084 | SH |  | DFND | 2 | 569084 | 0 | 0 |
| Life Storage Inc | COM | 53223X107 |  | 27451261 | 278693 | SH |  | DFND | 2 | 278693 | 0 | 0 |
| Medical Properties Trust Inc | COM | 58463J304 |  | 20706252 | 1858730 | SH |  | DFND | 2 | 1858730 | 0 | 0 |
| Mid-America Apartment Communit | COM | 59522J103 |  | 25202861 | 160538 | SH |  | DFND | 2 | 160538 | 0 | 0 |
| Omega Healthcare Investors Inc | COM | 681936100 |  | 5131341 | 183590 | SH |  | DFND | 2 | 183590 | 0 | 0 |
| Outfront Media Inc | COM | 69007J106 |  | 6228841 | 375684 | SH |  | DFND | 2 | 375684 | 0 | 0 |
| Park Hotels  Resorts Inc | COM | 700517105 |  | 6031175 | 511550 | SH |  | DFND | 2 | 511550 | 0 | 0 |
| Phillips Edison  Company Inc | COM | 71844V201 |  | 7652744 | 240350 | SH |  | DFND | 2 | 240350 | 0 | 0 |
| Prologis Trust | COM | 74340W103 |  | 142000000 | 1257926 | SH |  | DFND | 2 | 1257926 | 0 | 0 |
| Public Storage Inc | COM | 74460D109 |  | 70238029 | 250680 | SH |  | DFND | 2 | 250680 | 0 | 0 |
| Realty Income Corp | COM | 756109104 |  | 68270343 | 1076310 | SH |  | DFND | 2 | 1076310 | 0 | 0 |
| Regency Centers Corp | COM | 758849103 |  | 19413125 | 310610 | SH |  | DFND | 2 | 310610 | 0 | 0 |
| Rexford Industrial Realty | COM | 76169C100 |  | 25534037 | 467314 | SH |  | DFND | 2 | 467314 | 0 | 0 |
| RPT Realty | COM | 74971D101 |  | 12840989 | 1278983 | SH |  | DFND | 2 | 1278983 | 0 | 0 |
| Sabra Health Care REIT Inc | COM | 78573L106 |  | 15264289 | 1228020 | SH |  | DFND | 2 | 1228020 | 0 | 0 |
| SBA Communications Corp | COM | 78410G104 |  | 14484739 | 51674 | SH |  | DFND | 2 | 51674 | 0 | 0 |
| Simon Property Group Inc | COM | 828806109 |  | 47873100 | 407500 | SH |  | DFND | 2 | 407500 | 0 | 0 |
| Spirit Realty Capital | COM | 84860W300 |  | 13094644 | 327940 | SH |  | DFND | 2 | 327940 | 0 | 0 |
| Sun Communities Inc | COM | 866674104 |  | 54101190 | 378330 | SH |  | DFND | 2 | 378330 | 0 | 0 |
| UDR Inc | COM | 902653104 |  | 32106008 | 828970 | SH |  | DFND | 2 | 828970 | 0 | 0 |
| Urban Edge Properties | COM | 91704F104 |  | 7332859 | 520430 | SH |  | DFND | 2 | 520430 | 0 | 0 |
| Ventas Inc | COM | 92276F100 |  | 46655672 | 1035642 | SH |  | DFND | 2 | 1035642 | 0 | 0 |
| Veris Residential Inc | COM | 554489104 |  | 4807770 | 301806 | SH |  | DFND | 2 | 301806 | 0 | 0 |
| VICI Properties Inc | COM | 925652109 |  | 28673028 | 884970 | SH |  | DFND | 2 | 884970 | 0 | 0 |
| Welltower Inc | COM | 95040Q104 |  | 53333184 | 813626 | SH |  | DFND | 2 | 813626 | 0 | 0 |
| Xenia Hotels  Resorts Inc | COM | 984017103 |  | 11389497 | 864150 | SH |  | DFND | 2 | 864150 | 0 | 0 |
| Acadia Realty Trust | COM | 004239109 |  | 1802848 | 125634 | SH |  | DFND | 3 | 125634 | 0 | 0 |
| Agree Realty Corp | COM | 008492100 |  | 6390084 | 90090 | SH |  | DFND | 3 | 90090 | 0 | 0 |
| Alexandria Real Estate Equitie | COM | 015271109 |  | 5896722 | 40480 | SH |  | DFND | 3 | 40480 | 0 | 0 |
| American Homes 4 Rent | COM | 02665T306 |  | 3794626 | 125900 | SH |  | DFND | 3 | 125900 | 0 | 0 |
| American Tower Corp | COM | 03027X100 |  | 3642297 | 17192 | SH |  | DFND | 3 | 17192 | 0 | 0 |
| Americold Realty Trust Inc | COM | 03064D108 |  | 2001517 | 70700 | SH |  | DFND | 3 | 70700 | 0 | 0 |
| Avalon Bay Communities | COM | 053484101 |  | 7646357 | 47340 | SH |  | DFND | 3 | 47340 | 0 | 0 |
| Brixmor Property Group Inc | COM | 11120U105 |  | 4208912 | 185660 | SH |  | DFND | 3 | 185660 | 0 | 0 |
| Broadstone Net Lease Inc | COM | 11135E203 |  | 2796549 | 172520 | SH |  | DFND | 3 | 172520 | 0 | 0 |
| Cousins Properties Inc | COM | 222795502 |  | 1828088 | 72285 | SH |  | DFND | 3 | 72285 | 0 | 0 |
| Crown Castle Intl Corp | COM | 22822V101 |  | 2125479 | 15670 | SH |  | DFND | 3 | 15670 | 0 | 0 |
| Cubesmart | COM | 229663109 |  | 1271095 | 31580 | SH |  | DFND | 3 | 31580 | 0 | 0 |
| DiamondRock Hospitality Co | COM | 252784301 |  | 166667 | 20350 | SH |  | DFND | 3 | 20350 | 0 | 0 |
| Digital Realty Trust Inc | COM | 253868103 |  | 8844817 | 88210 | SH |  | DFND | 3 | 88210 | 0 | 0 |
| Douglas Emmett Inc | COM | 25960P109 |  | 1997162 | 127370 | SH |  | DFND | 3 | 127370 | 0 | 0 |
| Equinix Inc | COM | 29444U700 |  | 9742916 | 14874 | SH |  | DFND | 3 | 14874 | 0 | 0 |
| Equity Residential Properties | COM | 29476L107 |  | 7293580 | 123620 | SH |  | DFND | 3 | 123620 | 0 | 0 |
| Essex Property Trust Inc | COM | 297178105 |  | 353906 | 1670 | SH |  | DFND | 3 | 1670 | 0 | 0 |
| Extra Space Storage Inc | COM | 30225T102 |  | 414017 | 2813 | SH |  | DFND | 3 | 2813 | 0 | 0 |
| First Industrial Realty Trust | COM | 32054K103 |  | 3589096 | 74370 | SH |  | DFND | 3 | 74370 | 0 | 0 |
| Four Corners Property Trust | COM | 35086T109 |  | 424474 | 16370 | SH |  | DFND | 3 | 16370 | 0 | 0 |
| Healthpeak Properties Inc | COM | 42250P103 |  | 458530 | 18290 | SH |  | DFND | 3 | 18290 | 0 | 0 |
| Highwoods Properties Inc | COM | 431284108 |  | 1796876 | 64220 | SH |  | DFND | 3 | 64220 | 0 | 0 |
| Host Hotels  Resorts Inc | COM | 44107P104 |  | 1904333 | 118650 | SH |  | DFND | 3 | 118650 | 0 | 0 |
| Invitation Homes Inc | COM | 46187W107 |  | 6832020 | 230500 | SH |  | DFND | 3 | 230500 | 0 | 0 |
| Kilroy Realty Corporation | COM | 49427F108 |  | 2940467 | 76040 | SH |  | DFND | 3 | 76040 | 0 | 0 |
| Life Storage Inc | COM | 53223X107 |  | 4643290 | 47140 | SH |  | DFND | 3 | 47140 | 0 | 0 |
| Medical Properties Trust Inc | COM | 58463J304 |  | 3330548 | 298972 | SH |  | DFND | 3 | 298972 | 0 | 0 |
| Mid-America Apartment Communit | COM | 59522J103 |  | 2558937 | 16300 | SH |  | DFND | 3 | 16300 | 0 | 0 |
| Park Hotels  Resorts Inc | COM | 700517105 |  | 1151294 | 97650 | SH |  | DFND | 3 | 97650 | 0 | 0 |
| Phillips Edison  Company Inc | COM | 71844V201 |  | 291654 | 9160 | SH |  | DFND | 3 | 9160 | 0 | 0 |
| Prologis Trust | COM | 74340W103 |  | 20082850 | 178150 | SH |  | DFND | 3 | 178150 | 0 | 0 |
| Public Storage Inc | COM | 74460D109 |  | 9257478 | 33040 | SH |  | DFND | 3 | 33040 | 0 | 0 |
| Realty Income Corp | COM | 756109104 |  | 9455510 | 149070 | SH |  | DFND | 3 | 149070 | 0 | 0 |
| Regency Centers Corp | COM | 758849103 |  | 2443125 | 39090 | SH |  | DFND | 3 | 39090 | 0 | 0 |
| Rexford Industrial Realty | COM | 76169C100 |  | 3318287 | 60730 | SH |  | DFND | 3 | 60730 | 0 | 0 |
| RPT Realty | COM | 74971D101 |  | 2169152 | 216051 | SH |  | DFND | 3 | 216051 | 0 | 0 |
| Sabra Health Care REIT Inc | COM | 78573L106 |  | 2596130 | 208860 | SH |  | DFND | 3 | 208860 | 0 | 0 |
| SBA Communications Corp | COM | 78410G104 |  | 4008433 | 14300 | SH |  | DFND | 3 | 14300 | 0 | 0 |
| Simon Property Group Inc | COM | 828806109 |  | 5514511 | 46940 | SH |  | DFND | 3 | 46940 | 0 | 0 |
| Spirit Realty Capital | COM | 84860W300 |  | 395706 | 9910 | SH |  | DFND | 3 | 9910 | 0 | 0 |
| Sun Communities Inc | COM | 866674104 |  | 7155720 | 50040 | SH |  | DFND | 3 | 50040 | 0 | 0 |
| UDR Inc | COM | 902653104 |  | 4756431 | 122810 | SH |  | DFND | 3 | 122810 | 0 | 0 |
| Urban Edge Properties | COM | 91704F104 |  | 189933 | 13480 | SH |  | DFND | 3 | 13480 | 0 | 0 |
| Ventas Inc | COM | 92276F100 |  | 7067759 | 156887 | SH |  | DFND | 3 | 156887 | 0 | 0 |
| VICI Properties Inc | COM | 925652109 |  | 683964 | 21110 | SH |  | DFND | 3 | 21110 | 0 | 0 |
| Welltower Inc | COM | 95040Q104 |  | 7356218 | 112223 | SH |  | DFND | 3 | 112223 | 0 | 0 |
| Weyerhaeuser Co | COM | 962166104 |  | 900860 | 29060 | SH |  | DFND | 3 | 29060 | 0 | 0 |
| Xenia Hotels  Resorts Inc | COM | 984017103 |  | 2294243 | 174070 | SH |  | DFND | 3 | 174070 | 0 | 0 |
| Acadia Realty Trust | COM | 004239109 |  | 2059354 | 143509 | SH |  | DFND | 4 | 143509 | 0 | 0 |
| Agree Realty Corp | COM | 008492100 |  | 6687280 | 94280 | SH |  | DFND | 4 | 94280 | 0 | 0 |
| Alexandria Real Estate Equitie | COM | 015271109 |  | 2665761 | 18300 | SH |  | DFND | 4 | 18300 | 0 | 0 |
| American Homes 4 Rent | COM | 02665T306 |  | 3074883 | 102020 | SH |  | DFND | 4 | 102020 | 0 | 0 |
| Americold Realty Trust Inc | COM | 03064D108 |  | 2049927 | 72410 | SH |  | DFND | 4 | 72410 | 0 | 0 |
| Avalon Bay Communities | COM | 053484101 |  | 8350584 | 51700 | SH |  | DFND | 4 | 51700 | 0 | 0 |
| Brixmor Property Group Inc | COM | 11120U105 |  | 4203245 | 185410 | SH |  | DFND | 4 | 185410 | 0 | 0 |
| Broadstone Net Lease Inc | COM | 11135E203 |  | 3112320 | 192000 | SH |  | DFND | 4 | 192000 | 0 | 0 |
| Cousins Properties Inc | COM | 222795502 |  | 2176736 | 86071 | SH |  | DFND | 4 | 86071 | 0 | 0 |
| Cubesmart | COM | 229663109 |  | 1007860 | 25040 | SH |  | DFND | 4 | 25040 | 0 | 0 |
| Digital Realty Trust Inc | COM | 253868103 |  | 9737220 | 97110 | SH |  | DFND | 4 | 97110 | 0 | 0 |
| Douglas Emmett Inc | COM | 25960P109 |  | 2158038 | 137630 | SH |  | DFND | 4 | 137630 | 0 | 0 |
| Equinix Inc | COM | 29444U700 |  | 10005583 | 15275 | SH |  | DFND | 4 | 15275 | 0 | 0 |
| Equity Residential Properties | COM | 29476L107 |  | 7995090 | 135510 | SH |  | DFND | 4 | 135510 | 0 | 0 |
| First Industrial Realty Trust | COM | 32054K103 |  | 3811816 | 78985 | SH |  | DFND | 4 | 78985 | 0 | 0 |
| Highwoods Properties Inc | COM | 431284108 |  | 1976339 | 70634 | SH |  | DFND | 4 | 70634 | 0 | 0 |
| Host Hotels  Resorts Inc | COM | 44107P104 |  | 1713498 | 106760 | SH |  | DFND | 4 | 106760 | 0 | 0 |
| Invitation Homes Inc | COM | 46187W107 |  | 7520261 | 253720 | SH |  | DFND | 4 | 253720 | 0 | 0 |
| Kilroy Realty Corporation | COM | 49427F108 |  | 3117498 | 80618 | SH |  | DFND | 4 | 80618 | 0 | 0 |
| Life Storage Inc | COM | 53223X107 |  | 5285412 | 53659 | SH |  | DFND | 4 | 53659 | 0 | 0 |
| Medical Properties Trust Inc | COM | 58463J304 |  | 3984188 | 357647 | SH |  | DFND | 4 | 357647 | 0 | 0 |
| Mid-America Apartment Communit | COM | 59522J103 |  | 2087967 | 13300 | SH |  | DFND | 4 | 13300 | 0 | 0 |
| Park Hotels  Resorts Inc | COM | 700517105 |  | 1389923 | 117890 | SH |  | DFND | 4 | 117890 | 0 | 0 |
| Prologis Trust | COM | 74340W103 |  | 21303715 | 188980 | SH |  | DFND | 4 | 188980 | 0 | 0 |
| Public Storage Inc | COM | 74460D109 |  | 9568489 | 34150 | SH |  | DFND | 4 | 34150 | 0 | 0 |
| Realty Income Corp | COM | 756109104 |  | 8982322 | 141610 | SH |  | DFND | 4 | 141610 | 0 | 0 |
| Regency Centers Corp | COM | 758849103 |  | 1880000 | 30080 | SH |  | DFND | 4 | 30080 | 0 | 0 |
| Rexford Industrial Realty | COM | 76169C100 |  | 3420464 | 62600 | SH |  | DFND | 4 | 62600 | 0 | 0 |
| RPT Realty | COM | 74971D101 |  | 2712507 | 270170 | SH |  | DFND | 4 | 270170 | 0 | 0 |
| Sabra Health Care REIT Inc | COM | 78573L106 |  | 3150881 | 253490 | SH |  | DFND | 4 | 253490 | 0 | 0 |
| Simon Property Group Inc | COM | 828806109 |  | 5768268 | 49100 | SH |  | DFND | 4 | 49100 | 0 | 0 |
| Sun Communities Inc | COM | 866674104 |  | 7117110 | 49770 | SH |  | DFND | 4 | 49770 | 0 | 0 |
| UDR Inc | COM | 902653104 |  | 5059300 | 130630 | SH |  | DFND | 4 | 130630 | 0 | 0 |
| Ventas Inc | COM | 92276F100 |  | 7617009 | 169079 | SH |  | DFND | 4 | 169079 | 0 | 0 |
| Welltower Inc | COM | 95040Q104 |  | 7894842 | 120440 | SH |  | DFND | 4 | 120440 | 0 | 0 |
| Xenia Hotels  Resorts Inc | COM | 984017103 |  | 2701373 | 204960 | SH |  | DFND | 4 | 204960 | 0 | 0 |

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