# EDGAR Filing Document

**Accession Number:** 0001725296
**File Stem:** 0001725296-25-000047
**Filing Date:** 2025-8
**Character Count:** 26533
**Document Hash:** 6e40e3502d5cef6b12ddb35075c28dc1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001725296-25-000047.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001725296-25-000047

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CENTERSQUARE INVESTMENT MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001725296

**ORGANIZATION NAME:**
- **EIN:** 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:** 251205557

**BUSINESS ADDRESS:**
- **STREET 1:** 161 WASHINGTON STREET
- **STREET 2:** SEVENTH FLOOR
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428
- **BUSINESS PHONE:** 6108349500

**MAIL ADDRESS:**
- **STREET 1:** 161 WASHINGTON STREET
- **STREET 2:** SEVENTH FLOOR
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428

**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:** 06-30-2025

**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:** 161 WASHINGTON STREET<br>SEVENTH FLOOR<br>CONSHOHOCKEN, PA 19428

**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:** Senior Associate Compliance  Risk Management<br>**Phone:** 610-818-4657

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

Michael Haynes  Conshohocken, PA  08-12-2025<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:** 219

**Form 13F Information Table Value Total:** $9641208175

      (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 |
| Agree Realty Corp | COM | 008492100 |  | 175254136 | 2398770 | SH |  | DFND | 1 | 2398770 | 0 | 0 |
| Alexandria Real Estate Equitie | COM | 015271109 |  | 34980642 | 481628 | SH |  | DFND | 1 | 481628 | 0 | 0 |
| American Healthcare REIT Inc | COM | 398182303 |  | 104893545 | 2855023 | SH |  | DFND | 1 | 2855023 | 0 | 0 |
| American Homes 4 Rent | COM | 02665T306 |  | 129664364 | 3594798 | SH |  | DFND | 1 | 3594798 | 0 | 0 |
| American Tower Corp | COM | 03027X100 |  | 91985651 | 416187 | SH |  | DFND | 1 | 416187 | 0 | 0 |
| Americold Realty Trust Inc | COM | 03064D108 |  | 52349494 | 3147895 | SH |  | DFND | 1 | 3147895 | 0 | 0 |
| Apple Hospitality REIT Inc | COM | 03784Y200 |  | 12175101 | 1043282 | SH |  | DFND | 1 | 1043282 | 0 | 0 |
| Avalon Bay Communities | COM | 053484101 |  | 23563265 | 115790 | SH |  | DFND | 1 | 115790 | 0 | 0 |
| Brixmor Property Group Inc | COM | 11120U105 |  | 233684679 | 8974066 | SH |  | DFND | 1 | 8974066 | 0 | 0 |
| Broadstone Net Lease Inc | COM | 11135E203 |  | 65146035 | 4058943 | SH |  | DFND | 1 | 4058943 | 0 | 0 |
| BXP Inc | COM | 101121101 |  | 119858431 | 1776470 | SH |  | DFND | 1 | 1776470 | 0 | 0 |
| Camden Property Trust | COM | 133131102 |  | 257583985 | 2285775 | SH |  | DFND | 1 | 2285775 | 0 | 0 |
| CBRE Group Inc - A | COM | 12504L109 |  | 1280697 | 9140 | SH |  | DFND | 1 | 9140 | 0 | 0 |
| Centerspace | COM | 15202L107 |  | 878774 | 14600 | SH |  | DFND | 1 | 14600 | 0 | 0 |
| COPT Defense Properties | COM | 22002T108 |  | 1944390 | 70500 | SH |  | DFND | 1 | 70500 | 0 | 0 |
| Corp Inmobiliaria Vesta SAB | COM | 92540K109 |  | 6823452 | 249122 | SH |  | DFND | 1 | 249122 | 0 | 0 |
| Cousins Properties Inc | COM | 222795502 |  | 140635625 | 4683171 | SH |  | DFND | 1 | 4683171 | 0 | 0 |
| Crown Castle Intl Corp | COM | 22822V101 |  | 5687133 | 55360 | SH |  | DFND | 1 | 55360 | 0 | 0 |
| Cubesmart | COM | 229663109 |  | 94603428 | 2225963 | SH |  | DFND | 1 | 2225963 | 0 | 0 |
| DiamondRock Hospitality Co | COM | 252784301 |  | 45645925 | 5958998 | SH |  | DFND | 1 | 5958998 | 0 | 0 |
| Digital Realty Trust Inc | COM | 253868103 |  | 441464401 | 2532349 | SH |  | DFND | 1 | 2532349 | 0 | 0 |
| DigitalBridge Group Inc | COM | 25401T603 |  | 1474875 | 142500 | SH |  | DFND | 1 | 142500 | 0 | 0 |
| Douglas Emmett Inc | COM | 25960P109 |  | 20637888 | 1372200 | SH |  | DFND | 1 | 1372200 | 0 | 0 |
| EastGroup Properties Inc | COM | 277276101 |  | 6902056 | 41300 | SH |  | DFND | 1 | 41300 | 0 | 0 |
| Elme Communities | COM | 939653101 |  | 12001320 | 754800 | SH |  | DFND | 1 | 754800 | 0 | 0 |
| Empire State Realty Trust | COM | 292104106 |  | 19184739 | 2371414 | SH |  | DFND | 1 | 2371414 | 0 | 0 |
| Equinix Inc | COM | 29444U700 |  | 604297081 | 759673 | SH |  | DFND | 1 | 759673 | 0 | 0 |
| Equity Lifestyle Properties | COM | 29472R108 |  | 4750440 | 77030 | SH |  | DFND | 1 | 77030 | 0 | 0 |
| Equity Residential Properties | COM | 29476L107 |  | 240352002 | 3561298 | SH |  | DFND | 1 | 3561298 | 0 | 0 |
| Essential Properties Realty | COM | 29670E107 |  | 736898 | 23093 | SH |  | DFND | 1 | 23093 | 0 | 0 |
| Essex Property Trust Inc | COM | 297178105 |  | 25536040 | 90106 | SH |  | DFND | 1 | 90106 | 0 | 0 |
| Extra Space Storage Inc | COM | 30225T102 |  | 336346468 | 2281243 | SH |  | DFND | 1 | 2281243 | 0 | 0 |
| Federal Realty Investment Trus | COM | 313745101 |  | 99856148 | 1051228 | SH |  | DFND | 1 | 1051228 | 0 | 0 |
| First Industrial Realty Trust | COM | 32054K103 |  | 104620085 | 2173698 | SH |  | DFND | 1 | 2173698 | 0 | 0 |
| Four Corners Property Trust | COM | 35086T109 |  | 583032 | 21666 | SH |  | DFND | 1 | 21666 | 0 | 0 |
| FrontView REIT Inc | COM | 35922N100 |  | 2198640 | 183220 | SH |  | DFND | 1 | 183220 | 0 | 0 |
| Healthcare Realty Trust Inc | COM | 42226K105 |  | 56767190 | 3579268 | SH |  | DFND | 1 | 3579268 | 0 | 0 |
| Healthpeak Properties Inc | COM | 42250P103 |  | 217277563 | 12408770 | SH |  | DFND | 1 | 12408770 | 0 | 0 |
| Host Hotels  Resorts Inc | COM | 44107P104 |  | 137712829 | 8965679 | SH |  | DFND | 1 | 8965679 | 0 | 0 |
| Hudson Pacific Properties | COM | 444097109 |  | 7277377 | 2655977 | SH |  | DFND | 1 | 2655977 | 0 | 0 |
| Independence Realty Trust Inc | COM | 45378A106 |  | 27939586 | 1579400 | SH |  | DFND | 1 | 1579400 | 0 | 0 |
| Invitation Homes Inc | COM | 46187W107 |  | 195556355 | 5962084 | SH |  | DFND | 1 | 5962084 | 0 | 0 |
| Iron Mountain Inc | COM | 46284V101 |  | 175263616 | 1708722 | SH |  | DFND | 1 | 1708722 | 0 | 0 |
| Jones Lang LaSalle Inc | COM | 48020Q107 |  | 253222 | 990 | SH |  | DFND | 1 | 990 | 0 | 0 |
| Kilroy Realty Corporation | COM | 49427F108 |  | 2967506 | 86491 | SH |  | DFND | 1 | 86491 | 0 | 0 |
| Kimco Realty Corp | COM | 49446R109 |  | 209657516 | 9974192 | SH |  | DFND | 1 | 9974192 | 0 | 0 |
| Kite Realty Group Trust | COM | 49803T300 |  | 142262204 | 6280892 | SH |  | DFND | 1 | 6280892 | 0 | 0 |
| Lamar Advertising Company | COM | 512816109 |  | 30558933 | 251804 | SH |  | DFND | 1 | 251804 | 0 | 0 |
| Lineage Inc | COM | 53566V106 |  | 45540416 | 1046425 | SH |  | DFND | 1 | 1046425 | 0 | 0 |
| LXP Industrial Trust | COM | 529043101 |  | 20930179 | 2533920 | SH |  | DFND | 1 | 2533920 | 0 | 0 |
| Macerich Company | COM | 554382101 |  | 32493679 | 2008262 | SH |  | DFND | 1 | 2008262 | 0 | 0 |
| Mid-America Apartment Communit | COM | 59522J103 |  | 18375442 | 124150 | SH |  | DFND | 1 | 124150 | 0 | 0 |
| National Health Investors | COM | 63633D104 |  | 56562859 | 806658 | SH |  | DFND | 1 | 806658 | 0 | 0 |
| NetSTREIT Corp | COM | 64119V303 |  | 36413603 | 2150833 | SH |  | DFND | 1 | 2150833 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 590070 | 8500 | SH |  | DFND | 1 | 8500 | 0 | 0 |
| NNN REIT | COM | 637417106 |  | 68093435 | 1576967 | SH |  | DFND | 1 | 1576967 | 0 | 0 |
| Omega Healthcare Investors Inc | COM | 681936100 |  | 109108150 | 2977030 | SH |  | DFND | 1 | 2977030 | 0 | 0 |
| Prologis Trust | COM | 74340W103 |  | 615299947 | 5853310 | SH |  | DFND | 1 | 5853310 | 0 | 0 |
| Public Storage Inc | COM | 74460D109 |  | 210730430 | 718187 | SH |  | DFND | 1 | 718187 | 0 | 0 |
| Realty Income Corp | COM | 756109104 |  | 220542717 | 3828202 | SH |  | DFND | 1 | 3828202 | 0 | 0 |
| Regency Centers Corp | COM | 758849103 |  | 23717168 | 332966 | SH |  | DFND | 1 | 332966 | 0 | 0 |
| Rexford Industrial Realty | COM | 76169C100 |  | 132982607 | 3738617 | SH |  | DFND | 1 | 3738617 | 0 | 0 |
| Ryman Hospitality Properties | COM | 78377T107 |  | 3778469 | 38294 | SH |  | DFND | 1 | 38294 | 0 | 0 |
| SBA Communications Corp | COM | 78410G104 |  | 37059396 | 157807 | SH |  | DFND | 1 | 157807 | 0 | 0 |
| Simon Property Group Inc | COM | 828806109 |  | 215097362 | 1338003 | SH |  | DFND | 1 | 1338003 | 0 | 0 |
| SmartStop Self Storage REIT In | COM | 83192D402 |  | 200352 | 5530 | SH |  | DFND | 1 | 5530 | 0 | 0 |
| STAG Industrial | COM | 85254J102 |  | 6704544 | 184800 | SH |  | DFND | 1 | 184800 | 0 | 0 |
| Sun Communities Inc | COM | 866674104 |  | 67625728 | 534633 | SH |  | DFND | 1 | 534633 | 0 | 0 |
| Sunstone Hotel Investors Inc | COM | 867892101 |  | 18591275 | 2141852 | SH |  | DFND | 1 | 2141852 | 0 | 0 |
| Terreno Realty Corp | COM | 88146M101 |  | 3334315 | 59467 | SH |  | DFND | 1 | 59467 | 0 | 0 |
| UDR Inc | COM | 902653104 |  | 310587400 | 7606843 | SH |  | DFND | 1 | 7606843 | 0 | 0 |
| Ventas Inc | COM | 92276F100 |  | 379130940 | 6003657 | SH |  | DFND | 1 | 6003657 | 0 | 0 |
| VICI Properties Inc | COM | 925652109 |  | 113369043 | 3477578 | SH |  | DFND | 1 | 3477578 | 0 | 0 |
| Vornado Realty Trust | COM | 929042109 |  | 100375335 | 2624878 | SH |  | DFND | 1 | 2624878 | 0 | 0 |
| Welltower Inc | COM | 95040Q104 |  | 657311048 | 4275750 | SH |  | DFND | 1 | 4275750 | 0 | 0 |
| Weyerhaeuser Co | COM | 962166104 |  | 10206611 | 397299 | SH |  | DFND | 1 | 397299 | 0 | 0 |
| Agree Realty Corp | COM | 008492100 |  | 22850246 | 312760 | SH |  | DFND | 2 | 312760 | 0 | 0 |
| Alexandria Real Estate Equitie | COM | 015271109 |  | 4850958 | 66790 | SH |  | DFND | 2 | 66790 | 0 | 0 |
| American Healthcare REIT Inc | COM | 398182303 |  | 13101851 | 356610 | SH |  | DFND | 2 | 356610 | 0 | 0 |
| American Homes 4 Rent | COM | 02665T306 |  | 15132447 | 419530 | SH |  | DFND | 2 | 419530 | 0 | 0 |
| Americold Realty Trust Inc | COM | 03064D108 |  | 6631711 | 398780 | SH |  | DFND | 2 | 398780 | 0 | 0 |
| Apple Hospitality REIT Inc | COM | 03784Y200 |  | 2382407 | 204148 | SH |  | DFND | 2 | 204148 | 0 | 0 |
| Brixmor Property Group Inc | COM | 11120U105 |  | 26235821 | 1007520 | SH |  | DFND | 2 | 1007520 | 0 | 0 |
| Broadstone Net Lease Inc | COM | 11135E203 |  | 8855941 | 551772 | SH |  | DFND | 2 | 551772 | 0 | 0 |
| BXP Inc | COM | 101121101 |  | 12361853 | 183220 | SH |  | DFND | 2 | 183220 | 0 | 0 |
| Camden Property Trust | COM | 133131102 |  | 31139628 | 276330 | SH |  | DFND | 2 | 276330 | 0 | 0 |
| Cousins Properties Inc | COM | 222795502 |  | 17220103 | 573430 | SH |  | DFND | 2 | 573430 | 0 | 0 |
| Cubesmart | COM | 229663109 |  | 13160125 | 309650 | SH |  | DFND | 2 | 309650 | 0 | 0 |
| DiamondRock Hospitality Co | COM | 252784301 |  | 6165994 | 804960 | SH |  | DFND | 2 | 804960 | 0 | 0 |
| Digital Realty Trust Inc | COM | 253868103 |  | 54105059 | 310360 | SH |  | DFND | 2 | 310360 | 0 | 0 |
| Douglas Emmett Inc | COM | 25960P109 |  | 2572893 | 171070 | SH |  | DFND | 2 | 171070 | 0 | 0 |
| Elme Communities | COM | 939653101 |  | 1970408 | 123925 | SH |  | DFND | 2 | 123925 | 0 | 0 |
| Empire State Realty Trust | COM | 292104106 |  | 3759528 | 464713 | SH |  | DFND | 2 | 464713 | 0 | 0 |
| Equinix Inc | COM | 29444U700 |  | 77932196 | 97970 | SH |  | DFND | 2 | 97970 | 0 | 0 |
| Equity Residential Properties | COM | 29476L107 |  | 28560418 | 423180 | SH |  | DFND | 2 | 423180 | 0 | 0 |
| Extra Space Storage Inc | COM | 30225T102 |  | 41765329 | 283270 | SH |  | DFND | 2 | 283270 | 0 | 0 |
| Federal Realty Investment Trus | COM | 313745101 |  | 13053526 | 137420 | SH |  | DFND | 2 | 137420 | 0 | 0 |
| First Industrial Realty Trust | COM | 32054K103 |  | 10963533 | 227790 | SH |  | DFND | 2 | 227790 | 0 | 0 |
| Healthcare Realty Trust Inc | COM | 42226K105 |  | 8439106 | 532100 | SH |  | DFND | 2 | 532100 | 0 | 0 |
| Healthpeak Properties Inc | COM | 42250P103 |  | 28715875 | 1639970 | SH |  | DFND | 2 | 1639970 | 0 | 0 |
| Host Hotels  Resorts Inc | COM | 44107P104 |  | 17939558 | 1167940 | SH |  | DFND | 2 | 1167940 | 0 | 0 |
| Hudson Pacific Properties | COM | 444097109 |  | 1140424 | 416213 | SH |  | DFND | 2 | 416213 | 0 | 0 |
| Independence Realty Trust Inc | COM | 45378A106 |  | 4803720 | 271550 | SH |  | DFND | 2 | 271550 | 0 | 0 |
| Invitation Homes Inc | COM | 46187W107 |  | 21766408 | 663610 | SH |  | DFND | 2 | 663610 | 0 | 0 |
| Iron Mountain Inc | COM | 46284V101 |  | 24488485 | 238749 | SH |  | DFND | 2 | 238749 | 0 | 0 |
| Kimco Realty Corp | COM | 49446R109 |  | 26048194 | 1239210 | SH |  | DFND | 2 | 1239210 | 0 | 0 |
| Kite Realty Group Trust | COM | 49803T300 |  | 17037330 | 752200 | SH |  | DFND | 2 | 752200 | 0 | 0 |
| Lamar Advertising Company | COM | 512816109 |  | 5572851 | 45920 | SH |  | DFND | 2 | 45920 | 0 | 0 |
| Lineage Inc | COM | 53566V106 |  | 5705037 | 131090 | SH |  | DFND | 2 | 131090 | 0 | 0 |
| LXP Industrial Trust | COM | 529043101 |  | 2724891 | 329890 | SH |  | DFND | 2 | 329890 | 0 | 0 |
| Macerich Company | COM | 554382101 |  | 5350208 | 330668 | SH |  | DFND | 2 | 330668 | 0 | 0 |
| NetSTREIT Corp | COM | 64119V303 |  | 6803253 | 401846 | SH |  | DFND | 2 | 401846 | 0 | 0 |
| NNN REIT | COM | 637417106 |  | 9612732 | 222620 | SH |  | DFND | 2 | 222620 | 0 | 0 |
| Omega Healthcare Investors Inc | COM | 681936100 |  | 16046470 | 437830 | SH |  | DFND | 2 | 437830 | 0 | 0 |
| Prologis Trust | COM | 74340W103 |  | 72376171 | 688510 | SH |  | DFND | 2 | 688510 | 0 | 0 |
| Public Storage Inc | COM | 74460D109 |  | 26073301 | 88860 | SH |  | DFND | 2 | 88860 | 0 | 0 |
| Realty Income Corp | COM | 756109104 |  | 34457117 | 598110 | SH |  | DFND | 2 | 598110 | 0 | 0 |
| Rexford Industrial Realty | COM | 76169C100 |  | 14193141 | 399020 | SH |  | DFND | 2 | 399020 | 0 | 0 |
| Simon Property Group Inc | COM | 828806109 |  | 30277538 | 188340 | SH |  | DFND | 2 | 188340 | 0 | 0 |
| Sun Communities Inc | COM | 866674104 |  | 7938512 | 62760 | SH |  | DFND | 2 | 62760 | 0 | 0 |
| Sunstone Hotel Investors Inc | COM | 867892101 |  | 3632580 | 418500 | SH |  | DFND | 2 | 418500 | 0 | 0 |
| UDR Inc | COM | 902653104 |  | 37923312 | 928810 | SH |  | DFND | 2 | 928810 | 0 | 0 |
| Ventas Inc | COM | 92276F100 |  | 43491405 | 688700 | SH |  | DFND | 2 | 688700 | 0 | 0 |
| VICI Properties Inc | COM | 925652109 |  | 19711916 | 604660 | SH |  | DFND | 2 | 604660 | 0 | 0 |
| Vornado Realty Trust | COM | 929042109 |  | 13317080 | 348250 | SH |  | DFND | 2 | 348250 | 0 | 0 |
| Welltower Inc | COM | 95040Q104 |  | 80413088 | 523080 | SH |  | DFND | 2 | 523080 | 0 | 0 |
| Pebblebrook Hotel 6.300 Serie | COM | 70509V704 |  | 712425 | 40594 | SH |  | DFND | 2 | 40594 | 0 | 0 |
| Pebblebrook Hotel 6.375 Serie | COM | 70509V605 |  | 2234440 | 127246 | SH |  | DFND | 2 | 127246 | 0 | 0 |
| Agree Realty Corp | COM | 008492100 |  | 5113469 | 69990 | SH |  | DFND | 3 | 69990 | 0 | 0 |
| American Healthcare REIT Inc | COM | 398182303 |  | 3513814 | 95640 | SH |  | DFND | 3 | 95640 | 0 | 0 |
| American Homes 4 Rent | COM | 02665T306 |  | 3256760 | 90290 | SH |  | DFND | 3 | 90290 | 0 | 0 |
| American Tower Corp | COM | 03027X100 |  | 2809164 | 12710 | SH |  | DFND | 3 | 12710 | 0 | 0 |
| Americold Realty Trust Inc | COM | 03064D108 |  | 1563719 | 94030 | SH |  | DFND | 3 | 94030 | 0 | 0 |
| Brixmor Property Group Inc | COM | 11120U105 |  | 6193614 | 237850 | SH |  | DFND | 3 | 237850 | 0 | 0 |
| Broadstone Net Lease Inc | COM | 11135E203 |  | 2426279 | 151170 | SH |  | DFND | 3 | 151170 | 0 | 0 |
| BXP Inc | COM | 101121101 |  | 2602318 | 38570 | SH |  | DFND | 3 | 38570 | 0 | 0 |
| Camden Property Trust | COM | 133131102 |  | 7569387 | 67170 | SH |  | DFND | 3 | 67170 | 0 | 0 |
| Corp Inmobiliaria Vesta SAB | COM | 92540K109 |  | 1304038 | 47610 | SH |  | DFND | 3 | 47610 | 0 | 0 |
| Cousins Properties Inc | COM | 222795502 |  | 4308404 | 143470 | SH |  | DFND | 3 | 143470 | 0 | 0 |
| Cubesmart | COM | 229663109 |  | 3181975 | 74870 | SH |  | DFND | 3 | 74870 | 0 | 0 |
| DiamondRock Hospitality Co | COM | 252784301 |  | 1375047 | 179510 | SH |  | DFND | 3 | 179510 | 0 | 0 |
| Digital Realty Trust Inc | COM | 253868103 |  | 11392466 | 65350 | SH |  | DFND | 3 | 65350 | 0 | 0 |
| Douglas Emmett Inc | COM | 25960P109 |  | 784035 | 52130 | SH |  | DFND | 3 | 52130 | 0 | 0 |
| Empire State Realty Trust | COM | 292104106 |  | 98957 | 12232 | SH |  | DFND | 3 | 12232 | 0 | 0 |
| Equinix Inc | COM | 29444U700 |  | 17029422 | 21408 | SH |  | DFND | 3 | 21408 | 0 | 0 |
| Equity Residential Properties | COM | 29476L107 |  | 5382328 | 79750 | SH |  | DFND | 3 | 79750 | 0 | 0 |
| Extra Space Storage Inc | COM | 30225T102 |  | 9836460 | 66715 | SH |  | DFND | 3 | 66715 | 0 | 0 |
| Federal Realty Investment Trus | COM | 313745101 |  | 2744261 | 28890 | SH |  | DFND | 3 | 28890 | 0 | 0 |
| First Industrial Realty Trust | COM | 32054K103 |  | 2404575 | 49960 | SH |  | DFND | 3 | 49960 | 0 | 0 |
| Healthcare Realty Trust Inc | COM | 42226K105 |  | 1926356 | 121460 | SH |  | DFND | 3 | 121460 | 0 | 0 |
| Healthpeak Properties Inc | COM | 42250P103 |  | 6418028 | 366535 | SH |  | DFND | 3 | 366535 | 0 | 0 |
| Host Hotels  Resorts Inc | COM | 44107P104 |  | 4566221 | 297280 | SH |  | DFND | 3 | 297280 | 0 | 0 |
| Hudson Pacific Properties | COM | 444097109 |  | 347668 | 126886 | SH |  | DFND | 3 | 126886 | 0 | 0 |
| Invitation Homes Inc | COM | 46187W107 |  | 4737304 | 144430 | SH |  | DFND | 3 | 144430 | 0 | 0 |
| Iron Mountain Inc | COM | 46284V101 |  | 4468359 | 43564 | SH |  | DFND | 3 | 43564 | 0 | 0 |
| Kimco Realty Corp | COM | 49446R109 |  | 5794794 | 275680 | SH |  | DFND | 3 | 275680 | 0 | 0 |
| Kite Realty Group Trust | COM | 49803T300 |  | 4247102 | 187510 | SH |  | DFND | 3 | 187510 | 0 | 0 |
| Lineage Inc | COM | 53566V106 |  | 1693363 | 38910 | SH |  | DFND | 3 | 38910 | 0 | 0 |
| LXP Industrial Trust | COM | 529043101 |  | 618674 | 74900 | SH |  | DFND | 3 | 74900 | 0 | 0 |
| National Health Investors | COM | 63633D104 |  | 255237 | 3640 | SH |  | DFND | 3 | 3640 | 0 | 0 |
| NetSTREIT Corp | COM | 64119V303 |  | 177359 | 10476 | SH |  | DFND | 3 | 10476 | 0 | 0 |
| NNN REIT | COM | 637417106 |  | 2130069 | 49330 | SH |  | DFND | 3 | 49330 | 0 | 0 |
| Omega Healthcare Investors Inc | COM | 681936100 |  | 3493112 | 95310 | SH |  | DFND | 3 | 95310 | 0 | 0 |
| Prologis Trust | COM | 74340W103 |  | 13724467 | 130560 | SH |  | DFND | 3 | 130560 | 0 | 0 |
| Public Storage Inc | COM | 74460D109 |  | 3614934 | 12320 | SH |  | DFND | 3 | 12320 | 0 | 0 |
| Realty Income Corp | COM | 756109104 |  | 5285718 | 91750 | SH |  | DFND | 3 | 91750 | 0 | 0 |
| Rexford Industrial Realty | COM | 76169C100 |  | 3472343 | 97620 | SH |  | DFND | 3 | 97620 | 0 | 0 |
| SBA Communications Corp | COM | 78410G104 |  | 911179 | 3880 | SH |  | DFND | 3 | 3880 | 0 | 0 |
| Simon Property Group Inc | COM | 828806109 |  | 4985168 | 31010 | SH |  | DFND | 3 | 31010 | 0 | 0 |
| Sun Communities Inc | COM | 866674104 |  | 1263635 | 9990 | SH |  | DFND | 3 | 9990 | 0 | 0 |
| Sunstone Hotel Investors Inc | COM | 867892101 |  | 97129 | 11190 | SH |  | DFND | 3 | 11190 | 0 | 0 |
| UDR Inc | COM | 902653104 |  | 8325237 | 203900 | SH |  | DFND | 3 | 203900 | 0 | 0 |
| Ventas Inc | COM | 92276F100 |  | 10253034 | 162360 | SH |  | DFND | 3 | 162360 | 0 | 0 |
| VICI Properties Inc | COM | 925652109 |  | 2501398 | 76730 | SH |  | DFND | 3 | 76730 | 0 | 0 |
| Vornado Realty Trust | COM | 929042109 |  | 3087115 | 80730 | SH |  | DFND | 3 | 80730 | 0 | 0 |
| Welltower Inc | COM | 95040Q104 |  | 15763474 | 102540 | SH |  | DFND | 3 | 102540 | 0 | 0 |
| Weyerhaeuser Co | COM | 962166104 |  | 383809 | 14940 | SH |  | DFND | 3 | 14940 | 0 | 0 |
| Agree Realty Corp | COM | 008492100 |  | 4634926 | 63440 | SH |  | DFND | 4 | 63440 | 0 | 0 |
| American Healthcare REIT Inc | COM | 398182303 |  | 3270962 | 89030 | SH |  | DFND | 4 | 89030 | 0 | 0 |
| American Homes 4 Rent | COM | 02665T306 |  | 3018698 | 83690 | SH |  | DFND | 4 | 83690 | 0 | 0 |
| Americold Realty Trust Inc | COM | 03064D108 |  | 1467099 | 88220 | SH |  | DFND | 4 | 88220 | 0 | 0 |
| Brixmor Property Group Inc | COM | 11120U105 |  | 5707447 | 219180 | SH |  | DFND | 4 | 219180 | 0 | 0 |
| Broadstone Net Lease Inc | COM | 11135E203 |  | 2316015 | 144300 | SH |  | DFND | 4 | 144300 | 0 | 0 |
| BXP Inc | COM | 101121101 |  | 2302751 | 34130 | SH |  | DFND | 4 | 34130 | 0 | 0 |
| Camden Property Trust | COM | 133131102 |  | 7020587 | 62300 | SH |  | DFND | 4 | 62300 | 0 | 0 |
| Corp Inmobiliaria Vesta SAB | COM | 92540K109 |  | 1431401 | 52260 | SH |  | DFND | 4 | 52260 | 0 | 0 |
| Cousins Properties Inc | COM | 222795502 |  | 4071768 | 135590 | SH |  | DFND | 4 | 135590 | 0 | 0 |
| Cubesmart | COM | 229663109 |  | 2941850 | 69220 | SH |  | DFND | 4 | 69220 | 0 | 0 |
| DiamondRock Hospitality Co | COM | 252784301 |  | 1271866 | 166040 | SH |  | DFND | 4 | 166040 | 0 | 0 |
| Digital Realty Trust Inc | COM | 253868103 |  | 10641103 | 61040 | SH |  | DFND | 4 | 61040 | 0 | 0 |
| Douglas Emmett Inc | COM | 25960P109 |  | 750195 | 49880 | SH |  | DFND | 4 | 49880 | 0 | 0 |
| Equinix Inc | COM | 29444U700 |  | 15758261 | 19810 | SH |  | DFND | 4 | 19810 | 0 | 0 |
| Equity Residential Properties | COM | 29476L107 |  | 4953091 | 73390 | SH |  | DFND | 4 | 73390 | 0 | 0 |
| Extra Space Storage Inc | COM | 30225T102 |  | 9167819 | 62180 | SH |  | DFND | 4 | 62180 | 0 | 0 |
| Federal Realty Investment Trus | COM | 313745101 |  | 2470690 | 26010 | SH |  | DFND | 4 | 26010 | 0 | 0 |
| First Industrial Realty Trust | COM | 32054K103 |  | 2304464 | 47880 | SH |  | DFND | 4 | 47880 | 0 | 0 |
| Healthcare Realty Trust Inc | COM | 42226K105 |  | 1820569 | 114790 | SH |  | DFND | 4 | 114790 | 0 | 0 |
| Healthpeak Properties Inc | COM | 42250P103 |  | 6020288 | 343820 | SH |  | DFND | 4 | 343820 | 0 | 0 |
| Host Hotels  Resorts Inc | COM | 44107P104 |  | 4324915 | 281570 | SH |  | DFND | 4 | 281570 | 0 | 0 |
| Hudson Pacific Properties | COM | 444097109 |  | 332277 | 121269 | SH |  | DFND | 4 | 121269 | 0 | 0 |
| Invitation Homes Inc | COM | 46187W107 |  | 4416192 | 134640 | SH |  | DFND | 4 | 134640 | 0 | 0 |
| Iron Mountain Inc | COM | 46284V101 |  | 4090594 | 39881 | SH |  | DFND | 4 | 39881 | 0 | 0 |
| Kimco Realty Corp | COM | 49446R109 |  | 5419587 | 257830 | SH |  | DFND | 4 | 257830 | 0 | 0 |
| Kite Realty Group Trust | COM | 49803T300 |  | 4008597 | 176980 | SH |  | DFND | 4 | 176980 | 0 | 0 |
| Lineage Inc | COM | 53566V106 |  | 1599360 | 36750 | SH |  | DFND | 4 | 36750 | 0 | 0 |
| LXP Industrial Trust | COM | 529043101 |  | 555815 | 67290 | SH |  | DFND | 4 | 67290 | 0 | 0 |
| NNN REIT | COM | 637417106 |  | 1879194 | 43520 | SH |  | DFND | 4 | 43520 | 0 | 0 |
| Omega Healthcare Investors Inc | COM | 681936100 |  | 3246091 | 88570 | SH |  | DFND | 4 | 88570 | 0 | 0 |
| Prologis Trust | COM | 74340W103 |  | 12596530 | 119830 | SH |  | DFND | 4 | 119830 | 0 | 0 |
| Public Storage Inc | COM | 74460D109 |  | 3189475 | 10870 | SH |  | DFND | 4 | 10870 | 0 | 0 |
| Realty Income Corp | COM | 756109104 |  | 5063919 | 87900 | SH |  | DFND | 4 | 87900 | 0 | 0 |
| Rexford Industrial Realty | COM | 76169C100 |  | 3293071 | 92580 | SH |  | DFND | 4 | 92580 | 0 | 0 |
| Simon Property Group Inc | COM | 828806109 |  | 4491634 | 27940 | SH |  | DFND | 4 | 27940 | 0 | 0 |
| Sun Communities Inc | COM | 866674104 |  | 1120701 | 8860 | SH |  | DFND | 4 | 8860 | 0 | 0 |
| UDR Inc | COM | 902653104 |  | 7664608 | 187720 | SH |  | DFND | 4 | 187720 | 0 | 0 |
| Ventas Inc | COM | 92276F100 |  | 9588696 | 151840 | SH |  | DFND | 4 | 151840 | 0 | 0 |
| VICI Properties Inc | COM | 925652109 |  | 2209954 | 67790 | SH |  | DFND | 4 | 67790 | 0 | 0 |
| Vornado Realty Trust | COM | 929042109 |  | 2909299 | 76080 | SH |  | DFND | 4 | 76080 | 0 | 0 |
| Welltower Inc | COM | 95040Q104 |  | 14887213 | 96840 | SH |  | DFND | 4 | 96840 | 0 | 0 |

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