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

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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGREE REALTY CORP COM 008492100   31,281,549 441,020 SH   DFND 01,02,03 371,440 0 69,580
ALEXANDRIA REAL ESTATE EQUITIES, INC. COM 015271109   20,975,752 143,995 SH   DFND 01,02,03 128,475 0 15,520
AMERICAN HOMES 4 RENT COM 02665T306   72,034,268 2,389,989 SH   DFND 01,02,03 1,936,513 0 453,476
AMERICAN TOWER CORP COM 03027X100   24,323,223 114,808 SH   DFND 01,02,03 114,808 0 0
AMERICOLD REALTY TRUST COM 03064D108   50,971,023 1,800,460 SH   DFND 01,02,03 1,619,200 0 181,260
AVALONBAY COMMUNITIES, INC. COM 053484101   123,549,555 764,918 SH   DFND 01,02,03 608,429 0 156,489
BOSTON PROPERTIES, INC. COM 101121101   16,534,055 244,659 SH   DFND 01,02,03 207,320 0 37,339
BRIXMOR PROPERTY GROUP INC COM 11120U105   79,599,879 3,511,243 SH   DFND 01,02,03 2,987,853 0 523,390
BROADSTONE NET LEASE INC COM 11135E203   5,152,997 317,890 SH   DFND 01,02,03 317,890 0 0
CAMDEN PROPERTY TRUST COM 133131102   20,793,457 185,855 SH   DFND 01,02,03 130,325 0 55,530
CORPORATE OFFICE PROPERTIES TRUST COM 22002T108   14,303,057 551,390 SH   DFND 01,02,03 462,910 0 88,480
COUSINS PROPERTIES INCORPORATED COM 222795502   27,694,067 1,095,060 SH   DFND 01,02,03 924,740 0 170,320
CUBESMART L.P. COM 229663109   76,295,163 1,895,532 SH   DFND 01,02,03 1,713,442 0 182,090
DIGITAL REALTY TRUST INC COM 253868103   54,886,394 547,386 SH   DFND 01,02,03 504,196 0 43,190
EASTGROUP PROPERTIES, INC. COM 277276101   57,650,122 389,370 SH   DFND 01,02,03 349,160 0 40,210
EQUINIX, INC. COM 29444U700   230,844,363 352,418 SH   DFND 01,02,03 316,808 0 35,610
EQUITY LIFESTYLE PROPERTIES INC COM 29472R108   17,080,434 264,403 SH   DFND 01,02,03 206,363 0 58,040
EQUITY RESIDENTIAL COM 29476L107   32,252,409 546,651 SH   DFND 01,02,03 404,821 0 141,830
ESSEX PROPERTY TRUST, INC. COM 297178105   93,703,607 442,165 SH   DFND 01,02,03 359,025 0 83,140
EXTRA SPACE STORAGE INC. COM 30225T102   72,999,661 495,989 SH   DFND 01,02,03 455,719 0 40,270
FIRST INDUSTRIAL REALTY TRUST, INC. COM 32054K103   21,115,198 437,530 SH   DFND 01,02,03 437,530 0 0
GAMING AND LEISURE PROPERTIES INC COM 36467J108   2,343,529 44,990 SH   DFND 01,02,03 44,990 0 0
HEALTHCARE REALTY TRUST INCORPORATED COM 42226K105   33,498,968 1,738,400 SH   DFND 01,02,03 1,512,060 0 226,340
HEALTHPEAK PPTYS INC COM 42250P103   16,221,293 647,040 SH   DFND 01,02,03 567,360 0 79,680
INDEPENDENCE REALTY TRUST INC COM 45378A106   25,126,576 1,490,307 SH   DFND 01,02,03 1,232,782 0 257,525
INVITATION HOMES INC COM 46187W107   75,904,809 2,560,891 SH   DFND 01,02,03 2,071,781 0 489,110
IRON MOUNTAIN INCORPORATED COM 46284V101   6,063,256 121,630 SH   DFND 01,02,03 121,630 0 0
MID-AMER APT CMNTYS INC COM 59522J103   27,587,225 175,726 SH   DFND 01,02,03 132,796 0 42,930
NETSTREIT CORP COM 64119V303   34,921,216 1,905,140 SH   DFND 01,02,03 1,622,980 0 282,160
PHYSICIANS REALTY TR COM 71943U104   10,011,359 691,870 SH   DFND 01,02,03 599,650 0 92,220
PROLOGIS INC. COM 74340W103   316,028,409 2,803,410 SH   DFND 01,02,03 2,574,473 0 228,937
PUBLIC STORAGE COM 74460D109   128,270,982 457,800 SH   DFND 01,02,03 428,420 0 29,380
REALTY INCOME CORPORATION COM 756109104   26,497,248 417,740 SH   DFND 01,02,03 351,650 0 66,090
REGENCY CENTERS COM 758849103   24,130,000 386,080 SH   DFND 01,02,03 324,710 0 61,370
RETAIL OPPORTUNITY INVESTMENTS CORP COM 76131N101   26,493,576 1,762,713 SH   DFND 01,02,03 1,480,673 0 282,040
REXFORD INDUSTRIAL REALTY, INC. COM 76169C100   49,319,430 902,625 SH   DFND 01,02,03 826,195 0 76,430
RYMAN HOSPITALITY PROPERTIES INC COM 78377T107   32,562,015 398,166 SH   DFND 01,02,03 337,646 0 60,520
SIMON PROPERTY GRP INC COM 828806109   59,180,550 503,750 SH   DFND 01,02,03 427,960 0 75,790
SUN COMMUNITIES INC COM 866674104   109,373,693 764,851 SH   DFND 01,02,03 620,583 0 144,268
TANGER FACTORY OUTLET CENTERS, INC. COM 875465106   8,092,555 451,090 SH   DFND 01,02,03 377,820 0 73,270
UDR INC COM 902653104   89,168,273 2,302,305 SH   DFND 01,02,03 1,860,605 0 441,700
VENTAS INC. COM 92276F100   111,767,924 2,480,975 SH   DFND 01,02,03 2,220,185 0 260,790
VERIS RESIDENTIAL, INC. COM 554489104   8,800,369 552,440 SH   DFND 01,02,03 465,530 0 86,910
VICI PROPERTIES INC COM 925652109   115,552,364 3,566,431 SH   DFND 01,02,03 3,087,625 0 478,806
W. P. CAREY INC COM 92936U109   6,436,434 82,360 SH   DFND 01,02,03 82,360 0 0
WELLTOWER INC COM 95040Q104   65,812,134 1,003,999 SH   DFND 01,02,03 925,103 0 78,896