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
RYMAN HOSPITALITY PPTYS INC COM 78377T107 BBG000BDVP80 67,355,840 611,992 SH   DFND 1,2,3,4 345,344 0 266,648
COUSINS PPTYS INC COM NEW 222795502 BBG000CW9BM7 32,104,720 1,318,469 SH   DFND 1,2,3,4 740,839 0 577,630
VENTAS INC COM 92276F100 BBG000FRVHB9 45,958,012 922,111 SH   DFND 1,2,3,4 518,123 0 403,988
REALTY INCOME CORP COM 756109104 BBG000DHPN63 32,338,083 563,185 SH   DFND 1,2,3 335,941 0 227,244
INVITATION HOMES INC COM 46187W107 BBG00FQH6BS9 79,099,521 2,318,954 SH   DFND 1,2,3,4 1,229,415 0 1,089,539
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 BBG000BC33T9 16,929,626 133,546 SH   DFND 1,2,3,4 80,716 0 52,830
SIMON PPTY GROUP INC NEW COM 828806109 BBG000BJ2D31 19,422,148 136,162 SH   DFND 1,2,3,4 86,094 0 50,068
BOSTON PROPERTIES INC COM 101121101 BBG000BS5CM9 48,190,230 686,764 SH   DFND 1,2,3,4 403,757 0 283,007
DIGITAL RLTY TR INC COM 253868103 BBG000Q5ZRM7 52,008,845 386,453 SH   DFND 1,2,3,4 219,985 0 166,468
WELLTOWER INC COM 95040Q104 BBG000BKY1G5 97,014,264 1,075,904 SH   DFND 1,2,3,4 607,051 0 468,853
REXFORD INDL RLTY INC COM 76169C100 BBG004MB82R0 65,304,327 1,164,070 SH   DFND 1,2,3,4 658,814 0 505,256
PUBLIC STORAGE COM 74460D109 BBG000BPPN67 42,299,535 138,687 SH   DFND 1,2,3,4 78,145 0 60,542
MEDICAL PPTYS TRUST INC COM 58463J304 BBG000BGRB25 7,640,726 1,556,156 SH   DFND 1,2,3,4 864,458 0 691,698
CAMDEN PPTY TR SH BEN INT 133131102 BBG000BB0V03 25,826,918 260,116 SH   DFND 1,2,3,4 146,383 0 113,733
EQUITY RESIDENTIAL SH BEN INT 29476L107 BBG000BG8M31 11,728,103 191,761 SH   DFND 1,2 115,708 0 76,053
STAG INDL INC COM 85254J102 BBG000BGLFP7 32,449,960 826,540 SH   DFND 1,2,3,4 441,585 0 384,955
EQUINIX INC COM 29444U700 BBG000MBDGM6 149,528,707 185,660 SH   DFND 1,2,3,4 106,165 0 79,495
UDR INC COM 902653104 BBG000C41023 60,951,822 1,591,847 SH   DFND 1,2,3,4 905,197 0 686,650
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 BBG000BJVN28 21,403,485 207,700 SH   DFND 1,2,3,4 119,294 0 88,406
AGREE RLTY CORP COM 008492100 BBG000BC9DK0 51,867,904 823,954 SH   DFND 1,2,3,4 462,364 0 361,590
HEALTHPEAK PROPERTIES INC COM 42250P103 BBG000BKYDP9 49,421,493 2,496,035 SH   DFND 1,2,3,4 1,433,238 0 1,062,797
SUN CMNTYS INC COM 866674104 BBG000BLJWF3 17,775,985 133,004 SH   DFND 1,2,3,4 76,315 0 56,689
CARETRUST REIT INC COM 14174T107 BBG005KC4Z70 17,355,466 775,490 SH   DFND 1,2,3,4 463,630 0 311,860
KITE RLTY GROUP TR COM NEW 49803T300 BBG000BC2KW8 48,591,147 2,125,597 SH   DFND 1,2,3,4 1,164,501 0 961,096
EXTRA SPACE STORAGE INC COM 30225T102 BBG000PV27K3 85,614,777 533,991 SH   DFND 1,2,3,4 302,181 0 231,810
GAMING & LEISURE PPTYS INC COM 36467J108 BBG003MSMCS6 68,032,232 1,378,566 SH   DFND 1,2,4 751,884 0 626,682
PROLOGIS INC. COM 74340W103 BBG000B9Z0J8 193,023,865 1,448,041 SH   DFND 1,2,3,4 832,403 0 615,638
IRON MTN INC DEL COM 46284V101 BBG000KCZPC3 44,960,121 642,471 SH   DFND 1,2,3,4 335,791 0 306,680
KIMCO RLTY CORP COM 49446R109 BBG000CN3S73 84,349,327 3,958,204 SH   DFND 1,2,3,4 2,265,576 0 1,692,628
AVALONBAY CMNTYS INC COM 053484101 BBG000BLPBL5 65,733,691 351,104 SH   DFND 1,2,3,4 202,544 0 148,560
VICI PPTYS INC COM 925652109 BBG00HVVB499 7,263,157 227,828 SH   DFND 1,2 126,038 0 101,790
SAFEHOLD INC COM 78646V107 BBG000H35J52 5,004,675 213,875 SH   DFND 1,2 118,545 0 95,330
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 BBG00L17LGJ7 26,794,369 1,048,293 SH   DFND 1,2,3,4 596,546 0 451,747
AMERICAN TOWER CORP NEW COM 03027X100 BBG000B9XYV2 49,519,634 229,385 SH   DFND 1,2,3,4 148,375 0 81,010
SBA COMMUNICATIONS CORP NEW CL A 78410G104 BBG000D2M0Z7 26,118,147 102,953 SH   DFND 1,2,3,4 65,569 0 37,384
NETSTREIT CORP COM 64119V303 BBG00W5FQPV2 42,312,997 2,370,476 SH   DFND 1,2,3,4 1,350,258 0 1,020,218
CTO RLTY GROWTH INC NEW COM 22948Q101 BBG00Y3M1H59 16,318,136 941,612 SH   DFND 1,2,3,4 537,584 0 404,028
TRICON RESIDENTIAL INC COM NPV 89612W102 BBG0058LJK80 23,095,509 2,537,968 SH   DFND 1,2,3,4 1,845,118 0 692,850
ESSEX PPTY TR INC COM 297178105 BBG000CGJMB9 1,371,108 5,530 SH   DFND 1,2 5,530 0 0
EMPIRE ST RLTY TR INC CL A 292104106 BBG002N8HMW0 1,271,706 131,239 SH   DFND 1,2 131,239 0 0
HEALTHCARE RLTY TR CL A COM 42226K105 BBG000PRJCX9 1,325,469 76,928 SH   DFND 1,2 76,928 0 0
TERRENO RLTY CORP COM 88146M101 BBG000PV3J62 1,290,062 20,585 SH   DFND 1,2 20,585 0 0
PARAMOUNT GROUP INC COM 69924R108 BBG000FBRL11 1,276,390 246,884 SH   DFND 1,2 246,884 0 0
DOUGLAS EMMETT INC COM 25960P109 BBG000PN1SJ8 1,384,460 95,480 SH   DFND 1,2 95,480 0 0
VORNADO RLTY TR SH BEN INT 929042109 BBG000BWHD54 1,404,647 49,722 SH   DFND 1,2 49,722 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 BBG000Q3TSJ1 1,272,996 118,639 SH   DFND 1,2 118,639 0 0
HUDSON PAC PPTYS INC COM 444097109 BBG000QC4T33 1,839,945 197,631 SH   DFND 1,2 197,631 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 BBG000PNBZF5 1,471,918 92,110 SH   DFND 1,2 92,110 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 BBG000BJGD54 1,324,387 77,951 SH   DFND 1,2 77,951 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 BBG000BX3BL3 3,675,571 105,711 SH   DFND 1,2,4 69,605 0 36,106
AMERICAN HOMES 4 RENT CL A 02665T306 BBG003NXJNH6 3,150,132 87,601 SH   DFND 1,2 21,705 0 65,896
EQUITY LIFESTYLE PPTYS INC COM 29472R108 BBG000BB7SX7 639,304 9,063 SH   DFND 1,2 0 0 9,063
EPR PPTYS CONV PFD 9% SR E 26884U307 BBG000001X86 684,863 24,355 SH   DFND 1,2 24,355 0 0