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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
RYMAN HOSPITALITY PPTYS INC COM 78377T107 BBG000BDVP80 45,955,372 460,198 SH   DFND 1,2,3,4 232,813 0 227,385
COUSINS PPTYS INC COM NEW 222795502 BBG000CW9BM7 29,242,247 1,263,164 SH   DFND 1,2,3,4 631,221 0 631,943
ESSEX PPTY TR INC COM 297178105 BBG000CGJMB9 29,768,609 109,363 SH   DFND 1,2,3,4 58,171 0 51,192
VENTAS INC COM 92276F100 BBG000FRVHB9 44,803,803 874,050 SH   DFND 1,2,3,4 443,960 0 430,090
URBAN EDGE PPTYS COM 91704F104 BBG006BFYQN0 29,623,664 1,603,880 SH   DFND 1,2,3,4 814,040 0 789,840
REALTY INCOME CORP COM 756109104 BBG000DHPN63 22,168,712 419,703 SH   DFND 1,2,3 234,884 0 184,819
SL GREEN RLTY CORP COM 78440X887 BBG000BVP5P2 32,235,636 569,132 SH   DFND 1,2,3,4 287,684 0 281,448
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 BBG000BC33T9 17,617,554 150,616 SH   DFND 1,2,3,4 85,026 0 65,590
SIMON PPTY GROUP INC NEW COM 828806109 BBG000BJ2D31 72,372,775 476,764 SH   DFND 1,2,3,4 244,636 0 232,128
DIGITAL RLTY TR INC COM 253868103 BBG000Q5ZRM7 77,685,082 510,918 SH   DFND 1,2,3,4 261,751 0 249,167
WELLTOWER INC COM 95040Q104 BBG000BKY1G5 107,332,360 1,029,567 SH   DFND 1,2,3,4 521,054 0 508,513
EASTGROUP PPTYS INC COM 277276101 BBG000BHRBT4 41,535,698 244,184 SH   DFND 1,2,3,4 122,795 0 121,389
PUBLIC STORAGE OPER CO COM 74460D109 BBG000BPPN67 29,973,130 104,200 SH   DFND 1,2,3,4 52,411 0 51,789
MEDICAL PPTYS TRUST INC COM 58463J304 BBG000BGRB25 10,628,322 2,465,968 SH   DFND 1,2,3,4 1,277,008 0 1,188,960
CAMDEN PPTY TR SH BEN INT 133131102 BBG000BB0V03 1,505,718 13,800 SH   DFND 1,2,3,4 7,015 0 6,785
STAG INDL INC COM 85254J102 BBG000BGLFP7 32,018,251 887,916 SH   DFND 1,2,3,4 441,694 0 446,222
EQUINIX INC COM 29444U700 BBG000MBDGM6 108,762,007 143,751 SH   DFND 1,2,3,4 74,011 0 69,740
UDR INC COM 902653104 BBG000C41023 69,357,091 1,685,470 SH   DFND 1,2,3,4 857,292 0 828,178
CENTERSPACE COM 15202L107 BBG000BVJ702 19,874,563 293,872 SH   DFND 1,2,3,4 150,275 0 143,597
AGREE RLTY CORP COM 008492100 BBG000BC9DK0 35,200,998 568,308 SH   DFND 1,2,3,4 282,138 0 286,170
HEALTHPEAK PROPERTIES INC COM 42250P103 BBG000BKYDP9 44,513,795 2,271,112 SH   DFND 1,2,3,4 1,177,075 0 1,094,037
BRIXMOR PPTY GROUP INC COM 11120U105 BBG001LFLZZ1 27,886,232 1,207,719 SH   DFND 1,2,3,4 597,497 0 610,222
KITE RLTY GROUP TR COM NEW 49803T300 BBG000BC2KW8 11,139,265 497,733 SH   DFND 1,2 269,146 0 228,587
LAMAR ADVERTISING CO NEW CL A 512816109 BBG000FGMKY1 32,104,204 268,587 SH   DFND 1,2,3,4 128,372 0 140,215
AMERICAN HOMES 4 RENT CL A 02665T306 BBG003NXJNH6 59,939,860 1,613,021 SH   DFND 1,2,3,4 819,240 0 793,781
EXTRA SPACE STORAGE INC COM 30225T102 BBG000PV27K3 72,210,790 464,647 SH   DFND 1,2,3,4 222,400 0 242,247
NNN REIT INC COM 637417106 BBG000CLP0Y4 21,911,608 514,357 SH   DFND 1,2,3,4 249,877 0 264,480
PROLOGIS INC. COM 74340W103 BBG000B9Z0J8 143,060,253 1,273,798 SH   DFND 1,2,3,4 658,767 0 615,031
IRON MTN INC DEL COM 46284V101 BBG000KCZPC3 68,609,577 765,561 SH   DFND 1,2,3,4 380,351 0 385,210
CUBESMART COM 229663109 BBG000HF28Q9 20,109,684 445,200 SH   DFND 1,2,3 277,448 0 167,752
KIMCO RLTY CORP COM 49446R109 BBG000CN3S73 10,229,246 525,655 SH   DFND 1,2,3,4 284,057 0 241,598
EQUITY LIFESTYLE PPTYS INC COM 29472R108 BBG000BB7SX7 32,679,433 501,757 SH   DFND 1,2,3,4 254,987 0 246,770
AVALONBAY CMNTYS INC COM 053484101 BBG000BLPBL5 57,239,015 276,664 SH   DFND 1,2,3,4 144,436 0 132,228
VICI PPTYS INC COM 925652109 BBG00HVVB499 22,136,142 772,910 SH   DFND 1,2,4 370,970 0 401,940
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 BBG00L17LGJ7 31,441,290 1,134,655 SH   DFND 1,2,3,4 567,825 0 566,830
CTO RLTY GROWTH INC NEW COM 22948Q101 BBG00Y3M1H59 13,683,227 783,690 SH   DFND 1,2,3,4 389,787 0 393,903
EMPIRE ST RLTY TR INC CL A 292104106 BBG002N8HMW0 1,187,621 126,612 SH   DFND 1,2 126,612 0 0
BOSTON PROPERTIES INC COM 101121101 BBG000BS5CM9 1,233,416 20,036 SH   DFND 1,2 20,036 0 0
HEALTHCARE RLTY TR CL A COM 42226K105 BBG000PRJCX9 1,198,838 72,745 SH   DFND 1,2 72,745 0 0
TERRENO RLTY CORP COM 88146M101 BBG000PV3J62 1,071,987 18,114 SH   DFND 1,2 18,114 0 0
PARAMOUNT GROUP INC COM 69924R108 BBG000FBRL11 1,215,273 262,478 SH   DFND 1,2 262,478 0 0
REXFORD INDL RLTY INC COM 76169C100 BBG004MB82R0 1,163,264 26,088 SH   DFND 1,2 26,088 0 0
DOUGLAS EMMETT INC COM 25960P109 BBG000PN1SJ8 1,145,019 86,027 SH   DFND 1,2 86,027 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 BBG000BG8M31 1,259,838 18,169 SH   DFND 1,2 18,169 0 0
VORNADO RLTY TR SH BEN INT 929042109 BBG000BWHD54 1,232,580 46,884 SH   DFND 1,2 46,884 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 BBG000Q3TSJ1 1,202,910 115,001 SH   DFND 1,2 115,001 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 BBG000BJVN28 1,174,786 11,635 SH   DFND 1,2 11,635 0 0
HUDSON PAC PPTYS INC COM 444097109 BBG000QC4T33 1,188,383 247,065 SH   DFND 1,2 247,065 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 BBG000PNBZF5 1,175,543 85,494 SH   DFND 1,2 85,494 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 BBG000BJGD54 1,220,495 68,108 SH   DFND 1,2 68,108 0 0
AMERICAN TOWER CORP NEW COM 03027X100 BBG000B9XYV2 26,828,716 138,022 SH   DFND 1,2,4 59,712 0 78,310
SBA COMMUNICATIONS CORP NEW CL A 78410G104 BBG000D2M0Z7 7,718,516 39,320 SH   DFND 1,2,4 16,880 0 22,440
WEYERHAEUSER CO MTN BE COM NEW 962166104 BBG000BX3BL3 2,741,736 96,574 SH   DFND 1,2,4 41,458 0 55,116
EPR PPTYS CONV PFD 9% SR E 26884U307 BBG000001X86 487,936 17,495 SH   DFND 1,2 17,495 0 0