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 32,823,483 306,075 SH   DFND 1,2,3,4 137,632 0 168,443
ESSEX PPTY TR INC COM 297178105 BBG000CGJMB9 21,779,544 73,724 SH   DFND 1,2 37,706 0 36,018
VENTAS INC COM 92276F100 BBG000FRVHB9 63,062,236 983,350 SH   DFND 1,2,3,4 423,063 0 560,287
URBAN EDGE PPTYS COM 91704F104 BBG006BFYQN0 35,031,130 1,637,734 SH   DFND 1,2,3,4 772,931 0 864,803
REALTY INCOME CORP COM 756109104 BBG000DHPN63 24,970,801 393,737 SH   DFND 1,2,3 195,980 0 197,757
SL GREEN RLTY CORP COM 78440X887 BBG000BVP5P2 10,809,110 155,281 SH   DFND 1,2,3 89,999 0 65,282
HOST HOTELS & RESORTS INC COM 44107P104 BBG000BL8804 4,500,584 255,715 SH   DFND 1,2,3,4 123,741 0 131,974
FOUR CORNERS PPTY TR INC COM 35086T109 BBG009H33QM0 24,863,233 848,285 SH   DFND 1,2,3,4 374,205 0 474,080
SIMON PPTY GROUP INC NEW COM 828806109 BBG000BJ2D31 76,451,633 452,323 SH   DFND 1,2,3,4 212,527 0 239,796
BXP INC COM 101121101 BBG000BS5CM9 45,125,347 560,842 SH   DFND 1,2,3,4 257,112 0 303,730
DIGITAL RLTY TR INC COM 253868103 BBG000Q5ZRM7 66,720,243 412,286 SH   DFND 1,2,3,4 196,752 0 215,534
WELLTOWER INC COM 95040Q104 BBG000BKY1G5 78,885,428 616,148 SH   DFND 1,2,3,4 294,932 0 321,216
EASTGROUP PPTYS INC COM 277276101 BBG000BHRBT4 47,998,355 256,923 SH   DFND 1,2,3,4 114,734 0 142,189
PUBLIC STORAGE OPER CO COM 74460D109 BBG000BPPN67 42,643,381 117,194 SH   DFND 1,2,3,4 52,884 0 64,310
MEDICAL PPTYS TRUST INC COM 58463J304 BBG000BGRB25 12,025,371 2,055,619 SH   DFND 1,2,3,4 952,854 0 1,102,765
CAMDEN PPTY TR SH BEN INT 133131102 BBG000BB0V03 55,501,411 449,295 SH   DFND 1,2,3,4 209,975 0 239,320
EQUITY RESIDENTIAL SH BEN INT 29476L107 BBG000BG8M31 31,023,536 416,647 SH   DFND 1,2,3,4 198,406 0 218,241
STAG INDL INC COM 85254J102 BBG000BGLFP7 41,588,203 1,063,909 SH   DFND 1,2,3,4 468,800 0 595,109
VORNADO RLTY TR SH BEN INT 929042109 BBG000BWHD54 39,181,172 994,446 SH   DFND 1,2,3,4 450,502 0 543,944
SUNSTONE HOTEL INVS INC NEW COM 867892101 BBG000Q3TSJ1 12,776,181 1,238,002 SH   DFND 1,2,3,4 656,376 0 581,626
EQUINIX INC COM 29444U700 BBG000MBDGM6 140,345,842 158,113 SH   DFND 1,2,3,4 72,995 0 85,118
UDR INC COM 902653104 BBG000C41023 46,804,709 1,032,305 SH   DFND 1,2,3,4 467,631 0 564,674
AGREE RLTY CORP COM 008492100 BBG000BC9DK0 56,520,702 750,308 SH   DFND 1,2,3,4 335,250 0 415,058
HEALTHPEAK PROPERTIES INC COM 42250P103 BBG000BKYDP9 69,117,897 3,022,208 SH   DFND 1,2,3,4 1,443,382 0 1,578,826
BRIXMOR PPTY GROUP INC COM 11120U105 BBG001LFLZZ1 33,395,002 1,198,672 SH   DFND 1,2,3,4 529,866 0 668,806
CARETRUST REIT INC COM 14174T107 BBG005KC4Z70 27,533,508 892,207 SH   DFND 1,2,3,4 403,734 0 488,473
KITE RLTY GROUP TR COM NEW 49803T300 BBG000BC2KW8 12,536,665 472,013 SH   DFND 1,2 227,574 0 244,439
AMERICAN HOMES 4 RENT CL A 02665T306 BBG003NXJNH6 48,843,943 1,272,309 SH   DFND 1,2,3,4 587,679 0 684,630
EXTRA SPACE STORAGE INC COM 30225T102 BBG000PV27K3 81,913,293 454,594 SH   DFND 1,2,3,4 209,362 0 245,232
GAMING & LEISURE PPTYS INC COM 36467J108 BBG003MSMCS6 23,167,781 450,297 SH   DFND 1,2,4 198,742 0 251,555
PROLOGIS INC. COM 74340W103 BBG000B9Z0J8 150,465,019 1,191,519 SH   DFND 1,2,3,4 566,905 0 624,614
IRON MTN INC DEL COM 46284V101 BBG000KCZPC3 72,510,066 610,200 SH   DFND 1,2,3,4 277,452 0 332,748
CUBESMART COM 229663109 BBG000HF28Q9 21,908,164 406,988 SH   DFND 1,2,3,4 203,553 0 203,435
KIMCO RLTY CORP COM 49446R109 BBG000CN3S73 11,584,667 498,909 SH   DFND 1,2 240,516 0 258,393
EQUITY LIFESTYLE PPTYS INC COM 29472R108 BBG000BB7SX7 46,288,745 648,847 SH   DFND 1,2,3,4 302,739 0 346,108
AVALONBAY CMNTYS INC COM 053484101 BBG000BLPBL5 37,250,944 165,376 SH   DFND 1,2,3,4 78,250 0 87,126
VICI PPTYS INC COM 925652109 BBG00HVVB499 25,482,150 765,000 SH   DFND 1,2,4 336,384 0 428,616
SAFEHOLD INC COM 78646V107 BBG000H35J52 3,683,059 140,414 SH   DFND 1,2,3,4 57,121 0 83,293
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 BBG00L17LGJ7 38,881,995 1,138,565 SH   DFND 1,2,3,4 517,676 0 620,889
AMERICAN TOWER CORP NEW COM 03027X100 BBG000B9XYV2 53,409,032 229,657 SH   DFND 1,2,3,4 91,048 0 138,609
SBA COMMUNICATIONS CORP NEW CL A 78410G104 BBG000D2M0Z7 13,083,008 54,354 SH   DFND 1,2,3,4 20,859 0 33,495
CTO RLTY GROWTH INC NEW COM 22948Q101 BBG00Y3M1H59 18,812,168 989,073 SH   DFND 1,2,3,4 432,755 0 556,318
POTLATCHDELTIC CORPORATION COM 737630103 BBG000BQX2N3 8,153,194 180,981 SH   DFND 1,2,3,4 87,005 0 93,976
AMERICAN HEALTHCARE REIT INC COM SHS 398182303 BBG01L820CZ4 6,538,729 250,526 SH   DFND 1,2,3,4 128,002 0 122,524
LTC PPTYS INC COM 502175102 BBG000BGCCC8 896,483 24,434 SH   DFND 1,2,3 24,434 0 0
EMPIRE ST RLTY TR INC CL A 292104106 BBG002N8HMW0 1,310,443 118,271 SH   DFND 1,2 118,271 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 BBG000BC33T9 1,162,444 9,789 SH   DFND 1,2 9,789 0 0
HEALTHCARE RLTY TR CL A COM 42226K105 BBG000PRJCX9 1,233,365 67,954 SH   DFND 1,2 67,954 0 0
TERRENO RLTY CORP COM 88146M101 BBG000PV3J62 1,130,830 16,921 SH   DFND 1,2 16,921 0 0
PARAMOUNT GROUP INC COM 69924R108 BBG000FBRL11 1,206,236 245,170 SH   DFND 1,2 245,170 0 0
REXFORD INDL RLTY INC COM 76169C100 BBG004MB82R0 1,225,853 24,366 SH   DFND 1,2 24,366 0 0
DOUGLAS EMMETT INC COM 25960P109 BBG000PN1SJ8 1,326,482 75,497 SH   DFND 1,2 75,497 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 BBG000BJVN28 1,250,299 10,875 SH   DFND 1,2 10,875 0 0
HUDSON PAC PPTYS INC COM 444097109 BBG000QC4T33 1,103,119 230,778 SH   DFND 1,2 230,778 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 BBG000PNBZF5 1,184,442 89,527 SH   DFND 1,2 89,527 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 BBG000BJGD54 1,268,859 54,040 SH   DFND 1,2 54,040 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 BBG000BX3BL3 3,722,501 109,938 SH   DFND 1,2,4 38,872 0 71,066
EPR PPTYS CONV PFD 9% SR E 26884U307 BBG000001X86 525,213 17,147 SH   DFND 1,2 17,147 0 0