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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hours per response: 23.8
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
COUSINS PPTYS INC COM NEW 222795502 BBG000CW9BM7 34,280,277 1,118,808 SH   DFND 1,2,3 357,640 0 761,168
ESSEX PPTY TR INC COM 297178105 BBG000CGJMB9 8,946,260 31,342 SH   DFND 1,2 15,657 0 15,685
VENTAS INC COM 92276F100 BBG000FRVHB9 65,616,534 1,114,222 SH   DFND 1,2,3 365,957 0 748,265
EMPIRE ST RLTY TR INC CL A 292104106 BBG002N8HMW0 13,650,522 1,322,725 SH   DFND 1,2,3 666,940 0 655,785
URBAN EDGE PPTYS COM 91704F104 BBG006BFYQN0 25,472,921 1,184,787 SH   DFND 1,2,3 392,404 0 792,383
REALTY INCOME CORP COM 756109104 BBG000DHPN63 17,314,721 324,185 SH   DFND 1,2,3 146,204 0 177,981
OUTFRONT MEDIA INC COM 69007J106 BBG004S69ZX4 15,769,813 888,941 SH   DFND 1,2,3 321,387 0 567,554
HOST HOTELS & RESORTS INC COM 44107P104 BBG000BL8804 31,136,071 1,777,173 SH   DFND 1,2,3 647,175 0 1,129,998
FOUR CORNERS PPTY TR INC COM 35086T109 BBG009H33QM0 35,632,730 1,312,923 SH   DFND 1,2,3 455,204 0 857,719
INVITATION HOMES INC COM 46187W107 BBG00FQH6BS9 41,400,287 1,294,973 SH   DFND 1,2,3 471,585 0 823,388
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 BBG000BC33T9 32,675,543 334,962 SH   DFND 1,2,3 113,758 0 221,204
SIMON PPTY GROUP INC NEW COM 828806109 BBG000BJ2D31 65,261,390 378,964 SH   DFND 1,2,3 137,460 0 241,504
DIGITAL RLTY TR INC COM 253868103 BBG000Q5ZRM7 91,946,669 518,506 SH   DFND 1,2,3 184,716 0 333,790
WELLTOWER INC COM 95040Q104 BBG000BKY1G5 81,729,447 648,492 SH   DFND 1,2,3 252,259 0 396,233
EASTGROUP PPTYS INC COM 277276101 BBG000BHRBT4 38,376,690 239,122 SH   DFND 1,2,3 84,268 0 154,854
PUBLIC STORAGE OPER CO COM 74460D109 BBG000BPPN67 39,698,258 132,575 SH   DFND 1,2,3 47,496 0 85,079
MEDICAL PPTYS TRUST INC COM 58463J304 BBG000BGRB25 7,470,706 1,891,318 SH   DFND 1,2,3 690,340 0 1,200,978
CAMDEN PPTY TR SH BEN INT 133131102 BBG000BB0V03 60,457,768 521,008 SH   DFND 1,2,3 187,958 0 333,050
EQUITY RESIDENTIAL SH BEN INT 29476L107 BBG000BG8M31 97,980,243 1,365,388 SH   DFND 1,2,3 497,206 0 868,182
RLJ LODGING TR COM 74965L101 BBG001HPC9F4 21,097,689 2,066,375 SH   DFND 1,2,3 703,756 0 1,362,619
STAG INDL INC COM 85254J102 BBG000BGLFP7 41,245,790 1,219,568 SH   DFND 1,2,3 425,427 0 794,141
VORNADO RLTY TR SH BEN INT 929042109 BBG000BWHD54 32,110,530 763,809 SH   DFND 1,2,3 265,271 0 498,538
LTC PPTYS INC COM 502175102 BBG000BGCCC8 18,295,642 529,541 SH   DFND 1,2,3 165,325 0 364,216
EQUINIX INC COM 29444U700 BBG000MBDGM6 129,092,013 136,911 SH   DFND 1,2,3 50,051 0 86,860
AGREE RLTY CORP COM 008492100 BBG000BC9DK0 52,109,117 739,661 SH   DFND 1,2,3 256,400 0 483,261
HEALTHPEAK PROPERTIES INC COM 42250P103 BBG000BKYDP9 9,155,087 451,657 SH   DFND 1,2,3 233,600 0 218,057
REGENCY CTRS CORP COM 758849103 BBG000BL46Q4 52,131,740 705,150 SH   DFND 1,2,3 239,901 0 465,249
KITE RLTY GROUP TR COM NEW 49803T300 BBG000BC2KW8 12,797,109 507,017 SH   DFND 1,2 235,933 0 271,084
EXTRA SPACE STORAGE INC COM 30225T102 BBG000PV27K3 46,278,610 309,349 SH   DFND 1,2,3 129,519 0 179,830
PROLOGIS INC. COM 74340W103 BBG000B9Z0J8 111,069,877 1,050,803 SH   DFND 1,2,3 388,993 0 661,810
IRON MTN INC DEL COM 46284V101 BBG000KCZPC3 15,943,505 151,684 SH   DFND 1,2,3 60,621 0 91,063
CUBESMART COM 229663109 BBG000HF28Q9 28,515,432 665,471 SH   DFND 1,2,3 199,499 0 465,972
KIMCO RLTY CORP COM 49446R109 BBG000CN3S73 11,206,077 478,279 SH   DFND 1,2 222,166 0 256,113
EQUITY LIFESTYLE PPTYS INC COM 29472R108 BBG000BB7SX7 51,899,648 779,274 SH   DFND 1,2,3 283,932 0 495,342
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 BBG00L17LGJ7 45,202,353 1,445,088 SH   DFND 1,2,3 494,434 0 950,654
CTO RLTY GROWTH INC NEW COM 22948Q101 BBG00Y3M1H59 17,450,682 885,372 SH   DFND 1,2,3 264,646 0 620,726
AMERICAN HEALTHCARE REIT INC COM SHS 398182303 BBG01L820CZ4 5,574,782 196,157 SH   DFND 1,2,3 99,580 0 96,577
FRONTVIEW REIT INC COM 35922N100 BBG01PNY4CV8 14,769,605 814,650 SH   DFND 1,2,3 290,216 0 524,434
BXP INC COM 101121101 BBG000BS5CM9 326,217 4,387 SH   DFND 1,2 4,387 0 0
HEALTHCARE RLTY TR CL A COM 42226K105 BBG000PRJCX9 348,594 20,566 SH   DFND 1,2 20,566 0 0
TERRENO RLTY CORP COM 88146M101 BBG000PV3J62 348,394 5,891 SH   DFND 1,2 5,891 0 0
PARAMOUNT GROUP INC COM 69924R108 BBG000FBRL11 366,558 74,202 SH   DFND 1,2 74,202 0 0
REXFORD INDL RLTY INC COM 76169C100 BBG004MB82R0 328,107 8,487 SH   DFND 1,2 8,487 0 0
DOUGLAS EMMETT INC COM 25960P109 BBG000PN1SJ8 344,789 18,577 SH   DFND 1,2 18,577 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 BBG000Q3TSJ1 420,462 35,512 SH   DFND 1,2 35,512 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 BBG000BJVN28 345,142 3,083 SH   DFND 1,2 3,083 0 0
HUDSON PAC PPTYS INC COM 444097109 BBG000QC4T33 283,057 93,418 SH   DFND 1,2 93,418 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 BBG000PNBZF5 351,866 25,968 SH   DFND 1,2 25,968 0 0
AVALONBAY CMNTYS INC COM 053484101 BBG000BLPBL5 1,535,831 6,982 SH   DFND 1,2 1,528 0 5,454
ACADIA RLTY TR COM SH BEN INT 004239109 BBG000BJGD54 336,138 13,913 SH   DFND 1,2 13,913 0 0
AMERICAN TOWER CORP NEW COM 03027X100 BBG000B9XYV2 18,090,462 98,634 SH   DFND 1,2 0 0 98,634
SBA COMMUNICATIONS CORP NEW CL A 78410G104 BBG000D2M0Z7 6,399,116 31,399 SH   DFND 1,2 0 0 31,399
WEYERHAEUSER CO MTN BE COM NEW 962166104 BBG000BX3BL3 2,503,267 88,926 SH   DFND 1,2 0 0 88,926
EPR PPTYS CONV PFD 9% SR E 26884U307 BBG000001X86 466,913 17,147 SH   DFND 1,2 17,147 0 0