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
Estimated average burden
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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Acadia Realty Trust COM SH BEN INT 004239109 14,420 1,163,868 SH   DFND 1,2 1,163,868 0 0
Agree Realty Corp COM 008492100 10,925 176,501 SH   DFND 1,2,3,4 117,456 0 59,045
Alexandria Real Estate Equities Inc COM 015271109 39,307 286,787 SH   DFND 1,2,3,4,5 265,623 0 21,164
American Assets Trust Inc COM 024013104 16,591 663,647 SH   DFND 1,2,3,4,5 557,335 0 106,312
American Campus Communities Inc COM 024835100 45,639 1,644,665 SH   DFND 1,2,3,4,5 1,440,723 0 203,942
Apartment Investment and Management Co CL A 03748R754 48,425 1,377,669 SH   DFND 1,2,3,4,5 1,151,036 0 226,633
AvalonBay Communities Inc COM 053484101 30,408 206,619 SH   DFND 1,2,3,4 191,958 0 14,661
Boston Properties Inc COM 101121101 74,611 808,964 SH   DFND 1,2,3,4,5 709,991 0 98,973
Brixmor Property Group Inc COM 11120U105 19,983 2,103,425 SH   DFND 1,2,3,4,5 1,765,305 0 338,120
Brookfield Property REIT Inc CL A 11282X103 15,751 1,855,243 SH   DFND 1,2 1,855,243 0 0
Camden Property Trust SH BEN INT 133131102 43,410 547,826 SH   DFND 1,2,3,4,5 460,995 0 86,831
Columbia Property Trust Inc COM NEW 198287203 7,397 591,774 SH   DFND 1,2,3,4 478,310 0 113,464
CoreSite Realty Corp COM 21870Q105 29,184 251,805 SH   DFND 1,2 251,805 0 0
CubeSmart COM 229663109 30,157 1,125,695 SH   DFND 1,2,3,4,5 940,587 0 185,108
CyrusOne Inc COM 23283R100 79,169 1,282,097 SH   DFND 1,2,3,4,5 1,063,512 0 218,585
DiamondRock Hospitality Co COM 252784301 20,989 4,131,601 SH   DFND 1,2,3,4,5 3,396,519 0 735,082
Douglas Emmett Inc COM 25960P109 21,989 720,716 SH   DFND 1,2 720,716 0 0
Duke Realty Corp COM NEW 264411505 67,196 2,075,239 SH   DFND 1,2,3,4,5 1,677,162 0 398,077
Empire State Realty Trust Inc CL A 292104106 20,416 2,278,585 SH   DFND 1,2 2,278,585 0 0
Equinix Inc COM 29444U700 112,968 180,873 SH   DFND 1,2,3,4,5 155,446 0 25,427
Equity LifeStyle Properties Inc COM 29472R108 25,058 435,946 SH   DFND 1,2,3,4,5 357,056 0 78,890
Equity Residential SH BEN INT 29476L107 49,143 796,357 SH   DFND 1,2,3,4,5 727,937 0 68,420
Essex Property Trust Inc COM 297178105 19,923 90,459 SH   DFND 1,2 90,459 0 0
Extra Space Storage Inc COM 30225T102 59,851 625,007 SH   DFND 1,2,3,4,5 524,803 0 100,204
Federal Realty Investment Trust SH BEN INT NEW 313747206 29,339 393,233 SH   DFND 1,2,3,4 365,857 0 27,376
Four Corners Property Trust Inc COM 35086T109 15,297 817,602 SH   DFND 1,2,3,4 537,613 0 279,989
Healthcare Realty Trust Inc COM 421946104 21,925 784,992 SH   DFND 1,2 784,992 0 0
Healthcare Trust of America Inc CL A NEW 42225P501 21,063 867,497 SH   DFND 1,2 867,497 0 0
Healthpeak Properties Inc COM 42250P103 71,197 2,985,190 SH   DFND 1,2,3,4,5 2,477,888 0 507,302
Highwoods Properties Inc COM 431284108 38,354 1,082,826 SH   DFND 1,2,3,4,5 903,066 0 179,760
Host Hotels & Resorts Inc COM 44107P104 5,485 496,827 SH   DFND 1,2,3,4 404,085 0 92,742
Hudson Pacific Properties Inc COM 444097109 65,880 2,597,801 SH   DFND 1,2,3,4,5 2,345,598 0 252,203
Invitation Homes Inc COM 46187W107 58,694 2,746,565 SH   DFND 1,2,3,4,5 2,280,032 0 466,533
Life Storage Inc COM 53223X107 11,954 126,435 SH   DFND 1,2,3,4,5 105,568 0 20,867
Macerich Co COM 554382101 10,391 1,845,662 SH   DFND 1,2 1,845,662 0 0
National Retail Properties Inc COM 637417106 25,195 782,683 SH   DFND 1,2,3,4 537,935 0 244,748
New Senior Investment Group Inc COM 648691103 2,443 954,356 SH   DFND 1,2,3,4 779,014 0 175,342
Paramount Group Inc COM 69924R108 21,508 2,444,103 SH   DFND 1,2 2,444,103 0 0
Pebblebrook Hotel Trust COM 70509V100 39,050 3,585,897 SH   DFND 1,2,3,4,5 3,325,739 0 260,158
Physicians Realty Trust COM 71943U104 28,851 2,069,680 SH   DFND 1,2,3,4,5 1,697,727 0 371,953
Prologis Inc COM 74340W103 156,628 1,948,841 SH   DFND 1,2,3,4,5 1,686,502 0 262,339
Rexford Industrial Realty Inc COM 76169C100 23,305 568,284 SH   DFND 1,2 568,284 0 0
Simon Property Group Inc New COM 828806109 35,788 652,350 SH   DFND 1,2,3,4,5 595,254 0 57,096
SL Green Realty Corp COM 78440X101 16,048 372,341 SH   DFND 1,2 372,341 0 0
STAG Industrial Inc COM 85254J102 580 25,771 SH   DFND 1,2,4 15,840 0 9,931
Terreno Realty Corp COM 88146M101 24,869 480,555 SH   DFND 1,2 480,555 0 0
UDR Inc COM 902653104 48,973 1,340,253 SH   DFND 1,2,3,4,5 1,125,419 0 214,834
Vornado Realty Trust SH BEN INT 929042109 18,982 524,232 SH   DFND 1,2 524,232 0 0
Weingarten Realty Investors SH BEN INT 948741103 17,857 1,237,483 SH   DFND 1,2,3,4,5 1,032,063 0 205,420
Welltower Inc COM 95040Q104 48,750 1,064,878 SH   DFND 1,2,3,4,5 885,831 0 179,047