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
Piedmont Office Realty Trust Inc COM CL A 720190206 57,493 3,112,763 SH   DFND 1,2,3,4 2,016,152 0 1,096,611
Physicians Realty Trust COM 71943U104 64,000 3,465,059 SH   DFND 1,2,3,4 2,429,339 0 1,035,720
Realty Income Corp COM 756109104 38,469 576,407 SH   DFND 1,2,3 293,721 0 282,686
Invitation Homes Inc COM 46187W107 91,392 2,450,847 SH   DFND 1,2,3,4 1,588,245 0 862,602
Kilroy Realty Corp COM 49427F108 69,534 998,480 SH   DFND 1,2,3,4 653,537 0 344,943
Welltower Inc COM 95040Q104 150,292 1,808,573 SH   DFND 1,2,3,4 1,200,841 0 607,732
Rexford Industrial Realty Inc COM 76169C100 31,127 546,561 SH   DFND 1,2 335,864 0 210,697
Public Storage COM 74460D109 157,959 525,321 SH   DFND 1,2,3,4 341,552 0 183,769
Camden Property Trust SH BEN INT 133131102 83,596 630,106 SH   DFND 1,2,3,4 395,411 0 234,695
RLJ Lodging Trust COM 74965L101 16,365 1,074,521 SH   DFND 1,2 547,958 0 526,563
Sunstone Hotel Investors Inc COM 867892101 47,564 3,829,599 SH   DFND 1,2,3,4 2,760,734 0 1,068,865
Equinix Inc COM 29444U700 194,841 242,762 SH   DFND 1,2,3,4 156,596 0 86,166
Centerspace COM 15202L107 29,374 372,296 SH   DFND 1,2,3,4 254,013 0 118,283
Federal Realty Investment Trust SH BEN INT NEW 313747206 68,961 588,556 SH   DFND 1,2,3,4 410,322 0 178,234
Healthpeak Properties Inc COM 42250P103 46,105 1,384,940 SH   DFND 1,2 710,091 0 674,849
Sun Communities Inc COM 866674104 94,917 553,772 SH   DFND 1,2,3,4 360,480 0 193,292
New Senior Investment Group Inc COM 648691103 28,578 3,254,935 SH   DFND 1,2,3,4 2,473,879 0 781,056
Pebblebrook Hotel Trust COM 70509V100 75,029 3,185,944 SH   DFND 1,2,3,4 2,198,942 0 987,002
SITE Centers Corp COM 82981J109 43,262 2,872,674 SH   DFND 1,2,3,4 2,013,248 0 859,426
Prologis Inc COM 74340W103 110,045 920,651 SH   DFND 1,2,3,4 631,276 0 289,375
Duke Realty Corp COM NEW 264411505 102,615 2,167,154 SH   DFND 1,2,3,4 1,443,517 0 723,637
Weingarten Realty Investors SH BEN INT 948741103 47,064 1,467,529 SH   DFND 1,2,3,4 1,026,530 0 440,999
Mack-Cali Realty Corp COM 554489104 9,281 541,190 SH   DFND 1,2,3,4 394,495 0 146,695
First Industrial Realty Trust Inc COM 32054K103 71,656 1,371,929 SH   DFND 1,2,3,4 902,360 0 469,569
Kimco Realty Corp COM 49446R109 17,468 837,802 SH   DFND 1,2 426,387 0 411,415
American Assets Trust Inc COM 024013104 15,229 408,386 SH   DFND 1,2 203,950 0 204,436
AvalonBay Communities Inc COM 053484101 149,619 716,945 SH   DFND 1,2,3,4 478,197 0 238,748
EPR Properties COM SH BEN INT 26884U109 29,933 568,198 SH   DFND 1,2,3,4 397,454 0 170,744
Acadia Realty Trust COM SH BEN INT 004239109 14,674 668,229 SH   DFND 1,2 484,116 0 184,113
VICI Properties Inc COM 925652109 83,602 2,695,091 SH   DFND 1,2,4 1,788,284 0 906,807
Postal Realty Trust Inc CL A 73757R102 14,666 804,065 SH   DFND 1,2,3,4 633,578 0 170,487
NETSTREIT Corp COM 64119V303 32,285 1,400,060 SH   DFND 1,2,3,4 893,879 0 506,181
Empire State Realty Trust Inc CL A 292104106 6,122 510,176 SH   DFND 1,2 510,176 0 0
Alexandria Real Estate Equities Inc COM 015271109 6,771 37,213 SH   DFND 1,2 37,213 0 0
Boston Properties Inc COM 101121101 6,591 57,518 SH   DFND 1,2 57,518 0 0
Healthcare Trust of America Inc CL A NEW 42225P501 5,973 223,721 SH   DFND 1,2 223,721 0 0
American Campus Communities Inc COM 024835100 6,642 142,157 SH   DFND 1,2 142,157 0 0
Hudson Pacific Properties Inc COM 444097109 6,534 234,852 SH   DFND 1,2 234,852 0 0
CoreSite Realty Corp COM 21870Q105 7,425 55,164 SH   DFND 1,2 55,164 0 0
Brookfield Property REIT Inc CL A 11282X103 229 12,146 SH   DFND 1,2 12,146 0 0
Essex Property Trust Inc COM 297178105 6,384 21,279 SH   DFND 1,2 21,279 0 0
SL Green Realty Corp COM 78440X804 6,560 81,996 SH   DFND 1,2 81,996 0 0
Simon Property Group Inc COM 828806109 6,464 49,541 SH   DFND 1,2 49,541 0 0
Healthcare Realty Trust Inc COM 421946104 5,908 195,613 SH   DFND 1,2 195,613 0 0
Terreno Realty Corp COM 88146M101 6,365 98,647 SH   DFND 1,2 98,647 0 0
Paramount Group Inc COM 69924R108 6,081 603,843 SH   DFND 1,2 603,843 0 0
Douglas Emmett Inc COM 25960P109 5,706 169,712 SH   DFND 1,2 169,712 0 0
Equity Residential SH BEN INT 29476L107 6,445 83,700 SH   DFND 1,2 83,700 0 0
Vornado Realty Trust SH BEN INT 929042109 6,269 134,330 SH   DFND 1,2 134,330 0 0
Columbia Property Trust Inc COM NEW 198287203 5,963 342,902 SH   DFND 1,2 342,902 0 0
Agree Realty Corp COM 008492100 1,090 15,462 SH   DFND 1,2,3 15,462 0 0
Essential Properties Realty Trust Inc COM 29670E107 791 29,246 SH   DFND 1,2,3 29,246 0 0