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
VENTAS INC COM 92276F100 89,948 1,748,948 SH   DFND 1,2,3,4 1,051,210 0 697,738
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 37,372 2,848,455 SH   DFND 1,2 1,688,725 0 1,159,730
PHYSICIANS RLTY TR COM 71943U104 31,741 1,818,942 SH   DFND 1,2 1,138,520 0 680,422
URBAN EDGE PPTYS COM 91704F104 28,982 1,905,435 SH   DFND 1,2 1,175,178 0 730,257
REALTY INCOME CORP COM 756109104 44,560 652,791 SH   DFND 1,2 335,042 0 317,749
INVITATION HOMES INC COM 46187W107 68,738 1,931,938 SH   DFND 1,2,3,4 1,130,755 0 801,183
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 14,259 98,319 SH   DFND 1,2 58,732 0 39,587
KILROY RLTY CORP COM 49427F108 48,649 929,667 SH   DFND 1,2 549,711 0 379,956
SIMON PPTY GROUP INC NEW COM 828806109 91,156 960,342 SH   DFND 1,2 578,999 0 381,343
DIGITAL RLTY TR INC COM 253868103 145,802 1,123,025 SH   DFND 1,2 667,956 0 455,069
WELLTOWER INC COM 95040Q104 131,019 1,590,999 SH   DFND 1,2,3,4 960,956 0 630,043
REXFORD INDL RLTY INC COM 76169C100 93,960 1,631,539 SH   DFND 1,2 979,267 0 652,272
PUBLIC STORAGE COM 74460D109 137,393 439,420 SH   DFND 1,2,3,4 258,534 0 180,886
MID-AMER APT CMNTYS INC COM 59522J103 79,295 453,969 SH   DFND 1,2 268,435 0 185,534
EQUINIX INC COM 29444U700 59,697 90,860 SH   DFND 1,2,3,4 53,416 0 37,444
UDR INC COM 902653104 62,748 1,362,912 SH   DFND 1,2,3 775,858 0 587,054
CENTERSPACE COM 15202L107 22,838 280,051 SH   DFND 1,2,3,4 167,695 0 112,356
AGREE RLTY CORP COM 008492100 51,873 719,163 SH   DFND 1,2 430,659 0 288,504
SUN CMNTYS INC COM 866674104 80,936 507,882 SH   DFND 1,2 302,310 0 205,572
LIFE STORAGE INC COM 53223X107 56,322 504,408 SH   DFND 1,2,3,4 302,728 0 201,680
PEBBLEBROOK HOTEL TR COM 70509V100 29,508 1,780,802 SH   DFND 1,2 1,096,097 0 684,705
SITE CTRS CORP COM 82981J109 29,882 2,218,432 SH   DFND 1,2 1,161,797 0 1,056,635
PROLOGIS INC. COM 74340W103 107,544 914,097 SH   DFND 1,2 551,403 0 362,694
DUKE REALTY CORP COM NEW 264411505 114,016 2,074,903 SH   DFND 1,2,3,4 1,226,876 0 848,027
SABRA HEALTH CARE REIT INC COM 78573L106 24,289 1,738,634 SH   DFND 1,2 918,160 0 820,474
AVALONBAY CMNTYS INC COM 053484101 136,485 702,625 SH   DFND 1,2 427,262 0 275,363
DIAMONDROCK HOSPITALITY CO COM 252784301 63,623 7,749,424 SH   DFND 1,2,3,4 4,614,756 0 3,134,668
EPR PPTYS COM SH BEN INT 26884U109 39,703 846,007 SH   DFND 1,2 500,113 0 345,894
ACADIA RLTY TR COM SH BEN INT 004239109 29,491 1,888,012 SH   DFND 1,2 1,221,289 0 666,723
AMERICAN TOWER CORP NEW COM 03027X100 76,114 297,799 SH   DFND 1,2 212,444 0 85,355
POSTAL REALTY TRUST INC CL A 73757R102 21,916 1,470,848 SH   DFND 1,2,3,4 916,632 0 554,216
NETSTREIT CORP COM 64119V303 35,827 1,898,629 SH   DFND 1,2,3,4 1,138,343 0 760,286
ESSEX PPTY TR INC COM 297178105 2,198 8,404 SH   DFND 1,2 8,404 0 0
EMPIRE ST RLTY TR INC CL A 292104106 2,083 296,252 SH   DFND 1,2 296,252 0 0
SL GREEN RLTY CORP COM 78440X887 1,791 38,802 SH   DFND 1,2 38,802 0 0
BOSTON PROPERTIES INC COM 101121101 1,830 20,572 SH   DFND 1,2 20,572 0 0
HEALTHCARE RLTY TR COM 421946104 2,213 81,375 SH   DFND 1,2 81,375 0 0
TERRENO RLTY CORP COM 88146M101 2,186 39,222 SH   DFND 1,2 39,222 0 0
PARAMOUNT GROUP INC COM 69924R108 1,783 246,587 SH   DFND 1,2 246,587 0 0
DOUGLAS EMMETT INC COM 25960P109 1,902 85,001 SH   DFND 1,2 85,001 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,155 29,833 SH   DFND 1,2 29,833 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,808 63,234 SH   DFND 1,2 63,234 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 1,998 201,433 SH   DFND 1,2 201,433 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 1,933 20,188 SH   DFND 1,2 20,188 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 2,394 37,129 SH   DFND 1,2 37,129 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 2,093 80,784 SH   DFND 1,2 80,784 0 0
HUDSON PAC PPTYS INC COM 444097109 1,786 120,381 SH   DFND 1,2 120,381 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 7,251 43,063 SH   DFND 1,2 31,123 0 11,940
SBA COMMUNICATIONS CORP NEW CL A 78410G104 6,837 21,363 SH   DFND 1,2 15,408 0 5,955
WEYERHAEUSER CO MTN BE COM NEW 962166104 4,089 123,456 SH   DFND 1,2 88,460 0 34,996