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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 556,019 4,406,905 SH   DFND 1,2 0 4,406,905 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 128,953 3,007,300 SH   DFND 1,2 0 3,007,300 0
AMERICOLD RLTY TR COM 03064D108 31,026 1,409,000 SH   DFND 1,2 0 1,409,000 0
AVALONBAY CMNTYS INC COM 053484101 554,651 3,226,780 SH   DFND 1,2 0 3,226,780 0
BOSTON PROPERTIES INC COM 101121101 836,463 6,669,292 SH   DFND 1,2 0 6,669,292 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 16,880 1,000,000 SH   DFND 1,2 0 1,000,000 0
CAMDEN PPTY TR SH BEN INT 133131102 95,231 1,045,000 SH   DFND 1,2 0 1,045,000 0
COUSINS PPTYS INC COM 222795106 39,509 4,077,300 SH   DFND 1,2 0 4,077,300 0
CYRUSONE INC COM 23283R100 58,127 996,000 SH   DFND 1,2 0 996,000 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 66,330 994,000 SH   DFND 1,2 0 994,000 0
DIGITAL RLTY TR INC COM 253868103 772,713 6,925,196 SH   DFND 1,2 0 6,925,196 0
EQUINIX INC COM PAR $0.001 29444U700 76,735 178,500 SH   DFND 1,2 0 178,500 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 103,388 1,125,000 SH   DFND 1,2 0 1,125,000 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 971,909 15,260,000 SH   DFND 1,2 0 15,260,000 0
EXTRA SPACE STORAGE INC COM 30225T102 153,059 1,533,500 SH   DFND 1,2 0 1,533,500 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 154,518 1,221,000 SH   DFND 1,2 0 1,221,000 0
HCP INC COM 40414L109 146,980 5,692,500 SH   DFND 1,2 0 5,692,500 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 119,136 4,419,000 SH   DFND 1,2 0 4,419,000 0
HIGHWOODS PPTYS INC COM 431284108 99,380 1,959,000 SH   DFND 1,2 0 1,959,000 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 59,370 750,000 SH   DFND 1,2 0 750,000 0
HOST HOTELS & RESORTS INC COM 44107P104 284,488 13,502,044 SH   DFND 1,2 0 13,502,044 0
INVITATION HOMES INC COM 46187W107 299,088 12,970,000 SH   DFND 1,2 0 12,970,000 0
JBG SMITH PPTYS COM 46590V100 140,216 3,844,703 SH   DFND 1,2 0 3,844,703 0
KILROY RLTY CORP COM 49427F108 90,465 1,196,000 SH   DFND 1,2 0 1,196,000 0
KIMCO RLTY CORP COM 49446R109 142,968 8,414,850 SH   DFND 1,2 0 8,414,850 0
LIFE STORAGE INC COM 53223X107 79,674 818,763 SH   DFND 1,2 0 818,763 0
MACERICH CO COM 554382101 82,290 1,448,000 SH   DFND 1,2 0 1,448,000 0
MID AMER APT CMNTYS INC COM 59522J103 315,550 3,134,500 SH   DFND 1,2 0 3,134,500 0
NATIONAL RETAIL PPTYS INC COM 637417106 27,991 636,736 SH   DFND 1,2 0 636,736 0
PARK HOTELS RESORTS INC COM 700517105 92,594 3,023,000 SH   DFND 1,2 0 3,023,000 0
PROLOGIS INC COM 74340W103 1,368,344 20,830,319 SH   DFND 1,2 0 20,830,319 0
PUBLIC STORAGE COM 74460D109 990,249 4,365,023 SH   DFND 1,2 0 4,365,023 0
REALTY INCOME CORP COM 756109104 177,157 3,293,500 SH   DFND 1,2 0 3,293,500 0
REGENCY CTRS CORP COM 758849103 325,734 5,247,000 SH   DFND 1,2 0 5,247,000 0
SABRA HEALTH CARE REIT INC COM 78573L106 115,866 5,332,080 SH   DFND 1,2 0 5,332,080 0
SIMON PPTY GROUP INC NEW COM 828806109 1,278,934 7,514,740 SH   DFND 1,2 0 7,514,740 0
SL GREEN RLTY CORP COM 78440X101 96,760 962,500 SH   DFND 1,2 0 962,500 0
STORE CAP CORP COM 862121100 114,298 4,171,460 SH   DFND 1,2 0 4,171,460 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 47,417 2,853,000 SH   DFND 1,2 0 2,853,000 0
TAUBMAN CTRS INC COM 876664103 157,183 2,675,000 SH   DFND 1,2 0 2,675,000 0
TERRENO RLTY CORP COM 88146M101 80,689 2,142,000 SH   DFND 1,2 0 2,142,000 0
TIER REIT INC COM NEW 88650V208 24,493 1,030,000 SH   DFND 1,2 0 1,030,000 0
VENTAS INC COM 92276F100 987,317 17,336,563 SH   DFND 1,2 0 17,336,563 0
VEREIT INC COM 92339V100 80,352 10,800,000 SH   DFND 1,2 0 10,800,000 0
VORNADO RLTY TR SH BEN INT 929042109 382,123 5,169,407 SH   DFND 1,2 0 5,169,407 0
XENIA HOTELS & RESORTS INC COM 984017103 36,426 1,495,326 SH   DFND 1,2 0 1,495,326 0