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

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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 517,564 4,491,182 SH   DFND 1,2,3 0 4,491,182 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 37,251 900,000 SH   DFND 1,2,3 0 900,000 0
AMERICOLD RLTY TR COM 03064D108 56,252 2,202,505 SH   DFND 1,2,3 0 2,202,505 0
AVALONBAY CMNTYS INC COM 053484101 561,621 3,226,780 SH   DFND 1,2,3 0 3,226,780 0
BOSTON PROPERTIES INC COM 101121101 747,703 6,643,292 SH   DFND 1,2,3 0 6,643,292 0
CAMDEN PPTY TR SH BEN INT 133131102 118,816 1,349,416 SH   DFND 1,2,3 0 1,349,416 0
COUSINS PPTYS INC COM 222795106 32,450 4,107,652 SH   DFND 1,2,3 0 4,107,652 0
CYRUSONE INC COM 23283R100 63,879 1,208,000 SH   DFND 1,2,3 0 1,208,000 0
DIGITAL RLTY TR INC COM 253868103 729,036 6,842,196 SH   DFND 1,2,3 0 6,842,196 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 110,084 1,133,364 SH   DFND 1,2,3 0 1,133,364 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 994,077 15,059,493 SH   DFND 1,2,3 0 15,059,493 0
EXTRA SPACE STORAGE INC COM 30225T102 116,310 1,285,473 SH   DFND 1,2,3 0 1,285,473 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 124,886 1,058,000 SH   DFND 1,2,3 0 1,058,000 0
HCP INC COM 40414L109 155,486 5,567,000 SH   DFND 1,2,3 0 5,567,000 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 112,675 4,451,814 SH   DFND 1,2,3 0 4,451,814 0
HIGHWOODS PPTYS INC COM 431284108 62,349 1,611,500 SH   DFND 1,2,3 0 1,611,500 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 82,671 1,151,400 SH   DFND 1,2,3 0 1,151,400 0
HOST HOTELS & RESORTS INC COM 44107P104 211,985 12,716,544 SH   DFND 1,2,3 0 12,716,544 0
INVITATION HOMES INC COM 46187W107 282,793 14,083,300 SH   DFND 1,2,3 0 14,083,300 0
JBG SMITH PPTYS COM 46590V100 144,869 4,161,703 SH   DFND 1,2,3 0 4,161,703 0
KILROY RLTY CORP COM 49427F108 84,283 1,340,383 SH   DFND 1,2,3 0 1,340,383 0
KIMCO RLTY CORP COM 49446R109 123,278 8,414,850 SH   DFND 1,2,3 0 8,414,850 0
MACERICH CO COM 554382101 55,615 1,285,000 SH   DFND 1,2,3 0 1,285,000 0
MID AMER APT CMNTYS INC COM 59522J103 301,114 3,146,436 SH   DFND 1,2,3 0 3,146,436 0
PARK HOTELS RESORTS INC COM 700517105 72,958 2,808,250 SH   DFND 1,2,3 0 2,808,250 0
PROLOGIS INC COM 74340W103 1,257,472 21,414,719 SH   DFND 1,2,3 0 21,414,719 0
PUBLIC STORAGE COM 74460D109 995,862 4,920,023 SH   DFND 1,2,3 0 4,920,023 0
REALTY INCOME CORP COM 756109104 191,894 3,044,000 SH   DFND 1,2,3 0 3,044,000 0
REGENCY CTRS CORP COM 758849103 320,088 5,454,800 SH   DFND 1,2,3 0 5,454,800 0
REXFORD INDL RLTY INC COM 76169C100 15,411 522,926 SH   DFND 1,2,3 0 522,926 0
SABRA HEALTH CARE REIT INC COM 78573L106 63,880 3,876,200 SH   DFND 1,2,3 0 3,876,200 0
SIMON PPTY GROUP INC NEW COM 828806109 1,213,516 7,223,740 SH   DFND 1,2,3 0 7,223,740 0
SL GREEN RLTY CORP COM 78440X101 42,150 533,000 SH   DFND 1,2,3 0 533,000 0
STORE CAP CORP COM 862121100 107,974 3,814,000 SH   DFND 1,2,3 0 3,814,000 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 37,393 2,874,159 SH   DFND 1,2,3 0 2,874,159 0
TAUBMAN CTRS INC COM 876664103 121,686 2,675,000 SH   DFND 1,2,3 0 2,675,000 0
TERRENO RLTY CORP COM 88146M101 74,490 2,118,000 SH   DFND 1,2,3 0 2,118,000 0
TIER REIT INC COM NEW 88650V208 38,765 1,879,040 SH   DFND 1,2,3 0 1,879,040 0
UDR INC COM 902653104 45,028 1,136,500 SH   DFND 1,2,3 0 1,136,500 0
VENTAS INC COM 92276F100 1,017,264 17,362,413 SH   DFND 1,2,3 0 17,362,413 0
VEREIT INC COM 92339V100 77,795 10,880,432 SH   DFND 1,2,3 0 10,880,432 0
VICI PPTYS INC COM 925652109 65,858 3,506,800 SH   DFND 1,2,3 0 3,506,800 0
VORNADO RLTY TR SH BEN INT 929042109 320,658 5,169,407 SH   DFND 1,2,3 0 5,169,407 0
XENIA HOTELS & RESORTS INC COM 984017103 25,911 1,506,447 SH   DFND 1,2,3 0 1,506,447 0