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
AGREE REALTY CORP COM 008492100 89,957 1,369,000 SH   DFND 1,2,3 0 1,369,000 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 920,525 5,673,500 SH   DFND 1,2,3 0 5,673,500 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 25,923 741,500 SH   DFND 1,2,3 0 741,500 0
AMERICAN HOMES 4 RENT CL A 02665T306 59,436 2,209,500 SH   DFND 1,2,3 0 2,209,500 0
AMERICOLD RLTY TR COM 03064D108 116,922 3,221,000 SH   DFND 1,2,3 0 3,221,000 0
BOSTON PPTYS LTD PARTNERSHIP COM 101121101 559,659 6,192,292 SH   DFND 1,2,3 0 6,192,292 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 1,449 1,393,086 SH   DFND 1,2,3 0 1,393,086 0
COUSINS PPTYS INC COM NEW 222795502 88,491 2,966,500 SH   DFND 1,2,3 0 2,966,500 0
CYRUSONE INC COM 23283R100 81,516 1,120,500 SH   DFND 1,2,3 0 1,120,500 0
DIGITAL RLTY TR INC COM 253868103 1,354,593 9,532,000 SH   DFND 1,2,3 0 9,532,000 0
EQUINIX INC COM 29444U700 180,751 257,370 SH   DFND 1,2,3 0 257,370 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 58,356 934,000 SH   DFND 1,2,3 0 934,000 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 827,597 14,070,000 SH   DFND 1,2,3 0 14,070,000 0
EXTRA SPACE STORAGE INC COM 30225T102 325,835 3,527,500 SH   DFND 1,2,3 0 3,527,500 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 118,058 1,385,500 SH   DFND 1,2,3 0 1,385,500 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 268,329 10,118,000 SH   DFND 1,2,3 0 10,118,000 0
HEALTHPEAK PROPERTIES INC COM 42250P103 182,557 6,624,000 SH   DFND 1,2,3 0 6,624,000 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 37,202 506,500 SH   DFND 1,2,3 0 506,500 0
HOST HOTELS & RESORTS INC COM 44107P104 43,106 3,995,000 SH   DFND 1,2,3 0 3,995,000 0
IHEARTMEDIA INC COM CL A 45174J509 1,337 160,116 SH   DFND 1,2,3 0 160,116 0
INVITATION HOMES INC COM 46187W107 502,588 18,256,000 SH   DFND 1,2,3 0 18,256,000 0
JBG SMITH PPTYS COM 46590V100 190,298 6,435,500 SH   DFND 1,2,3 0 6,435,500 0
KILROY RLTY CORP COM 49427F108 322,733 5,498,000 SH   DFND 1,2,3 0 5,498,000 0
KIMCO RLTY CORP COM 49446R109 269,820 21,014,000 SH   DFND 1,2,3 0 21,014,000 0
MID-AMER APT CMNTYS INC COM 59522J103 384,718 3,355,000 SH   DFND 1,2,3 0 3,355,000 0
PROLOGIS INC. COM 74340W103 2,428,307 26,018,500 SH   DFND 1,2,3 0 26,018,500 0
PUBLIC STORAGE COM 74460D109 643,023 3,351,000 SH   DFND 1,2,3 0 3,351,000 0
QTS RLTY TR INC COM CL A 74736A103 45,151 704,500 SH   DFND 1,2,3 0 704,500 0
REALTY INCOME CORP COM 756109104 168,445 2,831,000 SH   DFND 1,2,3 0 2,831,000 0
REGENCY CTRS CORP COM 758849103 153,273 3,340,000 SH   DFND 1,2,3 0 3,340,000 0
REXFORD INDL RLTY INC COM 76169C100 69,043 1,666,500 SH   DFND 1,2,3 0 1,666,500 0
SABRA HEALTH CARE REIT INC COM 78573L106 64,675 4,482,000 SH   DFND 1,2,3 0 4,482,000 0
SIMON PPTY GROUP INC NEW COM 828806109 280,358 4,100,000 SH   DFND 1,2,3 0 4,100,000 0
SUN CMNTYS INC COM 866674104 99,524 733,519 SH   DFND 1,2,3 0 733,519 0
TERRENO RLTY CORP COM 88146M101 95,120 1,807,000 SH   DFND 1,2,3 0 1,807,000 0
UDR INC COM 902653104 122,999 3,290,500 SH   DFND 1,2,3 0 3,290,500 0
URBAN EDGE PPTYS COM 91704F104 45,349 3,820,500 SH   DFND 1,2,3 0 3,820,500 0
VENTAS INC COM 92276F100 595,059 16,249,563 SH   DFND 1,2,3 0 16,249,563 0
VEREIT INC COM 92339V100 37,776 5,875,000 SH   DFND 1,2,3 0 5,875,000 0
VICI PPTYS INC COM 925652109 140,805 6,974,000 SH   DFND 1,2,3 0 6,974,000 0