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
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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
ACADIA REALTY TRUST COM 004239109 28,466 2,006,056 SH   DFND 01,02,03 1,763,394 0 242,662
ALEXANDRIA REAL ESTATE EQUITIES, INC. COM 015271109 88,135 494,530 SH   DFND 01,02,03 443,430 0 51,100
AMERICAN CAMPUS COMMUNITIES, INC. COM 024835100 13,913 325,300 SH   DFND 01,02,03 325,300 0 0
AMERICAN HOMES 4 RENT COM 02665T306 60,046 2,001,531 SH   DFND 01,02,03 1,869,531 0 132,000
AMERICOLD REALTY T COM 03064D108 99,806 2,673,608 SH   DFND 01,02,03 2,397,126 0 276,482
AVALONBAY COMMUNITIES, INC. COM 053484101 93,307 581,607 SH   DFND 01,02,03 544,198 0 37,409
BOSTON PROPERTIES, INC. COM 101121101 51,006 539,576 SH   DFND 01,02,03 477,976 0 61,600
BRIXMOR PROPERTY GROUP INC COM 11120U105 79,390 4,797,006 SH   DFND 01,02,03 4,218,806 0 578,200
CAMDEN PROPERTY TRUST COM 133131102 31,565 315,900 SH   DFND 01,02,03 315,900 0 0
COUSINS PROPERTIES INCORPORATED COM 222795502 22,195 662,537 SH   DFND 01,02,03 586,737 0 75,800
DIAMONDROCK HOSPITALITY COMPANY COM 252784301 25,296 3,066,200 SH   DFND 01,02,03 2,717,000 0 349,200
DIGITAL REALTY TRUST INC COM 253868103 91,238 653,986 SH   DFND 01,02,03 556,358 0 97,628
EASTGROUP PROPERTIES, INC. COM 277276101 77,094 558,409 SH   DFND 01,02,03 504,009 0 54,400
EMPIRE STATE REALTY TRUST INC COM 292104106 30,916 3,317,200 SH   DFND 01,02,03 2,925,900 0 391,300
EQUINIX, INC. COM 29444U700 118,636 166,115 SH   DFND 01,02,03 165,015 0 1,100
EQUITY LIFESTYLE PROPERTIES INC COM 29472R108 70,339 1,110,148 SH   DFND 01,02,03 1,033,148 0 77,000
EQUITY RESIDENTIAL PROPERTIES TRUST COM 29476L107 40,364 680,900 SH   DFND 01,02,03 680,900 0 0
ESSEX PROPERTY TRUST, INC. COM 297178105 137,601 579,566 SH   DFND 01,02,03 535,316 0 44,250
EXTRA SPACE STORAGE INC. COM 30225T102 85,690 739,600 SH   DFND 01,02,03 671,800 0 67,800
FEDERAL REALTY INVESTMENT TRUST COM 313747206 36,569 429,622 SH   DFND 01,02,03 378,422 0 51,200
HEALTHCARE TRUST OF AMERICA INC COM 42225P501 28,366 1,029,994 SH   DFND 01,02,03 930,594 0 99,400
HEALTHPEAK PPTYS INC COM 42250P103 89,712 2,967,650 SH   DFND 01,02,03 2,759,050 0 208,600
HOST HOTELS & RESORTS INC COM 44107P104 68,695 4,695,520 SH   DFND 01,02,03 4,141,420 0 554,100
INDEPENDENCE REALTY TRUST INC COM 45378A106 26,758 1,992,400 SH   DFND 01,02,03 1,795,100 0 197,300
INVITATION HOMES INC COM 46187W107 95,976 3,231,506 SH   DFND 01,02,03 3,006,906 0 224,600
LIFE STORAGE INC COM 53223X107 60,114 503,507 SH   DFND 01,02,03 456,707 0 46,800
MID-AMER APT CMNTYS INC COM 59522J103 38,184 301,400 SH   DFND 01,02,03 301,400 0 0
PHYSICIANS REALTY TRUST COM 71943U104 1,883 105,800 SH   DFND 01,02,03 105,800 0 0
PROLOGIS INC. COM 74340W103 223,559 2,243,212 SH   DFND 01,02,03 2,044,425 0 198,787
PUBLIC STORAGE COM 74460D109 21,800 94,400 SH   DFND 01,02,03 94,400 0 0
QTS REALTY TRUST INC COM 74736A103 35,012 565,800 SH   DFND 01,02,03 455,200 0 110,600
REXFORD INDUSTRIAL REALTY, INC. COM 76169C100 10,431 212,400 SH   DFND 01,02,03 212,400 0 0
SBA COMMUNICATIONS CORPORATION COM 78410G104 35,562 126,050 SH   DFND 01,02,03 125,100 0 950
SPIRIT REALTY CAPITAL INC COM 84860W300 56,274 1,400,900 SH   DFND 01,02,03 1,247,400 0 153,500
SUN COMMUNITIES, INC. COM 866674104 109,155 718,363 SH   DFND 01,02,03 667,828 0 50,535
TERRENO REALTY COR COM 88146M101 30,127 514,900 SH   DFND 01,02,03 457,800 0 57,100
UDR INC COM 902653104 106,158 2,762,370 SH   DFND 01,02,03 2,564,670 0 197,700
VENTAS INC. COM 92276F100 74,045 1,509,900 SH   DFND 01,02,03 1,435,500 0 74,400
VEREIT INCORPORATION COM 92339V308 76,580 2,026,464 SH   DFND 01,02,03 1,789,424 0 237,040
VICI PROPERTIES INC COM 925652109 106,246 4,166,517 SH   DFND 01,02,03 3,674,084 0 492,433
WELLTOWER INC COM 95040Q104 196,911 3,047,207 SH   DFND 01,02,03 2,817,307 0 229,900