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 76,060 1,130,000 SH   DFND 1,2,3 0 1,130,000 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,004,037 6,111,000 SH   DFND 1,2,3 0 6,111,000 0
AMERICOLD RLTY TR COM 03064D108 643,430 16,725,500 SH   DFND 1,2,3 0 16,725,500 0
BOSTON PROPERTIES INC COM 101121101 637,208 6,292,792 SH   DFND 1,2,3 0 6,292,792 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 2,508 1,393,086 SH   DFND 1,2,3 0 1,393,086 0
COUSINS PPTYS INC COM NEW 222795502 127,949 3,619,500 SH   DFND 1,2,3 0 3,619,500 0
DIGITAL RLTY TR INC COM 253868103 1,389,640 9,866,800 SH   DFND 1,2,3 0 9,866,800 0
EQUINIX INC COM 29444U700 558,963 822,500 SH   DFND 1,2,3 0 822,500 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 905,188 12,637,000 SH   DFND 1,2,3 0 12,637,000 0
ESSEX PPTY TR INC COM 297178105 148,968 548,000 SH   DFND 1,2,3 0 548,000 0
EXTRA SPACE STORAGE INC COM 30225T102 435,162 3,283,000 SH   DFND 1,2,3 0 3,283,000 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 108,450 1,069,000 SH   DFND 1,2,3 0 1,069,000 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 313,207 11,356,300 SH   DFND 1,2,3 0 11,356,300 0
HEALTHPEAK PROPERTIES INC COM 42250P103 138,736 4,371,000 SH   DFND 1,2,3 0 4,371,000 0
HOST HOTELS & RESORTS INC COM 44107P104 106,130 6,298,500 SH   DFND 1,2,3 0 6,298,500 0
IHEARTMEDIA INC COM CL A 45174J509 10,535 580,437 SH   DFND 1,2,3 0 580,437 0
INVITATION HOMES INC COM 46187W107 629,179 19,668,000 SH   DFND 1,2,3 0 19,668,000 0
JBG SMITH PPTYS COM 46590V100 229,508 7,219,500 SH   DFND 1,2,3 0 7,219,500 0
KILROY RLTY CORP COM 49427F108 323,175 4,924,200 SH   DFND 1,2,3 0 4,924,200 0
KIMCO RLTY CORP COM 49446R109 404,681 21,583,000 SH   DFND 1,2,3 0 21,583,000 0
LIFE STORAGE INC COM 53223X107 58,124 676,250 SH   DFND 1,2,3 0 676,250 0
MID-AMER APT CMNTYS INC COM 59522J103 589,422 4,083,000 SH   DFND 1,2,3 0 4,083,000 0
PARK HOTELS & RESORTS INC COM 700517105 25,529 1,183,000 SH   DFND 1,2,3 0 1,183,000 0
PROLOGIS INC. COM 74340W103 2,522,228 23,794,600 SH   DFND 1,2,3 0 23,794,600 0
PUBLIC STORAGE COM 74460D109 540,898 2,192,000 SH   DFND 1,2,3 0 2,192,000 0
QTS RLTY TR INC COM CL A 74736A103 78,729 1,269,000 SH   DFND 1,2,3 0 1,269,000 0
REALTY INCOME CORP COM 756109104 153,924 2,424,000 SH   DFND 1,2,3 0 2,424,000 0
REGENCY CTRS CORP COM 758849103 189,411 3,340,000 SH   DFND 1,2,3 0 3,340,000 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 61,703 3,888,000 SH   DFND 1,2,3 0 3,888,000 0
REXFORD INDL RLTY INC COM 76169C100 68,226 1,353,700 SH   DFND 1,2,3 0 1,353,700 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 68,790 887,500 SH   DFND 1,2,3 0 887,500 0
SABRA HEALTH CARE REIT INC COM 78573L106 111,382 6,416,000 SH   DFND 1,2,3 0 6,416,000 0
SIMON PPTY GROUP INC NEW COM 828806109 100,914 887,000 SH   DFND 1,2,3 0 887,000 0
SUN CMNTYS INC COM 866674104 110,057 733,519 SH   DFND 1,2,3 0 733,519 0
TERRENO RLTY CORP COM 88146M101 104,390 1,807,000 SH   DFND 1,2,3 0 1,807,000 0
UDR INC COM 902653104 138,181 3,150,500 SH   DFND 1,2,3 0 3,150,500 0
URBAN EDGE PPTYS COM 91704F104 69,087 4,182,000 SH   DFND 1,2,3 0 4,182,000 0
VENTAS INC COM 92276F100 1,038,210 19,464,000 SH   DFND 1,2,3 0 19,464,000 0
VEREIT INC COM 92339V308 6,759 175,000 SH   DFND 1,2,3 0 175,000 0
VICI PPTYS INC COM 925652109 182,699 6,469,500 SH   DFND 1,2,3 0 6,469,500 0
WP CAREY INC COM 92936U109 99,772 1,410,000 SH   DFND 1,2,3 0 1,410,000 0