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
AGREE RLTY CORP COM 008492100 76,821 1,092,300 SH   DFND 1,2,3 0 1,092,300 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,228,232 6,738,900 SH   DFND 1,2,3 0 6,738,900 0
AMERICOLD RLTY TR COM 03064D108 675,321 17,889,300 SH   DFND 1,2,3 0 17,889,300 0
BOSTON PROPERTIES INC COM 101121101 775,315 6,745,392 SH   DFND 1,2,3 0 6,745,392 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 3,664 1,393,086 SH   DFND 1,2,3 0 1,393,086 0
COUSINS PPTYS INC COM NEW 222795502 129,882 3,497,100 SH   DFND 1,2,3 0 3,497,100 0
DIGITAL RLTY TR INC COM 253868103 1,472,373 9,826,300 SH   DFND 1,2,3 0 9,826,300 0
EQUINIX INC COM 29444U700 881,312 1,104,900 SH   DFND 1,2,3 0 1,104,900 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 951,548 12,196,200 SH   DFND 1,2,3 0 12,196,200 0
ESSEX PPTY TR INC COM 297178105 197,038 648,300 SH   DFND 1,2,3 0 648,300 0
EXTRA SPACE STORAGE INC COM 30225T102 518,147 3,142,000 SH   DFND 1,2,3 0 3,142,000 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 112,389 951,800 SH   DFND 1,2,3 0 951,800 0
FRONTIER COMMUNICATIONS PARE COM 35909D109 19,861 738,332 SH   DFND 1,2,3 0 738,332 0
GULFPORT ENERGY CORP COMMON SHARES 402635502 18,187 276,307 SH   DFND 1,2,3 0 276,307 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 312,628 11,630,500 SH   DFND 1,2,3 0 11,630,500 0
HEALTHPEAK PROPERTIES INC COM 42250P103 129,209 3,879,000 SH   DFND 1,2,3 0 3,879,000 0
HOST HOTELS & RESORTS INC COM 44107P104 105,384 6,084,500 SH   DFND 1,2,3 0 6,084,500 0
IHEARTMEDIA INC COM CL A 45174J509 6,772 250,907 SH   DFND 1,2,3 0 250,907 0
INVITATION HOMES INC COM 46187W107 719,308 19,161,100 SH   DFND 1,2,3 0 19,161,100 0
JBG SMITH PPTYS COM 46590V100 142,251 4,494,500 SH   DFND 1,2,3 0 4,494,500 0
KILROY RLTY CORP COM 49427F108 396,329 5,679,700 SH   DFND 1,2,3 0 5,679,700 0
KIMCO RLTY CORP COM 49446R109 345,164 16,374,000 SH   DFND 1,2,3 0 16,374,000 0
LIFE STORAGE INC COM 53223X107 70,366 652,750 SH   DFND 1,2,3 0 652,750 0
MID-AMER APT CMNTYS INC COM 59522J103 661,760 3,905,800 SH   DFND 1,2,3 0 3,905,800 0
PARK HOTELS & RESORTS INC COM 700517105 50,845 2,446,800 SH   DFND 1,2,3 0 2,446,800 0
PROLOGIS INC. COM 74340W103 2,640,676 22,009,300 SH   DFND 1,2,3 0 22,009,300 0
PUBLIC STORAGE COM 74460D109 622,755 2,073,500 SH   DFND 1,2,3 0 2,073,500 0
QTS RLTY TR INC COM CL A 74736A103 23,787 308,000 SH   DFND 1,2,3 0 308,000 0
REALTY INCOME CORP COM 756109104 361,550 5,392,249 SH   DFND 1,2,3 0 5,392,249 0
REGENCY CTRS CORP COM 758849103 189,469 2,923,000 SH   DFND 1,2,3 0 2,923,000 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 67,327 3,755,000 SH   DFND 1,2,3 0 3,755,000 0
REXFORD INDL RLTY INC COM 76169C100 73,445 1,285,800 SH   DFND 1,2,3 0 1,285,800 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 66,795 858,100 SH   DFND 1,2,3 0 858,100 0
SABRA HEALTH CARE REIT INC COM 78573L106 113,712 6,180,000 SH   DFND 1,2,3 0 6,180,000 0
SIMON PPTY GROUP INC NEW COM 828806109 109,783 834,600 SH   DFND 1,2,3 0 834,600 0
SUN CMNTYS INC COM 866674104 121,917 709,519 SH   DFND 1,2,3 0 709,519 0
TERRENO RLTY CORP COM 88146M101 115,265 1,786,500 SH   DFND 1,2,3 0 1,786,500 0
UDR INC COM 902653104 159,903 3,224,500 SH   DFND 1,2,3 0 3,224,500 0
URBAN EDGE PPTYS COM 91704F104 73,355 3,789,000 SH   DFND 1,2,3 0 3,789,000 0
VENTAS INC COM 92276F100 1,105,984 19,332,000 SH   DFND 1,2,3 0 19,332,000 0
VICI PPTYS INC COM 925652109 178,746 5,753,000 SH   DFND 1,2,3 0 5,753,000 0
WP CAREY INC COM 92936U109 133,698 1,789,800 SH   DFND 1,2,3 0 1,789,800 0