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 69,236 1,032,300 SH   DFND 1,2,3 0 1,032,300 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,273,205 6,561,900 SH   DFND 1,2,3 0 6,561,900 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 83,704 1,697,500 SH   DFND 1,2,3 0 1,697,500 0
AMERICOLD RLTY TR COM 03064D108 562,688 19,309,800 SH   DFND 1,2,3 0 19,309,800 0
BOSTON PROPERTIES INC COM 101121101 820,803 7,340,392 SH   DFND 1,2,3 0 7,340,392 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 4,012 1,393,086 SH   DFND 1,2,3 0 1,393,086 0
COUSINS PPTYS INC COM NEW 222795502 124,145 3,232,100 SH   DFND 1,2,3 0 3,232,100 0
DIGITAL RLTY TR INC COM 253868103 1,447,017 9,975,300 SH   DFND 1,2,3 0 9,975,300 0
EQUINIX INC COM 29444U700 1,134,253 1,437,000 SH   DFND 1,2,3 0 1,437,000 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 990,930 12,151,200 SH   DFND 1,2,3 0 12,151,200 0
ESSEX PPTY TR INC COM 297178105 199,689 612,300 SH   DFND 1,2,3 0 612,300 0
EXTRA SPACE STORAGE INC COM 30225T102 496,177 2,937,000 SH   DFND 1,2,3 0 2,937,000 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 115,518 954,300 SH   DFND 1,2,3 0 954,300 0
FRONTIER COMMUNICATIONS PARE COM 35909D109 13,582 481,273 SH   DFND 1,2,3 0 481,273 0
GULFPORT ENERGY CORP COMMON SHARES 402635502 22,663 276,307 SH   DFND 1,2,3 0 276,307 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 377,834 12,615,500 SH   DFND 1,2,3 0 12,615,500 0
HEALTHPEAK PROPERTIES INC COM 42250P103 141,152 4,165,000 SH   DFND 1,2,3 0 4,165,000 0
HOST HOTELS & RESORTS INC COM 44107P104 76,496 4,561,500 SH   DFND 1,2,3 0 4,561,500 0
IHEARTMEDIA INC COM CL A 45174J509 6,471 250,907 SH   DFND 1,2,3 0 250,907 0
INVITATION HOMES INC COM 46187W107 714,845 18,419,100 SH   DFND 1,2,3 0 18,419,100 0
JBG SMITH PPTYS COM 46590V100 49,142 1,631,000 SH   DFND 1,2,3 0 1,631,000 0
KILROY RLTY CORP COM 49427F108 426,575 6,318,700 SH   DFND 1,2,3 0 6,318,700 0
KIMCO RLTY CORP COM 49446R109 354,123 16,289,000 SH   DFND 1,2,3 0 16,289,000 0
LIFE STORAGE INC COM 53223X107 73,698 637,750 SH   DFND 1,2,3 0 637,750 0
MID-AMER APT CMNTYS INC COM 59522J103 675,288 3,568,800 SH   DFND 1,2,3 0 3,568,800 0
NETSTREIT CORP COM 64119V303 25,157 1,043,000 SH   DFND 1,2,3 0 1,043,000 0
PARK HOTELS & RESORTS INC COM 700517105 45,378 2,278,000 SH   DFND 1,2,3 0 2,278,000 0
PROLOGIS INC. COM 74340W103 2,622,891 20,745,800 SH   DFND 1,2,3 0 20,745,800 0
PUBLIC STORAGE COM 74460D109 597,818 2,011,500 SH   DFND 1,2,3 0 2,011,500 0
REALTY INCOME CORP COM 756109104 360,743 5,478,249 SH   DFND 1,2,3 0 5,478,249 0
REGENCY CTRS CORP COM 758849103 202,505 2,923,000 SH   DFND 1,2,3 0 2,923,000 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 66,833 3,715,000 SH   DFND 1,2,3 0 3,715,000 0
REXFORD INDL RLTY INC COM 76169C100 19,077 330,860 SH   DFND 1,2,3 0 330,860 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 65,847 758,000 SH   DFND 1,2,3 0 758,000 0
SABRA HEALTH CARE REIT INC COM 78573L106 90,462 6,055,000 SH   DFND 1,2,3 0 6,055,000 0
SIMON PPTY GROUP INC NEW COM 828806109 100,534 755,100 SH   DFND 1,2,3 0 755,100 0
SUN CMNTYS INC COM 866674104 129,522 693,519 SH   DFND 1,2,3 0 693,519 0
TERRENO RLTY CORP COM 88146M101 111,689 1,746,500 SH   DFND 1,2,3 0 1,746,500 0
UDR INC COM 902653104 156,230 2,918,000 SH   DFND 1,2,3 0 2,918,000 0
URBAN EDGE PPTYS COM 91704F104 71,123 3,714,000 SH   DFND 1,2,3 0 3,714,000 0
VENTAS INC COM 92276F100 1,081,615 19,287,000 SH   DFND 1,2,3 0 19,287,000 0
VICI PPTYS INC COM 925652109 174,023 5,974,000 SH   DFND 1,2,3 0 5,974,000 0
WP CAREY INC COM 92936U109 129,953 1,752,800 SH   DFND 1,2,3 0 1,752,800 0