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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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
AGREE REALTY CORP COM 008492100 61,540 862,390 SH   DFND 01,02,03 761,208 0 101,182
ALEXANDRIA REAL ESTATE EQUITIES, INC. COM 015271109 116,871 524,180 SH   DFND 01,02,03 471,380 0 52,800
AMERICAN CAMPUS COMMUNITIES, INC. COM 024835100 19,960 348,400 SH   DFND 01,02,03 348,400 0 0
AMERICAN HOMES 4 RENT COM 02665T306 27,104 621,500 SH   DFND 01,02,03 621,500 0 0
AMERICOLD REALTY TRUST COM 03064D108 9,604 292,881 SH   DFND 01,02,03 292,881 0 0
AVALONBAY COMMUNITIES, INC. COM 053484101 150,337 595,182 SH   DFND 01,02,03 555,073 0 40,109
BRIXMOR PROPERTY GROUP INC COM 11120U105 115,613 4,549,906 SH   DFND 01,02,03 4,018,806 0 531,100
CAMDEN PROPERTY TRUST COM 133131102 56,445 315,900 SH   DFND 01,02,03 315,900 0 0
DIGITAL REALTY TRUST INC COM 253868103 87,645 495,536 SH   DFND 01,02,03 432,008 0 63,528
EASTGROUP PROPERTIES, INC. COM 277276101 142,887 627,108 SH   DFND 01,02,03 566,208 0 60,900
EQUINIX, INC. COM 29444U700 254,716 301,140 SH   DFND 01,02,03 273,540 0 27,600
EQUITY LIFESTYLE PROPERTIES INC COM 29472R108 89,641 1,022,598 SH   DFND 01,02,03 947,998 0 74,600
EQUITY RESIDENTIAL COM 29476L107 64,735 715,300 SH   DFND 01,02,03 715,300 0 0
ESSEX PROPERTY TRUST, INC. COM 297178105 205,321 582,916 SH   DFND 01,02,03 542,116 0 40,800
EXTRA SPACE STORAGE INC. COM 30225T102 172,853 762,375 SH   DFND 01,02,03 693,575 0 68,800
FEDERAL REALTY INVESTMENT TRUST COM 313747206 47,715 350,022 SH   DFND 01,02,03 303,522 0 46,500
GLOBAL MEDICAL REIT INC COM 37954A204 51,388 2,895,099 SH   DFND 01,02,03 2,593,599 0 301,500
HEALTHCARE TRUST OF AMERICA INC COM 42225P501 36,331 1,088,094 SH   DFND 01,02,03 973,494 0 114,600
HEALTHPEAK PPTYS INC COM 42250P103 11,791 326,700 SH   DFND 01,02,03 326,700 0 0
HOST HOTELS & RESORTS INC COM 44107P104 61,841 3,556,120 SH   DFND 01,02,03 3,152,920 0 403,200
INDEPENDENCE REALTY TRUST INC COM 45378A106 87,897 3,402,903 SH   DFND 01,02,03 3,064,328 0 338,575
INVITATION HOMES INC COM 46187W107 153,363 3,382,506 SH   DFND 01,02,03 3,133,606 0 248,900
KILROY REALTY CORPORATION COM 49427F108 54,431 819,000 SH   DFND 01,02,03 724,200 0 94,800
LIFE STORAGE INC COM 53223X107 148,479 969,310 SH   DFND 01,02,03 875,710 0 93,600
MID-AMER APT CMNTYS INC COM 59522J103 69,153 301,400 SH   DFND 01,02,03 301,400 0 0
PARAMOUNT GROUP INC COM 69924R108 5,510 660,666 SH   DFND 01,02,03 575,283 0 85,383
PROLOGIS INC. COM 74340W103 358,184 2,127,487 SH   DFND 01,02,03 1,941,000 0 186,487
PUBLIC STORAGE COM 74460D109 36,182 96,600 SH   DFND 01,02,03 96,600 0 0
RETAIL OPPORTUNITY INVESTMENTS CORP COM 76131N101 22,490 1,147,463 SH   DFND 01,02,03 992,563 0 154,900
REXFORD INDUSTRIAL REALTY, INC. COM 76169C100 19,969 246,200 SH   DFND 01,02,03 246,200 0 0
RYMAN HOSPITALITY PROPERTIES INC COM 78377T107 52,036 565,850 SH   DFND 01,02,03 494,950 0 70,900
SBA COMMUNICATIONS CORPORATION COM 78410G104 35,595 91,500 SH   DFND 01,02,03 91,500 0 0
SIMON PROPERTY GRP INC COM 828806109 35,601 222,825 SH   DFND 01,02,03 195,125 0 27,700
SPIRIT REALTY CAPITAL INC COM 84860W300 61,731 1,281,000 SH   DFND 01,02,03 1,122,300 0 158,700
SUN COMMUNITIES INC COM 866674104 152,165 724,701 SH   DFND 01,02,03 674,363 0 50,338
TERRENO RLTY CORP COM COM 88146M101 81,556 956,218 SH   DFND 01,02,03 841,913 0 114,305
THE MACERICH COMPANY COM 554382101 85,234 4,932,500 SH   DFND 01,02,03 4,357,200 0 575,300
TRICON RESIDENTIAL INC COM 89612W102 18,788 1,229,600 SH   DFND 01,02,03 1,229,600 0 0
UDR INC COM 902653104 151,803 2,530,470 SH   DFND 01,02,03 2,336,470 0 194,000
VENTAS INC. COM 92276F100 162,517 3,179,125 SH   DFND 01,02,03 2,944,025 0 235,100
VICI PROPERTIES INC COM 925652109 143,111 4,752,925 SH   DFND 01,02,03 4,283,779 0 469,146
WELLTOWER INC COM 95040Q104 114,444 1,334,307 SH   DFND 01,02,03 1,273,307 0 61,000