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 RLTY CORP COM 008492100 50,901 713,300 SH   DFND 1,2,3 0 713,300 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,409,977 6,323,900 SH   DFND 1,2,3 0 6,323,900 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 95,760 1,671,500 SH   DFND 1,2,3 0 1,671,500 0
AMERICOLD RLTY TR COM 03064D108 665,171 20,285,800 SH   DFND 1,2,3 0 20,285,800 0
BOSTON PROPERTIES INC COM 101121101 863,722 7,498,892 SH   DFND 1,2,3 0 7,498,892 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 4,611 1,393,086 SH   DFND 1,2,3 0 1,393,086 0
COUSINS PPTYS INC COM NEW 222795502 135,486 3,363,600 SH   DFND 1,2,3 0 3,363,600 0
DIGITAL RLTY TR INC COM 253868103 1,771,707 10,017,000 SH   DFND 1,2,3 0 10,017,000 0
EQUINIX INC COM 29444U700 1,285,508 1,519,800 SH   DFND 1,2,3 0 1,519,800 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,133,332 12,523,000 SH   DFND 1,2,3 0 12,523,000 0
ESSEX PPTY TR INC COM 297178105 209,330 594,300 SH   DFND 1,2,3 0 594,300 0
EXTRA SPACE STORAGE INC COM 30225T102 661,145 2,916,000 SH   DFND 1,2,3 0 2,916,000 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 102,281 750,300 SH   DFND 1,2,3 0 750,300 0
FRONTIER COMMUNICATIONS PARE COM 35909D109 4,549 154,256 SH   DFND 1,2,3 0 154,256 0
GULFPORT ENERGY CORP COMMON SHARES 402635502 19,902 276,307 SH   DFND 1,2,3 0 276,307 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 421,232 12,615,500 SH   DFND 1,2,3 0 12,615,500 0
HEALTHPEAK PROPERTIES INC COM 42250P103 157,064 4,352,000 SH   DFND 1,2,3 0 4,352,000 0
IHEARTMEDIA INC COM CL A 45174J509 5,279 250,907 SH   DFND 1,2,3 0 250,907 0
INVITATION HOMES INC COM 46187W107 820,065 18,087,000 SH   DFND 1,2,3 0 18,087,000 0
JBG SMITH PPTYS COM 46590V100 50,659 1,764,500 SH   DFND 1,2,3 0 1,764,500 0
KILROY RLTY CORP COM 49427F108 384,272 5,782,000 SH   DFND 1,2,3 0 5,782,000 0
KIMCO RLTY CORP COM 49446R109 397,703 16,134,000 SH   DFND 1,2,3 0 16,134,000 0
LIFE STORAGE INC COM 53223X107 109,945 717,750 SH   DFND 1,2,3 0 717,750 0
MID-AMER APT CMNTYS INC COM 59522J103 811,483 3,536,800 SH   DFND 1,2,3 0 3,536,800 0
NETSTREIT CORP COM 64119V303 23,518 1,027,000 SH   DFND 1,2,3 0 1,027,000 0
PARK HOTELS & RESORTS INC COM 700517105 54,724 2,898,500 SH   DFND 1,2,3 0 2,898,500 0
PEBBLEBROOK HOTEL TR COM 70509V100 38,544 1,723,000 SH   DFND 1,2,3 0 1,723,000 0
PROLOGIS INC. COM 74340W103 3,437,204 20,415,800 SH   DFND 1,2,3 0 20,415,800 0
PUBLIC STORAGE COM 74460D109 747,060 1,994,500 SH   DFND 1,2,3 0 1,994,500 0
REALTY INCOME CORP COM 756109104 464,959 6,494,749 SH   DFND 1,2,3 0 6,494,749 0
REGENCY CTRS CORP COM 758849103 220,248 2,923,000 SH   DFND 1,2,3 0 2,923,000 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 66,121 3,373,500 SH   DFND 1,2,3 0 3,373,500 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 68,602 746,000 SH   DFND 1,2,3 0 746,000 0
SABRA HEALTH CARE REIT INC COM 78573L106 50,382 3,721,000 SH   DFND 1,2,3 0 3,721,000 0
SIMON PPTY GROUP INC NEW COM 828806109 141,572 886,100 SH   DFND 1,2,3 0 886,100 0
SL GREEN RLTY CORP COM 78440X804 47,896 668,000 SH   DFND 1,2,3 0 668,000 0
SUN CMNTYS INC COM 866674104 131,340 625,519 SH   DFND 1,2,3 0 625,519 0
TERRENO RLTY CORP COM 88146M101 142,477 1,670,500 SH   DFND 1,2,3 0 1,670,500 0
UDR INC COM 902653104 167,012 2,784,000 SH   DFND 1,2,3 0 2,784,000 0
URBAN EDGE PPTYS COM 91704F104 69,464 3,656,000 SH   DFND 1,2,3 0 3,656,000 0
VENTAS INC COM 92276F100 979,050 19,152,000 SH   DFND 1,2,3 0 19,152,000 0
VICI PPTYS INC COM 925652109 173,584 5,765,000 SH   DFND 1,2,3 0 5,765,000 0
WP CAREY INC COM 92936U109 114,443 1,394,800 SH   DFND 1,2,3 0 1,394,800 0