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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 564,946 4,491,182 SH   DFND 1,2 0 4,491,182 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 107,016 2,600,000 SH   DFND 1,2 0 2,600,000 0
AMERICOLD RLTY TR COM 03064D108 71,435 2,855,096 SH   DFND 1,2 0 2,855,096 0
AVALONBAY CMNTYS INC COM 053484101 584,531 3,226,780 SH   DFND 1,2 0 3,226,780 0
BOSTON PROPERTIES INC COM 101121101 822,459 6,681,769 SH   DFND 1,2 0 6,681,769 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 15,720 1,000,000 SH   DFND 1,2 0 1,000,000 0
CAMDEN PPTY TR SH BEN INT 133131102 126,265 1,349,416 SH   DFND 1,2 0 1,349,416 0
COUSINS PPTYS INC COM 222795106 36,517 4,107,652 SH   DFND 1,2 0 4,107,652 0
DIGITAL RLTY TR INC COM 253868103 778,946 6,925,196 SH   DFND 1,2 0 6,925,196 0
EQUINIX INC COM PAR $0.001 29444U700 77,845 179,827 SH   DFND 1,2 0 179,827 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 109,313 1,133,364 SH   DFND 1,2 0 1,133,364 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 997,842 15,059,493 SH   DFND 1,2 0 15,059,493 0
EXTRA SPACE STORAGE INC COM 30225T102 111,373 1,285,473 SH   DFND 1,2 0 1,285,473 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 155,567 1,230,070 SH   DFND 1,2 0 1,230,070 0
HCP INC COM 40414L109 150,939 5,734,769 SH   DFND 1,2 0 5,734,769 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 118,730 4,451,814 SH   DFND 1,2 0 4,451,814 0
HIGHWOODS PPTYS INC COM 431284108 83,937 1,776,078 SH   DFND 1,2 0 1,776,078 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 78,981 977,732 SH   DFND 1,2 0 977,732 0
HOST HOTELS & RESORTS INC COM 44107P104 284,893 13,502,044 SH   DFND 1,2 0 13,502,044 0
INVITATION HOMES INC COM 46187W107 314,780 13,739,872 SH   DFND 1,2 0 13,739,872 0
JBG SMITH PPTYS COM 46590V100 141,945 3,854,062 SH   DFND 1,2 0 3,854,062 0
KILROY RLTY CORP COM 49427F108 96,092 1,340,383 SH   DFND 1,2 0 1,340,383 0
KIMCO RLTY CORP COM 49446R109 140,865 8,414,850 SH   DFND 1,2 0 8,414,850 0
LIFE STORAGE INC COM 53223X107 71,134 747,524 SH   DFND 1,2 0 747,524 0
MACERICH CO COM 554382101 89,930 1,626,510 SH   DFND 1,2 0 1,626,510 0
MID AMER APT CMNTYS INC COM 59522J103 315,210 3,146,436 SH   DFND 1,2 0 3,146,436 0
PARK HOTELS RESORTS INC COM 700517105 99,952 3,045,468 SH   DFND 1,2 0 3,045,468 0
PROLOGIS INC COM 74340W103 1,429,056 21,080,631 SH   DFND 1,2 0 21,080,631 0
PUBLIC STORAGE COM 74460D109 872,659 4,328,023 SH   DFND 1,2 0 4,328,023 0
REALTY INCOME CORP COM 756109104 188,758 3,317,946 SH   DFND 1,2 0 3,317,946 0
REGENCY CTRS CORP COM 758849103 340,100 5,259,012 SH   DFND 1,2 0 5,259,012 0
SABRA HEALTH CARE REIT INC COM 78573L106 100,669 4,354,178 SH   DFND 1,2 0 4,354,178 0
SIMON PPTY GROUP INC NEW COM 828806109 1,331,355 7,532,421 SH   DFND 1,2 0 7,532,421 0
SL GREEN RLTY CORP COM 78440X101 94,571 969,656 SH   DFND 1,2 0 969,656 0
STORE CAP CORP COM 862121100 116,786 4,202,457 SH   DFND 1,2 0 4,202,457 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 47,021 2,874,159 SH   DFND 1,2 0 2,874,159 0
TAUBMAN CTRS INC COM 876664103 160,045 2,675,000 SH   DFND 1,2 0 2,675,000 0
TERRENO RLTY CORP COM 88146M101 96,242 2,552,836 SH   DFND 1,2 0 2,552,836 0
TIER REIT INC COM NEW 88650V208 37,838 1,570,025 SH   DFND 1,2 0 1,570,025 0
VENTAS INC COM 92276F100 944,168 17,362,413 SH   DFND 1,2 0 17,362,413 0
VEREIT INC COM 92339V100 78,992 10,880,432 SH   DFND 1,2 0 10,880,432 0
VICI PPTYS INC COM 925652109 31,408 1,452,735 SH   DFND 1,2 0 1,452,735 0
VORNADO RLTY TR SH BEN INT 929042109 377,367 5,169,407 SH   DFND 1,2 0 5,169,407 0
XENIA HOTELS & RESORTS INC COM 984017103 35,703 1,506,447 SH   DFND 1,2 0 1,506,447 0