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
Acadia Realty Trust COM 004239109 36,543 1,537,986 SH   DFND 102 1,218,586 0 319,400
Alexandria Real Estate Equities COM 015271109 1,556 13,500 SH   DFND 102 13,500 0 0
American Assets Trust Inc COM 024013104 80,523 2,004,559 SH   DFND 102 1,544,859 0 459,700
American Campus Communities COM 024835100 90,531 2,187,274 SH   DFND 102 1,731,074 0 456,200
American Homes 4 Rent Cl A COM 02665T306 67,018 3,376,211 SH   DFND 102 2,534,511 0 841,700
Americold Realty Trust COM 03064D108 67,433 2,640,300 SH   DFND 102 2,421,500 0 218,800
Apartment Invt & Mgmt Co COM 03748R101 1,865 42,500 SH   DFND 102 42,500 0 0
AvalonBay Communities Inc COM 053484101 194,884 1,119,700 SH   DFND 102 880,000 0 239,700
Boston Properties Inc COM 101121101 168,767 1,499,483 SH   DFND 102 1,185,483 0 314,000
Camden Property Trust COM 133131102 72,750 826,233 SH   DFND 102 640,733 0 185,500
Corporate Office Properties COM 22002T108 1,104 52,500 SH   DFND 102 52,500 0 0
CubeSmart COM 229663109 94,796 3,304,150 SH   DFND 102 2,588,150 0 716,000
CyrusOne Inc COM 23283R100 47,782 903,600 SH   DFND 102 701,900 0 201,700
Digital Realty Trust Inc COM 253868103 127,534 1,196,937 SH   DFND 102 915,653 0 281,284
Douglas Emmett Inc COM 25960P109 72,092 2,112,287 SH   DFND 102 1,654,487 0 457,800
Duke Realty Corp COM 264411505 115,151 4,446,000 SH   DFND 102 3,434,300 0 1,011,700
Easterly Government Properties Inc COM 27616P103 29,690 1,893,495 SH   DFND 102 1,489,117 0 404,378
Equinix Inc COM 292104106 7,404 21,000 SH   DFND 102 21,000 0 0
Empire State Realty Trust Cl A COM 29444U700 48,658 3,419,403 SH   DFND 102 2,662,603 0 756,800
Equity Lifestyle Properties COM 29472R108 53,772 553,606 SH   DFND 102 511,206 0 42,400
Equity Residential COM 29476L107 2,805 42,500 SH   DFND 102 42,500 0 0
Essex Property Trust Inc COM 297178105 149,995 611,700 SH   DFND 102 483,000 0 128,700
Extended Stay America Inc COM 30224P200 46,267 2,984,992 SH   DFND 102 2,739,492 0 245,500
Federal Realty Invs Trust COM 313747206 74,278 629,259 SH   DFND 102 496,959 0 132,300
HCP Inc COM 40414L109 142,180 5,090,600 SH   DFND 102 3,987,300 0 1,103,300
Healthcare Trust of America Inc Cl A COM 42225P501 80,891 3,196,000 SH   DFND 102 2,535,200 0 660,800
Host Hotels & Resorts Inc COM 44107P104 87,738 5,263,237 SH   DFND 102 4,840,637 0 422,600
Howard Hughes Corp COM 44267D107 28,400 290,920 SH   DFND 102 264,497 0 26,423
Invitation Homes Inc COM 46187W107 1,506 75,000 SH   DFND 102 75,000 0 0
Macerich Co COM 554382101 1,407 32,500 SH   DFND 102 32,500 0 0
Mid-America Apartment Communities Inc COM 59522J103 574 6,000 SH   DFND 102 6,000 0 0
National Retail Properties COM 637417106 52,240 1,076,900 SH   DFND 102 832,500 0 244,400
Park Hotels & Resorts Inc COM 700517105 520 20,000 SH   DFND 102 20,000 0 0
Pennsylvania Real Estate Investment Trust COM 709102107 20,148 3,392,000 SH   DFND 102 2,693,200 0 698,800
Piedmont Office Realty Trust COM 720190206 49,238 2,889,572 SH   DFND 102 2,239,772 0 649,800
ProLogis Inc COM 74340W103 94,881 1,615,822 SH   DFND 102 1,215,822 0 400,000
Public Storage COM 74460D109 112,257 554,600 SH   DFND 102 438,000 0 116,600
Retail Properties of America Inc Cl A COM 76131V202 70,825 6,527,693 SH   DFND 102 5,126,193 0 1,401,500
Rexford Industrial Realty Inc COM 76169C100 98,229 3,333,200 SH   DFND 102 2,640,500 0 692,700
RLJ Lodging Trust COM 74965L101 27,827 1,696,762 SH   DFND 102 1,551,862 0 144,900
Simon Property Group Inc COM 828806109 294,508 1,753,128 SH   DFND 102 1,380,728 0 372,400
SL Green Realty Corp COM 78440X101 554 7,000 SH   DFND 102 7,000 0 0
Store Capital Corp COM 862121100 56,723 2,003,634 SH   DFND 102 1,585,534 0 418,100
Sunstone Hotel Investors Inc COM 867892101 520 40,000 SH   DFND 102 40,000 0 0
Taubman Centers Inc COM 876664103 33,274 731,466 SH   DFND 102 578,066 0 153,400
Ventas Inc COM 92276F100 879 15,000 SH   DFND 102 15,000 0 0
Vici Properties Inc COM 925652109 54,761 2,915,900 SH   DFND 102 2,685,400 0 230,500
Vornado Realty Trust COM 929042109 23,015 371,037 SH   DFND 102 293,537 0 77,500
Washington REIT COM 939653101 27,584 1,199,323 SH   DFND 102 944,123 0 255,200
Welltower Inc COM 95040Q104 166,112 2,393,197 SH   DFND 102 1,886,797 0 506,400