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 40,102 1,470,542 SH   DFND 1,2 1,167,542 0 303,000
Alexandria Real Estate Equities COM 015271109 1,312 9,200 SH   DFND 1,2 9,200 0 0
American Assets Trust Inc COM 024013104 81,836 1,784,483 SH   DFND 1,2 1,375,457 0 409,026
American Campus Communities COM 024835100 73,210 1,538,674 SH   DFND 1,2 1,204,874 0 333,800
American Homes 4 Rent Cl A COM 02665T306 59,363 2,612,811 SH   DFND 1,2 1,947,411 0 665,400
Americold Realty Trust COM 03064D108 92,119 3,019,300 SH   DFND 1,2 2,797,200 0 222,100
Apartment Invt & Mgmt Co COM 03748R101 1,182 23,500 SH   DFND 1,2 23,500 0 0
AvalonBay Communities Inc COM 053484101 219,197 1,092,000 SH   DFND 1,2 859,900 0 232,100
Boston Properties Inc COM 101121101 191,756 1,432,300 SH   DFND 1,2 1,134,000 0 298,300
Camden Property Trust COM 133131102 84,776 835,233 SH   DFND 1,2 650,933 0 184,300
Caretrust REIT Inc COM 14174T107 18,435 785,800 SH   DFND 1,2 726,900 0 58,900
Columbia Property Trust Inc COM 198287203 990 44,000 SH   DFND 1,2 44,000 0 0
Corporate Office Properties COM 22002T108 43,759 1,602,900 SH   DFND 1,2 1,249,200 0 353,700
CubeSmart COM 229663109 101,238 3,159,750 SH   DFND 1,2 2,478,150 0 681,600
CyrusOne Inc COM 23283R100 37,589 716,800 SH   DFND 1,2 553,900 0 162,900
Digital Realty Trust Inc COM 253868103 134,976 1,134,253 SH   DFND 1,2 870,925 0 263,328
Douglas Emmett Inc COM 25960P109 82,239 2,034,623 SH   DFND 1,2 1,598,723 0 435,900
Duke Realty Corp COM 264411505 128,540 4,203,400 SH   DFND 1,2 3,238,100 0 965,300
Easterly Government Properties Inc COM 27616P103 32,741 1,817,927 SH   DFND 1,2 1,433,638 0 384,289
Equinix Inc COM 292104106 13,344 29,446 SH   DFND 1,2 29,446 0 0
Empire State Realty Trust Cl A COM 29444U700 50,353 3,186,903 SH   DFND 1,2 2,465,703 0 721,200
Equity Lifestyle Properties COM 29472R108 63,813 558,295 SH   DFND 1,2 520,295 0 38,000
Equity Residential COM 29476L107 2,636 35,000 SH   DFND 1,2 35,000 0 0
Essex Property Trust Inc COM 297178105 160,470 554,800 SH   DFND 1,2 437,700 0 117,100
Extended Stay America Inc COM 30224P200 50,897 2,835,492 SH   DFND 1,2 2,627,392 0 208,100
Federal Realty Invs Trust COM 313747206 83,079 602,674 SH   DFND 1,2 476,674 0 126,000
HCP Inc COM 40414L109 152,465 4,871,100 SH   DFND 1,2 3,821,300 0 1,049,800
Healthcare Trust of America Inc Cl A COM 42225P501 87,082 3,045,900 SH   DFND 1,2 2,417,800 0 628,100
Host Hotels & Resorts Inc COM 44107P104 94,831 5,017,500 SH   DFND 1,2 4,658,400 0 359,100
Howard Hughes Corp COM 44267D107 29,600 269,088 SH   DFND 1,2 246,612 0 22,476
Invitation Homes Inc COM 46187W107 42,157 1,732,700 SH   DFND 1,2 1,373,900 0 358,800
Macerich Co COM 554382101 433 10,000 SH   DFND 1,2 10,000 0 0
National Retail Properties COM 637417106 100,777 1,819,400 SH   DFND 1,2 1,423,100 0 396,300
Piedmont Office Realty Trust COM 720190206 54,527 2,615,200 SH   DFND 1,2 2,033,800 0 581,400
ProLogis Inc COM 74340W103 110,285 1,532,800 SH   DFND 1,2 1,149,100 0 383,700
Public Storage COM 74460D109 111,743 513,100 SH   DFND 1,2 407,800 0 105,300
Retail Properties of America Inc Cl A COM 76131V202 75,878 6,224,593 SH   DFND 1,2 4,889,793 0 1,334,800
Rexford Industrial Realty Inc COM 76169C100 104,440 2,916,500 SH   DFND 1,2 2,296,200 0 620,300
RLJ Lodging Trust COM 74965L101 28,273 1,609,143 SH   DFND 1,2 1,485,643 0 123,500
Simon Property Group Inc COM 828806109 305,348 1,675,800 SH   DFND 1,2 1,322,100 0 353,700
Store Capital Corp COM 862121100 73,681 2,199,434 SH   DFND 1,2 1,737,234 0 462,200
Taubman Centers Inc COM 876664103 37,517 709,466 SH   DFND 1,2 555,566 0 153,900
Vici Properties Inc COM 925652109 60,931 2,784,800 SH   DFND 1,2 2,588,500 0 196,300
Vornado Realty Trust COM 929042109 27,936 414,238 SH   DFND 1,2 329,138 0 85,100
Welltower Inc COM 95040Q104 160,523 2,068,600 SH   DFND 1,2 1,626,500 0 442,100