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 37,591 1,373,442 SH   DFND 102 1,068,442 0 305,000
American Assets Trust Inc COM 024013104 77,456 1,643,803 SH   DFND 102 1,258,177 0 385,626
American Campus Communities COM 024835100 49,713 1,076,974 SH   DFND 102 821,774 0 255,200
American Homes 4 Rent Cl A COM 02665T306 56,667 2,331,011 SH   DFND 102 1,720,211 0 610,800
Americold Realty Trust COM 03064D108 102,285 3,155,000 SH   DFND 102 2,914,200 0 240,800
AvalonBay Communities Inc COM 053484101 211,124 1,039,100 SH   DFND 102 805,400 0 233,700
Boston Properties Inc COM 101121101 169,622 1,314,900 SH   DFND 102 1,024,800 0 290,100
Camden Property Trust COM 133131102 73,296 702,133 SH   DFND 102 533,233 0 168,900
Caretrust REIT Inc COM 14174T107 28,070 1,180,400 SH   DFND 102 1,086,500 0 93,900
Corporate Office Properties COM 22002T108 45,459 1,723,900 SH   DFND 102 1,313,800 0 410,100
CubeSmart COM 229663109 100,295 2,999,250 SH   DFND 102 2,312,950 0 686,300
CyrusOne Inc COM 23283R100 42,078 729,000 SH   DFND 102 564,900 0 164,100
Digital Realty Trust Inc COM 253868103 122,741 1,042,032 SH   DFND 102 776,804 0 265,228
Douglas Emmett Inc COM 25960P109 78,725 1,976,023 SH   DFND 102 1,526,923 0 449,100
Duke Realty Corp COM 264411505 130,603 4,131,700 SH   DFND 102 3,132,100 0 999,600
Easterly Government Properties Inc COM 27616P103 9,518 525,557 SH   DFND 102 405,007 0 120,550
Equinix Inc COM 292104106 9,827 19,486 SH   DFND 102 19,486 0 0
Empire State Realty Trust Cl A COM 29444U700 44,390 2,997,303 SH   DFND 102 2,270,903 0 726,400
Equity Lifestyle Properties COM 29472R108 58,182 479,495 SH   DFND 102 402,595 0 76,900
Essex Property Trust Inc COM 297178105 137,090 469,600 SH   DFND 102 358,900 0 110,700
Extended Stay America Inc COM 30224P200 43,122 2,553,092 SH   DFND 102 2,341,192 0 211,900
Federal Realty Invs Trust COM 313747206 68,162 529,374 SH   DFND 102 413,374 0 116,000
HCP Inc COM 40414L109 142,781 4,464,700 SH   DFND 102 3,423,600 0 1,041,100
Healthcare Trust of America Inc Cl A COM 42225P501 82,614 3,011,800 SH   DFND 102 2,361,100 0 650,700
Host Hotels & Resorts Inc COM 44107P104 84,776 4,652,900 SH   DFND 102 4,285,600 0 367,300
Howard Hughes Corp COM 44267D107 25,291 204,225 SH   DFND 102 185,549 0 18,676
Invitation Homes Inc COM 46187W107 93,985 3,516,100 SH   DFND 102 2,759,900 0 756,200
National Retail Properties COM 637417106 94,983 1,791,800 SH   DFND 102 1,369,200 0 422,600
Piedmont Office Realty Trust COM 720190206 41,470 2,080,800 SH   DFND 102 1,571,100 0 509,700
ProLogis Inc COM 74340W103 109,505 1,367,100 SH   DFND 102 986,400 0 380,700
Public Storage COM 74460D109 110,892 465,600 SH   DFND 102 359,600 0 106,000
Retail Properties of America Inc Cl A COM 76131V202 66,877 5,686,793 SH   DFND 102 4,342,693 0 1,344,100
Rexford Industrial Realty Inc COM 76169C100 108,288 2,682,400 SH   DFND 102 2,058,300 0 624,100
RLJ Lodging Trust COM 74965L101 26,354 1,485,543 SH   DFND 102 1,362,043 0 123,500
Simon Property Group Inc COM 828806109 233,345 1,460,600 SH   DFND 102 1,133,000 0 327,600
Store Capital Corp COM 862121100 96,090 2,895,142 SH   DFND 102 2,238,842 0 656,300
Taubman Centers Inc COM 876664103 27,342 669,666 SH   DFND 102 509,666 0 160,000
Vici Properties Inc COM 925652109 74,838 3,395,535 SH   DFND 102 3,135,135 0 260,400
Vornado Realty Trust COM 929042109 24,136 376,538 SH   DFND 102 290,838 0 85,700
Welltower Inc COM 95040Q104 147,292 1,806,600 SH   DFND 102 1,373,900 0 432,700