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 13,519 1,091,100 SH   DFND 01,02,03 995,900 0 95,200
Alexandria Real Estate Equities COM 014491104 53,177 387,980 SH   DFND 01,02,03 351,980 0 36,000
American Assets Trust Inc COM 024013104 32,695 1,307,814 SH   DFND 01,02,03 1,191,024 0 116,790
American Homes 4 Rent Cl A COM 02665T306 43,697 1,883,481 SH   DFND 01,02,03 1,721,781 0 161,700
Americold Realty Trust COM 03064D108 90,734 2,665,521 SH   DFND 01,02,03 2,450,059 0 215,462
AvalonBay Communities Inc COM 053484101 93,783 637,246 SH   DFND 01,02,03 582,737 0 54,509
Boston Properties Inc COM 101121101 78,129 847,114 SH   DFND 01,02,03 775,214 0 71,900
Brixmor Property Group Inc COM 11120U105 26,495 2,788,906 SH   DFND 01,02,03 2,545,106 0 243,800
Corporate Office Properties COM 22002T108 46,105 2,083,386 SH   DFND 01,02,03 1,902,186 0 181,200
Cousins Properties Inc COM 222795502 30,108 1,028,637 SH   DFND 01,02,03 939,837 0 88,800
CubeSmart COM 229663109 50,293 1,877,304 SH   DFND 01,02,03 1,709,004 0 168,300
Digital Realty Trust Inc COM 253868103 137,945 993,050 SH   DFND 01,02,03 890,322 0 102,728
Douglas Emmett Inc COM 25960P109 48,899 1,602,735 SH   DFND 01,02,03 1,470,335 0 132,400
Duke Realty Corp COM 264411505 88,328 2,727,864 SH   DFND 01,02,03 2,488,064 0 239,800
Equinix Inc COM 292104106 52,244 83,648 SH   DFND 01,02,03 83,648 0 0
Equity Lifestyle Properties COM 29472R108 49,654 863,848 SH   DFND 01,02,03 790,448 0 73,400
Essex Property Trust Inc COM 297178105 100,235 455,116 SH   DFND 01,02,03 417,916 0 37,200
Federal Realty Invs Trust COM 313747206 32,241 432,122 SH   DFND 01,02,03 397,122 0 35,000
Healthcare Trust of America Inc Cl A COM 42225P501 52,264 2,152,569 SH   DFND 01,02,03 1,965,469 0 187,100
Healthpeak Properties Inc COM 42250P103 88,484 3,710,023 SH   DFND 01,02,03 3,398,523 0 311,500
Host Hotels & Resorts Inc COM 44107P104 58,949 5,339,620 SH   DFND 01,02,03 4,870,720 0 468,900
Invitation Homes Inc COM 46187W107 64,640 3,024,806 SH   DFND 01,02,03 2,779,006 0 245,800
Life Storage Inc COM 53223X107 65,763 695,542 SH   DFND 01,02,03 635,742 0 59,800
National Retail Properties COM 637417106 38,819 1,205,944 SH   DFND 01,02,03 1,093,844 0 112,100
Pebblebrook Hotel Trust COM 70509V100 17,888 1,642,568 SH   DFND 01,02,03 1,501,368 0 141,200
ProLogis Inc COM 74340W103 166,327 2,069,512 SH   DFND 01,02,03 1,892,625 0 176,887
Rexford Industrial Realty Inc COM 76169C100 76,127 1,856,298 SH   DFND 01,02,03 1,701,098 0 155,200
SBA Communications Corp COM 78410G104 8,720 32,300 SH   DFND 01,02,03 32,300 0 0
Seritage Growth Properties COM 74965L101 6,601 724,596 SH   DFND 01,02,03 662,370 0 62,226
Simon Property Group Inc COM 828806109 36,117 658,349 SH   DFND 01,02,03 600,549 0 57,800
Store Capital Corp COM 862121100 24,842 1,370,965 SH   DFND 01,02,03 1,244,665 0 126,300
Sun Communities Inc COM 866674104 46,508 372,513 SH   DFND 01,02,03 342,613 0 29,900
Sunstone Hotel Investors Inc COM 867892101 1,586 182,100 SH   DFND 01,02,03 182,100 0 0
UDR Inc COM 902653104 82,933 2,269,645 SH   DFND 01,02,03 2,074,945 0 194,700
VEREIT Inc COM 92339V100 40,497 8,281,646 SH   DFND 01,02,03 7,533,146 0 748,500
Vici Properties Inc COM 925652109 75,630 4,545,074 SH   DFND 01,02,03 4,160,974 0 384,100
Welltower Inc COM 95040Q104 64,304 1,404,632 SH   DFND 01,02,03 1,283,632 0 121,000