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 29,865 1,151,742 SH   DFND 102 1,056,542 0 95,200
American Assets Trust Inc COM 024013104 63,686 1,387,500 SH   DFND 102 1,270,710 0 116,790
American Homes 4 Rent Cl A COM 02665T306 52,198 1,991,511 SH   DFND 102 1,829,811 0 161,700
Americold Realty Trust COM 03064D108 125,041 3,566,483 SH   DFND 102 3,282,621 0 283,862
AvalonBay Communities Inc COM 053484101 184,263 878,700 SH   DFND 102 808,900 0 69,800
Boston Properties Inc COM 101121101 126,362 916,600 SH   DFND 102 842,900 0 73,700
Brixmor Property Group Inc COM 11120U105 63,376 2,932,700 SH   DFND 102 2,688,900 0 243,800
Caretrust REIT Inc COM 14174T107 24,927 1,208,300 SH   DFND 102 1,107,100 0 101,200
Corporate Office Properties COM 22002T108 64,501 2,195,400 SH   DFND 102 2,014,200 0 181,200
Cousins Properties Inc COM 222795502 43,849 1,064,300 SH   DFND 102 975,500 0 88,800
CubeSmart COM 229663109 80,316 2,551,350 SH   DFND 102 2,345,950 0 205,400
CyrusOne Inc COM 23283R100 42,466 649,037 SH   DFND 102 601,310 0 47,727
Digital Realty Trust Inc COM 253868103 115,002 960,432 SH   DFND 102 883,704 0 76,728
Douglas Emmett Inc COM 25960P109 77,656 1,768,923 SH   DFND 102 1,630,123 0 138,800
Duke Realty Corp COM 264411505 112,178 3,235,600 SH   DFND 102 2,981,200 0 254,400
Equinix Inc COM 292104106 17,651 30,240 SH   DFND 102 30,240 0 0
Empire State Realty Trust Cl A COM 29444U700 30,726 2,201,003 SH   DFND 102 2,019,003 0 182,000
Equity Lifestyle Properties COM 29472R108 63,935 908,290 SH   DFND 102 834,890 0 73,400
Essex Property Trust Inc COM 297178105 98,652 327,900 SH   DFND 102 301,300 0 26,600
Federal Realty Invs Trust COM 313747206 58,762 456,474 SH   DFND 102 421,474 0 35,000
Healthcare Trust of America Inc Cl A COM 42225P501 78,555 2,594,300 SH   DFND 102 2,387,900 0 206,400
Healthpeak Properties Inc COM 42250P103 133,988 3,887,100 SH   DFND 102 3,575,600 0 311,500
Host Hotels & Resorts Inc COM 44107P104 98,719 5,321,800 SH   DFND 102 4,882,300 0 439,500
Invitation Homes Inc COM 46187W107 95,808 3,196,800 SH   DFND 102 2,951,000 0 245,800
Life Storage Inc COM 53223X107 59,153 546,300 SH   DFND 102 500,800 0 45,500
National Retail Properties COM 637417106 68,135 1,270,700 SH   DFND 102 1,158,600 0 112,100
Pebblebrook Hotel Trust COM 70509V100 45,196 1,685,800 SH   DFND 102 1,544,600 0 141,200
ProLogis Inc COM 74340W103 134,753 1,511,700 SH   DFND 102 1,387,000 0 124,700
Rexford Industrial Realty Inc COM 76169C100 85,764 1,877,900 SH   DFND 102 1,722,700 0 155,200
Seritage Growth Properties COM 74965L101 29,916 746,400 SH   DFND 102 684,174 0 62,226
Simon Property Group Inc COM 828806109 135,658 910,700 SH   DFND 102 835,800 0 74,900
Store Capital Corp COM 862121100 80,041 2,149,334 SH   DFND 102 1,972,434 0 176,900
Sun Communities Inc COM 866674104 40,167 267,600 SH   DFND 102 245,300 0 22,300
UDR Inc COM 902653104 110,838 2,373,400 SH   DFND 102 2,178,700 0 194,700
VEREIT Inc COM 92339V100 80,559 8,718,500 SH   DFND 102 7,970,000 0 748,500
Vici Properties Inc COM 925652109 122,038 4,776,435 SH   DFND 102 4,392,335 0 384,100
Welltower Inc COM 95040Q104 119,800 1,464,900 SH   DFND 102 1,343,900 0 121,000