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 24,965 1,923,312 SH   DFND 10,203 1,708,350 0 214,962
Alexandria Real Estate Equities COM 015271109 88,585 545,980 SH   DFND 10,203 498,580 0 47,400
American Assets Trust Inc COM 024013104 29,550 1,061,416 SH   DFND 10,203 944,626 0 116,790
American Homes 4 Rent Cl A COM 02665T306 48,292 1,795,231 SH   DFND 10,203 1,633,531 0 161,700
Americold Realty Trust COM 03064D108 80,224 2,210,021 SH   DFND 10,203 2,023,459 0 186,562
AvalonBay Communities Inc COM 053484101 89,729 580,246 SH   DFND 10,203 529,337 0 50,909
Boston Properties Inc COM 101121101 60,363 667,876 SH   DFND 10,203 601,976 0 65,900
Brixmor Property Group Inc COM 11120U105 60,827 4,744,706 SH   DFND 10,203 4,261,806 0 482,900
Corporate Office Properties COM 22002T108 24,369 961,686 SH   DFND 10,203 868,286 0 93,400
Cousins Properties Inc COM 222795502 25,446 853,037 SH   DFND 10,203 764,337 0 88,700
Digital Realty Trust Inc COM 253868103 132,724 933,950 SH   DFND 10,203 831,222 0 102,728
Duke Realty Corp COM 264411505 87,960 2,485,439 SH   DFND 10,203 2,262,339 0 223,100
Equinix Inc COM 29444U700 64,470 91,798 SH   DFND 10,203 91,798 0 0
Equity Lifestyle Properties COM 29472R108 54,473 871,848 SH   DFND 10,203 794,848 0 77,000
Essex Property Trust Inc COM 297178105 97,023 423,366 SH   DFND 10,203 389,166 0 34,200
Extra Space Storage Inc COM 30225T102 51,727 560,000 SH   DFND 10,203 512,900 0 47,100
Federal Realty Invs Trust COM 313747206 31,385 368,322 SH   DFND 10,203 329,922 0 38,400
Healthcare Trust of America Inc Cl A COM 42225P501 27,724 1,045,394 SH   DFND 10,203 945,994 0 99,400
Healthpeak Properties Inc COM 42250P103 92,846 3,368,850 SH   DFND 10,203 3,063,950 0 304,900
Host Hotels & Resorts Inc COM 44107P104 49,765 4,612,120 SH   DFND 10,203 4,134,120 0 478,000
Independence Realty Trust Inc COM 45378A106 20,970 1,825,100 SH   DFND 10,203 1,674,300 0 150,800
Invitation Homes Inc COM 46187W107 78,981 2,868,906 SH   DFND 10,203 2,623,106 0 245,800
Life Storage Inc COM 53223X107 60,332 635,407 SH   DFND 10,203 577,807 0 57,600
Pebblebrook Hotel Trust COM 70509V100 15,649 1,145,640 SH   DFND 10,203 1,034,140 0 111,500
ProLogis Inc COM 74340W103 202,126 2,165,712 SH   DFND 10,203 1,975,525 0 190,187
Rexford Industrial Realty Inc COM 76169C100 83,428 2,013,698 SH   DFND 10,203 1,843,098 0 170,600
SBA Communications Corp COM 78410G104 19,424 65,200 SH   DFND 10,203 65,200 0 0
Seritage Growth Properties COM 81752R100 7,098 622,599 SH   DFND 10,203 560,373 0 62,226
Simon Property Group Inc COM 828806109 29,675 433,974 SH   DFND 10,203 388,674 0 45,300
Spirit Realty Capital Inc COM 84860W300 40,926 1,174,000 SH   DFND 10,203 1,052,900 0 121,100
Sun Communities Inc COM 866674104 64,762 477,313 SH   DFND 10,203 437,213 0 40,100
Sunstone Hotel Investors Inc COM 867892101 2,261 277,400 SH   DFND 10,203 277,400 0 0
UDR Inc COM 902653104 82,197 2,198,970 SH   DFND 10,203 2,009,570 0 189,400
VEREIT Inc COM 92339V100 53,235 8,279,221 SH   DFND 10,203 7,443,621 0 835,600
Vici Properties Inc COM 925652109 80,858 4,004,874 SH   DFND 10,203 3,613,141 0 391,733
Welltower Inc COM 95040Q104 104,266 2,014,807 SH   DFND 10,203 1,846,507 0 168,300