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

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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 20,856 1,986,256 SH   DFND 01,02,03 1,743,594 0 242,662
Alexandria Real Estate Equities COM 015271109 79,701 498,130 SH   DFND 01,02,03 450,730 0 47,400
American Campus Communities COM 024835100 11,359 325,300 SH   DFND 01,02,03 325,300 0 0
American Homes 4 Rent Cl A COM 02665T306 63,836 2,241,431 SH   DFND 01,02,03 2,079,731 0 161,700
Americold Realty Trust COM 03064D108 93,512 2,615,708 SH   DFND 01,02,03 2,372,946 0 242,762
AvalonBay Communities Inc COM 053484101 98,102 656,907 SH   DFND 01,02,03 611,698 0 45,209
Boston Properties Inc COM 101121101 46,387 577,676 SH   DFND 01,02,03 516,076 0 61,600
Brixmor Property Group Inc COM 11120U105 56,259 4,812,606 SH   DFND 01,02,03 4,294,206 0 518,400
Camden Property Trust COM 133131102 28,109 315,900 SH   DFND 01,02,03 315,900 0 0
Corporate Office Properties COM 22002T108 15,954 672,586 SH   DFND 01,02,03 597,186 0 75,400
Cousins Properties Inc COM 222795502 19,291 674,737 SH   DFND 01,02,03 598,937 0 75,800
Diamondrock Hospitality Co COM 252784301 13,409 2,644,800 SH   DFND 01,02,03 2,350,200 0 294,600
Digital Realty Trust Inc COM 253868103 112,101 763,836 SH   DFND 01,02,03 658,908 0 104,928
Eastgroup Properties Inc COM 277276101 64,808 501,109 SH   DFND 01,02,03 457,809 0 43,300
Equinix Inc COM 29444U700 119,930 157,775 SH   DFND 01,02,03 157,775 0 0
Equity Lifestyle Properties COM 29472R108 68,745 1,121,448 SH   DFND 01,02,03 1,044,448 0 77,000
Equity Residential COM 29476L107 33,801 658,500 SH   DFND 01,02,03 658,500 0 0
Essex Property Trust Inc COM 297178105 106,562 530,716 SH   DFND 01,02,03 496,516 0 34,200
Extra Space Storage Inc COM 30225T102 79,044 738,800 SH   DFND 01,02,03 676,900 0 61,900
Federal Realty Invs Trust COM 313747206 31,493 428,822 SH   DFND 01,02,03 377,622 0 51,200
Healthcare Trust of America Inc Cl A COM 42225P501 26,975 1,037,494 SH   DFND 01,02,03 938,094 0 99,400
Healthpeak Properties Inc COM 42250P103 97,239 3,581,550 SH   DFND 01,02,03 3,316,850 0 264,700
Host Hotels & Resorts Inc COM 44107P104 45,551 4,221,620 SH   DFND 01,02,03 3,743,620 0 478,000
Independence Realty Trust Inc COM 45378A106 22,330 1,926,700 SH   DFND 01,02,03 1,757,500 0 169,200
Invitation Homes Inc COM 46187W107 100,759 3,599,806 SH   DFND 01,02,03 3,354,006 0 245,800
Mid-America Apartment Communities Inc COM 59522J103 34,947 301,400 SH   DFND 01,02,03 301,400 0 0
Physicians Realty Trust COM 71943U104 1,895 105,800 SH   DFND 01,02,03 105,800 0 0
Life Storage Inc COM 53223X107 58,552 556,207 SH   DFND 01,02,03 504,107 0 52,100
ProLogis Inc COM 74340W103 234,959 2,335,112 SH   DFND 01,02,03 2,138,225 0 196,887
Public Storage COM 74460D109 21,025 94,400 SH   DFND 01,02,03 94,400 0 0
QTS Realty Trust Inc Cl A COM 74736A103 22,599 358,600 SH   DFND 01,02,03 324,200 0 34,400
Rexford Industrial Realty Inc COM 76169C100 42,390 926,364 SH   DFND 01,02,03 846,464 0 79,900
SBA Communications Corp COM 78410G104 20,383 64,000 SH   DFND 01,02,03 64,000 0 0
Simon Property Group Inc COM 828806109 15,845 244,974 SH   DFND 01,02,03 217,074 0 27,900
Spirit Realty Capital Inc COM 84860W300 43,018 1,274,600 SH   DFND 01,02,03 1,137,500 0 137,100
Sun Communities Inc COM 866674104 94,548 672,413 SH   DFND 01,02,03 632,313 0 40,100
Sunstone Hotel Investors Inc COM 867892101 2,223 280,000 SH   DFND 01,02,03 280,000 0 0
Terreno Realty Corp COM 88146M101 25,907 473,100 SH   DFND 01,02,03 421,800 0 51,300
UDR Inc COM 902653104 87,110 2,671,270 SH   DFND 01,02,03 2,481,870 0 189,400
VEREIT Inc COM 92339V100 66,873 10,288,221 SH   DFND 01,02,03 9,170,121 0 1,118,100
Ventas Inc COM 92276F100 35,251 840,100 SH   DFND 01,02,03 840,100 0 0
Vici Properties Inc COM 925652109 95,147 4,071,317 SH   DFND 01,02,03 3,640,984 0 430,333
Welltower Inc COM 95040Q104 167,562 3,041,607 SH   DFND 01,02,03 2,833,007 0 208,600