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 33,206 1,750,456 SH   DFND 10,203 1,533,394 0 217,062
AGREE REALTY CORP COM 008492100 63,357 941,265 SH   DFND 10,203 833,083 0 108,182
ALEXANDRIA REAL ESTATE EQUITIES, INC. COM 015271109 54,906 334,180 SH   DFND 10,203 297,780 0 36,400
AMERICAN CAMPUS COMMUNITIES, INC. COM 024835100 14,043 325,300 SH   DFND 10,203 325,300 0 0
AMERICAN HOMES 4 RENT COM 02665T306 54,732 1,641,631 SH   DFND 10,203 1,548,531 0 93,100
AMERICOLD REALTY TRUST COM 03064D108 95,402 2,479,908 SH   DFND 10,203 2,236,126 0 243,782
AVALONBAY COMMUNITIES, INC. COM 053484101 104,434 566,007 SH   DFND 10,203 528,698 0 37,309
BOSTON PROPERTIES, INC. COM 101121101 62,222 614,476 SH   DFND 10,203 539,676 0 74,800
BRIXMOR PROPERTY GROUP INC COM 11120U105 91,013 4,498,906 SH   DFND 10,203 3,981,906 0 517,000
CAMDEN PROPERTY TRUST COM 133131102 34,721 315,900 SH   DFND 10,203 315,900 0 0
DIAMONDROCK HOSPITALITY COMPANY COM 252784301 30,051 2,917,600 SH   DFND 10,203 2,569,400 0 348,200
DIGITAL REALTY TRUST INC COM 253868103 70,221 498,586 SH   DFND 10,203 409,958 0 88,628
EASTGROUP PROPERTIES, INC. COM 277276101 76,155 531,509 SH   DFND 10,203 481,509 0 50,000
EMPIRE STATE REALTY TRUST INC COM 292104106 37,119 3,335,000 SH   DFND 10,203 2,926,300 0 408,700
EQUINIX, INC. COM 29444U700 106,536 156,765 SH   DFND 10,203 156,765 0 0
EQUITY LIFESTYLE PROPERTIES INC COM 29472R108 66,074 1,038,248 SH   DFND 10,203 965,548 0 72,700
EQUITY RESIDENTIAL PROPERTIES TRUST COM 29476L107 50,019 698,300 SH   DFND 10,203 698,300 0 0
ESSEX PROPERTY TRUST, INC. COM 297178105 152,615 561,416 SH   DFND 10,203 521,816 0 39,600
EXTRA SPACE STORAGE INC. COM 30225T102 97,384 734,700 SH   DFND 10,203 670,000 0 64,700
FEDERAL REALTY INVESTMENT TRUST COM 313747206 36,636 361,122 SH   DFND 10,203 315,922 0 45,200
HEALTHCARE TRUST OF AMERICA INC COM 42225P501 34,820 1,262,494 SH   DFND 10,203 1,122,194 0 140,300
HEALTHPEAK PPTYS INC COM 42250P103 36,841 1,160,700 SH   DFND 10,203 1,160,700 0 0
HOST HOTELS & RESORTS INC COM 44107P104 73,037 4,334,520 SH   DFND 10,203 3,838,520 0 496,000
INDEPENDENCE REALTY TRUST INC COM 45378A106 29,582 1,946,200 SH   DFND 10,203 1,777,500 0 168,700
INVITATION HOMES INC COM 46187W107 104,966 3,281,206 SH   DFND 10,203 3,059,106 0 222,100
KILROY REALTY CORPORATION COM 49427F108 43,007 655,300 SH   DFND 10,203 580,800 0 74,500
LIFE STORAGE INC COM 53223X107 58,761 683,660 SH   DFND 10,203 619,460 0 64,200
MID-AMER APT CMNTYS INC COM 59522J103 43,510 301,400 SH   DFND 10,203 301,400 0 0
PARAMOUNT GROUP INC COM 69924R108 3,015 297,600 SH   DFND 10,203 297,600 0 0
PHYSICIANS REALTY TRUST COM 71943U104 1,355 76,700 SH   DFND 10,203 76,700 0 0
PROLOGIS INC. COM 74340W103 227,467 2,145,912 SH   DFND 10,203 1,958,325 0 187,587
PUBLIC STORAGE COM 74460D109 23,294 94,400 SH   DFND 10,203 94,400 0 0
QTS REALTY TRUST INC COM 74736A103 44,135 711,400 SH   DFND 10,203 581,800 0 129,600
REXFORD INDUSTRIAL REALTY, INC. COM 76169C100 10,705 212,400 SH   DFND 10,203 212,400 0 0
SBA COMMUNICATIONS CORPORATION COM 78410G104 42,104 151,700 SH   DFND 10,203 151,700 0 0
SPIRIT REALTY CAPITAL INC COM 84860W300 48,726 1,146,500 SH   DFND 10,203 1,012,200 0 134,300
SUN COMMUNITIES, INC. COM 866674104 98,991 659,763 SH   DFND 10,203 617,228 0 42,535
TERRENO REALTY CORP COM 88146M101 27,308 472,700 SH   DFND 10,203 418,000 0 54,700
THE MACERICH COMPANY COM 554382101 29,679 2,536,700 SH   DFND 10,203 2,243,400 0 293,300
UDR INC COM 902653104 115,179 2,626,070 SH   DFND 10,203 2,437,170 0 188,900
VENTAS INC. COM 92276F100 116,425 2,182,700 SH   DFND 10,203 2,028,100 0 154,600
VEREIT INCORPORATION COM 92339V308 10,899 282,200 SH   DFND 10,203 248,500 0 33,700
VICI PROPERTIES INC COM 925652109 124,917 4,423,417 SH   DFND 10,203 3,952,084 0 471,333
WELLTOWER INC COM 95040Q104 203,142 2,835,991 SH   DFND 10,203 2,636,991 0 199,000