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
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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
AGREE REALTY CORP COM 008492100 59,103 892,390 SH   DFND 01,02,03 791,208 0 101,182
ALEXANDRIA REAL ESTATE EQUITIES, INC. COM 015271109 81,526 426,680 SH   DFND 01,02,03 386,080 0 40,600
AMERICAN CAMPUS COMMUNITIES, INC. COM 024835100 18,479 381,400 SH   DFND 01,02,03 381,400 0 0
AMERICAN HOMES 4 RENT COM 02665T306 23,692 621,500 SH   DFND 01,02,03 621,500 0 0
AMERICOLD REALTY TRUST COM 03064D108 44,702 1,538,808 SH   DFND 01,02,03 1,392,726 0 146,082
AVALONBAY COMMUNITIES, INC. COM 053484101 124,868 563,382 SH   DFND 01,02,03 527,373 0 36,009
BRIXMOR PROPERTY GROUP INC COM 11120U105 103,685 4,689,506 SH   DFND 01,02,03 4,158,406 0 531,100
CAMDEN PROPERTY TRUST COM 133131102 46,586 315,900 SH   DFND 01,02,03 315,900 0 0
DIAMONDROCK HOSPITALITY COMPANY COM 252784301 27,951 2,957,800 SH   DFND 01,02,03 2,600,000 0 357,800
DIGITAL REALTY TRUST INC COM 253868103 92,107 637,636 SH   DFND 01,02,03 558,408 0 79,228
EASTGROUP PROPERTIES, INC. COM 277276101 101,383 608,434 SH   DFND 01,02,03 552,434 0 56,000
EMPIRE STATE REALTY TRUST INC COM 292104106 27,854 2,777,100 SH   DFND 01,02,03 2,432,800 0 344,300
EQUINIX, INC. COM 29444U700 246,177 311,565 SH   DFND 01,02,03 283,965 0 27,600
EQUITY LIFESTYLE PROPERTIES INC COM 29472R108 81,724 1,046,398 SH   DFND 01,02,03 971,798 0 74,600
EQUITY RESIDENTIAL COM 29476L107 57,882 715,300 SH   DFND 01,02,03 715,300 0 0
ESSEX PROPERTY TRUST, INC. COM 297178105 188,828 590,566 SH   DFND 01,02,03 549,466 0 41,100
EXTRA SPACE STORAGE INC. COM 30225T102 130,503 776,850 SH   DFND 01,02,03 708,050 0 68,800
FEDERAL REALTY INVESTMENT TRUST COM 313747206 43,063 364,972 SH   DFND 01,02,03 318,472 0 46,500
GLOBAL MEDICAL REIT INC COM 37954A204 43,747 2,976,000 SH   DFND 01,02,03 2,674,500 0 301,500
HEALTHCARE TRUST OF AMERICA INC COM 42225P501 40,533 1,366,594 SH   DFND 01,02,03 1,222,494 0 144,100
HEALTHPEAK PPTYS INC COM 42250P103 10,938 326,700 SH   DFND 01,02,03 326,700 0 0
HOST HOTELS & RESORTS INC COM 44107P104 73,520 4,502,120 SH   DFND 01,02,03 3,992,620 0 509,500
INDEPENDENCE REALTY TRUST INC COM 45378A106 55,657 2,735,000 SH   DFND 01,02,03 2,491,525 0 243,475
INVITATION HOMES INC COM 46187W107 140,652 3,669,506 SH   DFND 01,02,03 3,420,606 0 248,900
KILROY REALTY CORPORATION COM 49427F108 55,914 844,500 SH   DFND 01,02,03 749,700 0 94,800
KITE REALTY GROUP TRUST COM 49803T300 21,604 1,061,100 SH   DFND 01,02,03 925,100 0 136,000
LIFE STORAGE INC COM 53223X107 107,926 940,610 SH   DFND 01,02,03 849,510 0 91,100
MID-AMER APT CMNTYS INC COM 59522J103 56,286 301,400 SH   DFND 01,02,03 301,400 0 0
PARAMOUNT GROUP INC COM 69924R108 20,743 2,307,300 SH   DFND 01,02,03 2,051,800 0 255,500
PROLOGIS INC. COM 74340W103 270,551 2,156,987 SH   DFND 01,02,03 1,970,500 0 186,487
PUBLIC STORAGE COM 74460D109 28,046 94,400 SH   DFND 01,02,03 94,400 0 0
REXFORD INDUSTRIAL REALTY, INC. COM 76169C100 13,972 246,200 SH   DFND 01,02,03 246,200 0 0
RYMAN HOSPITALITY PROPERTIES INC COM 78377T107 14,375 171,750 SH   DFND 01,02,03 151,550 0 20,200
SBA COMMUNICATIONS CORPORATION COM 78410G104 33,421 101,100 SH   DFND 01,02,03 101,100 0 0
SPIRIT REALTY CAPITAL INC COM 84860W300 61,316 1,331,800 SH   DFND 01,02,03 1,173,100 0 158,700
SUN COMMUNITIES INC COM 866674104 125,954 680,463 SH   DFND 01,02,03 636,828 0 43,635
TERRENO RLTY CORP COM COM 88146M101 34,021 538,050 SH   DFND 01,02,03 481,850 0 56,200
THE MACERICH COMPANY COM 554382101 83,408 4,991,500 SH   DFND 01,02,03 4,416,200 0 575,300
UDR INC COM 902653104 137,426 2,593,920 SH   DFND 01,02,03 2,399,920 0 194,000
VENTAS INC. COM 92276F100 167,957 3,042,150 SH   DFND 01,02,03 2,807,050 0 235,100
VICI PROPERTIES INC COM 925652109 138,758 4,884,125 SH   DFND 01,02,03 4,414,979 0 469,146
WELLTOWER INC COM 95040Q104 127,259 1,544,407 SH   DFND 01,02,03 1,483,407 0 61,000