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
VENTAS INC COM 92276F100 95,739 1,550,185 SH   DFND 1,2,3,4 924,922 0 625,263
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 58,410 3,391,960 SH   DFND 1,2 1,985,545 0 1,406,415
PHYSICIANS RLTY TR COM 71943U104 35,056 1,998,633 SH   DFND 1,2 1,215,753 0 782,880
URBAN EDGE PPTYS COM 91704F104 17,724 927,980 SH   DFND 1,2 472,160 0 455,820
REALTY INCOME CORP COM 756109104 79,723 1,150,409 SH   DFND 1,2,3,4 657,002 0 493,407
INVITATION HOMES INC COM 46187W107 46,236 1,150,720 SH   DFND 1,2 471,247 0 679,473
KILROY RLTY CORP COM 49427F108 74,119 969,895 SH   DFND 1,2 565,990 0 403,905
SIMON PPTY GROUP INC NEW COM 828806109 46,222 351,338 SH   DFND 1,2 203,897 0 147,441
DIGITAL RLTY TR INC COM 253868103 148,906 1,050,113 SH   DFND 1,2 623,990 0 426,123
WELLTOWER INC COM 95040Q104 142,682 1,484,109 SH   DFND 1,2,3,4 878,876 0 605,233
REXFORD INDL RLTY INC COM 76169C100 111,847 1,499,495 SH   DFND 1,2 904,960 0 594,535
PUBLIC STORAGE COM 74460D109 163,383 418,630 SH   DFND 1,2,3,4 241,424 0 177,206
EQUINIX INC COM 29444U700 58,274 78,577 SH   DFND 1,2,3,4 43,123 0 35,454
UDR INC COM 902653104 103,649 1,806,675 SH   DFND 1,2,3,4 1,035,572 0 771,103
INDEPENDENCE RLTY TR INC COM 45378A106 59,747 2,259,702 SH   DFND 1,2 1,327,888 0 931,814
CENTERSPACE COM 15202L107 26,763 272,761 SH   DFND 1,2,3,4 159,375 0 113,386
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 4,174 34,194 SH   DFND 1,2 34,194 0 0
AGREE RLTY CORP COM 008492100 46,732 704,213 SH   DFND 1,2 412,479 0 291,734
HEALTHPEAK PROPERTIES INC COM 42250P103 48,147 1,402,466 SH   DFND 1,2 707,470 0 694,996
SUN CMNTYS INC COM 866674104 107,734 614,607 SH   DFND 1,2 355,995 0 258,612
LIFE STORAGE INC COM 53223X107 57,318 408,158 SH   DFND 1,2,3,4 239,978 0 168,180
PEBBLEBROOK HOTEL TR COM 70509V100 46,526 1,900,569 SH   DFND 1,2 1,176,683 0 723,886
SITE CTRS CORP COM 82981J109 69,040 4,131,648 SH   DFND 1,2 2,448,803 0 1,682,845
PROLOGIS INC. COM 74340W103 127,237 787,945 SH   DFND 1,2 462,658 0 325,287
DUKE REALTY CORP COM NEW 264411505 135,029 2,325,685 SH   DFND 1,2,3,4 1,366,097 0 959,588
FIRST INDL RLTY TR INC COM 32054K103 25,219 407,346 SH   DFND 1,2 204,059 0 203,287
KIMCO RLTY CORP COM 49446R109 34,364 1,391,257 SH   DFND 1,2 698,350 0 692,907
AVALONBAY CMNTYS INC COM 053484101 141,340 569,072 SH   DFND 1,2 337,408 0 231,664
DIAMONDROCK HOSPITALITY CO COM 252784301 63,016 6,239,172 SH   DFND 1,2,3,4 3,633,197 0 2,605,975
EPR PPTYS COM SH BEN INT 26884U109 16,451 300,690 SH   DFND 1,2 152,126 0 148,564
ACADIA RLTY TR COM SH BEN INT 004239109 48,389 2,233,013 SH   DFND 1,2 1,468,517 0 764,496
SBA COMMUNICATIONS CORP NEW CL A 78410G104 58,916 171,218 SH   DFND 1,2 110,203 0 61,015
POSTAL REALTY TRUST INC CL A 73757R102 24,169 1,436,903 SH   DFND 1,2,3,4 879,607 0 557,296
NETSTREIT CORP COM 64119V303 41,718 1,859,099 SH   DFND 1,2,3,4 1,090,973 0 768,126
TRICON RESIDENTIAL INC COM NPV 89612W102 48,611 3,061,157 SH   DFND 1,2,3,4 2,296,411 0 764,746
EMPIRE ST RLTY TR INC CL A 292104106 4,440 452,162 SH   DFND 1,2 452,162 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 4,138 20,560 SH   DFND 1,2 20,560 0 0
BOSTON PROPERTIES INC COM 101121101 4,590 35,636 SH   DFND 1,2 35,636 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 3,857 123,065 SH   DFND 1,2 123,065 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 4,737 84,640 SH   DFND 1,2 84,640 0 0
HUDSON PAC PPTYS INC COM 444097109 4,945 178,192 SH   DFND 1,2 178,192 0 0
ESSEX PPTY TR INC COM 297178105 4,002 11,585 SH   DFND 1,2 11,585 0 0
SL GREEN RLTY CORP COM 78440X887 3,918 48,265 SH   DFND 1,2 48,265 0 0
HEALTHCARE RLTY TR COM 421946104 3,413 124,214 SH   DFND 1,2 124,214 0 0
TERRENO RLTY CORP COM 88146M101 3,681 49,703 SH   DFND 1,2 49,703 0 0
PARAMOUNT GROUP INC COM 69924R108 3,769 345,422 SH   DFND 1,2 345,422 0 0
DOUGLAS EMMETT INC COM 25960P109 4,007 119,907 SH   DFND 1,2 119,907 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 4,095 45,537 SH   DFND 1,2 45,537 0 0
VORNADO RLTY TR SH BEN INT 929042109 4,015 88,585 SH   DFND 1,2 88,585 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 4,238 359,786 SH   DFND 1,2 359,786 0 0
AMERICAN TOWER CORP NEW COM 03027X100 32,549 129,562 SH   DFND 1,2 92,377 0 37,185
CROWN CASTLE INTL CORP NEW COM 22822V101 16,159 87,533 SH   DFND 1,2 62,473 0 25,060
WEYERHAEUSER CO MTN BE COM NEW 962166104 10,621 280,232 SH   DFND 1,2 199,742 0 80,490