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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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 42,342 587,020 SH   DFND 01,02,03 501,410 0 85,610
ALEXANDRIA REAL ESTATE EQUITIES, INC. COM 015271109 80,865 557,573 SH   DFND 01,02,03 486,273 0 71,300
AMERICAN HOMES 4 RENT COM 02665T306 13,208 372,697 SH   DFND 01,02,03 372,697 0 0
AMERICAN TOWER CORP COM 03027X100 41,834 163,676 SH   DFND 01,02,03 163,676 0 0
AMERICOLD REALTY TRUST COM 03064D108 15,685 522,147 SH   DFND 01,02,03 522,147 0 0
AVALONBAY COMMUNITIES, INC. COM 053484101 119,119 613,223 SH   DFND 01,02,03 549,134 0 64,089
BRIXMOR PROPERTY GROUP INC COM 11120U105 77,954 3,857,223 SH   DFND 01,02,03 3,326,123 0 531,100
CAMDEN PROPERTY TRUST COM 133131102 23,722 176,395 SH   DFND 01,02,03 176,395 0 0
CUBESMART L.P. COM 229663109 74,934 1,754,082 SH   DFND 01,02,03 1,614,082 0 140,000
DIGITAL REALTY TRUST INC COM 253868103 79,220 610,186 SH   DFND 01,02,03 557,626 0 52,560
EASTGROUP PROPERTIES, INC. COM 277276101 79,383 514,370 SH   DFND 01,02,03 460,870 0 53,500
EQUINIX, INC. COM 29444U700 245,166 373,148 SH   DFND 01,02,03 336,688 0 36,460
EQUITY LIFESTYLE PROPERTIES INC COM 29472R108 26,557 376,853 SH   DFND 01,02,03 357,353 0 19,500
EQUITY RESIDENTIAL COM 29476L107 29,236 404,821 SH   DFND 01,02,03 404,821 0 0
ESSEX PROPERTY TRUST, INC. COM 297178105 101,472 388,025 SH   DFND 01,02,03 352,525 0 35,500
EXTRA SPACE STORAGE INC. COM 30225T102 100,155 588,729 SH   DFND 01,02,03 540,679 0 48,050
FIRST INDUSTRIAL REALTY TRUST, INC. COM 32054K103 23,733 499,860 SH   DFND 01,02,03 499,860 0 0
GLOBAL MEDICAL REIT INC COM 37954A204 11,218 998,965 SH   DFND 01,02,03 880,395 0 118,570
HEALTHCARE TRUST OF AMERICA INC COM 42225P501 3,600 128,990 SH   DFND 01,02,03 128,990 0 0
HEALTHPEAK PPTYS INC COM 42250P103 3,727 143,860 SH   DFND 01,02,03 143,860 0 0
HOST HOTELS & RESORTS INC COM 44107P104 13,268 846,170 SH   DFND 01,02,03 724,510 0 121,660
INDEPENDENCE REALTY TRUST INC COM 45378A106 59,418 2,866,297 SH   DFND 01,02,03 2,527,722 0 338,575
INVITATION HOMES INC COM 46187W107 91,793 2,579,891 SH   DFND 01,02,03 2,326,091 0 253,800
KILROY REALTY CORPORATION COM 49427F108 25,803 493,088 SH   DFND 01,02,03 423,888 0 69,200
LIFE STORAGE INC COM 53223X107 89,517 801,695 SH   DFND 01,02,03 726,695 0 75,000
MID-AMER APT CMNTYS INC COM 59522J103 28,542 163,406 SH   DFND 01,02,03 163,406 0 0
NETSTREIT CORP COM 64119V303 12,556 665,380 SH   DFND 01,02,03 571,010 0 94,370
PROLOGIS INC. COM 74340W103 294,037 2,499,255 SH   DFND 01,02,03 2,309,918 0 189,337
PUBLIC STORAGE COM 74460D109 104,580 334,475 SH   DFND 01,02,03 315,825 0 18,650
REALTY INCOME CORPORATION COM 756109104 35,174 515,290 SH   DFND 01,02,03 444,120 0 71,170
REGENCY CENTERS COM 758849103 18,890 318,500 SH   DFND 01,02,03 271,900 0 46,600
RETAIL OPPORTUNITY INVESTMENTS CORP COM 76131N101 30,152 1,910,803 SH   DFND 01,02,03 1,624,603 0 286,200
REXFORD INDUSTRIAL REALTY, INC. COM 76169C100 33,947 589,455 SH   DFND 01,02,03 589,455 0 0
RYMAN HOSPITALITY PROPERTIES INC COM 78377T107 36,318 477,681 SH   DFND 01,02,03 411,791 0 65,890
SUN COMMUNITIES INC COM 866674104 134,852 846,208 SH   DFND 01,02,03 755,870 0 90,338
TERRENO RLTY CORP COM COM 88146M101 37,899 680,048 SH   DFND 01,02,03 583,843 0 96,205
TRICON RESIDENTIAL INC COM 89612W102 2,704 266,700 SH   DFND 01,02,03 266,700 0 0
UDR INC COM 902653104 98,507 2,139,588 SH   DFND 01,02,03 1,924,788 0 214,800
VENTAS INC. COM 92276F100 140,176 2,725,565 SH   DFND 01,02,03 2,446,465 0 279,100
VICI PROPERTIES INC COM 925652109 115,046 3,861,888 SH   DFND 01,02,03 3,382,352 0 479,536
WELLTOWER INC COM 95040Q104 63,972 776,826 SH   DFND 01,02,03 729,970 0 46,856