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 38,229 951,689 SH   DFND 1,2 502,794 0 448,895
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 28,671 2,715,014 SH   DFND 1,2,3,4 1,636,967 0 1,078,047
PHYSICIANS RLTY TR COM 71943U104 36,600 2,433,536 SH   DFND 1,2,3,4 1,559,965 0 873,571
URBAN EDGE PPTYS COM 91704F104 35,000 2,623,725 SH   DFND 1,2,3,4 1,569,363 0 1,054,362
REALTY INCOME CORP COM 756109104 44,562 765,668 SH   DFND 1,2,3 412,119 0 353,549
HOST HOTELS & RESORTS INC COM 44107P104 15,721 990,000 SH   DFND 1,2,3,4 591,449 0 398,551
INVITATION HOMES INC COM 46187W107 80,298 2,377,788 SH   DFND 1,2,3,4 1,433,301 0 944,487
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,875 13,375 SH   DFND 1,2 13,375 0 0
SIMON PPTY GROUP INC NEW COM 828806109 78,634 876,144 SH   DFND 1,2,3,4 532,476 0 343,668
BOSTON PROPERTIES INC COM 101121101 40,666 542,432 SH   DFND 1,2,3,4 335,396 0 207,036
DIGITAL RLTY TR INC COM 253868103 99,719 1,005,432 SH   DFND 1,2,3,4 608,316 0 397,116
WELLTOWER INC COM 95040Q104 108,942 1,693,744 SH   DFND 1,2,3,4 1,043,133 0 650,611
REXFORD INDL RLTY INC COM 76169C100 56,718 1,090,739 SH   DFND 1,2,3,4 666,551 0 424,188
PUBLIC STORAGE COM 74460D109 106,416 363,431 SH   DFND 1,2,3,4 218,672 0 144,759
MEDICAL PPTYS TRUST INC COM 58463J304 34,536 2,911,955 SH   DFND 1,2,3,4 1,804,337 0 1,107,618
EQUINIX INC COM 29444U700 50,424 88,643 SH   DFND 1,2,3,4 52,740 0 35,903
UDR INC COM 902653104 84,174 2,018,075 SH   DFND 1,2,3,4 1,214,129 0 803,946
CENTERSPACE COM 15202L107 28,260 419,789 SH   DFND 1,2,3,4 253,791 0 165,998
AGREE RLTY CORP COM 008492100 47,590 704,209 SH   DFND 1,2,3,4 429,062 0 275,147
SUN CMNTYS INC COM 866674104 76,449 564,908 SH   DFND 1,2,3,4 341,032 0 223,876
LIFE STORAGE INC COM 53223X107 65,638 592,612 SH   DFND 1,2,3,4 356,376 0 236,236
KITE RLTY GROUP TR COM NEW 49803T300 53,855 3,127,480 SH   DFND 1,2,3,4 1,918,970 0 1,208,510
PEBBLEBROOK HOTEL TR COM 70509V100 19,392 1,336,449 SH   DFND 1,2,3,4 842,459 0 493,990
GAMING & LEISURE PPTYS INC COM 36467J108 58,492 1,322,160 SH   DFND 1,2,4 795,980 0 526,180
PROLOGIS INC. COM 74340W103 90,684 892,559 SH   DFND 1,2,3,4 545,388 0 347,171
DUKE REALTY CORP COM NEW 264411505 114,586 2,377,296 SH   DFND 1,2,3,4 1,428,806 0 948,490
SABRA HEALTH CARE REIT INC COM 78573L106 14,051 1,070,981 SH   DFND 1,2 570,268 0 500,713
AVALONBAY CMNTYS INC COM 053484101 116,332 631,589 SH   DFND 1,2,3,4 382,869 0 248,720
DIAMONDROCK HOSPITALITY CO COM 252784301 29,504 3,928,589 SH   DFND 1,2,3,4 2,349,972 0 1,578,617
EPR PPTYS COM SH BEN INT 26884U109 29,709 828,470 SH   DFND 1,2,3,4 495,646 0 332,824
AMERICAN TOWER CORP NEW COM 03027X100 63,493 295,730 SH   DFND 1,2,3,4 211,335 0 84,395
POSTAL REALTY TRUST INC CL A 73757R102 21,072 1,436,430 SH   DFND 1,2,3,4 906,796 0 529,634
NETSTREIT CORP COM 64119V303 40,368 2,266,571 SH   DFND 1,2,3,4 1,387,084 0 879,487
ESSEX PPTY TR INC COM 297178105 1,891 7,808 SH   DFND 1,2 7,808 0 0
EMPIRE ST RLTY TR INC CL A 292104106 1,804 275,022 SH   DFND 1,2 275,022 0 0
SL GREEN RLTY CORP COM 78440X887 1,743 43,408 SH   DFND 1,2 43,408 0 0
HEALTHCARE RLTY TR CL A COM 42226K105 1,722 82,598 SH   DFND 1,2 82,598 0 0
TERRENO RLTY CORP COM 88146M101 1,745 32,936 SH   DFND 1,2 32,936 0 0
PARAMOUNT GROUP INC COM 69924R108 1,817 291,643 SH   DFND 1,2 291,643 0 0
DOUGLAS EMMETT INC COM 25960P109 1,856 103,539 SH   DFND 1,2 103,539 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,862 27,693 SH   DFND 1,2 27,693 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,674 72,278 SH   DFND 1,2 72,278 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 1,762 187,003 SH   DFND 1,2 187,003 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 1,761 19,545 SH   DFND 1,2 19,545 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 1,719 74,987 SH   DFND 1,2 74,987 0 0
HUDSON PAC PPTYS INC COM 444097109 1,572 143,590 SH   DFND 1,2 143,590 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 1,588 125,824 SH   DFND 1,2 125,824 0 0
CROWN CASTLE INC COM 22822V101 6,063 41,943 SH   DFND 1,2,4 30,003 0 11,940
SBA COMMUNICATIONS CORP NEW CL A 78410G104 5,970 20,973 SH   DFND 1,2,4 15,018 0 5,955
WEYERHAEUSER CO MTN BE COM NEW 962166104 3,526 123,456 SH   DFND 1,2,4 88,460 0 34,996