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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
VENTAS INC COM 92276F100 BBG000FRVHB9 40,173,247 891,748 SH   DFND 1,2 472,319 0 419,429
URBAN EDGE PPTYS COM 91704F104 BBG006BFYQN0 28,119,314 1,995,693 SH   DFND 1,2,3,4 1,193,031 0 802,662
REALTY INCOME CORP COM 756109104 BBG000DHPN63 48,771,264 768,899 SH   DFND 1,2,3 416,016 0 352,883
HOST HOTELS & RESORTS INC COM 44107P104 BBG000BL8804 63,222,314 3,939,085 SH   DFND 1,2,3,4 2,336,305 0 1,602,780
INVITATION HOMES INC COM 46187W107 BBG00FQH6BS9 60,723,735 2,048,709 SH   DFND 1,2,3,4 1,224,319 0 824,390
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 BBG000BC33T9 78,402,799 538,222 SH   DFND 1,2,3,4 331,824 0 206,398
SIMON PPTY GROUP INC NEW COM 828806109 BBG000BJ2D31 70,452,169 599,695 SH   DFND 1,2,3,4 356,877 0 242,818
BOSTON PROPERTIES INC COM 101121101 BBG000BS5CM9 46,746,776 691,725 SH   DFND 1,2,3,4 419,711 0 272,014
WELLTOWER INC COM 95040Q104 BBG000BKY1G5 104,814,516 1,599,001 SH   DFND 1,2,3,4 967,052 0 631,949
REXFORD INDL RLTY INC COM 76169C100 BBG004MB82R0 69,788,776 1,277,247 SH   DFND 1,2,3,4 742,116 0 535,131
PUBLIC STORAGE COM 74460D109 BBG000BPPN67 100,715,416 359,454 SH   DFND 1,2,3,4 214,657 0 144,797
MEDICAL PPTYS TRUST INC COM 58463J304 BBG000BGRB25 41,042,211 3,684,220 SH   DFND 1,2,3,4 2,258,162 0 1,426,058
EQUITY RESIDENTIAL SH BEN INT 29476L107 BBG000BG8M31 86,992,845 1,474,455 SH   DFND 1,2,3,4 882,006 0 592,449
EQUINIX INC COM 29444U700 BBG000MBDGM6 134,256,259 204,962 SH   DFND 1,2,3,4 121,286 0 83,676
UDR INC COM 902653104 BBG000C41023 77,118,092 1,991,172 SH   DFND 1,2,3,4 1,188,578 0 802,594
CENTERSPACE COM 15202L107 BBG000BVJ702 17,705,081 301,774 SH   DFND 1,2,3,4 181,786 0 119,988
AGREE RLTY CORP COM 008492100 BBG000BC9DK0 49,268,333 694,605 SH   DFND 1,2,3,4 419,571 0 275,034
SUN CMNTYS INC COM 866674104 BBG000BLJWF3 101,907,949 712,643 SH   DFND 1,2,3,4 427,287 0 285,356
LIFE STORAGE INC COM 53223X107 BBG000C42VL3 57,787,685 586,677 SH   DFND 1,2,3,4 350,482 0 236,195
BRIXMOR PPTY GROUP INC COM 11120U105 BBG001LFLZZ1 16,788,087 740,542 SH   DFND 1,2,3,4 474,994 0 265,548
KITE RLTY GROUP TR COM NEW 49803T300 BBG000BC2KW8 92,967,641 4,416,515 SH   DFND 1,2,3,4 2,653,739 0 1,762,776
GAMING & LEISURE PPTYS INC COM 36467J108 BBG003MSMCS6 76,358,262 1,465,891 SH   DFND 1,2,4 867,671 0 598,220
PROLOGIS INC. COM 74340W103 BBG000B9Z0J8 220,163,832 1,953,019 SH   DFND 1,2,3,4 1,186,375 0 766,644
EPR PPTYS COM SH BEN INT 26884U109 BBG000BSZYR3 30,813,091 816,890 SH   DFND 1,2,3,4 484,086 0 332,804
SBA COMMUNICATIONS CORP NEW CL A 78410G104 BBG000D2M0Z7 53,123,230 189,516 SH   DFND 1,2,3,4 128,445 0 61,071
POSTAL REALTY TRUST INC CL A 73757R102 BBG00NSBGFJ3 11,726,291 807,040 SH   DFND 1,2,3,4 518,825 0 288,215
NETSTREIT CORP COM 64119V303 BBG00W5FQPV2 42,441,685 2,315,422 SH   DFND 1,2,3,4 1,434,305 0 881,117
CTO RLTY GROWTH INC NEW COM 22948Q101 BBG00Y3M1H59 8,658,139 473,640 SH   DFND 1,2,3,4 292,805 0 180,835
ESSEX PPTY TR INC COM 297178105 BBG000CGJMB9 1,092,024 5,153 SH   DFND 1,2 5,153 0 0
EMPIRE ST RLTY TR INC CL A 292104106 BBG002N8HMW0 970,789 144,034 SH   DFND 1,2 144,034 0 0
SL GREEN RLTY CORP COM 78440X887 BBG000BVP5P2 961,560 28,516 SH   DFND 1,2 28,516 0 0
HEALTHCARE RLTY TR CL A COM 42226K105 BBG000PRJCX9 1,058,405 54,925 SH   DFND 1,2 54,925 0 0
TERRENO RLTY CORP COM 88146M101 BBG000PV3J62 1,078,141 18,958 SH   DFND 1,2 18,958 0 0
PARAMOUNT GROUP INC COM 69924R108 BBG000FBRL11 993,679 167,286 SH   DFND 1,2 167,286 0 0
DIGITAL RLTY TR INC COM 253868103 BBG000Q5ZRM7 1,053,637 10,508 SH   DFND 1,2 10,508 0 0
DOUGLAS EMMETT INC COM 25960P109 BBG000PN1SJ8 1,019,451 65,016 SH   DFND 1,2 65,016 0 0
VORNADO RLTY TR SH BEN INT 929042109 BBG000BWHD54 966,292 46,434 SH   DFND 1,2 46,434 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 BBG000Q3TSJ1 1,022,047 105,802 SH   DFND 1,2 105,802 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 BBG000BJVN28 1,011,107 10,007 SH   DFND 1,2 10,007 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 BBG000BKYDP9 1,078,762 43,030 SH   DFND 1,2 43,030 0 0
HUDSON PAC PPTYS INC COM 444097109 BBG000QC4T33 988,033 101,545 SH   DFND 1,2 101,545 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 BBG000PNBZF5 983,402 73,443 SH   DFND 1,2 73,443 0 0
AVALONBAY CMNTYS INC COM 053484101 BBG000BLPBL5 1,046,973 6,482 SH   DFND 1,2 6,482 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 BBG000BJGD54 1,036,070 72,200 SH   DFND 1,2 72,200 0 0
AMERICAN TOWER CORP NEW COM 03027X100 BBG000B9XYV2 31,877,091 150,463 SH   DFND 1,2,4 104,828 0 45,635
WEYERHAEUSER CO MTN BE COM NEW 962166104 BBG000BX3BL3 3,674,864 118,544 SH   DFND 1,2,4 83,548 0 34,996