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 34,547 511,200 SH   DFND 01,02,03 436,890 0 74,310
ALEXANDRIA REAL ESTATE EQUITIES, INC. COM 015271109 64,845 462,553 SH   DFND 01,02,03 405,873 0 56,680
AMERICAN HOMES 4 RENT COM 02665T306 64,690 1,971,659 SH   DFND 01,02,03 1,582,293 0 389,366
AMERICAN TOWER CORP COM 03027X100 33,372 155,436 SH   DFND 01,02,03 155,436 0 0
AMERICOLD REALTY TRUST COM 03064D108 37,774 1,535,527 SH   DFND 01,02,03 1,394,847 0 140,680
AVALONBAY COMMUNITIES, INC. COM 053484101 138,594 752,453 SH   DFND 01,02,03 602,574 0 149,879
BRIXMOR PROPERTY GROUP INC COM 11120U105 72,034 3,900,073 SH   DFND 01,02,03 3,368,973 0 531,100
CAMDEN PROPERTY TRUST COM 133131102 26,128 218,735 SH   DFND 01,02,03 163,205 0 55,530
CORPORATE OFFICE PROPERTIES TRUST COM 22002T108 11,846 509,930 SH   DFND 01,02,03 435,800 0 74,130
CUBESMART L.P. COM 229663109 79,636 1,987,912 SH   DFND 01,02,03 1,815,612 0 172,300
DIGITAL REALTY TRUST INC COM 253868103 59,132 596,206 SH   DFND 01,02,03 545,896 0 50,310
EASTGROUP PROPERTIES, INC. COM 277276101 72,899 505,050 SH   DFND 01,02,03 456,850 0 48,200
EQUINIX, INC. COM 29444U700 209,743 368,720 SH   DFND 01,02,03 333,550 0 35,170
EQUITY LIFESTYLE PROPERTIES INC COM 29472R108 25,587 407,183 SH   DFND 01,02,03 334,813 0 72,370
EQUITY RESIDENTIAL COM 29476L107 36,746 546,651 SH   DFND 01,02,03 404,821 0 141,830
ESSEX PROPERTY TRUST, INC. COM 297178105 103,874 428,825 SH   DFND 01,02,03 351,255 0 77,570
EXTRA SPACE STORAGE INC. COM 30225T102 95,227 551,369 SH   DFND 01,02,03 509,079 0 42,290
FIRST INDUSTRIAL REALTY TRUST, INC. COM 32054K103 26,744 596,820 SH   DFND 01,02,03 596,820 0 0
GLOBAL MEDICAL REIT INC COM 37954A204 1,479 173,570 SH   DFND 01,02,03 173,570 0 0
HEALTHCARE REALTY TRUST INCORPORATED COM 42226K105 18,604 892,290 SH   DFND 01,02,03 784,580 0 107,710
HEALTHPEAK PPTYS INC COM 42250P103 3,297 143,860 SH   DFND 01,02,03 143,860 0 0
INDEPENDENCE REALTY TRUST INC COM 45378A106 43,294 2,587,817 SH   DFND 01,02,03 2,193,812 0 394,005
INVITATION HOMES INC COM 46187W107 79,650 2,358,591 SH   DFND 01,02,03 1,920,211 0 438,380
KILROY REALTY CORPORATION COM 49427F108 21,907 520,228 SH   DFND 01,02,03 448,718 0 71,510
LIFE STORAGE INC COM 53223X107 66,258 598,213 SH   DFND 01,02,03 552,026 0 46,187
MID-AMER APT CMNTYS INC COM 59522J103 29,036 187,246 SH   DFND 01,02,03 142,966 0 44,280
NETSTREIT CORP COM 64119V303 34,395 1,931,226 SH   DFND 01,02,03 1,671,736 0 259,490
PROLOGIS INC. COM 74340W103 253,670 2,496,755 SH   DFND 01,02,03 2,301,758 0 194,997
PUBLIC STORAGE COM 74460D109 99,481 339,745 SH   DFND 01,02,03 320,215 0 19,530
REALTY INCOME CORPORATION COM 756109104 28,421 488,330 SH   DFND 01,02,03 417,160 0 71,170
REGENCY CENTERS COM 758849103 21,499 399,230 SH   DFND 01,02,03 341,020 0 58,210
RETAIL OPPORTUNITY INVESTMENTS CORP COM 76131N101 26,388 1,917,753 SH   DFND 01,02,03 1,631,553 0 286,200
REXFORD INDUSTRIAL REALTY, INC. COM 76169C100 64,569 1,241,715 SH   DFND 01,02,03 1,152,615 0 89,100
RYMAN HOSPITALITY PROPERTIES INC COM 78377T107 34,789 472,746 SH   DFND 01,02,03 406,856 0 65,890
SIMON PROPERTY GRP INC COM 828806109 25,476 283,850 SH   DFND 01,02,03 242,540 0 41,310
SUN COMMUNITIES INC COM 866674104 114,770 848,078 SH   DFND 01,02,03 703,840 0 144,238
UDR INC COM 902653104 105,100 2,519,788 SH   DFND 01,02,03 2,065,708 0 454,080
VENTAS INC. COM 92276F100 110,991 2,763,025 SH   DFND 01,02,03 2,483,925 0 279,100
VICI PROPERTIES INC COM 925652109 114,728 3,843,478 SH   DFND 01,02,03 3,372,462 0 471,016
WELLTOWER INC COM 95040Q104 68,481 1,064,686 SH   DFND 01,02,03 981,550 0 83,136