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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
RYMAN HOSPITALITY PPTYS INC COM 78377T107 BBG000BDVP80 34,896,818 419,030 SH   DFND 1,2,3,4 239,862 0 179,168
ESSEX PPTY TR INC COM 297178105 BBG000CGJMB9 41,167,305 194,103 SH   DFND 1,2,3,4 113,034 0 81,069
VENTAS INC COM 92276F100 BBG000FRVHB9 54,797,311 1,300,672 SH   DFND 1,2,3,4 731,804 0 568,868
PHYSICIANS RLTY TR COM 71943U104 BBG004MF59H0 12,443,845 1,020,824 SH   DFND 1,2,3,4 608,785 0 412,039
URBAN EDGE PPTYS COM 91704F104 BBG006BFYQN0 14,296,514 936,862 SH   DFND 1,2,3,4 543,250 0 393,612
REALTY INCOME CORP COM 756109104 BBG000DHPN63 39,916,992 799,299 SH   DFND 1,2,3 479,325 0 319,974
INVITATION HOMES INC COM 46187W107 BBG00FQH6BS9 58,322,973 1,840,422 SH   DFND 1,2,3,4 1,061,979 0 778,443
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 BBG000BC33T9 9,747,338 97,376 SH   DFND 1,2,3 65,110 0 32,266
SIMON PPTY GROUP INC NEW COM 828806109 BBG000BJ2D31 20,571,721 190,426 SH   DFND 1,2,3,4 117,365 0 73,061
BOSTON PROPERTIES INC COM 101121101 BBG000BS5CM9 29,164,472 490,324 SH   DFND 1,2,3,4 286,974 0 203,350
DIGITAL RLTY TR INC COM 253868103 BBG000Q5ZRM7 102,155,523 844,121 SH   DFND 1,2,3,4 490,098 0 354,023
WELLTOWER INC COM 95040Q104 BBG000BKY1G5 103,098,368 1,258,525 SH   DFND 1,2,3,4 714,502 0 544,023
REXFORD INDL RLTY INC COM 76169C100 BBG004MB82R0 46,246,823 937,119 SH   DFND 1,2,3,4 541,524 0 395,595
EASTGROUP PPTYS INC COM 277276101 BBG000BHRBT4 12,850,787 77,168 SH   DFND 1,2 45,907 0 31,261
PUBLIC STORAGE COM 74460D109 BBG000BPPN67 32,737,090 124,230 SH   DFND 1,2,3,4 73,718 0 50,512
MEDICAL PPTYS TRUST INC COM 58463J304 BBG000BGRB25 18,686,742 3,428,760 SH   DFND 1,2,3,4 1,987,403 0 1,441,357
CAMDEN PPTY TR SH BEN INT 133131102 BBG000BB0V03 24,295,616 256,879 SH   DFND 1,2,3,4 149,336 0 107,543
EQUITY RESIDENTIAL SH BEN INT 29476L107 BBG000BG8M31 81,144,970 1,382,132 SH   DFND 1,2,3,4 802,204 0 579,928
STAG INDL INC COM 85254J102 BBG000BGLFP7 44,727,721 1,296,080 SH   DFND 1,2,3,4 724,300 0 571,780
EQUINIX INC COM 29444U700 BBG000MBDGM6 89,091,040 122,671 SH   DFND 1,2,3,4 70,959 0 51,712
CENTERSPACE COM 15202L107 BBG000BVJ702 25,352,346 420,716 SH   DFND 1,2,3,4 243,603 0 177,113
AGREE RLTY CORP COM 008492100 BBG000BC9DK0 42,383,553 767,262 SH   DFND 1,2,3,4 437,762 0 329,500
CARETRUST REIT INC COM 14174T107 BBG005KC4Z70 11,972,697 584,034 SH   DFND 1,2,3,4 348,264 0 235,770
KITE RLTY GROUP TR COM NEW 49803T300 BBG000BC2KW8 49,073,284 2,291,003 SH   DFND 1,2,3,4 1,289,559 0 1,001,444
PARK HOTELS & RESORTS INC COM 700517105 BBG00FGXCJX5 20,425,500 1,657,914 SH   DFND 1,2,3,4 958,090 0 699,824
EXTRA SPACE STORAGE INC COM 30225T102 BBG000PV27K3 77,778,860 639,734 SH   DFND 1,2,3,4 369,334 0 270,400
GAMING & LEISURE PPTYS INC COM 36467J108 BBG003MSMCS6 65,492,337 1,437,812 SH   DFND 1,2,4 797,110 0 640,702
PROLOGIS INC. COM 74340W103 BBG000B9Z0J8 161,527,754 1,439,513 SH   DFND 1,2,3,4 835,959 0 603,554
IRON MTN INC DEL COM 46284V101 BBG000KCZPC3 51,651,290 868,819 SH   DFND 1,2,3,4 506,799 0 362,020
HIGHWOODS PPTYS INC COM 431284108 BBG000C43744 30,868,050 1,497,722 SH   DFND 1,2,3,4 854,894 0 642,828
KIMCO RLTY CORP COM 49446R109 BBG000CN3S73 68,088,814 3,870,882 SH   DFND 1,2,3,4 2,254,804 0 1,616,078
EQUITY LIFESTYLE PPTYS INC COM 29472R108 BBG000BB7SX7 46,765,115 734,031 SH   DFND 1,2,3,4 424,585 0 309,446
AVALONBAY CMNTYS INC COM 053484101 BBG000BLPBL5 14,800,725 86,181 SH   DFND 1,2 52,101 0 34,080
VICI PPTYS INC COM 925652109 BBG00HVVB499 6,931,504 238,196 SH   DFND 1,2 135,986 0 102,210
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 BBG00L17LGJ7 21,441,884 991,303 SH   DFND 1,2,3,4 574,836 0 416,467
NETSTREIT CORP COM 64119V303 BBG00W5FQPV2 35,327,183 2,267,470 SH   DFND 1,2,3,4 1,313,676 0 953,794
CTO RLTY GROWTH INC NEW COM 22948Q101 BBG00Y3M1H59 14,048,769 866,673 SH   DFND 1,2,3,4 504,281 0 362,392
EMPIRE ST RLTY TR INC CL A 292104106 BBG002N8HMW0 1,111,168 138,205 SH   DFND 1,2 138,205 0 0
SL GREEN RLTY CORP COM 78440X887 BBG000BVP5P2 1,178,717 31,601 SH   DFND 1,2 31,601 0 0
HEALTHCARE RLTY TR CL A COM 42226K105 BBG000PRJCX9 1,079,711 70,708 SH   DFND 1,2 70,708 0 0
TERRENO RLTY CORP COM 88146M101 BBG000PV3J62 1,122,254 19,758 SH   DFND 1,2 19,758 0 0
PARAMOUNT GROUP INC COM 69924R108 BBG000FBRL11 1,088,052 235,509 SH   DFND 1,2 235,509 0 0
DOUGLAS EMMETT INC COM 25960P109 BBG000PN1SJ8 1,153,849 90,427 SH   DFND 1,2 90,427 0 0
VORNADO RLTY TR SH BEN INT 929042109 BBG000BWHD54 1,152,053 50,796 SH   DFND 1,2 50,796 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 BBG000Q3TSJ1 1,257,940 134,539 SH   DFND 1,2 134,539 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 BBG000BJVN28 1,138,585 12,563 SH   DFND 1,2 12,563 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 BBG000BKYDP9 1,092,989 59,531 SH   DFND 1,2 59,531 0 0
HUDSON PAC PPTYS INC COM 444097109 BBG000QC4T33 1,185,496 178,270 SH   DFND 1,2 178,270 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 BBG000PNBZF5 1,166,348 85,824 SH   DFND 1,2 85,824 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 BBG000BJGD54 1,175,724 81,932 SH   DFND 1,2 81,932 0 0
AMERICAN TOWER CORP NEW COM 03027X100 BBG000B9XYV2 24,002,135 145,954 SH   DFND 1,2,4 97,934 0 48,020
SBA COMMUNICATIONS CORP NEW CL A 78410G104 BBG000D2M0Z7 4,525,443 22,608 SH   DFND 1,2,4 14,854 0 7,754
WEYERHAEUSER CO MTN BE COM NEW 962166104 BBG000BX3BL3 3,226,996 105,251 SH   DFND 1,2,4 69,145 0 36,106
EPR PPTYS CONV PFD 9% SR E 26884U307 BBG000001X86 678,033 26,465 SH   DFND 1,2 26,465 0 0