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
ESSEX PPTY TR INC COM 297178105 8,094 29,774 SH   DFND 1,2 29,774 0 0
EMPIRE ST RLTY TR INC CL A 292104106 7,864 706,566 SH   DFND 1,2 706,566 0 0
SL GREEN RLTY CORP COM 78440X804 8,059 115,143 SH   DFND 1,2 115,143 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 8,437 51,350 SH   DFND 1,2 51,350 0 0
SIMON PPTY GROUP INC NEW COM 828806109 7,918 69,594 SH   DFND 1,2 69,594 0 0
BOSTON PROPERTIES INC COM 101121101 8,017 79,170 SH   DFND 1,2 79,170 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 8,551 310,048 SH   DFND 1,2 310,048 0 0
HEALTHCARE RLTY TR COM 421946104 8,317 274,295 SH   DFND 1,2 274,295 0 0
TERRENO RLTY CORP COM 88146M101 7,983 138,191 SH   DFND 1,2 138,191 0 0
PARAMOUNT GROUP INC COM 69924R108 8,578 846,839 SH   DFND 1,2 846,839 0 0
REXFORD INDL RLTY INC COM 76169C100 25,319 502,362 SH   DFND 1,2 390,034 0 112,328
DOUGLAS EMMETT INC COM 25960P109 7,470 237,887 SH   DFND 1,2 237,887 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 8,406 117,347 SH   DFND 1,2 117,347 0 0
VORNADO RLTY TR SH BEN INT 929042109 8,553 188,444 SH   DFND 1,2 188,444 0 0
EQUINIX INC COM 29444U700 136,901 201,446 SH   DFND 1,2,3,4 142,487 0 58,959
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 55,034 542,470 SH   DFND 1,2,3,4 414,182 0 128,288
AMERICAN CAMPUS CMNTYS INC COM 024835100 8,435 195,389 SH   DFND 1,2 195,389 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 9,016 527,277 SH   DFND 1,2 527,277 0 0
HUDSON PAC PPTYS INC COM 444097109 62,410 2,300,408 SH   DFND 1,2,3,4 1,738,928 0 561,480
PEBBLEBROOK HOTEL TR COM 70509V100 64,514 2,655,995 SH   DFND 1,2,3,4 1,990,331 0 665,664
CORESITE RLTY CORP COM 21870Q105 9,140 76,264 SH   DFND 1,2 76,264 0 0
PROLOGIS INC. COM 74340W103 91,224 860,602 SH   DFND 1,2,3,4 646,385 0 214,217
AVALONBAY CMNTYS INC COM 053484101 99,886 541,360 SH   DFND 1,2,3,4 399,150 0 142,210
ACADIA RLTY TR COM SH BEN INT 004239109 14,021 739,127 SH   DFND 1,2 638,782 0 100,345
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 34,671 1,996,034 SH   DFND 1,2,3,4 1,443,275 0 552,759
PHYSICIANS RLTY TR COM 71943U104 43,066 2,437,264 SH   DFND 1,2,3,4 1,724,771 0 712,493
REALTY INCOME CORP COM 756109104 33,341 525,061 SH   DFND 1,2,3 349,644 0 175,417
INVITATION HOMES INC COM 46187W107 74,390 2,325,407 SH   DFND 1,2,3,4 1,649,002 0 676,405
WELLTOWER INC COM 95040Q104 87,442 1,220,748 SH   DFND 1,2,3,4 875,912 0 344,836
PUBLIC STORAGE COM 74460D109 77,857 315,516 SH   DFND 1,2,3,4 225,376 0 90,140
CAMDEN PPTY TR SH BEN INT 133131102 49,282 448,382 SH   DFND 1,2,3,4 321,592 0 126,790
SUNSTONE HOTEL INVS INC NEW COM 867892101 36,633 2,940,031 SH   DFND 1,2,3,4 2,053,012 0 887,019
QTS RLTY TR INC COM CL A 74736A103 46,558 750,452 SH   DFND 1,2,3,4 535,183 0 215,269
AGREE REALTY CORP COM 008492100 25,724 382,165 SH   DFND 1,2,3,4 277,746 0 104,419
HEALTHPEAK PROPERTIES INC COM 42250P103 68,041 2,143,710 SH   DFND 1,2,3,4 1,546,124 0 597,586
SUN CMNTYS INC COM 866674104 63,901 425,891 SH   DFND 1,2,3,4 304,141 0 121,750
NEW SR INVT GROUP INC COM 648691103 16,242 2,607,119 SH   DFND 1,2,3,4 1,890,927 0 716,192
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 34,166 1,297,608 SH   DFND 1,2,3,4 932,469 0 365,139
EXTRA SPACE STORAGE INC COM 30225T102 41,105 310,106 SH   DFND 1,2,3,4 220,025 0 90,081
SITE CTRS CORP COM 82981J109 31,288 2,307,394 SH   DFND 1,2,3,4 1,690,695 0 616,699
DUKE REALTY CORP COM NEW 264411505 66,206 1,578,957 SH   DFND 1,2,3,4 1,142,053 0 436,904
WEINGARTEN RLTY INVS SH BEN INT 948741103 40,402 1,501,367 SH   DFND 1,2,3,4 1,087,432 0 413,935
FIRST INDL RLTY TR INC COM 32054K103 53,289 1,163,759 SH   DFND 1,2,3,4 831,062 0 332,697
KIMCO RLTY CORP COM 49446R109 12,470 665,054 SH   DFND 1,2 442,714 0 222,340
AMERICAN ASSETS TR INC COM 024013104 10,381 320,000 SH   DFND 1,2 207,666 0 112,334
EPR PPTYS COM SH BEN INT 26884U109 23,925 513,524 SH   DFND 1,2,3,4 373,386 0 140,138
VICI PPTYS INC COM 925652109 67,242 2,381,084 SH   DFND 1,2,4 1,686,154 0 694,930
POSTAL REALTY TRUST INC CL A 73757R102 13,610 792,223 SH   DFND 1,2,3,4 595,159 0 197,064
APARTMENT INCOME REIT CORP COM 03750L109 39,205 916,868 SH   DFND 1,2,3,4 654,398 0 262,470
BROOKFIELD PPTY REIT INC CL A 11282X103 218 12,146 SH   DFND 1,2 12,146 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 678 29,700 SH   DFND 1,2,3 29,700 0 0