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 71,710 1,298,865 SH   DFND 1,2,3,4 894,283 0 404,582
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 42,039 2,411,855 SH   DFND 1,2,3,4 1,545,367 0 866,488
PHYSICIANS RLTY TR COM 71943U104 46,692 2,649,950 SH   DFND 1,2,3,4 1,882,502 0 767,448
REALTY INCOME CORP COM 756109104 36,360 560,592 SH   DFND 1,2,3 287,707 0 272,885
INVITATION HOMES INC COM 46187W107 80,999 2,113,213 SH   DFND 1,2,3,4 1,391,138 0 722,075
KILROY RLTY CORP COM 49427F108 53,253 804,299 SH   DFND 1,2,3,4 526,781 0 277,518
CYRUSONE INC COM 23283R100 44,946 580,625 SH   DFND 1,2,3,4 374,080 0 206,545
WELLTOWER INC COM 95040Q104 115,118 1,397,069 SH   DFND 1,2,3,4 938,005 0 459,064
REXFORD INDL RLTY INC COM 76169C100 28,807 507,613 SH   DFND 1,2 304,233 0 203,380
PUBLIC STORAGE COM 74460D109 120,910 406,966 SH   DFND 1,2,3,4 268,410 0 138,556
CAMDEN PPTY TR SH BEN INT 133131102 63,140 428,153 SH   DFND 1,2,3,4 282,980 0 145,173
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 47,699 3,032,355 SH   DFND 1,2,3,4 2,072,854 0 959,501
SUNSTONE HOTEL INVS INC NEW COM 867892101 9,102 762,271 SH   DFND 1,2,3,4 677,153 0 85,118
SUMMIT HOTEL PPTYS INC COM 866082100 17,839 1,852,391 SH   DFND 1,2 942,635 0 909,756
EQUINIX INC COM 29444U700 94,740 119,904 SH   DFND 1,2,3,4 77,081 0 42,823
UDR INC COM 902653104 72,962 1,377,170 SH   DFND 1,2,3,4 894,541 0 482,629
CENTERSPACE COM 15202L107 24,035 254,337 SH   DFND 1,2,3,4 164,841 0 89,496
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 82,272 697,281 SH   DFND 1,2,3,4 460,623 0 236,658
HEALTHPEAK PROPERTIES INC COM 42250P103 36,765 1,098,114 SH   DFND 1,2 564,067 0 534,047
SUN CMNTYS INC COM 866674104 77,713 419,845 SH   DFND 1,2,3,4 276,360 0 143,485
LIFE STORAGE INC COM 53223X107 37,525 327,048 SH   DFND 1,2,3,4 216,864 0 110,184
PEBBLEBROOK HOTEL TR COM 70509V100 60,450 2,697,471 SH   DFND 1,2,3,4 1,922,372 0 775,099
CORESITE RLTY CORP COM 21870Q105 51,572 372,252 SH   DFND 1,2,3,4 260,175 0 112,077
SITE CTRS CORP COM 82981J109 58,323 3,777,386 SH   DFND 1,2,3,4 2,710,488 0 1,066,898
PROLOGIS INC. COM 74340W103 112,537 897,206 SH   DFND 1,2,3,4 618,239 0 278,967
DUKE REALTY CORP COM NEW 264411505 102,770 2,146,853 SH   DFND 1,2,3,4 1,447,406 0 699,447
MACK CALI RLTY CORP COM 554489104 25,308 1,478,257 SH   DFND 1,2,3,4 1,089,556 0 388,701
FIRST INDL RLTY TR INC COM 32054K103 70,771 1,358,884 SH   DFND 1,2,3,4 904,919 0 453,965
KIMCO RLTY CORP COM 49446R109 58,900 2,838,568 SH   DFND 1,2,3,4 1,843,578 0 994,990
AVALONBAY CMNTYS INC COM 053484101 156,614 706,614 SH   DFND 1,2,3,4 476,641 0 229,973
EPR PPTYS COM SH BEN INT 26884U109 16,082 325,678 SH   DFND 1,2 165,124 0 160,554
ACADIA RLTY TR COM SH BEN INT 004239109 12,872 630,657 SH   DFND 1,2 448,158 0 182,499
VICI PPTYS INC COM 925652109 75,701 2,664,607 SH   DFND 1,2,4 1,804,042 0 860,565
AMERICAN TOWER CORP NEW COM 03027X100 39,781 149,884 SH   DFND 1,2,3,4 111,374 0 38,510
POSTAL REALTY TRUST INC CL A 73757R102 17,990 965,138 SH   DFND 1,2,3,4 791,428 0 173,710
NETSTREIT CORP COM 64119V303 38,625 1,633,207 SH   DFND 1,2,3,4 1,135,055 0 498,152
EMPIRE ST RLTY TR INC CL A 292104106 5,803 578,581 SH   DFND 1,2 578,581 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 5,612 29,369 SH   DFND 1,2 29,369 0 0
BOSTON PROPERTIES INC COM 101121101 5,605 51,728 SH   DFND 1,2 51,728 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 5,942 200,331 SH   DFND 1,2 200,331 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 6,189 127,737 SH   DFND 1,2 127,737 0 0
HUDSON PAC PPTYS INC COM 444097109 6,079 231,413 SH   DFND 1,2 231,413 0 0
ESSEX PPTY TR INC COM 297178105 5,564 17,402 SH   DFND 1,2 17,402 0 0
SL GREEN RLTY CORP COM 78440X804 5,773 81,490 SH   DFND 1,2 81,490 0 0
SIMON PPTY GROUP INC NEW COM 828806109 5,737 44,141 SH   DFND 1,2 44,141 0 0
HEALTHCARE RLTY TR COM 421946104 5,601 188,066 SH   DFND 1,2 188,066 0 0
TERRENO RLTY CORP COM 88146M101 5,559 87,917 SH   DFND 1,2 87,917 0 0
PARAMOUNT GROUP INC COM 69924R108 5,810 646,265 SH   DFND 1,2 646,265 0 0
DOUGLAS EMMETT INC COM 25960P109 5,499 173,972 SH   DFND 1,2 173,972 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,455 67,415 SH   DFND 1,2 67,415 0 0
VORNADO RLTY TR SH BEN INT 929042109 5,768 137,304 SH   DFND 1,2 137,304 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 6,427 337,916 SH   DFND 1,2 337,916 0 0
AGREE RLTY CORP COM 008492100 911 13,760 SH   DFND 1,2,3 13,760 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 748 26,775 SH   DFND 1,2,3 26,775 0 0