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
AGREE RLTY CORP COM 008492100   99,104 1,600 SH   DFND 1, 2, 3 1,600 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   3,151,172 26,940 SH   DFND 1, 2, 3 26,940 0 0
AMERICAN HOMES 4 RENT COM 02665T306   72,646,685 1,954,970 SH   DFND 1, 2, 3 1,679,200 0 275,770
AMERICAN TOWER CORP NEW COM 03027X100   42,477,473 218,528 SH   DFND 1, 2, 3 218,528 0 0
AMERICOLD REALTY TRUST INC COM 03064D108   30,985,869 1,213,229 SH   DFND 1, 2, 3 1,213,229 0 0
AVALONBAY CMNTYS INC COM 053484101   121,688,353 588,179 SH   DFND 1, 2, 3 501,429 0 86,750
BOSTON PROPERTIES INC COM 101121101   32,300,532 524,700 SH   DFND 1, 2, 3 524,700 0 0
BRIXMOR PPTY GROUP INC COM 11120U105   26,947,138 1,167,048 SH   DFND 1, 2, 3 1,167,048 0 0
BROADSTONE NET LEASE INC COM 11135E203   36,090,745 2,274,149 SH   DFND 1, 2, 3 2,274,149 0 0
CAMDEN PPTY TR COM 133131102   34,449,846 315,735 SH   DFND 1, 2, 3 247,125 0 68,610
CARETRUST REIT INC COM 14174T107   16,077,680 640,545 SH   DFND 1, 2, 3 640,545 0 0
CUBESMART COM 229663109   58,721 1,300 SH   DFND 1, 2, 3 1,300 0 0
DIGITAL RLTY TR INC COM 253868103   99,883,926 656,915 SH   DFND 1, 2, 3 656,915 0 0
EASTGROUP PPTYS INC COM 277276101   11,483,281 67,509 SH   DFND 1, 2, 3 67,509 0 0
EQUINIX INC COM 29444U700   179,420,881 237,141 SH   DFND 1, 2, 3 237,141 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108   11,453,306 175,853 SH   DFND 1, 2, 3 101,203 0 74,650
EQUITY RESIDENTIAL COM 29476L107   23,639,462 340,921 SH   DFND 1, 2, 3 189,971 0 150,950
ESSENTIAL PPTYS RLTY TR INC COM 29670E107   28,513,701 1,029,004 SH   DFND 1, 2, 3 1,029,004 0 0
ESSEX PPTY TR INC COM 297178105   17,491,844 64,261 SH   DFND 1, 2, 3 36,971 0 27,290
EXTRA SPACE STORAGE INC COM 30225T102   92,044,992 592,272 SH   DFND 1, 2, 3 592,272 0 0
GAMING & LEISURE PPTYS INC COM 36467J108   1,825,128 40,370 SH   DFND 1, 2, 3 40,370 0 0
HEALTHCARE RLTY TR COM 42226K105   901,786 54,720 SH   DFND 1, 2, 3 54,720 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103   55,261,592 2,819,469 SH   DFND 1, 2, 3 2,819,469 0 0
INDEPENDENCE RLTY TR INC COM 45378A106   35,199,248 1,878,295 SH   DFND 1, 2, 3 1,661,025 0 217,270
INVITATION HOMES INC COM 46187W107   21,058,996 586,765 SH   DFND 1, 2, 3 330,635 0 256,130
IRON MTN INC DEL COM 46284V101   52,777,218 588,900 SH   DFND 1, 2, 3 588,900 0 0
KILROY RLTY CORP COM 49427F108   30,791,908 987,870 SH   DFND 1, 2, 3 987,870 0 0
LXP INDUSTRIAL TRUST COM 529043101   3,115,848 341,650 SH   DFND 1, 2, 3 341,650 0 0
MACERICH CO COM 554382101   28,489,826 1,845,196 SH   DFND 1, 2, 3 1,845,196 0 0
MID-AMER APT CMNTYS INC COM 59522J103   14,880,783 104,346 SH   DFND 1, 2, 3 59,796 0 44,550
PROLOGIS INC. COM 74340W103   244,288,513 2,175,127 SH   DFND 1, 2, 3 2,175,127 0 0
PUBLIC STORAGE OPER CO COM 74460D109   61,331,295 213,215 SH   DFND 1, 2, 3 213,215 0 0
REALTY INCOME CORP COM 756109104   86,701,812 1,641,458 SH   DFND 1, 2, 3 1,641,458 0 0
REGENCY CTRS CORP COM 758849103   69,285,700 1,113,918 SH   DFND 1, 2, 3 1,113,918 0 0
REXFORD INDL RLTY INC COM 76169C100   10,309,966 231,217 SH   DFND 1, 2, 3 231,217 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107   58,056,008 581,374 SH   DFND 1, 2, 3 581,374 0 0
SAFEHOLD INC COM 78646V107   23,022,480 1,193,493 SH   DFND 1, 2, 3 1,193,493 0 0
SIMON PPTY GROUP INC NEW COM 828806109   47,287,977 311,515 SH   DFND 1, 2, 3 311,515 0 0
STAG INDL INC COM 85254J102   50,484 1,400 SH   DFND 1, 2, 3 1,400 0 0
SUN CMNTYS INC COM 866674104   22,327,884 185,540 SH   DFND 1, 2, 3 113,430 0 72,110
UDR INC COM 902653104   92,435,286 2,246,301 SH   DFND 1, 2, 3 1,991,241 0 255,060
VENTAS INC COM 92276F100   14,726,280 287,286 SH   DFND 1, 2, 3 287,286 0 0
VICI PPTYS INC COM 925652109   59,773,685 2,087,070 SH   DFND 1, 2, 3 2,087,070 0 0
WP CAREY INC COM 92936U109   11,912,820 216,400 SH   DFND 1, 2, 3 216,400 0 0
WELLTOWER INC COM 95040Q104   140,956,008 1,352,096 SH   DFND 1, 2, 3 1,352,096 0 0