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 14,319 71,311 SH   DFND 1,2 71,311 0 0
EMPIRE ST RLTY TR INC CL A 292104106 15,054 2,459,728 SH   DFND 1,2 2,459,728 0 0
SL GREEN RLTY CORP COM 78440X101 15,691 338,385 SH   DFND 1,2 338,385 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 31,468 196,674 SH   DFND 1,2,3 169,601 0 27,073
SIMON PPTY GROUP INC NEW COM 828806109 15,668 242,236 SH   DFND 1,2 242,236 0 0
BOSTON PROPERTIES INC COM 101121101 57,411 714,956 SH   DFND 1,2,3,4 573,617 0 141,339
HEALTHCARE TR AMER INC CL A NEW 42225P501 15,753 605,877 SH   DFND 1,2 605,877 0 0
HEALTHCARE RLTY TR COM 421946104 16,185 537,360 SH   DFND 1,2 537,360 0 0
TERRENO RLTY CORP COM 88146M101 15,277 278,988 SH   DFND 1,2 278,988 0 0
MACERICH CO COM 554382101 13,434 1,978,506 SH   DFND 1,2 1,978,506 0 0
PARAMOUNT GROUP INC COM 69924R108 15,127 2,136,621 SH   DFND 1,2 2,136,621 0 0
REXFORD INDL RLTY INC COM 76169C100 33,231 726,198 SH   DFND 1,2,3 615,964 0 110,234
DOUGLAS EMMETT INC COM 25960P109 14,145 563,554 SH   DFND 1,2 563,554 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 56,431 1,099,383 SH   DFND 1,2,3,4 867,633 0 231,750
VORNADO RLTY TR SH BEN INT 929042109 15,036 446,029 SH   DFND 1,2 446,029 0 0
EQUINIX INC COM 29444U700 88,799 116,821 SH   DFND 1,2,4 87,320 0 29,501
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 14,585 198,591 SH   DFND 1,2 198,591 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 16,400 469,631 SH   DFND 1,2 469,631 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 14,321 1,312,686 SH   DFND 1,2 1,312,686 0 0
HUDSON PAC PPTYS INC COM 444097109 14,712 670,845 SH   DFND 1,2 670,845 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 15,294 1,220,557 SH   DFND 1,2 1,220,557 0 0
CORESITE RLTY CORP COM 21870Q105 16,182 136,124 SH   DFND 1,2 136,124 0 0
PROLOGIS INC. COM 74340W103 110,453 1,097,724 SH   DFND 1,2,3,4 854,287 0 243,437
AVALONBAY CMNTYS INC COM 053484101 14,777 98,947 SH   DFND 1,2 98,947 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 12,650 1,204,716 SH   DFND 1,2 1,204,716 0 0
BROOKFIELD PPTY REIT INC CL A 11282X103 157 12,786 SH   DFND 1,2 12,786 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 30,977 2,282,726 SH   DFND 1,2,3,4 1,674,830 0 607,896
PHYSICIANS RLTY TR COM 71943U104 37,817 2,111,480 SH   DFND 1,2,3,4 1,486,307 0 625,173
REALTY INCOME CORP COM 756109104 32,730 538,773 SH   DFND 1,2,3 300,239 0 238,534
INVITATION HOMES INC COM 46187W107 58,808 2,101,049 SH   DFND 1,2,3,4 1,526,254 0 574,795
CYRUSONE INC COM 23283R100 54,193 773,847 SH   DFND 1,2,3,4 557,712 0 216,135
WELLTOWER INC COM 95040Q104 85,746 1,556,477 SH   DFND 1,2,3,4 1,116,991 0 439,486
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 22,150 2,304,858 SH   DFND 1,2,3,4 1,684,858 0 620,000
MID-AMER APT CMNTYS INC COM 59522J103 64,624 557,344 SH   DFND 1,2,3,4 403,554 0 153,790
SUMMIT HOTEL PPTYS INC COM 866082100 5,385 1,039,551 SH   DFND 1,2,3 749,776 0 289,775
UDR INC COM 902653104 68,194 2,091,203 SH   DFND 1,2,3,4 1,518,535 0 572,668
QTS RLTY TR INC COM CL A 74736A103 29,521 468,434 SH   DFND 1,2,3,4 330,800 0 137,634
AGREE REALTY CORP COM 008492100 45,974 722,400 SH   DFND 1,2,3,4 516,180 0 206,220
HEALTHPEAK PROPERTIES INC COM 42250P103 46,953 1,729,379 SH   DFND 1,2,3,4 1,259,733 0 469,646
LIFE STORAGE INC COM 53223X107 57,612 547,278 SH   DFND 1,2,3,4 399,412 0 147,866
NEW SR INVT GROUP INC COM 648691103 10,051 2,512,779 SH   DFND 1,2,3,4 1,811,677 0 701,102
EXTRA SPACE STORAGE INC COM 30225T102 37,936 354,572 SH   DFND 1,2,3,4 258,613 0 95,959
SITE CTRS CORP COM 82981J109 26,712 3,709,937 SH   DFND 1,2,3,4 2,696,625 0 1,013,312
DUFF & PHELPS SLT ENGY AND M COM 264411505 70,382 1,907,383 SH   DFND 1,2,3,4 1,327,159 0 580,224
WEINGARTEN RLTY INVS SH BEN INT 948741103 26,648 1,571,229 SH   DFND 1,2,3,4 1,132,814 0 438,415
HIGHWOODS PPTYS INC COM 431284108 35,682 1,062,927 SH   DFND 1,2,3,4 789,565 0 273,362
FIRST INDL RLTY TR INC COM 32054K103 48,840 1,227,131 SH   DFND 1,2,3,4 844,734 0 382,397
AMERICAN ASSETS TR INC COM 024013104 16,640 690,730 SH   DFND 1,2,3 491,200 0 199,530
EQUITY LIFESTYLE PPTYS INC COM 29472R108 25,305 412,798 SH   DFND 1,2,3,4 298,518 0 114,280
DIAMONDROCK HOSPITALITY CO COM 252784301 26,741 5,274,412 SH   DFND 1,2,3,4 3,820,772 0 1,453,640
VICI PPTYS INC COM 925652109 33,833 1,447,726 SH   DFND 1,2,4 901,872 0 545,854
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 33,143 1,809,095 SH   DFND 1,2,3,4 1,171,784 0 637,311
STORE CAP CORP COM 862121100 498 18,170 SH   DFND 1,2,3 18,170 0 0
QTS RLTY TR INC COM CL A 74736A301 3,191 22,558 SH   DFND 1,2 12,540 0 10,018
CAMDEN PPTY TR SH BEN INT 133131102 311 3,490 SH   DFND 1,2 3,490 0 0