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
AMERICAN TOWER CORP NEW COM 03027X100 16,460 56,274 SH   DFND 1,2 18,084 0 38,190
BOSTON PROPERTIES INC COM 101121101 4,783 41,529 SH   DFND 1,2 41,529 0 0
CAMDEN PPTY TR SH BEN INT 133131102 50,732 283,924 SH   DFND 1,2 168,586 0 115,338
CARETRUST REIT INC COM 14174T107 22,123 969,044 SH   DFND 1,2,3,4 619,875 0 349,169
CENTERSPACE COM 15202L107 28,886 260,469 SH   DFND 1,2,3,4 161,542 0 98,927
CROWN CASTLE INTL CORP NEW COM 22822V101 3,807 18,237 SH   DFND 1,2 5,887 0 12,350
DIAMONDROCK HOSPITALITY CO COM 252784301 59,641 6,206,169 SH   DFND 1,2,3,4 3,929,922 0 2,276,247
DIGITAL RLTY TR INC COM 253868103 149,546 845,514 SH   DFND 1,2 540,541 0 304,973
DOUGLAS EMMETT INC COM 25960P109 4,182 124,843 SH   DFND 1,2 124,843 0 0
DUKE REALTY CORP COM NEW 264411505 134,659 2,051,479 SH   DFND 1,2,3,4 1,322,246 0 729,233
EMPIRE ST RLTY TR INC CL A 292104106 4,181 469,830 SH   DFND 1,2 469,830 0 0
EPR PPTYS COM SH BEN INT 26884U109 14,819 312,040 SH   DFND 1,2 154,736 0 157,304
EQUINIX INC COM 29444U700 97,232 114,953 SH   DFND 1,2,3,4 70,784 0 44,169
EQUITY RESIDENTIAL SH BEN INT 29476L107 4,324 47,778 SH   DFND 1,2 47,778 0 0
ESSEX PPTY TR INC COM 297178105 4,246 12,056 SH   DFND 1,2 12,056 0 0
FIRST INDL RLTY TR INC COM 32054K103 27,722 418,764 SH   DFND 1,2 208,607 0 210,157
HEALTHCARE RLTY TR COM 421946104 4,091 129,307 SH   DFND 1,2 129,307 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 4,266 127,764 SH   DFND 1,2 127,764 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 38,146 1,056,957 SH   DFND 1,2 530,620 0 526,337
HUDSON PAC PPTYS INC COM 444097109 4,569 184,892 SH   DFND 1,2 184,892 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 19,752 764,694 SH   DFND 1,2 519,707 0 244,987
INVITATION HOMES INC COM 46187W107 53,058 1,170,228 SH   DFND 1,2 482,419 0 687,809
KILROY RLTY CORP COM 49427F108 58,753 884,029 SH   DFND 1,2 570,311 0 313,718
KIMCO RLTY CORP COM 49446R109 111,133 4,508,430 SH   DFND 1,2 2,891,941 0 1,616,489
LIFE STORAGE INC COM 53223X107 59,470 388,235 SH   DFND 1,2,3,4 246,745 0 141,490
NETSTREIT CORP COM 64119V303 38,740 1,691,691 SH   DFND 1,2,3,4 1,123,052 0 568,639
PARAMOUNT GROUP INC COM 69924R108 4,194 502,828 SH   DFND 1,2 502,828 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 45,864 2,050,246 SH   DFND 1,2 1,379,333 0 670,913
PHYSICIANS RLTY TR COM 71943U104 37,215 1,976,379 SH   DFND 1,2 1,363,177 0 613,202
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 53,179 2,893,302 SH   DFND 1,2 1,869,587 0 1,023,715
POSTAL REALTY TRUST INC CL A 73757R102 27,378 1,382,739 SH   DFND 1,2,3,4 967,198 0 415,541
PROLOGIS INC. COM 74340W103 147,170 874,139 SH   DFND 1,2 573,922 0 300,217
PUBLIC STORAGE COM 74460D109 154,702 413,022 SH   DFND 1,2,3,4 262,166 0 150,856
REALTY INCOME CORP COM 756109104 75,658 1,056,826 SH   DFND 1,2,3,4 668,486 0 388,340
REXFORD INDL RLTY INC COM 76169C100 118,622 1,462,482 SH   DFND 1,2 963,157 0 499,325
SBA COMMUNICATIONS CORP NEW CL A 78410G104 49,227 126,540 SH   DFND 1,2 82,820 0 43,720
SIMON PPTY GROUP INC NEW COM 828806109 48,213 301,765 SH   DFND 1,2 205,395 0 96,370
SUN CMNTYS INC COM 866674104 130,513 621,577 SH   DFND 1,2 393,910 0 227,667
SUNSTONE HOTEL INVS INC NEW COM 867892101 4,427 377,386 SH   DFND 1,2 377,386 0 0
TERRENO RLTY CORP COM 88146M101 4,456 52,241 SH   DFND 1,2 52,241 0 0
TRICON RESIDENTIAL INC COM NPV 89612W102 41,568 2,720,446 SH   DFND 1,2,3,4 2,416,542 0 303,904
UDR INC COM 902653104 75,442 1,257,569 SH   DFND 1,2,3,4 816,616 0 440,953
VENTAS INC COM 92276F100 78,658 1,538,693 SH   DFND 1,2,3,4 1,005,061 0 533,632
VORNADO RLTY TR SH BEN INT 929042109 4,233 101,133 SH   DFND 1,2 101,133 0 0
WELLTOWER INC COM 95040Q104 109,745 1,279,523 SH   DFND 1,2,3,4 831,119 0 448,404
WEYERHAEUSER CO MTN BE COM NEW 962166104 3,728 90,530 SH   DFND 1,2 29,000 0 61,530