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
RYMAN HOSPITALITY PPTYS INC COM 78377T107 BBG000BDVP80 44,566,383 479,621 SH   DFND 1,2,3,4 274,900 0 204,721
VENTAS INC COM 92276F100 BBG000FRVHB9 66,660,296 1,410,203 SH   DFND 1,2,3,4 792,815 0 117,020
ESSEX PPTY TR INC COM 297178105 BBG000CGJMB9 65,562,998 279,825 SH   DFND 1,2,3,4 162,805 0 617,388
PHYSICIANS RLTY TR COM 71943U104 BBG004MF59H0 18,254,586 1,304,831 SH   DFND 1,2,3,4 797,243 0 507,588
URBAN EDGE PPTYS COM 91704F104 BBG006BFYQN0 30,940,143 2,005,194 SH   DFND 1,2,3,4 1,162,769 0 842,425
REALTY INCOME CORP COM 756109104 BBG000DHPN63 48,362,636 808,875 SH   DFND 1,2,3 482,971 0 325,904
INVITATION HOMES INC COM 46187W107 BBG00FQH6BS9 63,862,774 1,856,476 SH   DFND 1,2,3,4 1,071,868 0 784,608
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 BBG000BC33T9 14,230,852 125,393 SH   DFND 1,2,3,4 77,077 0 48,316
SIMON PPTY GROUP INC NEW COM 828806109 BBG000BJ2D31 33,132,944 286,915 SH   DFND 1,2,3,4 168,963 0 117,952
BOSTON PROPERTIES INC COM 101121101 BBG000BS5CM9 31,478,579 546,598 SH   DFND 1,2,3,4 325,041 0 221,557
TERRENO RLTY CORP COM 88146M101 BBG000PV3J62 14,962,616 248,962 SH   DFND 1,2,3,4 136,329 0 112,633
DIGITAL RLTY TR INC COM 253868103 BBG000Q5ZRM7 114,112,999 1,002,134 SH   DFND 1,2,3,4 583,241 0 418,893
WELLTOWER INC COM 95040Q104 BBG000BKY1G5 110,175,092 1,362,036 SH   DFND 1,2,3,4 778,638 0 583,398
EASTGROUP PPTYS INC COM 277276101 BBG000BHRBT4 21,690,452 124,945 SH   DFND 1,2,3,4 55,827 0 69,118
PUBLIC STORAGE COM 74460D109 BBG000BPPN67 63,949,740 219,096 SH   DFND 1,2,3,4 130,294 0 88,802
MEDICAL PPTYS TRUST INC COM 58463J304 BBG000BGRB25 32,001,458 3,455,881 SH   DFND 1,2,3,4 2,005,434 0 1,450,447
CAMDEN PPTY TR SH BEN INT 133131102 BBG000BB0V03 28,232,713 259,325 SH   DFND 1,2,3,4 150,862 0 108,463
EQUINIX INC COM 29444U700 BBG000MBDGM6 114,746,082 146,371 SH   DFND 1,2,3,4 84,954 0 61,417
CENTERSPACE COM 15202L107 BBG000BVJ702 25,994,182 423,634 SH   DFND 1,2,3,4 246,106 0 177,528
AGREE RLTY CORP COM 008492100 BBG000BC9DK0 49,118,156 751,157 SH   DFND 1,2,3,4 430,396 0 320,761
SUN CMNTYS INC COM 866674104 BBG000BLJWF3 57,609,049 441,584 SH   DFND 1,2,3,4 254,211 0 187,373
KITE RLTY GROUP TR COM NEW 49803T300 BBG000BC2KW8 34,093,610 1,526,124 SH   DFND 1,2,3,4 876,578 0 649,546
PARK HOTELS & RESORTS INC COM 700517105 BBG00FGXCJX5 16,633,976 1,297,502 SH   DFND 1,2,3,4 750,715 0 546,787
EXTRA SPACE STORAGE INC COM 30225T102 BBG000PV27K3 91,138,473 612,284 SH   DFND 1,2,3,4 345,488 0 266,796
GAMING & LEISURE PPTYS INC COM 36467J108 BBG003MSMCS6 70,084,984 1,446,244 SH   DFND 1,2,4 802,167 0 644,077
PROLOGIS INC. COM 74340W103 BBG000B9Z0J8 231,615,818 1,888,737 SH   DFND 1,2,3,4 1,134,907 0 753,830
HIGHWOODS PPTYS INC COM 431284108 BBG000C43744 13,177,016 551,109 SH   DFND 1,2,3,4 319,008 0 232,101
KIMCO RLTY CORP COM 49446R109 BBG000CN3S73 86,653,013 4,394,169 SH   DFND 1,2,3,4 2,542,016 0 1,852,153
AVALONBAY CMNTYS INC COM 053484101 BBG000BLPBL5 81,760,098 431,976 SH   DFND 1,2,3,4 251,023 0 180,953
EPR PPTYS COM SH BEN INT 26884U109 BBG000BSZYR3 15,702,476 335,523 SH   DFND 1,2,3,4 193,512 0 142,011
VICI PPTYS INC COM 925652109 BBG00HVVB499 7,541,534 239,947 SH   DFND 1,2 136,677 0 103,270
NETSTREIT CORP COM 64119V303 BBG00W5FQPV2 40,868,493 2,286,989 SH   DFND 1,2,3,4 1,328,745 0 958,244
CTO RLTY GROWTH INC NEW COM 22948Q101 BBG00Y3M1H59 14,701,355 857,722 SH   DFND 1,2,3,4 498,626 0 359,096
POSTAL REALTY TRUST INC CL A 73757R102 BBG00NSBGFJ3 1,582,928 107,609 SH   DFND 1,2,3,4 70,345 0 37,264
EMPIRE ST RLTY TR INC CL A 292104106 BBG002N8HMW0 1,268,357 169,340 SH   DFND 1,2 169,340 0 0
SL GREEN RLTY CORP COM 78440X887 BBG000BVP5P2 1,365,803 45,451 SH   DFND 1,2 45,451 0 0
HEALTHCARE RLTY TR CL A COM 42226K105 BBG000PRJCX9 1,142,973 60,603 SH   DFND 1,2 60,603 0 0
PARAMOUNT GROUP INC COM 69924R108 BBG000FBRL11 1,196,618 270,117 SH   DFND 1,2 270,117 0 0
REXFORD INDL RLTY INC COM 76169C100 BBG004MB82R0 1,124,923 21,542 SH   DFND 1,2 21,542 0 0
DOUGLAS EMMETT INC COM 25960P109 BBG000PN1SJ8 1,164,849 92,669 SH   DFND 1,2 92,669 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 BBG000BG8M31 1,173,606 17,790 SH   DFND 1,2 17,790 0 0
VORNADO RLTY TR SH BEN INT 929042109 BBG000BWHD54 1,381,669 76,167 SH   DFND 1,2 76,167 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 BBG000Q3TSJ1 1,186,388 117,232 SH   DFND 1,2 117,232 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 BBG000BJVN28 1,215,722 12,563 SH   DFND 1,2 12,563 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 BBG000BKYDP9 1,196,573 59,531 SH   DFND 1,2 59,531 0 0
HUDSON PAC PPTYS INC COM 444097109 BBG000QC4T33 1,016,446 240,864 SH   DFND 1,2 240,864 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 BBG000PNBZF5 1,196,387 85,824 SH   DFND 1,2 85,824 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 BBG000BJGD54 1,179,001 81,932 SH   DFND 1,2 81,932 0 0
AMERICAN TOWER CORP NEW COM 03027X100 BBG000B9XYV2 27,019,527 139,319 SH   DFND 1,2,4 95,396 0 43,923
CROWN CASTLE INC COM 22822V101 BBG000FV1Z23 9,206,124 80,798 SH   DFND 1,2,4 53,693 0 27,105
SBA COMMUNICATIONS CORP NEW CL A 78410G104 BBG000D2M0Z7 3,737,594 16,127 SH   DFND 1,2,4 10,749 0 5,378
WEYERHAEUSER CO MTN BE COM NEW 962166104 BBG000BX3BL3 3,555,243 106,095 SH   DFND 1,2,4 70,714 0 35,381
STAG INDL INC COM 85254J102 BBG000BGLFP7 1,035,856 28,870 SH   DFND 1,2 340 0 28,530
EPR PPTYS CONV PFD 9% SR E 26884U307 BBG000001X86 808,685 28,515 SH   DFND 1,2 28,515 0 0