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

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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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 702,177 4,558,405 SH   DFND 1,2,3 0 4,558,405 0
AMERICOLD RLTY TR COM 03064D108 124,685 3,363,505 SH   DFND 1,2,3 0 3,363,505 0
AVALONBAY CMNTYS INC COM 053484101 579,238 2,690,000 SH   DFND 1,2,3 0 2,690,000 0
BOSTON PROPERTIES INC COM 101121101 841,920 6,493,292 SH   DFND 1,2,3 0 6,493,292 0
CAMDEN PPTY TR SH BEN INT 133131102 136,764 1,232,000 SH   DFND 1,2,3 0 1,232,000 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 2,251 893,144 SH   DFND 1,2,3 0 893,144 0
COUSINS PPTYS INC COM NEW 222795502 126,509 3,365,500 SH   DFND 1,2,3 0 3,365,500 0
CYRUSONE INC COM 23283R100 115,011 1,454,000 SH   DFND 1,2,3 0 1,454,000 0
DIGITAL RLTY TR INC COM 253868103 1,176,533 9,063,500 SH   DFND 1,2,3 0 9,063,500 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 92,184 690,000 SH   DFND 1,2,3 0 690,000 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,232,052 14,283,000 SH   DFND 1,2,3 0 14,283,000 0
EXTRA SPACE STORAGE INC COM 30225T102 221,717 1,897,941 SH   DFND 1,2,3 0 1,897,941 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 137,978 1,013,500 SH   DFND 1,2,3 0 1,013,500 0
HCP INC COM 40414L109 205,906 5,779,000 SH   DFND 1,2,3 0 5,779,000 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 167,002 5,684,211 SH   DFND 1,2,3 0 5,684,211 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 55,680 598,000 SH   DFND 1,2,3 0 598,000 0
IHEARTMEDIA INC COM CL A 45174J509 652 43,453 SH   DFND 1,2,3 0 43,453 0
INVITATION HOMES INC COM 46187W107 512,194 17,298,000 SH   DFND 1,2,3 0 17,298,000 0
JBG SMITH PPTYS COM 46590V100 163,180 4,161,703 SH   DFND 1,2,3 0 4,161,703 0
KILROY RLTY CORP COM 49427F108 386,179 4,958,000 SH   DFND 1,2,3 0 4,958,000 0
KIMCO RLTY CORP COM 49446R109 361,243 17,300,900 SH   DFND 1,2,3 0 17,300,900 0
MACERICH CO COM 554382101 47,132 1,492,000 SH   DFND 1,2,3 0 1,492,000 0
MID AMER APT CMNTYS INC COM 59522J103 405,293 3,117,400 SH   DFND 1,2,3 0 3,117,400 0
PARK HOTELS RESORTS INC COM 700517105 61,688 2,470,500 SH   DFND 1,2,3 0 2,470,500 0
PROLOGIS INC COM 74340W103 2,094,793 24,581,000 SH   DFND 1,2,3 0 24,581,000 0
PUBLIC STORAGE COM 74460D109 969,732 3,953,734 SH   DFND 1,2,3 0 3,953,734 0
REALTY INCOME CORP COM 756109104 206,844 2,697,500 SH   DFND 1,2,3 0 2,697,500 0
REGENCY CTRS CORP COM 758849103 232,097 3,340,000 SH   DFND 1,2,3 0 3,340,000 0
REXFORD INDL RLTY INC COM 76169C100 51,239 1,164,000 SH   DFND 1,2,3 0 1,164,000 0
SABRA HEALTH CARE REIT INC COM 78573L106 53,589 2,334,000 SH   DFND 1,2,3 0 2,334,000 0
SIMON PPTY GROUP INC NEW COM 828806109 996,160 6,400,000 SH   DFND 1,2,3 0 6,400,000 0
STORE CAP CORP COM 862121100 117,692 3,146,000 SH   DFND 1,2,3 0 3,146,000 0
SUN CMNTYS INC COM 866674104 90,335 608,519 SH   DFND 1,2,3 0 608,519 0
TERRENO RLTY CORP COM 88146M101 75,818 1,484,000 SH   DFND 1,2,3 0 1,484,000 0
UDR INC COM 902653104 134,290 2,770,000 SH   DFND 1,2,3 0 2,770,000 0
URBAN EDGE PPTYS COM 91704F104 37,315 1,885,563 SH   DFND 1,2,3 0 1,885,563 0
VENTAS INC COM 92276F100 1,261,598 17,275,063 SH   DFND 1,2,3 0 17,275,063 0
VICI PPTYS INC COM 925652109 163,827 7,233,000 SH   DFND 1,2,3 0 7,233,000 0
XENIA HOTELS & RESORTS INC COM 984017103 37,467 1,774,000 SH   DFND 1,2,3 0 1,774,000 0