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
Acadia Realty Trust COM SH BEN INT 004239109 17,092 1,316,821 SH   DFND 1,2 1,316,821 0 0
Agree Realty Corp COM 008492100 12,409 188,840 SH   DFND 1,2,3 121,880 0 66,960
Alexandria Real Estate Equities Inc COM 015271109 41,317 254,653 SH   DFND 1,2,3 237,798 0 16,855
American Assets Trust Inc COM 024013104 19,093 685,827 SH   DFND 1,2,3,4 552,286 0 133,541
American Campus Communities Inc COM 024835100 39,848 1,139,828 SH   DFND 1,2,3 1,048,199 0 91,629
Apartment Investment and Management Co CL A 03748R754 34,517 917,039 SH   DFND 1,2,3,4 727,606 0 189,433
AvalonBay Communities Inc COM 053484101 22,298 144,191 SH   DFND 1,2 144,191 0 0
Boston Properties Inc COM 101121101 68,379 756,572 SH   DFND 1,2,3,4 660,413 0 96,159
Brixmor Property Group Inc COM 11120U105 13,225 1,031,590 SH   DFND 1,2,3,4 821,005 0 210,585
Brookfield Property REIT Inc CL A 11282X103 20,271 2,035,274 SH   DFND 1,2 2,035,274 0 0
Camden Property Trust SH BEN INT 133131102 318 3,490 SH   DFND 1,2 3,490 0 0
Columbia Property Trust Inc COM NEW 198287203 20,521 1,561,716 SH   DFND 1,2 1,561,716 0 0
CoreSite Realty Corp COM 21870Q105 26,260 216,919 SH   DFND 1,2 216,919 0 0
CyrusOne Inc COM 23283R100 43,564 598,824 SH   DFND 1,2,3,4 477,745 0 121,079
DiamondRock Hospitality Co COM 252784301 22,876 4,136,621 SH   DFND 1,2,3,4 3,295,433 0 841,188
Douglas Emmett Inc COM 25960P109 24,066 784,932 SH   DFND 1,2 784,932 0 0
Duke Realty Corp COM NEW 264411505 61,120 1,727,046 SH   DFND 1,2,3,4 1,340,838 0 386,208
Empire State Realty Trust Inc CL A 292104106 22,877 3,268,150 SH   DFND 1,2 3,268,150 0 0
EnLink Midstream LLC COM UNIT REP LTD 29336T100 28 11,443 SH   DFND 1,2 11,443 0 0
Equinix Inc COM 29444U700 120,282 171,269 SH   DFND 1,2,3,4 140,915 0 30,354
Equity LifeStyle Properties Inc COM 29472R108 42,134 674,357 SH   DFND 1,2,3,4 541,154 0 133,203
Equity Residential SH BEN INT 29476L107 44,980 764,708 SH   DFND 1,2,3,4 693,868 0 70,840
Essential Properties Realty Trust Inc COM 29670E107 20,098 1,354,330 SH   DFND 1,2,3,4 959,361 0 394,969
Essex Property Trust Inc COM 297178105 21,455 93,619 SH   DFND 1,2 93,619 0 0
Extra Space Storage Inc COM 30225T102 28,623 309,872 SH   DFND 1,2,3,4 250,128 0 59,744
Federal Realty Investment Trust SH BEN INT NEW 313747206 24,743 290,375 SH   DFND 1,2 290,375 0 0
First Industrial Realty Trust Inc COM 32054K103 42,199 1,097,782 SH   DFND 1,2,3,4 842,322 0 255,460
Healthcare Realty Trust Inc COM 421946104 22,718 775,640 SH   DFND 1,2 775,640 0 0
Healthcare Trust of America Inc CL A NEW 42225P501 23,422 883,171 SH   DFND 1,2 883,171 0 0
Healthpeak Properties Inc COM 42250P103 52,736 1,913,504 SH   DFND 1,2,3,4 1,519,003 0 394,501
Highwoods Properties Inc COM 431284108 44,666 1,196,529 SH   DFND 1,2,3,4 958,067 0 238,462
Hudson Pacific Properties Inc COM 444097109 44,236 1,758,193 SH   DFND 1,2,3,4 1,587,617 0 170,576
Invitation Homes Inc COM 46187W107 60,390 2,193,625 SH   DFND 1,2,3,4 1,751,222 0 442,403
Life Storage Inc COM 53223X107 37,250 392,313 SH   DFND 1,2,3,4 315,396 0 76,917
Macerich Co COM 554382101 19,130 2,132,644 SH   DFND 1,2 2,132,644 0 0
Mid-America Apartment Communities Inc COM 59522J103 45,658 398,170 SH   DFND 1,2,3,4 317,270 0 80,900
New Senior Investment Group Inc COM 648691103 7,308 2,018,686 SH   DFND 1,2,3,4 1,562,034 0 456,652
Paramount Group Inc COM 69924R108 20,988 2,722,186 SH   DFND 1,2 2,722,186 0 0
Pebblebrook Hotel Trust COM 70509V100 22,587 1,653,535 SH   DFND 1,2 1,653,535 0 0
Physicians Realty Trust COM 71943U104 32,314 1,844,429 SH   DFND 1,2,3,4 1,430,855 0 413,574
Piedmont Office Realty Trust Inc COM CL A 720190206 17,652 1,062,740 SH   DFND 1,2,3 881,088 0 181,652
Prologis Inc COM 74340W103 122,470 1,312,228 SH   DFND 1,2,3,4 1,110,730 0 201,498
QTS Realty Trust Inc COM CL A 74736A103 12,721 198,480 SH   DFND 1,2,3 160,990 0 37,490
QTS REALTY TRUST INC Pfd B 6.50% CON PFD B 74736A301 3,347 23,558 SH   DFND 1,2 12,540 0 11,018
Realty Income Corp COM 756109104 41,329 694,597 SH   DFND 1,2,3,4 486,115 0 208,482
Rexford Industrial Realty Inc COM 76169C100 24,158 583,092 SH   DFND 1,2 583,092 0 0
Simon Property Group Inc COM 828806109 32,738 478,769 SH   DFND 1,2 478,769 0 0
SITE Centers Corp COM 82981J109 10,692 1,320,000 SH   DFND 1,2,3,4 1,057,041 0 262,959
SL Green Realty Corp COM 78440X101 25,934 526,142 SH   DFND 1,2 526,142 0 0
STORE Capital Corp COM 862121100 433 18,170 SH   DFND 1,2,3 18,170 0 0
Summit Hotel Properties Inc COM 866082100 11,708 1,974,410 SH   DFND 1,2,3 1,625,051 0 349,359
Sunstone Hotel Investors Inc COM 867892101 20,523 2,518,220 SH   DFND 1,2,3,4 1,980,170 0 538,050
Terreno Realty Corp COM 88146M101 23,466 445,781 SH   DFND 1,2 445,781 0 0
UDR Inc COM 902653104 47,057 1,258,890 SH   DFND 1,2,3,4 1,012,434 0 246,456
VICI Properties Inc COM 925652109 19,159 948,920 SH   DFND 1,2,4 645,210 0 303,710
Vornado Realty Trust SH BEN INT 929042109 22,722 594,658 SH   DFND 1,2 594,658 0 0
Weingarten Realty Investors SH BEN INT 948741103 26,861 1,418,965 SH   DFND 1,2,3,4 1,122,837 0 296,128
Welltower Inc COM 95040Q104 65,718 1,269,916 SH   DFND 1,2,3,4 1,013,813 0 256,103