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
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 11,341 388,400 SH   SOLE   388,400 0 0
D R HORTON INC COM 23331A109 7,106 139,150 SH   SOLE   139,150 0 0
EDUCATION RLTY TR INC COM NEW 28140H203 11,630 333,048 SH   SOLE   333,048 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 43,717 1,813,997 SH   SOLE   1,813,997 0 0
GENESIS HEALTHCARE INC CL A COM 37185X106 1,726 2,261,899 SH   SOLE   2,261,899 0 0
ISHARES INC MSCI STH KOR ETF 464286772 21,355 285,000 SH Put SOLE   285,000 0 0
JBG SMITH PPTYS COM 46590V100 68,952 1,985,386 SH   SOLE   1,985,386 0 0
MACERICH CO COM 554382101 106,784 1,625,821 SH   SOLE   1,625,821 0 0
MACERICH CO COM 554382101 237,433 3,615,000 SH Call SOLE   3,615,000 0 0
SAFETY INCOME & GROWTH INC COM 78649D104 8,621 489,850 SH   SOLE   489,850 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 10,781 429,000 SH   SOLE   429,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 11,867 69,100 SH   SOLE   69,100 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 78,598 9,160,552 SH   SOLE   9,160,552 0 0
TAUBMAN CTRS INC COM 876664103 84,241 1,287,500 SH   SOLE   1,287,500 0 0
VORNADO RLTY TR SH BEN INT 929042109 26,260 335,895 SH   SOLE   335,895 0 0