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
APARTMENT INVT & MGMT CO CL A 03748R101 24,216 548,750 SH   SOLE   548,750 0 0
BELMOND LTD CL A G1154H107 6,543 358,540 SH   SOLE   358,540 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 26,556 1,689,300 SH   SOLE   1,689,300 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 19,136 641,500 SH   SOLE   641,500 0 0
GENESIS HEALTHCARE INC CL A COM 37185X106 4,810 3,563,177 SH   SOLE   3,563,177 0 0
JBG SMITH PPTYS COM 46590V100 8,839 240,000 SH Call SOLE   240,000 0 0
JBG SMITH PPTYS COM 46590V100 94,782 2,573,511 SH   SOLE   2,573,511 0 0
LENNAR CORP CL A 526057104 6,525 139,750 SH   SOLE   139,750 0 0
LIBERTY PPTY TR SH BEN INT 531172104 97,796 2,314,705 SH   SOLE   2,314,705 0 0
MACERICH CO COM 554382101 73,903 1,336,651 SH   SOLE   1,336,651 0 0
MGM RESORTS INTERNATIONAL COM 552953101 9,971 357,250 SH   SOLE   357,250 0 0
QTS RLTY TR INC COM CL A 74736A103 17,706 414,950 SH   SOLE   414,950 0 0
SAFETY INCOME & GROWTH INC COM 78649D104 5,321 284,084 SH   SOLE   284,084 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 42,665 5,293,367 SH   SOLE   5,293,367 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 21,996 395,833 SH   SOLE   395,833 0 0