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 32,592 742,750 SH   SOLE   742,750 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 24,315 1,889,300 SH   SOLE   1,889,300 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 16,217 771,150 SH   SOLE   771,150 0 0
FIVE STAR SENIOR LIVING INC COM 33832D106 857 1,784,980 SH   SOLE   1,784,980 0 0
GENESIS HEALTHCARE INC CL A COM 37185X106 4,205 3,563,177 SH   SOLE   3,563,177 0 0
HOST HOTELS & RESORTS INC COM 44107P104 4,674 280,400 SH   SOLE   280,400 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106 1,221 62,097 SH   SOLE   62,097 0 0
ISHARES TR U.S. REAL ES ETF 464287739 7,869 105,000 SH   SOLE   105,000 0 0
JBG SMITH PPTYS COM 46590V100 20,973 602,500 SH Call SOLE   602,500 0 0
JBG SMITH PPTYS COM 46590V100 91,170 2,619,065 SH   SOLE   2,619,065 0 0
LIBERTY PPTY TR SH BEN INT 531172104 88,543 2,114,205 SH   SOLE   2,114,205 0 0
MACERICH CO COM 554382101 60,263 1,392,401 SH   SOLE   1,392,401 0 0
QTS RLTY TR INC COM CL A 74736A103 16,411 442,950 SH   SOLE   442,950 0 0
SAFETY INCOME & GROWTH INC COM 78649D104 4,888 259,843 SH   SOLE   259,843 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 44,315 1,257,172 SH   SOLE   1,257,172 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 19,180 422,737 SH   SOLE   422,737 0 0