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
APARTMENT INVT & MGMT CO CL A 03748R754 123,735 3,520,204 SH   SOLE   3,520,204 0 0
AVALONBAY CMNTYS INC COM 053484101 33,168 225,375 SH   SOLE   225,375 0 0
CAMDEN PPTY TR SH BEN INT 133131102 19,322 243,841 SH   SOLE   243,841 0 0
COUSINS PPTYS INC COM NEW 222795502 17,827 609,051 SH   SOLE   609,051 0 0
D R HORTON INC COM 23331A109 114,641 3,371,784 SH   SOLE   3,371,784 0 0
ESSEX PPTY TR INC COM 297178105 17,725 80,480 SH   SOLE   80,480 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 89,997 12,311,506 SH   SOLE   12,311,506 0 0
FIRST INDL RLTY TR INC COM 32054K103 75,712 2,278,419 SH   SOLE   2,278,419 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 31,874 6,286,780 SH   SOLE   6,286,780 0 0
FORESTAR GROUP INC COM 346232101 48,457 4,681,873 SH   SOLE   4,681,873 0 0
HILTON GRAND VACATIONS INC COM 43283X105 74,708 4,737,350 SH   SOLE   4,737,350 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 105,338 1,543,642 SH   SOLE   1,543,642 0 0
HUDSON PAC PPTYS INC COM 444097109 70,030 2,761,436 SH   SOLE   2,761,436 0 0
HYATT HOTELS CORP COM CL A 448579102 119,596 2,496,794 SH   SOLE   2,496,794 0 0
JBG SMITH PPTYS COM 46590V100 110,841 3,482,287 SH   SOLE   3,482,287 0 0
JONES LANG LASALLE INC COM 48020Q107 25,272 250,267 SH   SOLE   250,267 0 0
KILROY RLTY CORP COM 49427F108 53,974 847,312 SH   SOLE   847,312 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 165,067 780,792 SH   SOLE   780,792 0 0
MARRIOTT VACTINS WORLDWID CO COM 57164Y107 31,908 574,100 SH   SOLE   574,100 0 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100 12,400 1,000,000 SH   SOLE   1,000,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101 41,144 3,486,800 SH   SOLE   3,486,800 0 0
MID AMER APT CMNTYS INC COM 59522J103 4,636 45,000 SH   SOLE   45,000 0 0
PARAMOUNT GROUP INC COM 69924R108 42,474 4,826,545 SH   SOLE   4,826,545 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 97,014 8,908,508 SH   SOLE   8,908,508 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 4,103 2,344,296 SH   SOLE   2,344,296 0 0
RED ROCK RESORTS INC CL A 75700L108 27,525 3,219,355 SH   SOLE   3,219,355 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 42,442 1,183,879 SH   SOLE   1,183,879 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 89,802 8,223,606 SH   SOLE   8,223,606 0 0
VORNADO RLTY TR SH BEN INT 929042109 100,365 2,771,750 SH   SOLE   2,771,750 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 159,676 5,067,483 SH   SOLE   5,067,483 0 0