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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 6,222 42,900 SH Put SOLE   42,900 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 10,589 835,100 SH Put SOLE   835,100 0 0
APARTMENT INCOME REIT CORP COM 03750L109 76,841 1,847,129 SH   SOLE   1,847,129 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 4,563 164,900 SH Put SOLE   164,900 0 0
BROADMARK RLTY CAP INC *W EXP 11/15/202 11135B118 17 221,664 SH   SOLE   221,664 0 0
EXPEDIA GROUP INC COM NEW 30212P303 6,782 71,520 SH   SOLE   71,520 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 42,105 439,787 SH   SOLE   439,787 0 0
FIRST INDL RLTY TR INC COM 32054K103 54,544 1,148,769 SH   SOLE   1,148,769 0 0
HOST HOTELS & RESORTS INC COM 44107P104 18,170 1,158,800 SH Put SOLE   1,158,800 0 0
NATIONAL HEALTH INVS INC COM 63633D104 27,298 450,380 SH   SOLE   450,380 0 0
NATIONAL RETAIL PROPERTIES I COM 637417106 51,081 1,187,931 SH   SOLE   1,187,931 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 4,380 470,000 SH Put SOLE   470,000 0 0
PARK HOTELS & RESORTS INC COM 700517105 66,969 4,935,042 SH   SOLE   4,935,042 0 0
STARWOOD PPTY TR INC COM 85571B105 5,853 280,200 SH Put SOLE   280,200 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 47,138 4,751,817 SH   SOLE   4,751,817 0 0
VENTAS INC COM 92276F100 16,469 320,228 SH   SOLE   320,228 0 0
VERIS RESIDENTIAL INC COM 554489104 18,189 1,373,788 SH   SOLE   1,373,788 0 0