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
AMERICAN HOMES 4 RENT CL A 02665T306 54,862 1,548,025 SH   SOLE   1,548,025 0 0
APARTMENT INCOME REIT CORP COM 03750L109 50,507 1,214,103 SH   SOLE   1,214,103 0 0
CAMDEN PPTY TR SH BEN INT 133131102 50,558 375,950 SH   SOLE   375,950 0 0
CHATHAM LODGING TR COM 16208T102 19,656 1,880,988 SH   SOLE   1,880,988 0 0
HEALTHCARE RLTY TR COM 421946104 37,873 1,392,400 SH   SOLE   1,392,400 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 55,267 2,666,038 SH   SOLE   2,666,038 0 0
INVITATION HOMES INC COM 46187W107 48,691 1,368,500 SH   SOLE   1,368,500 0 0
JBG SMITH PPTYS COM 46590V100 56,626 2,395,330 SH   SOLE   2,395,330 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 15,270 1,000,000 SH Put SOLE   1,000,000 0 0
PHYSICIANS RLTY TR COM 71943U104 40,797 2,337,960 SH   SOLE   2,337,960 0 0