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 48,822 1,488,025 SH   SOLE   1,488,025 0 0
APARTMENT INCOME REIT CORP COM 03750L109 43,471 1,125,603 SH   SOLE   1,125,603 0 0
AVALONBAY CMNTYS INC COM 053484101 35,605 193,308 SH   SOLE   193,308 0 0
CAMDEN PPTY TR SH BEN INT 133131102 44,334 371,150 SH   SOLE   371,150 0 0
CHATHAM LODGING TR COM 16208T102 13,807 1,398,888 SH   SOLE   1,398,888 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 35,830 533,030 SH   SOLE   533,030 0 0
HEALTHCARE RLTY TR CL A COM 42226K105 24,853 1,192,000 SH   SOLE   1,192,000 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 28,749 1,254,300 SH   SOLE   1,254,300 0 0
INVITATION HOMES INC COM 46187W107 37,613 1,113,800 SH   SOLE   1,113,800 0 0
JBG SMITH PPTYS COM 46590V100 14,764 794,630 SH   SOLE   794,630 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 8,599 725,000 SH Put SOLE   725,000 0 0
PHYSICIANS RLTY TR COM 71943U104 37,499 2,493,260 SH   SOLE   2,493,260 0 0