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
ASHFORD HOSPITALITY TR INC COM SHS 044103109 245 40,248 SH   SOLE   40,248 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 65 10,716 SH   DFND 1 10,716 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 1,760 124,907 SH   SOLE   124,907 0 0
CUBESMART COM 229663109 1,049 43,631 SH   SOLE   43,631 0 0
CUBESMART COM 229663109 65 2,709 SH   DFND 1 2,709 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 242 12,483 SH   SOLE   12,483 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 293 15,839 SH   SOLE   15,839 0 0
IRON MTN INC NEW COM 46284V101 2,797 81,415 SH   SOLE   81,415 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 1,284 17,456 SH   SOLE   17,456 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 59 804 SH   DFND 1 804 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 5,832 43,231 SH   SOLE   43,231 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 110 817 SH   DFND 1 817 0 0