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 31,408 222,610 SH   SOLE   222,610 0 0
AMERICAN ASSETS TR INC COM 024013104 12,443 264,079 SH   SOLE   264,079 0 0
AMERICOLD RLTY TR COM 03064D108 33,644 1,037,752 SH   SOLE   1,037,752 0 0
APARTMENT INVT & MGMT CO CL A 03748R754 19,609 391,246 SH   SOLE   391,246 0 0
BOOKING HLDGS INC COM 09857L108 3,534 1,885 SH   SOLE   1,885 0 0
BOYD GAMING CORP COM 103304101 10,628 394,506 SH   SOLE   394,506 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 25,315 1,767,788 SH   SOLE   1,767,788 0 0
CAMDEN PPTY TR SH BEN INT 133131102 9,811 93,988 SH   SOLE   93,988 0 0
D R HORTON INC COM 23331A109 2,023 46,907 SH   SOLE   46,907 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 7,484 723,820 SH   SOLE   723,820 0 0
ELDORADO RESORTS INC COM 28470R102 5,239 113,721 SH   SOLE   113,721 0 0
ESSEX PPTY TR INC COM 297178105 21,475 73,562 SH   SOLE   73,562 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 27,466 747,581 SH   SOLE   747,581 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 8,918 326,298 SH   SOLE   326,298 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 10,421 267,340 SH   SOLE   267,340 0 0
GDS HLDGS LTD SPONSORED ADS 36165L108 23,173 616,799 SH   SOLE   616,799 0 0
HCP INC COM 40414L109 5,036 157,478 SH   SOLE   157,478 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 16,768 171,562 SH   SOLE   171,562 0 0
HUDSON PAC PPTYS INC COM 444097109 21,871 657,365 SH   SOLE   657,365 0 0
INTERXION HOLDING N.V SHS N47279109 21,281 279,687 SH   SOLE   279,687 0 0
INVITATION HOMES INC COM 46187W107 12,370 462,766 SH   SOLE   462,766 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 15,550 100,000 SH Put SOLE   100,000 0 0
JBG SMITH PPTYS COM 46590V100 24,005 610,183 SH   SOLE   610,183 0 0
LIBERTY PPTY TR SH BEN INT 531172104 5,890 117,710 SH   SOLE   117,710 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 3,405 83,980 SH   SOLE   83,980 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 7,935 455,013 SH   SOLE   455,013 0 0
MGM RESORTS INTERNATIONAL COM 552953101 5,714 200,000 SH Call SOLE   200,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101 6,325 221,381 SH   SOLE   221,381 0 0
OWENS CORNING NEW COM 690742101 1,370 23,538 SH   SOLE   23,538 0 0
OWENS CORNING NEW COM 690742101 14,550 250,000 SH Call SOLE   250,000 0 0
POSTAL REALTY TRUST INC CL A 73757R102 5,696 361,682 SH   SOLE   361,682 0 0
PUBLIC STORAGE COM 74460D109 2,239 9,399 SH   SOLE   9,399 0 0
QTS RLTY TR INC COM CL A 74736A103 16,061 347,795 SH   SOLE   347,795 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 10,626 87,662 SH   SOLE   87,662 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 8,660 106,793 SH   SOLE   106,793 0 0
SMITH A O CORP COM 831865209 4,539 96,239 SH   SOLE   96,239 0 0
STARWOOD PPTY TR INC COM 85571B105 16,063 706,996 SH   SOLE   706,996 0 0
SUMMIT MATLS INC CL A 86614U100 2,214 115,030 SH   SOLE   115,030 0 0
SUN CMNTYS INC COM 866674104 26,403 205,967 SH   SOLE   205,967 0 0
UNITED RENTALS INC COM 911363109 3,787 28,550 SH   SOLE   28,550 0 0
VENTAS INC COM 92276F100 19,530 285,741 SH   SOLE   285,741 0 0
VEREIT INC COM 92339V100 8,909 988,783 SH   SOLE   988,783 0 0
VULCAN MATLS CO COM 929160109 13,258 96,556 SH   SOLE   96,556 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 19,391 707,171 SH   SOLE   707,171 0 0
WYNN RESORTS LTD COM 983134107 12,399 100,000 SH Call SOLE   100,000 0 0
WYNN RESORTS LTD COM 983134107 13,918 112,247 SH   SOLE   112,247 0 0
ZAYO GROUP HLDGS INC COM 98919V105 9,371 284,733 SH   SOLE   284,733 0 0