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

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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 23,833 1,027,300 SH   SOLE   1,027,300 0 0
AMERICOLD RLTY TR COM 03064D108 40,405 1,187,000 SH   SOLE   1,187,000 0 0
APARTMENT INVT & MGMT CO CL A 03748R754 33,069 940,800 SH   SOLE   940,800 0 0
CAMDEN PPTY TR SH BEN INT 133131102 37,021 467,200 SH   SOLE   467,200 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 19,354 874,578 SH   SOLE   874,578 0 0
EASTERLY GOVT PPTYS INC COM 27616P103 68,888 2,795,768 SH   SOLE   2,795,768 0 0
EMPIRE ST RLTY TR INC CL A 292104106 26,497 2,957,300 SH   SOLE   2,957,300 0 0
FIVE STAR SENIOR LIVING INC COM NEW 33832D205 4,279 1,539,080 SH   SOLE   1,539,080 0 0
GENESIS HEALTHCARE INC CL A COM 37185X106 4,320 5,127,230 SH   SOLE   5,127,230 0 0
JBG SMITH PPTYS COM 46590V100 91,461 2,873,415 SH   SOLE   2,873,415 0 0
QTS RLTY TR INC COM CL A 74736A103 63,075 1,087,310 SH   SOLE   1,087,310 0 0
RMR GROUP INC CL A 74967R106 5,285 195,959 SH   SOLE   195,959 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 39,675 568,000 SH   SOLE   568,000 0 0