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
APARTMENT INCOME REIT CORP COM 03750L109 23,574 613,740 SH   SOLE   613,740 0 0
CAMDEN PPTY TR SH BEN INT 133131102 89,064 891,350 SH   SOLE   891,350 0 0
EASTERLY GOVT PPTYS INC COM 27616P103 74,264 3,278,742 SH   SOLE   3,278,742 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 13,943 235,200 SH   SOLE   235,200 0 0
FIVE STAR SENIOR LIVING INC COM NEW 33832D205 10,658 1,544,580 SH   SOLE   1,544,580 0 0
JBG SMITH PPTYS COM 46590V100 99,613 3,185,568 SH   SOLE   3,185,568 0 0
KILROY RLTY CORP COM 49427F108 15,566 271,180 SH   SOLE   271,180 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 17,584 561,800 SH   SOLE   561,800 0 0
NATIONAL RETAIL PROPERTIES I COM 637417106 47,121 1,151,550 SH   SOLE   1,151,550 0 0
QTS RLTY TR INC COM CL A 74736A103 68,804 1,111,894 SH   SOLE   1,111,894 0 0
RMR GROUP INC CL A 74967R106 7,189 186,159 SH   SOLE   186,159 0 0
SAUL CTRS INC COM 804395101 10,157 320,612 SH   SOLE   320,612 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 20,323 505,920 SH   SOLE   505,920 0 0