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 30,273 908,000 SH   SOLE   908,000 0 0
APARTMENT INCOME REIT CORP COM 03750L109 59,083 1,381,740 SH   SOLE   1,381,740 0 0
CAMDEN PPTY TR SH BEN INT 133131102 101,128 920,100 SH   SOLE   920,100 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 12,442 195,500 SH   SOLE   195,500 0 0
FIFTH WALL ACQUISITION CORP COM CL A 316790104 4,000 400,000 SH   SOLE   400,000 0 0
FIVE STAR SENIOR LIVING INC COM NEW 33832D205 9,453 1,544,580 SH   SOLE   1,544,580 0 0
INVITATION HOMES INC COM 46187W107 19,386 606,000 SH   SOLE   606,000 0 0
ISTAR INC COM 45031U101 3,213 180,700 SH   SOLE   180,700 0 0
JBG SMITH PPTYS COM 46590V100 102,303 3,218,091 SH   SOLE   3,218,091 0 0
KILROY RLTY CORP COM 49427F108 16,747 255,180 SH   SOLE   255,180 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 29,864 915,500 SH   SOLE   915,500 0 0
NATIONAL RETAIL PROPERTIES I COM 637417106 57,514 1,305,050 SH   SOLE   1,305,050 0 0
QTS RLTY TR INC COM CL A 74736A103 59,056 951,894 SH   SOLE   951,894 0 0
RETAIL VALUE INC COM 76133Q102 9,529 509,302 SH   SOLE   509,302 0 0
RMR GROUP INC CL A 74967R106 7,597 186,159 SH   SOLE   186,159 0 0
SAUL CTRS INC COM 804395101 5,568 138,818 SH   SOLE   138,818 0 0
VORNADO RLTY TR SH BEN INT 929042109 12,096 266,500 SH   SOLE   266,500 0 0