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
21VIANET GROUP INC SPONSORED ADS A 90138A103 30,685 950,000 SH   SOLE   950,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 201,216 6,035,274 SH   SOLE   6,035,274 0 0
APARTMENT INVT & MGMT CO CL A 03748R747 36,604 5,961,627 SH   SOLE   5,961,627 0 0
AVALONBAY CMNTYS INC COM 053484101 78,581 425,889 SH   SOLE   425,889 0 0
BOWX ACQUISITION CORP CL A 103085106 10,079 862,917 SH   SOLE   862,917 0 0
CAMDEN PPTY TR SH BEN INT 133131102 182,958 1,664,620 SH   SOLE   1,664,620 0 0
CBRE ACQUISITION HLDGS INC UNIT 99/99/9999 12510J205 4,980 500,000 SH   SOLE   500,000 0 0
CYRUSONE INC COM 23283R100 36,645 541,128 SH   SOLE   541,128 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 114,135 1,793,444 SH   SOLE   1,793,444 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 126,614 1,767,607 SH   SOLE   1,767,607 0 0
EXPEDIA GROUP INC COM NEW 30212P303 73,961 429,707 SH   SOLE   429,707 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 69,114 3,499,442 SH   SOLE   3,499,442 0 0
FIFTH WALL ACQUISITION CORP COM CL A 316790104 22,600 2,259,999 SH   SOLE   2,259,999 0 0
FIRST INDL RLTY TR INC COM 32054K103 150,452 3,285,705 SH   SOLE   3,285,705 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 38,759 5,126,905 SH   SOLE   5,126,905 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 98,769 1,311,151 SH   SOLE   1,311,151 0 0
FORESTAR GROUP INC COM 346232101 108,994 4,681,873 SH   SOLE   4,681,873 0 0
GDS HLDGS LTD SPONSORED ADS 36165L108 104,151 1,284,391 SH   SOLE   1,284,391 0 0
HILTON GRAND VACATIONS INC COM 43283X105 66,770 1,781,009 SH   SOLE   1,781,009 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 38,090 315,004 SH   SOLE   315,004 0 0
INVITATION HOMES INC COM 46187W107 136,552 4,268,590 SH   SOLE   4,268,590 0 0
JBG SMITH PPTYS COM 46590V100 53,058 1,669,029 SH   SOLE   1,669,029 0 0
LAS VEGAS SANDS CORP COM 517834107 118,033 1,942,612 SH   SOLE   1,942,612 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103 169,972 947,133 SH   SOLE   947,133 0 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100 32,965 1,655,722 SH   SOLE   1,655,722 0 0
MID-AMER APT CMNTYS INC COM 59522J103 47,669 330,210 SH   SOLE   330,210 0 0
NATIONAL RETAIL PROPERTIES I COM 637417106 49,863 1,131,453 SH   SOLE   1,131,453 0 0
NETSTREIT CORP COM 64119V303 50,087 2,708,860 SH   SOLE   2,708,860 0 0
PULTE GROUP INC COM 745867101 32,358 617,044 SH   SOLE   617,044 0 0
QTS RLTY TR INC COM CL A 74736A103 60,016 967,376 SH   SOLE   967,376 0 0
RXR ACQUISITION CORP UNIT 01/01/2025 74981W206 19,700 2,000,000 SH   SOLE   2,000,000 0 0
SIMON PROPERTY GRP ACQ HOLDI UNIT 99/99/9999 82880R202 34,326 3,415,498 SH   SOLE   3,415,498 0 0
SPDR DOW JONES INDL AVERAGE UT SER 1 78467X109 57,925 175,435 SH   SOLE   175,435 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 75,869 1,785,161 SH   SOLE   1,785,161 0 0
SUN CMNTYS INC COM 866674104 186,536 1,243,241 SH   SOLE   1,243,241 0 0
TISHMAN SPEYER INNOVATION CO UNIT 02/11/2026 88825H209 13,000 1,300,000 SH   SOLE   1,300,000 0 0
VICI PPTYS INC COM 925652109 26,828 950,000 SH   SOLE   950,000 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 169,265 2,425,701 SH   SOLE   2,425,701 0 0