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
BRIXMOR PPTY GROUP INC COM 11120U105 9,156 400,000 SH   DFND   400,000 0 0
CHATHAM LODGING TR COM 16208T102 2,821 219,210 SH   DFND   219,220 0 0
COREPOINT LODGING INC COM 21872L104 27,540 2,261,347 SH   DFND   2,261,347 0 0
DIVERSIFIED HEALTHCARE TR COM SH BEN INT 25525P107 28,767 6,183,836 SH   DFND   6,183,836 0 0
HOST HOTELS & RESORTS INC COM 44107P104 24,985 1,462,000 SH   DFND   1,200,202 0 0
KITE RLTY GROUP TR COM NEW 49803T300 11,281 512,582 SH   DFND   2,001,199 0 0
MACK CALI RLTY CORP COM 554489104 60,836 3,547,314 SH   DFND   3,077,423 0 0
RLJ LODGING TR COM 74965L101 89,476 5,875,000 SH   DFND   5,875,000 0 0
VEREIT INC COM 92339V308 30,580 665,802 SH   DFND   665,802 0 0
VORNADO RLTY TR SH BEN INT 929042109 11,667 250,000 SH   DFND   5,875,000 0 0