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 5,082 200,000 SH   DFND   200,000 0 0
CHATHAM LODGING TR COM 16208T102 12,886 939,210 SH   DFND   939,210 0 0
DIVERSIFIED HEALTHCARE TR COM SH BEN INT 25525P107 35,281 11,417,698 SH   DFND   11,417,698 0 0
HOST HOTELS & RESORTS INC COM 44107P104 25,424 1,462,000 SH   DFND   1,462,000 0 0
KITE RLTY GROUP TR COM NEW 49803T300 819 37,582 SH   DFND   37,582 0 0
RLJ LODGING TR COM 74965L101 68,665 4,929,257 SH   DFND   4,929,257 0 0
SUMMIT HOTEL PPTYS INC COM 866082100 22,780 2,334,000 SH   DFND   2,334,000 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 43,352 3,695,800 SH   DFND   3,695,800 0 0
VERIS RESIDENTIAL INC COM 554489104 65,200 3,547,314 SH   DFND   3,547,314 0 0
VORNADO RLTY TR SH BEN INT 929042109 10,465 250,000 SH   DFND   250,000 0 0