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
AMERICAN HOMES 4 RENT CL A 02665T306 65,599 1,504,225 SH   SOLE   1,504,225 0 0
APARTMENT INCOME REIT CORP COM 03750L109 74,811 1,368,403 SH   SOLE   1,368,403 0 0
CAMDEN PPTY TR SH BEN INT 133131102 66,031 369,550 SH   SOLE   369,550 0 0
CHATHAM LODGING TR COM 16208T102 14,802 1,078,850 SH   SOLE   1,078,850 0 0
FIVE STAR SENIOR LIVING INC COM NEW 33832D205 4,557 1,544,580 SH   SOLE   1,544,580 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 77,632 2,325,000 SH Call SOLE   2,325,000 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 116,197 3,480,000 SH   SOLE   3,480,000 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 12,599 487,750 SH   SOLE   487,750 0 0
INVITATION HOMES INC COM 46187W107 65,635 1,447,625 SH   SOLE   1,447,625 0 0
JBG SMITH PPTYS COM 46590V100 96,840 3,373,041 SH   SOLE   3,373,041 0 0
PHYSICIANS RLTY TR COM 71943U104 72,214 3,835,060 SH   SOLE   3,835,060 0 0
PREFERRED APT CMNTYS INC COM 74039L103 12,563 695,650 SH   SOLE   695,650 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 13,814 534,387 SH   SOLE   534,387 0 0