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
ALERISLIFE INC COM NEW 33832D205 3,321 1,544,580 SH   SOLE   1,544,580 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 60,630 1,514,625 SH   SOLE   1,514,625 0 0
APARTMENT INCOME REIT CORP COM 03750L109 66,098 1,236,403 SH   SOLE   1,236,403 0 0
CAMDEN PPTY TR SH BEN INT 133131102 54,588 328,450 SH   SOLE   328,450 0 0
CHATHAM LODGING TR COM 16208T102 24,494 1,776,188 SH   SOLE   1,776,188 0 0
HEALTHCARE RLTY TR COM 421946104 48,777 1,775,000 SH   SOLE   1,775,000 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 61,665 2,332,250 SH   SOLE   2,332,250 0 0
INVENTRUST PPTYS CORP COM NEW 46124J201 17,047 553,841 SH   SOLE   553,841 0 0
INVITATION HOMES INC COM 46187W107 30,617 762,000 SH   SOLE   762,000 0 0
JBG SMITH PPTYS COM 46590V100 91,343 3,126,041 SH   SOLE   3,126,041 0 0
PHYSICIANS RLTY TR COM 71943U104 49,464 2,820,060 SH   SOLE   2,820,060 0 0
PREFERRED APT CMNTYS INC COM 74039L103 9,976 400,000 SH Call SOLE   400,000 0 0