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
APARTMENT INCOME REIT CORP COM 03750L109 63,739 1,192,276 SH   SOLE   1,192,276 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 24,660 1,372,304 SH   SOLE   1,372,304 0 0
BRIGHTSPIRE CAPITAL INC COM CL A 10949T109 12,752 1,378,561 SH   SOLE   1,378,561 0 0
BROADMARK RLTY CAP INC *W EXP 11/15/202 11135B118 20 221,664 SH   SOLE   221,664 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 47,559 528,906 SH   SOLE   528,906 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 37,525 307,409 SH   SOLE   307,409 0 0
FIRST INDL RLTY TR INC COM 32054K103 33,520 541,424 SH   SOLE   541,424 0 0
NATIONAL HEALTH INVS INC COM 63633D104 41,395 701,497 SH   SOLE   701,497 0 0
NATIONAL RETAIL PROPERTIES I COM 637417106 47,286 1,052,212 SH   SOLE   1,052,212 0 0
PARK HOTELS & RESORTS INC COM 700517105 21,885 1,120,583 SH   SOLE   1,120,583 0 0
REALTY INCOME CORP COM 756109104 20,041 289,194 SH   SOLE   289,194 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 65,039 5,521,125 SH   SOLE   5,521,125 0 0
VENTAS INC COM 92276F100 17,312 280,314 SH   SOLE   280,314 0 0
VERIS RESIDENTIAL INC COM 554489104 47,799 2,748,668 SH   SOLE   2,748,668 0 0
VIAD CORP COM 92552R406 526 14,771 SH   SOLE   14,771 0 0