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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 31,249 222,908 SH   SOLE   222,908 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 31,001 944,859 SH   SOLE   944,859 0 0
APARTMENT INCOME REIT CORP COM 03750L109 42,432 1,098,717 SH   SOLE   1,098,717 0 0
APARTMENT INVT & MGMT CO CL A 03748R747 53,591 7,341,214 SH   SOLE   7,341,214 0 0
AVALONBAY CMNTYS INC COM 053484101 24,178 131,265 SH   SOLE   131,265 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100 9,739 301,890 SH   SOLE   301,890 0 0
D R HORTON INC COM 23331A109 2,904 43,120 SH   SOLE   43,120 0 0
HOST HOTELS & RESORTS INC COM 44107P104 20,750 1,306,680 SH   SOLE   1,306,680 0 0
ISHARES TR 3 7 YR TREAS BD 464288661 3,691 32,300 SH   SOLE   32,300 0 0
ISHARES TR CORE US AGGBD ET 464287226 2,832 29,400 SH   SOLE   29,400 0 0
PARK HOTELS & RESORTS INC COM 700517105 6,813 605,080 SH   SOLE   605,080 0 0
PROLOGIS INC. COM 74340W103 33,760 332,287 SH   SOLE   332,287 0 0
PUBLIC STORAGE COM 74460D109 36,344 124,122 SH   SOLE   124,122 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 33,428 2,429,330 SH   SOLE   2,429,330 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 35,670 125,312 SH   SOLE   125,312 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 15,907 898,690 SH   SOLE   898,690 0 0
SMARTRENT INC COM CL A 83193G107 3,564 1,570,225 SH   SOLE   1,570,225 0 0
SUN CMNTYS INC COM 866674104 25,664 189,642 SH   SOLE   189,642 0 0
VANGUARD SCOTTSDALE FDS LONG TERM TREAS 92206C847 4,525 71,900 SH   SOLE   71,900 0 0
VANGUARD WORLD FD EXTENDED DUR 921910709 2,965 34,200 SH   SOLE   34,200 0 0
VENTAS INC COM 92276F100 33,301 829,005 SH   SOLE   829,005 0 0