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
AGREE RLTY CORP COM 008492100 34,466 510,000 SH   SOLE   510,000 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 78,039 556,664 SH   SOLE   556,664 0 0
AMERICAN TOWER CORP NEW COM 03027X100 5,732 26,700 SH   SOLE   26,700 0 0
BOSTON PROPERTIES INC COM 101121101 57,777 770,664 SH   SOLE   770,664 0 0
BOYD GAMING CORP COM 103304101 19,249 403,963 SH   SOLE   403,963 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 43,475 2,353,820 SH   SOLE   2,353,820 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 10,311 175,000 SH   SOLE   175,000 0 0
CAMDEN PPTY TR SH BEN INT 133131102 84,823 710,117 SH   SOLE   710,117 0 0
CUBESMART COM 229663109 46,069 1,150,000 SH   SOLE   1,150,000 0 0
EQUINIX INC COM 29444U700 41,525 73,000 SH   SOLE   73,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 75,688 1,125,969 SH   SOLE   1,125,969 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 61,831 686,101 SH   SOLE   686,101 0 0
FIRST INDL RLTY TR INC COM 32054K103 70,705 1,577,875 SH   SOLE   1,577,875 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 49,816 2,173,467 SH   SOLE   2,173,467 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 9,674 80,200 SH   SOLE   80,200 0 0
HOME DEPOT INC COM 437076102 4,139 15,000 SH   SOLE   15,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 55,303 3,482,567 SH   SOLE   3,482,567 0 0
INSPIRED ENTMT INC COM 45782N108 4,165 471,732 SH   SOLE   471,732 0 0
JBG SMITH PPTYS COM 46590V100 14,423 776,280 SH   SOLE   776,280 0 0
KILROY RLTY CORP COM 49427F108 36,608 869,348 SH   SOLE   869,348 0 0
KITE RLTY GROUP TR COM NEW 49803T300 23,523 1,366,000 SH   SOLE   1,366,000 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 26,302 318,856 SH   SOLE   318,856 0 0
LAS VEGAS SANDS CORP COM 517834107 4,315 115,000 SH   SOLE   115,000 0 0
LIFE STORAGE INC COM 53223X107 28,152 254,169 SH   SOLE   254,169 0 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100 7,658 1,155,000 SH   SOLE   1,155,000 0 0
MID-AMER APT CMNTYS INC COM 59522J103 55,836 360,069 SH   SOLE   360,069 0 0
NATIONAL RETAIL PROPERTIES I COM 637417106 64,152 1,609,423 SH   SOLE   1,609,423 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 11,245 775,000 SH   SOLE   775,000 0 0
PROLOGIS INC. COM 74340W103 64,315 633,024 SH   SOLE   633,024 0 0
PULTE GROUP INC COM 745867101 2,625 70,000 SH   SOLE   70,000 0 0
ROYAL CARIBBEAN GROUP COM V7780T103 9,278 244,800 SH   SOLE   244,800 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 19,288 1,470,100 SH   SOLE   1,470,100 0 0
SL GREEN RLTY CORP COM 78440X887 15,486 385,601 SH   SOLE   385,601 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 32,515 899,193 SH   SOLE   899,193 0 0
STAG INDL INC COM 85254J102 70,663 2,485,493 SH   SOLE   2,485,493 0 0
SUN CMNTYS INC COM 866674104 58,685 433,643 SH   SOLE   433,643 0 0
UNITED RENTALS INC COM 911363109 4,194 15,527 SH   SOLE   15,527 0 0
VAIL RESORTS INC COM 91879Q109 12,938 60,000 SH   SOLE   60,000 0 0
WILLSCOT MOBIL MINI HLDNG CO COM CL A 971378104 18,995 471,000 SH   SOLE   471,000 0 0
XENIA HOTELS & RESORTS INC COM 984017103 6,481 469,987 SH   SOLE   469,987 0 0