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
AMERICAN HOMES 4 RENT CL A 02665T306 235,334 10,610,204 SH   SOLE   10,610,204 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 250,312 5,917,544 SH   SOLE   5,917,544 0 0
AVALONBAY CMNTYS INC COM 053484101 131,437 764,656 SH   SOLE   764,656 0 0
BELMOND LTD CL A G1154H107 4,436 397,848 SH   SOLE   397,848 0 0
BLACK KNIGHT INC COM 09215C105 26,892 502,194 SH   SOLE   502,194 0 0
CAESARS ENTMT CORP COM 127686103 250,917 23,450,216 SH   SOLE   23,450,216 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 51,309 895,288 SH   SOLE   895,288 0 0
CHOICE HOTELS INTL INC COM 169905106 24,639 325,914 SH   SOLE   325,914 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 57,187 2,518,158 SH   SOLE   2,518,158 0 0
D R HORTON INC COM 23331A109 539,389 13,155,838 SH   SOLE   13,155,838 0 0
D R HORTON INC COM 23331A109 432,702 10,553,700 SH Call SOLE   10,553,700 0 0
EMPIRE ST RLTY TR INC CL A 292104106 40,943 2,394,333 SH   SOLE   2,394,333 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 40,620 3,000,000 SH   SOLE   3,000,000 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 18,840 871,805 SH   SOLE   871,805 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 41,031 3,647,193 SH   SOLE   3,647,193 0 0
FORESTAR GROUP INC COM 346232101 75,060 3,617,373 SH   SOLE   3,617,373 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 51,274 1,901,849 SH   SOLE   1,901,849 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 122,267 1,544,560 SH   SOLE   1,544,560 0 0
HYATT HOTELS CORP COM CL A 448579102 25,718 333,347 SH   SOLE   333,347 0 0
JBG SMITH PPTYS COM 46590V100 87,908 2,410,412 SH   SOLE   2,410,412 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 82,524 2,410,871 SH   SOLE   2,410,871 0 0
LENNAR CORP CL A 526057104 273,000 5,200,000 SH   SOLE   5,200,000 0 0
LOWES COS INC COM 548661107 19,971 208,968 SH   SOLE   208,968 0 0
MACERICH CO COM 554382101 28,944 509,300 SH   SOLE   509,300 0 0
MARRIOTT VACATIONS WRLDWDE C COM 57164Y107 25,048 221,743 SH   SOLE   221,743 0 0
MOHAWK INDS INC COM 608190104 158,411 739,307 SH   SOLE   739,307 0 0
NEW YORK REIT INC COM NEW 64976L208 12,964 710,760 SH   SOLE   710,760 0 0
PARAMOUNT GROUP INC COM 69924R108 219,646 14,262,747 SH   SOLE   14,262,747 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 39,242 1,011,389 SH   SOLE   1,011,389 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 12,281 625,000 SH   SOLE   625,000 0 0
PROLOGIS INC COM 74340W103 65,013 989,700 SH   SOLE   989,700 0 0
QUALITY CARE PPTYS INC COM 747545101 80,482 3,741,624 SH   SOLE   3,741,624 0 0
REXFORD INDL RLTY INC COM 76169C100 78,039 2,486,100 SH   SOLE   2,486,100 0 0
SL GREEN RLTY CORP COM 78440X101 77,863 774,524 SH   SOLE   774,524 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 87,965 362,400 SH   SOLE   362,400 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 244,152 900,000 SH Put SOLE   900,000 0 0
TAUBMAN CTRS INC COM 876664103 78,096 1,329,075 SH   SOLE   1,329,075 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 62,403 3,003,011 SH   SOLE   3,003,011 0 0
VICI PPTYS INC COM 925652109 39,049 1,891,894 SH   SOLE   1,891,894 0 0
VORNADO RLTY TR SH BEN INT 929042109 263,433 3,563,756 SH   SOLE   3,563,756 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 78,968 1,342,301 SH   SOLE   1,342,301 0 0