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 INVT & MGMT CO CL A 03748R754 202,916 5,390,957 SH   SOLE   5,390,957 0 0
AVALONBAY CMNTYS INC COM 053484101 136,641 883,608 SH   SOLE   883,608 0 0
AZEK CO INC CL A 05478C105 7,965 250,000 SH   SOLE   250,000 0 0
BOSTON PPTYS LTD PARTNERSHIP COM 101121101 22,731 251,506 SH   SOLE   251,506 0 0
CAMDEN PPTY TR SH BEN INT 133131102 123,175 1,350,305 SH   SOLE   1,350,305 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 8,252 1,492,300 SH   SOLE   1,492,300 0 0
DOUGLAS EMMETT INC COM 25960P109 80,718 2,632,670 SH   SOLE   2,632,670 0 0
EMPIRE ST RLTY TR INC CL A 292104106 7,565 1,080,716 SH   SOLE   1,080,716 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 71,169 1,209,942 SH   SOLE   1,209,942 0 0
ESSEX PPTY TR INC COM 297178105 85,186 371,714 SH   SOLE   371,714 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 56,061 5,009,946 SH   SOLE   5,009,946 0 0
FIRST INDL RLTY TR INC COM 32054K103 108,997 2,835,504 SH   SOLE   2,835,504 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 28,919 6,286,780 SH   SOLE   6,286,780 0 0
FORESTAR GROUP INC COM 346232101 70,603 4,681,873 SH   SOLE   4,681,873 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 128,420 4,659,638 SH   SOLE   4,659,638 0 0
HILTON GRAND VACATIONS INC COM 43283X105 50,412 2,578,598 SH   SOLE   2,578,598 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 175,337 2,387,168 SH   SOLE   2,387,168 0 0
HOST HOTELS & RESORTS INC COM 44107P104 27,892 2,585,000 SH   SOLE   2,585,000 0 0
HUDSON PAC PPTYS INC COM 444097109 56,108 2,230,032 SH   SOLE   2,230,032 0 0
INVITATION HOMES INC COM 46187W107 33,877 1,230,531 SH   SOLE   1,230,531 0 0
ISHARES TR U.S. REAL ES ETF 464287739 80,780 1,025,000 SH Call SOLE   1,025,000 0 0
JBG SMITH PPTYS COM 46590V100 104,669 3,539,699 SH   SOLE   3,539,699 0 0
KILROY RLTY CORP COM 49427F108 57,550 980,405 SH   SOLE   980,405 0 0
LAS VEGAS SANDS CORP COM 517834107 87,714 1,926,081 SH   SOLE   1,926,081 0 0
MACERICH CO COM 554382101 15,502 1,728,256 SH   SOLE   1,728,256 0 0
MADISON SQUARE GRDN ENTERTNM CL A 55826T102 45,070 600,937 SH   SOLE   600,937 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103 97,596 664,418 SH   SOLE   664,418 0 0
MARRIOTT INTL INC NEW CL A 571903202 31,115 362,938 SH   SOLE   362,938 0 0
MID-AMER APT CMNTYS INC COM 59522J103 101,686 886,768 SH   SOLE   886,768 0 0
REXFORD INDL RLTY INC COM 76169C100 7,440 179,586 SH   SOLE   179,586 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 24,035 694,657 SH   SOLE   694,657 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 107,957 7,481,449 SH   SOLE   7,481,449 0 0
SEAWORLD ENTMT INC COM 81282V100 37,731 2,547,671 SH   SOLE   2,547,671 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 55,139 6,765,518 SH   SOLE   6,765,518 0 0
TERRENO RLTY CORP COM 88146M101 13,827 262,679 SH   SOLE   262,679 0 0
UDR INC COM 902653104 36,558 978,016 SH   SOLE   978,016 0 0
WELLTOWER INC COM 95040Q104 52,850 1,021,256 SH   SOLE   1,021,256 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 94,534 2,218,076 SH   SOLE   2,218,076 0 0