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 224,317 6,652,353 SH   SOLE   6,652,353 0 0
AVALONBAY CMNTYS INC COM 053484101 197,892 1,325,113 SH   SOLE   1,325,113 0 0
AVALONBAY CMNTYS INC COM 053484101 29,868 200,000 SH Call SOLE   200,000 0 0
AZEK CO INC CL A 05478C105 8,703 250,000 SH   SOLE   250,000 0 0
CAMDEN PPTY TR SH BEN INT 133131102 126,661 1,423,477 SH   SOLE   1,423,477 0 0
DOUGLAS EMMETT INC COM 25960P109 91,414 3,642,002 SH   SOLE   3,642,002 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 151,051 2,942,750 SH   SOLE   2,942,750 0 0
ESSEX PPTY TR INC COM 297178105 77,949 388,210 SH   SOLE   388,210 0 0
EXPEDIA GROUP INC COM NEW 30212P303 61,379 669,422 SH   SOLE   669,422 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 18,958 1,586,406 SH   SOLE   1,586,406 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 26,216 6,286,780 SH   SOLE   6,286,780 0 0
FORESTAR GROUP INC COM 346232101 82,869 4,681,873 SH   SOLE   4,681,873 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 69,847 1,891,331 SH   SOLE   1,891,331 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 80,464 2,963,695 SH   SOLE   2,963,695 0 0
HILTON GRAND VACATIONS INC COM 43283X105 41,567 1,981,245 SH   SOLE   1,981,245 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 100,136 1,173,651 SH   SOLE   1,173,651 0 0
HUDSON PAC PPTYS INC COM 444097109 64,602 2,945,846 SH   SOLE   2,945,846 0 0
HYATT HOTELS CORP COM CL A 448579102 36,723 688,075 SH   SOLE   688,075 0 0
ISHARES TR U.S. REAL ES ETF 464287739 37,924 475,000 SH Call SOLE   475,000 0 0
JBG SMITH PPTYS COM 46590V100 105,752 3,954,840 SH   SOLE   3,954,840 0 0
KILROY RLTY CORP COM 49427F108 52,793 1,016,027 SH   SOLE   1,016,027 0 0
LAS VEGAS SANDS CORP COM 517834107 83,214 1,783,415 SH   SOLE   1,783,415 0 0
LAS VEGAS SANDS CORP COM 517834107 61,825 1,325,000 SH Call SOLE   1,325,000 0 0
MACERICH CO COM 554382101 5,441 801,263 SH   SOLE   801,263 0 0
MADISON SQUARE GRDN ENTERTNM CL A 55826T102 17,927 261,743 SH   SOLE   261,743 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103 112,998 750,918 SH   SOLE   750,918 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 35,808 1,279,757 SH   SOLE   1,279,757 0 0
MID-AMER APT CMNTYS INC COM 59522J103 84,177 725,977 SH   SOLE   725,977 0 0
NETSTREIT CORP COM 64119V303 49,464 2,708,860 SH   SOLE   2,708,860 0 0
PARAMOUNT GROUP INC COM 69924R108 69,662 9,839,275 SH   SOLE   9,839,275 0 0
RLJ LODGING TR COM 74965L101 2,745 316,970 SH   SOLE   316,970 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 36,179 983,137 SH   SOLE   983,137 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 84,783 6,150,349 SH   SOLE   6,150,349 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 93,474 11,772,597 SH   SOLE   11,772,597 0 0
UDR INC COM 902653104 34,894 1,070,027 SH   SOLE   1,070,027 0 0
WELLTOWER INC COM 95040Q104 76,860 1,395,173 SH   SOLE   1,395,173 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 62,863 1,244,805 SH   SOLE   1,244,805 0 0
XENIA HOTELS & RESORTS INC COM 984017103 9,300 1,059,221 SH   SOLE   1,059,221 0 0