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 TOWER CORP NEW COM 03027X100 6,358 23,537 SH   SOLE   23,537 0 0
APARTMENT INCOME REIT CORP COM 03750L109 6,894 145,354 SH   SOLE   145,354 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 3,296 144,000 SH   SOLE   144,000 0 0
CARETRUST REIT INC COM 14174T107 4,834 208,100 SH   SOLE   208,100 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 6,160 635,067 SH   SOLE   635,067 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 6,456 55,100 SH   SOLE   55,100 0 0
GLOBAL MED REIT INC COM NEW 37954A204 4,874 330,203 SH   SOLE   330,203 0 0
HIGHWOODS PPTYS INC COM 431284108 4,788 106,000 SH   SOLE   106,000 0 0
HILTON GRAND VACATIONS INC COM 43283X105 6,305 152,325 SH   SOLE   152,325 0 0
INVITATION HOMES INC COM 46187W107 5,917 158,679 SH   SOLE   158,679 0 0
JONES LANG LASALLE INC COM 48020Q107 3,469 17,747 SH   SOLE   17,747 0 0
LHC GROUP INC COM 50187A107 7,627 38,086 SH   SOLE   38,086 0 0
MERITAGE HOMES CORP COM 59001A102 4,384 46,600 SH   SOLE   46,600 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 9,670 264,064 SH   SOLE   264,064 0 0
MID-AMER APT CMNTYS INC COM 59522J103 5,137 30,500 SH   SOLE   30,500 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 11,149 220,503 SH   SOLE   220,503 0 0
PULTE GROUP INC COM 745867101 3,958 72,533 SH   SOLE   72,533 0 0
REXFORD INDL RLTY INC COM 76169C100 8,087 141,996 SH   SOLE   141,996 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 7,988 101,164 SH   SOLE   101,164 0 0
SAFEHOLD INC COM 78645L100 6,351 80,907 SH   SOLE   80,907 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 8,382 26,300 SH   SOLE   26,300 0 0
SIMON PPTY GROUP INC NEW COM 828806109 6,955 53,300 SH   SOLE   53,300 0 0
SUN CMNTYS INC COM 866674104 5,862 34,200 SH   SOLE   34,200 0 0
VENTAS INC COM 92276F100 4,968 87,000 SH   SOLE   87,000 0 0
WEST FRASER TIMBER CO LTD COM 952845105 4,216 58,820 SH   SOLE   58,820 0 0
XENIA HOTELS & RESORTS INC COM 984017103 3,184 170,000 SH   SOLE   170,000 0 0