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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 1,881 11,100 SH   SOLE   11,100 0 0
AMAZON COM INC COM 023135106 2,462 1,300 SH   SOLE   1,300 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 9,574 207,417 SH   SOLE   207,417 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 5,278 217,129 SH   SOLE   217,129 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 2,783 168,174 SH   SOLE   168,174 0 0
AVALONBAY CMNTYS INC COM 053484101 5,001 24,615 SH   SOLE   24,615 0 0
BANK AMER CORP COM 060505104 5,800 200,003 SH   SOLE   200,003 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 728 16,400 SH   SOLE   16,400 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 5,365 456,562 SH   SOLE   456,562 0 0
BOEING CO COM 097023105 273 750 SH   SOLE   750 0 0
CAMDEN PPTY TR SH BEN INT 133131102 9,215 88,274 SH   SOLE   88,274 0 0
CANOPY GROWTH CORP COM 138035100 472 11,700 SH   SOLE   11,700 0 0
CHUBB LIMITED COM H1467J104 516 3,500 SH   SOLE   3,500 0 0
CUBESMART COM 229663109 4,236 126,687 SH   SOLE   126,687 0 0
DISNEY WALT CO COM DISNEY 254687106 2,025 14,500 SH   SOLE   14,500 0 0
DOW INC COM 260557103 562 11,392 SH   SOLE   11,392 0 0
DUKE REALTY CORP COM NEW 264411505 6,574 207,963 SH   SOLE   207,963 0 0
EPR PPTYS COM SH BEN INT 26884U109 3,632 48,698 SH   SOLE   48,698 0 0
EQUINIX INC COM 29444U700 2,203 4,368 SH   SOLE   4,368 0 0
FACEBOOK INC CL A 30303M102 1,438 7,450 SH   SOLE   7,450 0 0
FRONT YD RESIDENTIAL CORP COM 35904G107 1,614 132,062 SH   SOLE   132,062 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 3,427 16,750 SH   SOLE   16,750 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 205 1,000 SH Call SOLE   1,000 0 0
HCP INC COM 40414L109 1,736 54,287 SH   SOLE   54,287 0 0
HOME DEPOT INC COM 437076102 1,019 4,900 SH   SOLE   4,900 0 0
HUDSON PAC PPTYS INC COM 444097109 4,148 124,690 SH   SOLE   124,690 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 5,810 47,025 SH   SOLE   47,025 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 3,608 29,200 SH Put SOLE   29,200 0 0
INVITATION HOMES INC COM 46187W107 6,059 226,659 SH   SOLE   226,659 0 0
ISHARES TR U.S. REAL ES ETF 464287739 12,660 145,000 SH Put SOLE   145,000 0 0
JPMORGAN CHASE & CO COM 46625H100 5,707 51,043 SH   SOLE   51,043 0 0
KILROY RLTY CORP COM 49427F108 6,272 84,978 SH   SOLE   84,978 0 0
LENNAR CORP CL A 526057104 388 8,000 SH   SOLE   8,000 0 0
LIBERTY MEDIA CORP DELAWARE COM C BRAVES GRP 531229888 316 11,300 SH   SOLE   11,300 0 0
LIBERTY PPTY TR SH BEN INT 531172104 4,275 85,426 SH   SOLE   85,426 0 0
MACK CALI RLTY CORP COM 554489104 3,958 169,952 SH   SOLE   169,952 0 0
MERCK & CO INC COM 58933Y105 671 8,000 SH   SOLE   8,000 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 1,616 52,710 SH   SOLE   52,710 0 0
NETFLIX INC COM 64110L106 220 600 SH Put SOLE   600 0 0
NEW YORK TIMES CO CL A 650111107 343 10,500 SH   SOLE   10,500 0 0
NORWEGIAN CRUISE LINE HLDG L SHS G66721104 7,394 137,867 SH   SOLE   137,867 0 0
PAYPAL HLDGS INC COM 70450Y103 395 3,450 SH   SOLE   3,450 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 2,724 96,665 SH   SOLE   96,665 0 0
PFIZER INC COM 717081103 433 10,000 SH   SOLE   10,000 0 0
PUBLIC STORAGE COM 74460D109 5,767 24,212 SH   SOLE   24,212 0 0
QTS RLTY TR INC COM CL A 74736A103 2,005 43,410 SH   SOLE   43,410 0 0
RETAIL PPTYS AMER INC CL A 76131V202 1,253 106,575 SH   SOLE   106,575 0 0
RLJ LODGING TR COM 74965L101 3,485 196,467 SH   SOLE   196,467 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 1,087 131,433 SH   SOLE   131,433 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 21,976 75,000 SH Put SOLE   75,000 0 0
SPIRIT MTA REIT COM SHS BEN IN 84861U105 1,430 171,443 SH   SOLE   171,443 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 3,475 81,451 SH   SOLE   81,451 0 0
SPLUNK INC COM 848637104 1,611 12,810 SH   SOLE   12,810 0 0
STAG INDL INC COM 85254J102 1,804 59,642 SH   SOLE   59,642 0 0
STARBUCKS CORP COM 855244109 1,475 17,600 SH   SOLE   17,600 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 1,608 117,316 SH   SOLE   117,316 0 0
TAUBMAN CTRS INC COM 876664103 663 16,246 SH   SOLE   16,246 0 0
TEMPUR SEALY INTL INC COM 88023U101 660 9,000 SH   SOLE   9,000 0 0
TWO HBRS INVT CORP COM NEW 90187B408 3,047 240,456 SH   SOLE   240,456 0 0
VAIL RESORTS INC COM 91879Q109 647 2,900 SH   SOLE   2,900 0 0
VENTAS INC COM 92276F100 3,988 58,351 SH   SOLE   58,351 0 0
VICI PPTYS INC COM 925652109 2,608 118,326 SH   SOLE   118,326 0 0
VISA INC COM CL A 92826C839 330 1,904 SH   SOLE   1,904 0 0
W P CAREY INC COM 92936U109 4,465 55,002 SH   SOLE   55,002 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 4,131 150,645 SH   SOLE   150,645 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 6,806 122,104 SH   SOLE   122,104 0 0
ZILLOW GROUP INC CL A 98954M101 778 17,000 SH   SOLE   17,000 0 0