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 318 1,500 SH Call SOLE   1,500 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 2,354 11,100 SH   SOLE   11,100 0 0
AMAZON COM INC COM 023135106 2,532 1,370 SH   SOLE   1,370 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 3,314 126,424 SH   SOLE   126,424 0 0
APARTMENT INVT & MGMT CO CL A 03748R754 9,163 177,411 SH   SOLE   177,411 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 2,412 131,440 SH   SOLE   131,440 0 0
BANK AMER CORP COM 060505104 4,193 119,059 SH   SOLE   119,059 0 0
BLACKSTONE GROUP INC COM CL A 09260D107 917 16,400 SH   SOLE   16,400 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 4,472 371,121 SH   SOLE   371,121 0 0
BOEING CO COM 097023105 244 750 SH   SOLE   750 0 0
CANOPY GROWTH CORP COM 138035100 247 11,700 SH   SOLE   11,700 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 203 4,000 SH   SOLE   4,000 0 0
CHUBB LIMITED COM H1467J104 545 3,500 SH   SOLE   3,500 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 7,572 362,133 SH   SOLE   362,133 0 0
CYRUSONE INC COM 23283R100 4,936 75,435 SH   SOLE   75,435 0 0
DISNEY WALT CO COM DISNEY 254687106 2,097 14,500 SH   SOLE   14,500 0 0
DOW INC COM 260557103 514 9,392 SH   SOLE   9,392 0 0
DUKE REALTY CORP COM NEW 264411505 7,189 207,357 SH   SOLE   207,357 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 6,323 78,144 SH   SOLE   78,144 0 0
EVERI HLDGS INC COM 30034T103 269 20,000 SH   SOLE   20,000 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 149 10,000 SH   SOLE   10,000 0 0
FACEBOOK INC CL A 30303M102 1,673 8,150 SH   SOLE   8,150 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 6,684 147,395 SH   SOLE   147,395 0 0
GLOBAL MED REIT INC COM NEW 37954A204 2,077 156,973 SH   SOLE   156,973 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,046 4,550 SH   SOLE   4,550 0 0
HOME DEPOT INC COM 437076102 5,051 23,128 SH   SOLE   23,128 0 0
HUDSON PAC PPTYS INC COM 444097109 6,335 168,270 SH   SOLE   168,270 0 0
ISHARES TR U.S. REAL ES ETF 464287739 16,289 175,000 SH Put SOLE   175,000 0 0
JONES LANG LASALLE INC COM 48020Q107 3,445 19,786 SH   SOLE   19,786 0 0
JPMORGAN CHASE & CO COM 46625H100 4,895 35,116 SH   SOLE   35,116 0 0
LIBERTY MEDIA CORP DELAWARE COM C BRAVES GRP 531229888 334 11,300 SH   SOLE   11,300 0 0
LIFE STORAGE INC COM 53223X107 4,264 39,379 SH   SOLE   39,379 0 0
MACK CALI RLTY CORP COM 554489104 2,139 92,496 SH   SOLE   92,496 0 0
MARRIOTT INTL INC NEW CL A 571903202 3,701 24,438 SH   SOLE   24,438 0 0
MATCH GROUP INC COM 57665R106 328 4,000 SH   SOLE   4,000 0 0
MERCK & CO INC COM 58933Y105 728 8,000 SH   SOLE   8,000 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 4,812 155,370 SH   SOLE   155,370 0 0
MID AMER APT CMNTYS INC COM 59522J103 1,740 13,199 SH   SOLE   13,199 0 0
NATIONAL HEALTH INVS INC COM 63633D104 2,636 32,349 SH   SOLE   32,349 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 2,136 39,836 SH   SOLE   39,836 0 0
NEW YORK TIMES CO CL A 650111107 434 13,500 SH   SOLE   13,500 0 0
PAYPAL HLDGS INC COM 70450Y103 373 3,450 SH   SOLE   3,450 0 0
PFIZER INC COM 717081103 392 10,000 SH   SOLE   10,000 0 0
QTS RLTY TR INC COM CL A 74736A103 5,376 99,061 SH   SOLE   99,061 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 2,979 168,662 SH   SOLE   168,662 0 0
RETAIL PPTYS AMER INC CL A 76131V202 8,050 600,758 SH   SOLE   600,758 0 0
REXFORD INDL RLTY INC COM 76169C100 3,714 81,324 SH   SOLE   81,324 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 1,861 13,939 SH   SOLE   13,939 0 0
SITE CENTERS CORP COM 82981J109 5,556 396,295 SH   SOLE   396,295 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 15,288 47,500 SH Put SOLE   47,500 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 3,142 63,891 SH   SOLE   63,891 0 0
SPLUNK INC COM 848637104 2,068 13,810 SH   SOLE   13,810 0 0
STAG INDL INC COM 85254J102 3,438 108,915 SH   SOLE   108,915 0 0
STARBUCKS CORP COM 855244109 1,547 17,600 SH   SOLE   17,600 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 855 61,431 SH   SOLE   61,431 0 0
TEMPUR SEALY INTL INC COM 88023U101 784 9,000 SH   SOLE   9,000 0 0
VAIL RESORTS INC COM 91879Q109 899 3,750 SH   SOLE   3,750 0 0
VICI PPTYS INC COM 925652109 7,598 297,397 SH   SOLE   297,397 0 0
VISA INC COM CL A 92826C839 358 1,904 SH   SOLE   1,904 0 0
VORNADO RLTY TR SH BEN INT 929042109 2,501 37,602 SH   SOLE   37,602 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 8,355 133,017 SH   SOLE   133,017 0 0
ZILLOW GROUP INC CL A 98954M101 549 12,000 SH   SOLE   12,000 0 0
ZILLOW GROUP INC CL C CAP STK 98954M200 276 6,000 SH   SOLE   6,000 0 0