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

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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
AGREE REALTY CORP COM 008492100 4,250 80,000 SH   SOLE   80,000 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 7,547 60,000 SH   SOLE   60,000 0 0
AMERICAN ASSETS TR INC COM 024013104 3,915 105,000 SH   SOLE   105,000 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 4,413 100,000 SH   SOLE   100,000 0 0
AVALONBAY CMNTYS INC COM 053484101 4,076 22,500 SH   SOLE   22,500 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 5,502 350,000 SH   SOLE   350,000 0 0
CAMDEN PPTY TR SH BEN INT 133131102 1,404 15,000 SH   SOLE   15,000 0 0
COLONY CAP INC NEW CL A COM 19626G108 2,284 375,000 SH   SOLE   375,000 0 0
COLONY CAP INC NEW CL A COM 19626G108 457 75,000 SH Call SOLE   75,000 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 5,319 225,000 SH   SOLE   225,000 0 0
CUBESMART COM 229663109 2,211 77,500 SH   SOLE   77,500 0 0
DIGITAL RLTY TR INC COM 253868103 1,968 17,500 SH   SOLE   17,500 0 0
DOUGLAS EMMETT INC COM 25960P109 3,772 100,000 SH   SOLE   100,000 0 0
DUKE REALTY CORP COM NEW 264411505 4,752 167,500 SH   SOLE   167,500 0 0
EMPIRE ST RLTY TR INC CL A 292104106 10,963 660,000 SH   SOLE   660,000 0 0
EQUINIX INC COM PAR $0.001 29444U700 1,082 2,500 SH   SOLE   2,500 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 3,376 35,000 SH   SOLE   35,000 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 2,696 190,000 SH   SOLE   190,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 4,982 57,500 SH   SOLE   57,500 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 4,710 150,000 SH   SOLE   150,000 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 10,036 400,000 SH   SOLE   400,000 0 0
HEALTHCARE RLTY TR COM 421946104 3,658 125,000 SH   SOLE   125,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 3,433 42,500 SH   SOLE   42,500 0 0
HUDSON PAC PPTYS INC COM 444097109 8,998 275,000 SH   SOLE   275,000 0 0
INVITATION HOMES INC COM 46187W107 4,009 175,000 SH   SOLE   175,000 0 0
JBG SMITH PPTYS COM 46590V100 3,131 85,000 SH   SOLE   85,000 0 0
KILROY RLTY CORP COM 49427F108 4,266 59,500 SH   SOLE   59,500 0 0
MACERICH CO COM 554382101 3,594 65,000 SH   SOLE   65,000 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 1,091 30,000 SH   SOLE   30,000 0 0
PROLOGIS INC COM 74340W103 5,084 75,000 SH   SOLE   75,000 0 0
QTS RLTY TR INC COM CL A 74736A103 6,294 147,500 SH   SOLE   147,500 0 0
QTS RLTY TR INC 6.50% CON PFD B 74736A301 1,056 10,000 SH   SOLE   10,000 0 0
REGENCY CTRS CORP COM 758849103 4,042 62,500 SH   SOLE   62,500 0 0
RETAIL PPTYS AMER INC CL A 76131V202 3,169 260,000 SH   SOLE   260,000 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 6,544 400,000 SH   SOLE   400,000 0 0
VENTAS INC COM 92276F100 8,973 165,000 SH   SOLE   165,000 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 8,336 150,000 SH   SOLE   150,000 0 0