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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 4,931 24,500 SH   SOLE   24,500 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,884 7,500 SH   SOLE   7,500 0 0
APARTMENT INCOME REIT CORP COM 03750L109 6,683 125,000 SH   SOLE   125,000 0 0
CAMDEN PPTY TR SH BEN INT 133131102 1,496 9,000 SH   SOLE   9,000 0 0
CARETRUST REIT INC COM 14174T107 1,737 90,000 SH   SOLE   90,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 1,427 50,000 SH   SOLE   50,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 354 35,000 SH   SOLE   35,000 0 0
DIGITAL RLTY TR INC COM 253868103 2,056 14,500 SH   SOLE   14,500 0 0
DOUGLAS EMMETT INC COM 25960P109 1,003 30,000 SH   SOLE   30,000 0 0
DUKE REALTY CORP COM NEW 264411505 9,290 160,000 SH   SOLE   160,000 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 2,895 37,850 SH   SOLE   37,850 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,023 22,500 SH   SOLE   22,500 0 0
FIRST INDL RLTY TR INC COM 32054K103 1,548 25,000 SH   SOLE   25,000 0 0
HIGHWOODS PPTYS INC COM 431284108 2,630 57,500 SH   SOLE   57,500 0 0
HOST HOTELS & RESORTS INC COM 44107P104 194 10,000 SH   SOLE   10,000 0 0
HUDSON PAC PPTYS INC COM 444097109 2,081 75,000 SH   SOLE   75,000 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 2,842 107,500 SH   SOLE   107,500 0 0
KILROY RLTY CORP COM 49427F108 2,025 26,500 SH   SOLE   26,500 0 0
KITE RLTY GROUP TR COM NEW 49803T300 8,764 384,900 SH   SOLE   384,900 0 0
LIFE STORAGE INC COM 53223X107 3,511 25,000 SH   SOLE   25,000 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 3,911 185,000 SH   SOLE   185,000 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 7,837 202,500 SH   SOLE   202,500 0 0
NETSTREIT CORP COM 64119V303 2,805 125,000 SH   SOLE   125,000 0 0
PARK HOTELS & RESORTS INC COM 700517105 293 15,000 SH   SOLE   15,000 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 367 15,000 SH   SOLE   15,000 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 9,041 525,000 SH   SOLE   525,000 0 0
REGENCY CTRS CORP COM 758849103 3,389 47,500 SH   SOLE   47,500 0 0
REXFORD INDL RLTY INC COM 76169C100 1,790 24,000 SH   SOLE   24,000 0 0
RPT REALTY SH BEN INT 74971D101 5,508 400,000 SH   SOLE   400,000 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 1,548 4,500 SH   SOLE   4,500 0 0
SL GREEN RLTY CORP COM 78440X887 1,421 17,500 SH   SOLE   17,500 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,936 6,500 SH   SOLE   6,500 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 6,903 150,000 SH   SOLE   150,000 0 0
SUN CMNTYS INC COM 866674104 4,820 27,500 SH   SOLE   27,500 0 0
UDR INC COM 902653104 2,151 37,500 SH   SOLE   37,500 0 0
VENTAS INC COM 92276F100 3,397 55,000 SH   SOLE   55,000 0 0