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 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ALEXANDRIA REAL ESTATE EQ INCOM015271109100,387498,815SH SOLE 498,81500
AMERICAN HOMES 4 RENTCL A02665T30655,3141,381,805SH SOLE 1,381,80500
APARTMENT INCOME REIT CORPCOM03750L1099,352174,927SH SOLE 174,92700
CUBESMARTCOM22966310917,430335,000SH SOLE 335,00000
DIAMONDROCK HOSPITALITY COCOM25278430115,1581,500,759SH SOLE 1,500,75900
EQUITY LIFESTYLE PPTYS INCCOM29472R10819,407253,759SH SOLE 253,75900
FIRST INDL RLTY TR INCCOM32054K10341,263666,501SH SOLE 666,50100
INDEPENDENCE RLTY TR INCCOM45378A1067,932300,000SH SOLE 300,00000
INVITATION HOMES INCCOM46187W10734,939869,569SH SOLE 869,56900
ISHARES TRPUT464287959284,6192,630,000SHPutSOLE 2,630,00000
PHILLIPS EDISON & CO INCCOM71844V20122,984668,320SH SOLE 668,32000
SPDR S&P 500 ETF TRPUT78462F953270,532599,000SHPutSOLE 599,00000
SUN CMNTYS INCCOM86667410451,129291,685SH SOLE 291,68500
TRICON RESIDENTIAL INCCOM NPV89612W1023,120196,495SH SOLE 196,49500