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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 22,745 156,832 SH   SOLE   156,832 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 34,275 967,121 SH   SOLE   967,121 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 17,796 252,532 SH   SOLE   252,532 0 0
FIRST INDL RLTY TR INC COM 32054K103 34,911 735,286 SH   SOLE   735,286 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 12,213 589,152 SH   SOLE   589,152 0 0
INVITATION HOMES INC COM 46187W107 17,155 482,157 SH   SOLE   482,157 0 0
PHILLIPS EDISON & CO INC COM 71844V201 14,960 447,773 SH   SOLE   447,773 0 0
SL GREEN RLTY CORP COM 78440X887 11,186 242,382 SH   SOLE   242,382 0 0
SUN CMNTYS INC COM 866674104 42,341 265,695 SH   SOLE   265,695 0 0
TRICON RESIDENTIAL INC COM NPV 89612W102 14,831 1,462,644 SH   SOLE   1,462,644 0 0
ISHARES TR PUT 464287959 194,906 2,119,000 SH Put SOLE   2,119,000 0 0
SL GREEN RLTY CORP PUT 78440X957 11,016 238,700 SH Put SOLE   238,700 0 0