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
ABBVIE INC COMMON 00287Y109 30,324 398,000 SH   SOLE   398,000 0 0
ADOBE SYS INC COMMON 00724F101 15,912 50,000 SH   SOLE   50,000 0 0
ALEXANDRIA REAL ESTATE EQUITY COMMON 015271109 15,762 115,000 SH   SOLE   115,000 0 0
ALIBABA GROUP HLDG LTD COMMON 01609W102 18,670 96,000 SH   SOLE   96,000 0 0
AMERICAN TOWER CORP NEW COMMON 03027X100 16,331 75,000 SH   SOLE   75,000 0 0
BOSTON PROPERTIES INC COMMON 101121101 1,845 20,000 SH   SOLE   20,000 0 0
Corecivic Inc. COMMON 21871N101 23,401 2,095,000 SH   SOLE   2,095,000 0 0
CROWN CASTLE INTL CORP COMMON 22822V101 5,776 40,000 SH   SOLE   40,000 0 0
CUBESMART COMMON 229663109 16,074 600,000 SH   SOLE   600,000 0 0
D R HORTON INC COMMON 23331A109 38,590 1,135,000 SH   SOLE   1,135,000 0 0
EQUINIX INC COMMON 29444U700 12,491 20,000 SH   SOLE   20,000 0 0
EXTRA SPACE STORAGE INC COMMON 30225T102 16,758 175,000 SH   SOLE   175,000 0 0
GEO GROUP INC NEW COMMON 36162J106 26,229 2,157,000 SH   SOLE   2,157,000 0 0
INNOVATIVE INDL PPTYS INC COMMON 45781V101 19,362 255,000 SH   SOLE   255,000 0 0
INVITATION HOMES INC COMMON 46187W107 7,480 350,000 SH   SOLE   350,000 0 0
KB HOME COMMON 48666K109 20,815 1,150,000 SH   SOLE   1,150,000 0 0
KROGER CO COMMON 501044101 7,681 255,000 SH   SOLE   255,000 0 0
LGI HOMES INC COMMON 50187T106 17,157 380,000 SH   SOLE   380,000 0 0
L3HARRIS TECHNOLOGIES INC COMMON 502431109 7,205 40,000 SH   SOLE   40,000 0 0
LENNAR CORP CL A 526057104 35,526 930,000 SH   SOLE   930,000 0 0
LILLY ELI & CO COMMON 532457108 1,387 10,000 SH   SOLE   10,000 0 0
LOCKHEED MARTIN CORP COMMON 539830109 4,745 14,000 SH   SOLE   14,000 0 0
M D C HLDGS INC COMMON 552676108 37,352 1,610,000 SH   SOLE   1,610,000 0 0
MERCK & CO INC COMMON 58933Y105 5,386 70,000 SH   SOLE   70,000 0 0
MERITAGE HOME CORP. COMMON 59001A102 33,407 915,000 SH   SOLE   915,000 0 0
MICROSOFT CORP COMMON 594918104 20,660 131,000 SH   SOLE   131,000 0 0
NVR INC COMMON 62944T105 10,276 4,000 SH   SOLE   4,000 0 0
NETEASE COM INC COMMON 64110W102 21,183 66,000 SH   SOLE   66,000 0 0
NORTHROP GRUMMAN CORP COMMON 666807102 13,615 45,000 SH   SOLE   45,000 0 0
PENNYMAC FINL SVCS INC COMMON 70932M107 23,879 1,080,000 SH   SOLE   1,080,000 0 0
PFIZER INC COMMON 717081103 1,632 50,000 SH   SOLE   50,000 0 0
PHILIP MORRIS INTL INC COMMON 718172109 30,643 420,000 SH   SOLE   420,000 0 0
PUBLIC STORAGE INC COMMON 74460D109 17,875 90,000 SH   SOLE   90,000 0 0
PULTE HOMES INC COMMON 745867101 22,320 1,000,000 SH   SOLE   1,000,000 0 0
SITE CENTERS CORP COMMON 82981J109 4,533 870,000 SH   SOLE   870,000 0 0
STRYKER CORP COMMON 863667101 18,980 114,000 SH   SOLE   114,000 0 0
TRI POINTE GROUP INC COMMON 87265H109 17,277 1,970,000 SH   SOLE   1,970,000 0 0
TAYLOR MORRISON HOME CORP COMMON 87724P106 17,270 1,570,000 SH   SOLE   1,570,000 0 0
VERTEX PHARMACEUTICALS INC COMMON 92532F100 20,226 85,000 SH   SOLE   85,000 0 0
WAL MART STORES INC COMMON 931142103 6,817 60,000 SH   SOLE   60,000 0 0
WEYERHAEUSER CO COMMON 962166104 3,390 200,000 SH   SOLE   200,000 0 0
HORIZON THERAPEUTICS PLC COMMON G46188101 26,066 880,000 SH   SOLE   880,000 0 0