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
AMERICAN ASSETS TR INC COM 024013104 6,110,923 247,506 SH SOLE 247,506 0 0
BLACKSTONE MORTGAGE TRUST IN COM CL A 09257W100 1,263,199 74,525 SH SOLE 74,525 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107 20,507,085 481,500 SH SOLE 481,500 0 0
CAMDEN PPTY TR SH BEN INT 133131102 14,900,416 130,146 SH SOLE 130,146 0 0
CBRE GROUP INC CL A 12504L109 5,387,600 40,000 SH SOLE 40,000 0 0
D R HORTON INC COM 23331A109 2,984,776 18,325 SH SOLE 18,325 0 0
ELME COMMUNITIES SH BEN INT 939653101 409,630 276,777 SH SOLE 276,777 0 0
EQUITY LIFESTYLE PROPERTIES COM 29472R108 17,328,285 268,864 SH SOLE 268,864 0 0
FIRST INDL RLTY TR INC COM 32054K103 8,519,883 138,964 SH SOLE 138,964 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 18,463,638 752,083 SH SOLE 752,083 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 30,391,906 1,820,965 SH SOLE 1,820,965 0 0
INVITATION HOMES INC COM 46187W107 4,168,980 138,000 SH SOLE 138,000 0 0
KILROY REALTY CORP COM 49427F108 1,124,100 30,000 SH SOLE 30,000 0 0
LENNAR CORP CL A 526057104 2,817,316 31,134 SH SOLE 31,134 0 0
PROLOGIS INC. COM 74340W103 5,801,503 42,825 SH SOLE 42,825 0 0
SMARTSTOP SELF STORAG REIT I COMMON STOCK 83192D402 5,745,578 176,787 SH SOLE 176,787 0 0
STARWOOD PPTY TR INC COM 85571B105 2,031,530 124,025 SH SOLE 124,025 0 0
TOLL BROTHERS INC COM 889478103 247,125 1,500 SH SOLE 1,500 0 0
VICI PPTYS INC COM 925652109 8,448,210 318,200 SH SOLE 318,200 0 0
VORNADO RLTY TR SH BEN INT 929042109 2,485,725 63,250 SH SOLE 63,250 0 0