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
Expires: July 31, 2015
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
ALEXANDERS INC COM 014752109 276 1,000 SH DFND 1,000 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 6,306 200,000 SH DFND 200,000 0 0
BXP INC COM 101121101 17,778 268,110 SH DFND 268,110 0 0
CHATHAM LODGING TR COM 16208T102 7,872 595,000 SH DFND 595,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 48,504 3,982,284 SH DFND 3,982,284 0 0
DIVERSIFIED HEALTHCARE TR COM SH BEN INT 25525P107 119,202 12,817,366 SH DFND 12,817,366 0 0
HOST HOTELS & RESORTS INC COM 44107P104 13,895 586,032 SH DFND 586,032 0 0
HOWARD HUGHES HOLDINGS COM 44267T102 10,028 140,268 SH DFND 140,268 0 0
KIMCO RLTY CORP COM 49446R109 7,605 300,000 SH DFND 300,000 0 0
KITE RLTY GROUP TR COM 49803T300 15,893 560,000 SH DFND 560,000 0 0
PARK HOTELS & RESORTS INC COM 700517105 45,069 3,162,710 SH DFND 3,162,710 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 49 2,000 SH DFND 2,000 0 0
RLJ LODGING TR COM 74965L101 113,561 9,583,184 SH DFND 9,583,184 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 17,559 900,000 SH DFND 900,000 0 0
SUMMIT HOTEL PROPERTIES INC COM 866082100 63,978 9,126,700 SH DFND 9,126,700 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 38,774 3,386,394 SH DFND 3,386,394 0 0