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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERICAN HOMES 4 RENT CL A 02665T306   26,991,345 721,308 SH   SOLE   721,308 0 0
APARTMENT INVT & MGMT CO CL A 03748R747   12,446,928 1,369,299 SH   SOLE   1,369,299 0 0
BROOKDALE SR LIVING INC COM 112463104   7,373,668 1,465,938 SH   SOLE   1,465,938 0 0
CAMDEN PPTY TR SH BEN INT 133131102   25,236,843 217,484 SH   SOLE   217,484 0 0
CHATHAM LODGING TR COM 16208T102   805,500 90,000 SH   SOLE   90,000 0 0
CHURCHILL DOWNS INC COM 171484108   13,317,009 99,723 SH   SOLE   99,723 0 0
COSTAR GROUP INC COM 22160N109   2,700,303 37,719 SH   SOLE   37,719 0 0
COUSINS PPTYS INC COM NEW 222795502   11,997,061 391,549 SH   SOLE   391,549 0 0
DOUGLAS EMMETT INC COM 25960P109   3,542,881 190,888 SH   SOLE   190,888 0 0
ESSEX PPTY TR INC COM 297178105   25,240,603 88,427 SH   SOLE   88,427 0 0
FIRST INDL RLTY TR INC COM 32054K103   16,478,282 328,711 SH   SOLE   328,711 0 0
HYATT HOTELS CORP COM CL A 448579102   11,772,244 74,992 SH   SOLE   74,992 0 0
KILROY RLTY CORP COM 49427F108   24,911,820 615,867 SH   SOLE   615,867 0 0
PARK HOTELS & RESORTS INC COM 700517105   21,341,826 1,516,832 SH   SOLE   1,516,832 0 0
PEBBLEBROOK HOTEL TR COM 70509V100   13,075,425 964,976 SH   SOLE   964,976 0 0
PROLOGIS INC. COM 74340W103   10,915,745 103,271 SH   SOLE   103,271 0 0
VENTAS INC COM 92276F100   10,896,534 185,032 SH   SOLE   185,032 0 0
VICI PPTYS INC COM 925652109   8,315,941 284,695 SH   SOLE   284,695 0 0