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
Acadia Realty Trust COM SH BEN INT 004239109 12,193 445,491 SH   SOLE   445,491 0 0
Alexandria Real Estate Equities, Inc. COM 015271109 23,985 170,000 SH   SOLE   170,000 0 0
Brixmor Property Group, Inc. COM 11120U105 37,683 2,107,549 SH   SOLE   2,107,549 0 0
Blackstone Mortgage Trust, Inc. Class A COM CL A 09257W100 11,796 331,546 SH   SOLE   331,546 0 0
Chatham Lodging Trust COM 16208T102 2,781 147,385 SH   SOLE   147,385 0 0
Colony Capital, Inc. Class A CL A COM 19626G108 46,340 9,268,077 SH   SOLE   9,268,077 0 0
Americold Realty Trust COM 03064D108 34,593 1,067,013 SH   SOLE   1,067,013 0 0
CatchMark Timber Trust, Inc. Class A CL A 14912Y202 22,571 2,159,882 SH   SOLE   2,159,882 0 0
Cushman & Wakefield Plc SHS G2717B108 3,123 174,692 SH   SOLE   174,692 0 0
CoreCivic, Inc. COM 21871N101 13,570 653,650 SH   SOLE   653,650 0 0
Physicians Realty Trust COM 71943U104 16,572 950,202 SH   SOLE   950,202 0 0
Ellington Financial Inc. COM 28852N109 16,745 931,808 SH   SOLE   931,808 0 0
Equity LifeStyle Properties, Inc. COM 29472R108 16,184 133,380 SH   SOLE   133,380 0 0
Equinix, Inc. COM 29444U700 10,006 19,841 SH   SOLE   19,841 0 0
GEO Group Inc COM 36162J106 12,589 599,199 SH   SOLE   599,199 0 0
Granite Point Mortgage Trust Inc. COM 38741L107 5,407 281,783 SH   SOLE   281,783 0 0
Jernigan Capital, Inc. COM 476405105 20,599 1,004,832 SH   SOLE   1,004,832 0 0
Kennedy-Wilson Holdings, Inc. COM 489398107 26,192 1,273,328 SH   SOLE   1,273,328 0 0
National Storage Affiliates Trust COM SHS BEN IN 637870106 9,954 343,959 SH   SOLE   343,959 0 0
Realty Income Corporation COM 756109104 2,638 38,245 SH   SOLE   38,245 0 0
Corporate Office Properties Trust SH BEN INT 22002T108 12,533 475,284 SH   SOLE   475,284 0 0
QTS Realty Trust, Inc. Class A COM CL A 74736A103 17,875 387,066 SH   SOLE   387,066 0 0
New Senior Investment Group Inc COM 648691103 3,848 572,576 SH   SOLE   572,576 0 0
VICI Properties Inc COM 925652109 6,612 300,000 SH   SOLE   300,000 0 0
Wyndham Destinations, Inc. COM 98310W108 13,427 305,854 SH   SOLE   305,854 0 0