GEM Realty Capital 13F-HR Quarterly holdings report by institutional manager

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
AGREE REALTY CORP	COM	008492100	7,860	123,500	SH		SOLE		123,500	0	0
AMERICAN HOMES 4 RENT	CL A	02665T306	9,846	345,707	SH		SOLE		345,707	0	0
AMERICAN TOWER CORP NEW	COM	03027X100	6,569	27,175	SH		SOLE		27,175	0	0
AMERICOLD RLTY TR	COM	03064D108	5,718	159,939	SH		SOLE		159,939	0	0
APARTMENT INVT & MGMT CO	CL A	03748R754	3,945	117,000	SH		SOLE		117,000	0	0
BLACKSTONE MTG TR INC	NOTE 4.375% 5/0	09257WAB6	2,100	2,181,000	PRN		SOLE		2,181,000	0	0
CARNIVAL CORP	UNIT 99/99/9999	143658300	7,696	507,000	SH		SOLE		507,000	0	0
COLONY CAP INC NEW	CL A COM	19626G108	13,512	4,949,600	SH		SOLE		4,949,600	0	0
ENSIGN GROUP INC	COM	29358P101	6,374	111,713	SH		SOLE		111,713	0	0
HILTON WORLDWIDE HLDGS INC	COM	43300A203	3,541	41,500	SH		SOLE		41,500	0	0
HYATT HOTELS CORP	COM CL A	448579102	4,160	77,942	SH		SOLE		77,942	0	0
KB HOME	COM	48666K109	4,434	115,500	SH		SOLE		115,500	0	0
KILROY RLTY CORP	COM	49427F108	16,564	318,778	SH		SOLE		318,778	0	0
LIFE STORAGE INC	COM	53223X107	11,474	109,000	SH		SOLE		109,000	0	0
NATIONAL STORAGE AFFILIATES	COM SHS BEN IN	637870106	8,142	248,900	SH		SOLE		248,900	0	0
NEXPOINT REAL ESTATE FIN INC	COM	65342V101	3,670	250,000	SH		SOLE		250,000	0	0
PULTE GROUP INC	COM	745867101	7,397	159,800	SH		SOLE		159,800	0	0
REXFORD INDL RLTY INC	COM	76169C100	9,729	212,608	SH		SOLE		212,608	0	0
SAFEHOLD INC	COM	78645L100	7,473	120,335	SH		SOLE		120,335	0	0
SIMON PPTY GROUP INC NEW	COM	828806109	5,998	92,740	SH		SOLE		92,740	0	0
SPIRIT RLTY CAP INC NEW	COM NEW	84860W300	7,358	218,000	SH		SOLE		218,000	0	0
TAYLOR MORRISON HOME CORP	COM	87724P106	2,887	117,400	SH		SOLE		117,400	0	0
VENTAS INC	COM	92276F100	6,599	157,274	SH		SOLE		157,274	0	0
WEINGARTEN RLTY INVS	SH BEN INT	948741103	15,238	898,445	SH		SOLE		898,445	0	0
WEYERHAEUSER CO MTN BE	COM NEW	962166104	8,456	296,500	SH		SOLE		296,500	0	0
WYNDHAM HOTELS & RESORTS INC	COM	98311A105	7,947	157,363	SH		SOLE		157,363	0	0