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

OMB APPROVAL

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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 CAMPUS CMNTYS INC	COM	024835100	2,045	35,700	SH		SOLE		35,700	0	0
AMERICAN TOWER CORP NEW	COM	03027X100	27,282	93,272	SH		SOLE		93,272	0	0
BOSTON PROPERTIES INC	COM	101121101	6,114	53,087	SH		SOLE		53,087	0	0
CUSHMAN WAKEFIELD PLC	SHS	G2717B108	14,989	674,000	SH		SOLE		674,000	0	0
DIGITAL RLTY TR INC	COM	253868103	19,588	110,750	SH		SOLE		110,750	0	0
DIGITALBRIDGE GROUP INC	CL A COM	25401T108	2,474	297,000	SH		SOLE		297,000	0	0
DUKE REALTY CORP	COM NEW	264411505	2,363	36,000	SH		SOLE		36,000	0	0
EQUITY RESIDENTIAL	SH BEN INT	29476L107	1,955	21,600	SH		SOLE		21,600	0	0
ESSENTIAL PPTYS RLTY TR INC	COM	29670E107	6,337	219,814	SH		SOLE		219,814	0	0
ESSEX PPTY TR INC	COM	297178105	1,458	4,140	SH		SOLE		4,140	0	0
GAMING & LEISURE PPTYS INC	COM	36467J108	13,396	275,300	SH		SOLE		275,300	0	0
INDEPENDENCE RLTY TR INC	COM	45378A106	15,640	605,487	SH		SOLE		605,487	0	0
INVITATION HOMES INC	COM	46187W107	12,584	277,571	SH		SOLE		277,571	0	0
JONES LANG LASALLE INC	COM	48020Q107	13,944	51,770	SH		SOLE		51,770	0	0
KIMCO RLTY CORP	COM	49446R109	19,654	797,311	SH		SOLE		797,311	0	0
KITE RLTY GROUP TR	COM NEW	49803T300	24,253	1,113,564	SH		SOLE		1,113,564	0	0
LIFE STORAGE INC	COM	53223X107	10,968	71,602	SH		SOLE		71,602	0	0
MERITAGE HOMES CORP	COM	59001A102	2,197	18,000	SH		SOLE		18,000	0	0
NATIONAL STORAGE AFFILIATES	COM SHS BEN IN	637870106	20,142	291,063	SH		SOLE		291,063	0	0
PARK HOTELS & RESORTS INC	COM	700517105	8,268	437,950	SH		SOLE		437,950	0	0
PULTE GROUP INC	COM	745867101	2,172	38,000	SH		SOLE		38,000	0	0
RADIUS GLOBAL INFRASTRCTRE I	COM CL A	750481103	10,090	626,706	SH		SOLE		626,706	0	0
REXFORD INDL RLTY INC	COM	76169C100	21,576	265,998	SH		SOLE		265,998	0	0
RYMAN HOSPITALITY PPTYS INC	COM	78377T107	1,931	21,000	SH		SOLE		21,000	0	0
SAFEHOLD INC	COM	78645L100	10,199	127,726	SH		SOLE		127,726	0	0
SBA COMMUNICATIONS CORP NEW	CL A	78410G104	2,101	5,400	SH		SOLE		5,400	0	0
SIMON PPTY GROUP INC NEW	COM	828806109	11,626	72,766	SH		SOLE		72,766	0	0
SUN CMNTYS INC	COM	866674104	11,447	54,519	SH		SOLE		54,519	0	0
TERRENO RLTY CORP	COM	88146M101	2,568	30,110	SH		SOLE		30,110	0	0
TRAVEL PLUS LEISURE CO	COM	894164102	27,265	493,306	SH		SOLE		493,306	0	0
TRICON RESIDENTIAL INC	COM NPV	89612W102	12,541	820,752	SH		SOLE		820,752	0	0
VENTAS INC	COM	92276F100	12,632	247,100	SH		SOLE		247,100	0	0
WALKER & DUNLOP INC	COM	93148P102	11,904	78,904	SH		SOLE		78,904	0	0
WEST FRASER TIMBER CO LTD	COM	952845105	21,927	229,944	SH		SOLE		229,944	0	0
WEWORK INC	CL A	96209A104	6,989	812,555	SH		SOLE		812,555	0	0
WYNDHAM HOTELS & RESORTS INC	COM	98311A105	10,204	113,820	SH		SOLE		113,820	0	0
XENIA HOTELS & RESORTS INC	COM	984017103	10,914	602,600	SH		SOLE		602,600	0	0