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
AMERICAN HOMES 4 RENT CL A 02665T306 7,783 484,008 SH   SOLE   484,008 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,314 14,940 SH   SOLE   14,940 0 0
BOSTON PROPERTIES INC COM 101121101 5,592 47,229 SH   SOLE   47,229 0 0
CUBESMART COM 229663109 6,241 229,356 SH   SOLE   229,356 0 0
DARDEN RESTAURANTS INC COM 237194105 7,235 105,552 SH   SOLE   105,552 0 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 4,458 132,430 SH   SOLE   132,430 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,751 76,551 SH   SOLE   76,551 0 0
ESSEX PPTY TR INC COM 297178105 7,479 33,477 SH   SOLE   33,477 0 0
FELCOR LODGING TR INC COM 31430F101 3,216 454,831 SH   SOLE   454,831 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 7,508 372,957 SH   SOLE   372,957 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 11,123 428,305 SH   SOLE   428,305 0 0
GEO GROUP INC NEW COM 36162J106 11,173 375,673 SH   SOLE   375,673 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 5,712 248,977 SH   SOLE   248,977 0 0
ISTAR INC COM 45031U101 15,597 1,239,843 SH   SOLE   1,239,843 0 0
LOWES COS INC COM 548661107 3,910 56,736 SH   SOLE   56,736 0 0
MACERICH CO COM 554382101 4,542 59,129 SH   SOLE   59,129 0 0
MACYS INC COM 55616P104 2,535 49,400 SH Call SOLE   49,400 0 0
MASCO CORP COM 574599106 3,699 146,910 SH   SOLE   146,910 0 0
MGM RESORTS INTERNATIONAL COM 552953101 3,519 190,705 SH   SOLE   190,705 0 0
NEW YORK REIT INC COM 64976L109 2,237 222,400 SH   SOLE   222,400 0 0
PARKWAY PPTYS INC COM 70159Q104 5,323 342,100 SH   SOLE   342,100 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 12,329 621,725 SH   SOLE   621,725 0 0
POST PPTYS INC COM 737464107 2,534 43,472 SH   SOLE   43,472 0 0
PUBLIC STORAGE COM 74460D109 6,801 32,136 SH   SOLE   32,136 0 0
SBA COMMUNICATIONS CORP COM 78388J106 6,891 65,793 SH   SOLE   65,793 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 4,945 132,743 SH   SOLE   132,743 0 0
SL GREEN RLTY CORP COM 78440X101 7,789 72,018 SH   SOLE   72,018 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 6,229 93,694 SH   SOLE   93,694 0 0
TOPBUILD CORP COM 89055F103 8,248 266,338 SH   SOLE   266,338 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 3,021 133,500 SH   SOLE   133,500 0 0