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 14,765 680,102 SH   SOLE   680,102 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 7,870 253,700 SH   SOLE   253,700 0 0
CAMDEN PPTY TR SH BEN INT 133131102 6,475 70,800 SH   SOLE   70,800 0 0
CUBESMART COM 229663109 6,659 256,500 SH   SOLE   256,500 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 8,399 276,291 SH   SOLE   276,291 0 0
GGP INC COM 36174X101 9,466 455,734 SH   SOLE   455,734 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 7,160 103,092 SH   SOLE   103,092 0 0
HUDSON PAC PPTYS INC COM 444097109 14,664 437,334 SH   SOLE   437,334 0 0
HYATT HOTELS CORP COM CL A 448579102 12,074 195,401 SH   SOLE   195,401 0 0
LA QUINTA HLDGS INC COM 50420D108 15,890 907,982 SH   SOLE   907,982 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 5,615 193,500 SH   SOLE   193,500 0 0
LENNAR CORP CL A 526057104 6,588 124,778 SH   SOLE   124,778 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 10,679 353,485 SH   SOLE   353,485 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 4,499 141,000 SH   SOLE   141,000 0 0
QUALITY CARE PPTYS INC COM 747545101 4,391 283,260 SH   SOLE   283,260 0 0
RETAIL PPTYS AMER INC CL A 76131V202 12,279 935,199 SH   SOLE   935,199 0 0
REXFORD INDL RLTY INC COM 76169C100 10,024 350,238 SH   SOLE   350,238 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 7,345 50,988 SH   SOLE   50,988 0 0
STARWOOD WAYPOINT HOMES COM 85572F105 10,788 296,615 SH   SOLE   296,615 0 0
SUMMIT HOTEL PPTYS COM 866082100 1,948 121,828 SH   SOLE   121,828 0 0
SUN CMNTYS INC COM 866674104 12,605 147,112 SH   SOLE   147,112 0 0
TAUBMAN CTRS INC COM 876664103 6,327 127,300 SH   SOLE   127,300 0 0
VAIL RESORTS INC COM 91879Q109 6,328 27,740 SH   SOLE   27,740 0 0
ZAYO GROUP HLDGS INC COM 98919V105 7,168 208,256 SH   SOLE   208,256 0 0