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 TOWER CORP NEW COM 03027X100 19,880 139,342 SH   SOLE   139,342 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 23,540 538,547 SH   SOLE   538,547 0 0
ARMSTRONG WORLD INDS INC NEW COM 04247X102 10,994 181,576 SH   SOLE   181,576 0 0
BOYD GAMING CORP COM 103304101 23,143 660,282 SH   SOLE   660,282 0 0
BROOKDALE SR LIVING INC COM 112463104 1,940 200,000 SH Call SOLE   200,000 0 0
BROOKDALE SR LIVING INC COM 112463104 10,467 1,079,035 SH   SOLE   1,079,035 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 8,139 186,926 SH   SOLE   186,926 0 0
CAMDEN PPTY TR SH BEN INT 133131102 10,817 117,499 SH   SOLE   117,499 0 0
CBRE GROUP INC CL A 12504L109 2,776 64,092 SH   SOLE   64,092 0 0
CHOICE HOTELS INTL INC COM 169905106 11,898 153,325 SH   SOLE   153,325 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 28,697 1,250,406 SH   SOLE   1,250,406 0 0
D R HORTON INC COM 23331A109 21,007 411,328 SH   SOLE   411,328 0 0
ELDORADO RESORTS INC COM 28470R102 16,701 503,814 SH   SOLE   503,814 0 0
EQUINIX INC COM PAR $0.001 29444U700 25,878 57,099 SH   SOLE   57,099 0 0
EXTRA SPACE STORAGE INC COM 30225T102 7,473 85,449 SH   SOLE   85,449 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 27,237 865,482 SH   SOLE   865,482 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 18,020 747,702 SH   SOLE   747,702 0 0
GRAMERCY PPTY TR COM NEW 385002308 9,999 375,049 SH   SOLE   375,049 0 0
HCP INC COM 40414L109 21,534 825,678 SH   SOLE   825,678 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 12,040 400,795 SH   SOLE   400,795 0 0
HILTON GRAND VACATIONS INC COM 43283X105 16,351 389,766 SH   SOLE   389,766 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 23,621 295,779 SH   SOLE   295,779 0 0
HUDSON PAC PPTYS INC COM 444097109 28,548 833,521 SH   SOLE   833,521 0 0
INSTALLED BLDG PRODS INC COM 45780R101 9,264 121,970 SH   SOLE   121,970 0 0
INTERXION HOLDING N.V SHS N47279109 25,627 434,872 SH   SOLE   434,872 0 0
INVITATION HOMES INC COM 46187W107 18,904 802,048 SH   SOLE   802,048 0 0
JBG SMITH PPTYS COM 46590V100 23,686 681,990 SH   SOLE   681,990 0 0
LENNAR CORP CL A 526057104 16,879 266,911 SH   SOLE   266,911 0 0
MCDONALDS CORP COM 580135101 12,728 73,949 SH   SOLE   73,949 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 14,526 1,054,148 SH   SOLE   1,054,148 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 20,999 720,382 SH   SOLE   720,382 0 0
MGM RESORTS INTERNATIONAL COM 552953101 20,834 623,957 SH   SOLE   623,957 0 0
PENN NATL GAMING INC COM 707569109 17,410 555,686 SH   SOLE   555,686 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 7,032 591,450 SH   SOLE   591,450 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 46,728 300,000 SH Put SOLE   300,000 0 0
PROLOGIS INC COM 74340W103 17,091 264,931 SH   SOLE   264,931 0 0
QUALITY CARE PPTYS INC COM 747545101 2,990 216,497 SH   SOLE   216,497 0 0
REALTY INCOME CORP COM 756109104 12,182 213,636 SH   SOLE   213,636 0 0
REGENCY CTRS CORP COM 758849103 8,768 126,738 SH   SOLE   126,738 0 0
SCOTTS MIRACLE GRO CO CL A 810186106 1,820 17,015 SH   SOLE   17,015 0 0
STANLEY BLACK & DECKER INC COM 854502101 10,875 64,086 SH   SOLE   64,086 0 0
STARWOOD PPTY TR INC COM 85571B105 8,783 411,403 SH   SOLE   411,403 0 0
SUN CMNTYS INC COM 866674104 16,739 180,413 SH   SOLE   180,413 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 6,682 404,212 SH   SOLE   404,212 0 0
TAUBMAN CTRS INC COM 876664103 17,472 267,029 SH   SOLE   267,029 0 0
UNITED RENTALS INC COM 911363109 18,312 106,521 SH   SOLE   106,521 0 0
VORNADO RLTY TR SH BEN INT 929042109 11,165 142,807 SH   SOLE   142,807 0 0
WAL-MART STORES INC COM 931142103 9,922 100,471 SH   SOLE   100,471 0 0
WEYERHAEUSER CO COM 962166104 12,789 362,719 SH   SOLE   362,719 0 0
WYNN RESORTS LTD COM 983134107 17,483 103,699 SH   SOLE   103,699 0 0
ZAYO GROUP HLDGS INC COM 98919V105 16,510 448,645 SH   SOLE   448,645 0 0