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 1,844 16,235 SH   SOLE   16,235 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 11,680 264,500 SH   SOLE   264,500 0 0
BMC STK HLDGS INC COM 05591B109 668 37,500 SH   SOLE   37,500 0 0
BOSTON PROPERTIES INC COM 101121101 4,617 35,000 SH   SOLE   35,000 0 0
CBRE GROUP INC CL A 12504L109 1,324 50,000 SH   SOLE   50,000 0 0
COMMUNICATIONS SALES&LEAS IN COM 20341J104 3,974 137,500 SH   SOLE   137,500 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 2,860 28,200 SH   SOLE   28,200 0 0
CUBESMART COM 229663109 2,602 84,251 SH   SOLE   84,251 0 0
DUKE REALTY CORP COM NEW 264411505 2,666 100,000 SH   SOLE   100,000 0 0
EQUINIX INC COM PAR $0.001 29444U700 1,822 4,700 SH   SOLE   4,700 0 0
EQUITY ONE COM 294752100 5,420 168,425 SH   SOLE   168,425 0 0
EXTRA SPACE STORAGE INC COM 30225T102 2,822 30,500 SH   SOLE   30,500 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 9,709 471,523 SH   SOLE   471,523 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 3,276 95,000 SH   SOLE   95,000 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 9,586 321,468 SH   SOLE   321,468 0 0
GEO GROUP INC NEW COM 36162J106 11,581 338,829 SH   SOLE   338,829 0 0
GMS INC COM 36251C103 4,007 180,100 SH   SOLE   180,100 0 0
ISTAR INC COM 45031U101 11,221 1,170,039 SH   SOLE   1,170,039 0 0
JONES LANG LASALLE INC COM 48020Q107 1,267 13,000 SH   SOLE   13,000 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 4,563 193,506 SH   SOLE   193,506 0 0
LENNAR CORP CL A 526057104 2,674 58,000 SH   SOLE   58,000 0 0
LIBERTY PPTY TR SH BEN INT 531172104 3,575 90,000 SH   SOLE   90,000 0 0
MASCO CORP COM 574599106 2,743 88,650 SH   SOLE   88,650 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 8,120 390,000 SH   SOLE   390,000 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 2,585 120,523 SH   SOLE   120,523 0 0
PHYSICIANS RLTY TR COM 71943U104 4,937 235,000 SH   SOLE   235,000 0 0
RED ROCK RESORTS INC CL A 75700L108 1,594 72,500 SH   SOLE   72,500 0 0
REXFORD INDL RLTY INC COM 76169C100 5,332 252,829 SH   SOLE   252,829 0 0
RUBY TUESDAY INC COM 781182100 1,083 300,000 SH   SOLE   300,000 0 0
SBA COMMUNICATIONS CORP COM 78388J106 1,859 17,220 SH   SOLE   17,220 0 0
SL GREEN RLTY CORP COM 78440X101 4,716 44,295 SH   SOLE   44,295 0 0
SOVRAN SELF STORAGE INC COM 84610H108 2,728 26,000 SH   SOLE   26,000 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 8,991 704,060 SH   SOLE   704,060 0 0
STAG INDL INC COM 85254J102 4,107 172,500 SH   SOLE   172,500 0 0
STORE CAP CORP COM 862121100 8,982 305,000 SH   SOLE   305,000 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 1,811 150,000 SH   SOLE   150,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 3,687 36,830 SH   SOLE   36,830 0 0
WP GLIMCHER IN COM 92939N102 4,424 395,395 SH   SOLE   395,395 0 0