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 3,875 179,048 SH   SOLE 179,048 0 0
AMERICAN TOWER CORP NEW COM 03027X100 2,656 23,435 SH   SOLE 23,435 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 10,054 219,000 SH   SOLE 219,000 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 3,102 167,600 SH   SOLE 167,600 0 0
BMC STK HLDGS INC COM 05591B109 1,773 100,000 SH   SOLE 100,000 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 5,419 195,000 SH   SOLE 195,000 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 4,056 43,050 SH   SOLE 43,050 0 0
CUBESMART COM 229663109 8,895 326,316 SH   SOLE 326,316 0 0
DUKE REALTY CORP COM NEW 264411505 2,719 99,500 SH   SOLE 99,500 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 2,674 88,500 SH   SOLE 88,500 0 0
EQUITY ONE COM 294752100 5,309 173,425 SH   SOLE 173,425 0 0
ESSEX PPTY TR INC COM 297178105 4,521 20,300 SH   SOLE 20,300 0 0
FELCOR LODGING TR INC COM 31430F101 2,251 350,000 SH   SOLE 350,000 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 12,189 571,439 SH   SOLE 571,439 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 9,425 341,468 SH   SOLE 341,468 0 0
GMS INC COM 36251C103 2,527 113,691 SH   SOLE 113,691 0 0
HUDSON PAC PPTYS INC COM 444097109 3,649 111,000 SH   SOLE 111,000 0 0
ISTAR INC COM 45031U101 9,058 844,196 SH   SOLE 844,196 0 0
JONES LANG LASALLE INC COM 48020Q107 3,243 28,500 SH   SOLE 28,500 0 0
KILROY RLTY CORP COM 49427F108 5,340 77,000 SH   SOLE 77,000 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 2,148 90,000 SH   SOLE 90,000 0 0
LENNAR CORP CL A 526057104 8,481 200,300 SH   SOLE 200,300 0 0
LOWES COS INC COM 548661107 2,708 37,500 SH   SOLE 37,500 0 0
PARAMOUNT GROUP INC COM 69924R108 6,022 367,400 SH   SOLE 367,400 0 0
REXFORD INDL RLTY INC COM 76169C100 7,177 313,529 SH   SOLE 313,529 0 0
SBA COMMUNICATIONS CORP COM 78388J106 2,692 24,000 SH   SOLE 24,000 0 0
SL GREEN RLTY CORP COM 78440X101 6,140 56,795 SH   SOLE 56,795 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 11,237 842,960 SH   SOLE 842,960 0 0
STAG INDL INC COM 85254J102 7,784 317,600 SH   SOLE 317,600 0 0
SUN CMNTYS INC COM 866674104 17,619 224,500 SH   SOLE 224,500 0 0
TOPBUILD CORP COM 89055F103 1,826 55,000 SH   SOLE 55,000 0 0
VULCAN MATLS CO COM 929160109 3,668 32,250 SH   SOLE 32,250 0 0