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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 17,871 161,700 SH   SOLE 161,700 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 11,062 481,800 SH   SOLE 481,800 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 12,985 292,775 SH   SOLE 292,775 0 0
BROOKDALE SR LIVING INC COM 112463104 6,715 500,000 SH   SOLE 500,000 0 0
BROOKDALE SR LIVING INC COM 112463104 1,343 100,000 SH Call SOLE 100,000 0 0
BROOKDALE SR LIVING INC COM 112463104 3,828 285,000 SH Put SOLE 285,000 0 0
CALATLANTIC GROUP INC COM 128195104 5,367 143,300 SH   SOLE 143,300 0 0
CYRUSONE INC COM 23283R100 5,736 111,452 SH   SOLE 111,452 0 0
DDR CORP COM 23317H102 6,143 490,272 SH   SOLE 490,272 0 0
DUKE REALTY CORP COM NEW 264411505 7,658 291,516 SH   SOLE 291,516 0 0
EQUINIX INC COM PAR $0.001 29444U700 3,715 9,280 SH   SOLE 9,280 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 11,626 509,250 SH   SOLE 509,250 0 0
GGP INC COM 36174X101 13,224 570,472 SH   SOLE 570,472 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 3,566 61,000 SH   SOLE 61,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 15,810 115,000 SH Put SOLE 115,000 0 0
ISTAR INC COM 45031U101 4,609 390,565 SH   SOLE 390,565 0 0
KILROY RLTY CORP COM 49427F108 13,125 182,096 SH   SOLE 182,096 0 0
LOWES COS INC COM 548661107 8,513 103,550 SH   SOLE 103,550 0 0
MACERICH CO COM 554382101 10,127 157,251 SH   SOLE 157,251 0 0
MARRIOTT INTL INC NEW CL A 571903202 7,188 76,325 SH   SOLE 76,325 0 0
MGM RESORTS INTERNATIONAL COM 552953101 4,055 148,000 SH   SOLE 148,000 0 0
MID AMER APT CMNTYS INC COM 59522J103 13,450 132,200 SH   SOLE 132,200 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 3,599 109,100 SH   SOLE 109,100 0 0
RETAIL PPTYS AMER INC CL A 76131V202 4,456 309,000 SH   SOLE 309,000 0 0
SL GREEN RLTY CORP COM 78440X101 13,599 127,545 SH   SOLE 127,545 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 4,715 20,000 SH Put SOLE 20,000 0 0
STAG INDL INC COM 85254J102 5,016 200,467 SH   SOLE 200,467 0 0
STORE CAP CORP COM 862121100 7,522 315,000 SH   SOLE 315,000 0 0
SUN CMNTYS INC COM 866674104 16,791 209,020 SH   SOLE 209,020 0 0
TOLL BROTHERS INC COM 889478103 7,083 196,150 SH   SOLE 196,150 0 0
VULCAN MATLS CO COM 929160109 3,602 29,900 SH   SOLE 29,900 0 0