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 CAP MTG INVT CORP COM 02504A104 7,724 489,200 SH   SOLE   489,200 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 12,823 626,141 SH   SOLE   626,141 0 0
AMERICAN TOWER CORP NEW COM 03027X100 20,156 177,411 SH   SOLE   177,411 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 4,793 173,226 SH   SOLE   173,226 0 0
CALATLANTIC GROUP INC COM 128195104 11,079 301,800 SH   SOLE   301,800 0 0
CUBESMART COM 229663109 17,376 562,687 SH   SOLE   562,687 0 0
CYRUSONE INC COM 23283R100 28,832 518,000 SH   SOLE   518,000 0 0
D R HORTON INC COM 23331A109 16,803 533,758 SH   SOLE   533,758 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 19,723 677,054 SH   SOLE   677,054 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 16,555 100,000 SH   SOLE   100,000 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 30,076 1,008,600 SH   SOLE   1,008,600 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 17,905 794,700 SH   SOLE   794,700 0 0
HUDSON PAC PPTYS INC COM 444097109 20,927 717,166 SH   SOLE   717,166 0 0
HYATT HOTELS CORP COM CL A 448579102 14,221 289,400 SH   SOLE   289,400 0 0
INTERXION HOLDING N.V SHS N47279109 18,764 508,790 SH   SOLE   508,790 0 0
LOWES COS INC COM 548661107 11,823 149,339 SH   SOLE   149,339 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 9,754 188,600 SH   SOLE   188,600 0 0
REALTY INCOME CORP COM 756109104 7,317 105,500 SH   SOLE   105,500 0 0
REXFORD INDL RLTY INC COM 76169C100 18,655 884,563 SH   SOLE   884,563 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 7,910 117,800 SH   SOLE   117,800 0 0
SBA COMMUNICATIONS CORP COM 78388J106 13,528 125,331 SH   SOLE   125,331 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 10,594 877,700 SH   SOLE   877,700 0 0
TRI POINTE GROUP INC COM 87265H109 11,398 964,300 SH   SOLE   964,300 0 0
VORNADO RLTY TR SH BEN INT 929042109 9,441 94,300 SH   SOLE   94,300 0 0