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
ASHFORD HOSPITALITY TR INC COM SHS 044103109 9,238 1,092,000 SH   SOLE   1,092,000 0 0
AVALONBAY CMNTYS INC COM 053484101 38,944 243,600 SH   SOLE   243,600 0 0
CBL & ASSOC PPTYS INC COM 124830100 31,222 1,927,300 SH   SOLE   1,927,300 0 0
COLONY CAP INC CL A 19624R106 20,007 883,295 SH   SOLE   883,295 0 0
CUBESMART COM 229663109 31,322 1,352,400 SH   SOLE   1,352,400 0 0
D R HORTON INC COM 23331A109 47,615 1,740,300 SH   SOLE   1,740,300 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 26,681 1,039,400 SH   SOLE   1,039,400 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 31,982 1,707,547 SH   SOLE   1,707,547 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 16,148 629,300 SH   SOLE   629,300 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 69,639 2,716,024 SH   SOLE   2,716,024 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 51,378 1,864,900 SH   SOLE   1,864,900 0 0
HOWARD HUGHES CORP COM 44267D107 33,402 232,700 SH   SOLE   232,700 0 0
HUDSON PAC PPTYS INC COM 444097109 38,336 1,351,279 SH   SOLE   1,351,279 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 44,987 360,300 SH Put SOLE   360,300 0 0
ISHARES TR U.S. REAL ES ETF 464287739 65,860 923,700 SH Put SOLE   923,700 0 0
ISTAR FINL INC COM 45031U101 39,743 2,983,686 SH   SOLE   2,983,686 0 0
LOWES COS INC COM 548661107 15,577 232,600 SH   SOLE   232,600 0 0
MACYS INC COM 55616P104 37,115 550,100 SH   SOLE   550,100 0 0
PROLOGIS INC COM 74340W103 25,180 678,700 SH   SOLE   678,700 0 0
REALOGY HLDGS CORP COM 75605Y106 25,752 551,200 SH   SOLE   551,200 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 41,627 529,000 SH   SOLE   529,000 0 0
SBA COMMUNICATIONS CORP COM 78388J106 55,237 480,450 SH   SOLE   480,450 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 40,765 4,215,600 SH   SOLE   4,215,600 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 53,706 662,307 SH   SOLE   662,307 0 0
TAUBMAN CTRS INC COM 876664103 33,930 488,200 SH   SOLE   488,200 0 0
VAIL RESORTS INC COM 91879Q109 28,709 262,903 SH   SOLE   262,903 0 0