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 4,991 340,000 SH   SOLE   340,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 26,658 260,411 SH   SOLE   260,411 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 10,937 407,194 SH   SOLE   407,194 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 18,684 1,331,700 SH   SOLE   1,331,700 0 0
CALATLANTIC GROUP INC COM 128195104 15,918 476,300 SH   SOLE   476,300 0 0
CUBESMART COM 229663109 21,142 634,901 SH   SOLE   634,901 0 0
D R HORTON INC COM 23331A109 15,752 521,058 SH   SOLE   521,058 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 11,198 1,106,500 SH   SOLE   1,106,500 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 18,646 660,754 SH   SOLE   660,754 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 19,366 124,100 SH   SOLE   124,100 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 29,150 980,500 SH   SOLE   980,500 0 0
HOME DEPOT INC COM 437076102 14,710 110,247 SH   SOLE   110,247 0 0
HUDSON PAC PPTYS INC COM 444097109 18,042 623,866 SH   SOLE   623,866 0 0
HYATT HOTELS CORP COM CL A 448579102 13,976 282,400 SH   SOLE   282,400 0 0
INTERXION HOLDING N.V SHS N47279109 8,904 257,490 SH   SOLE   257,490 0 0
LOWES COS INC COM 548661107 15,350 202,639 SH   SOLE   202,639 0 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 19,582 354,174 SH   SOLE   354,174 0 0
SBA COMMUNICATIONS CORP COM 78388J106 17,703 176,731 SH   SOLE   176,731 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 17,774 1,579,924 SH   SOLE   1,579,924 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 18,098 216,920 SH   SOLE   216,920 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 17,315 1,236,800 SH   SOLE   1,236,800 0 0
TAUBMAN CTRS INC COM 876664103 8,898 124,913 SH   SOLE   124,913 0 0
TWO HBRS INVT CORP COM 90187B101 9,518 1,198,700 SH   SOLE   1,198,700 0 0
VAIL RESORTS INC COM 91879Q109 18,685 139,753 SH   SOLE   139,753 0 0
WELLTOWER INC COM 95040Q104 17,730 255,700 SH   SOLE   255,700 0 0