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
APARTMENT INVT & MGMT CO CL A 03748R101 14,588 317,750 SH   SOLE   317,750 0 0
BOYD GAMING CORP COM 103304101 9,342 472,297 SH   SOLE   472,297 0 0
BOYD GAMING CORP COM 103304101 9,890 500,000 SH Call SOLE   500,000 0 0
COLONY STARWOOD HOMES COM 19625X102 10,834 377,500 SH   SOLE   377,500 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 17,806 189,000 SH   SOLE   189,000 0 0
CYRUSONE INC COM 23283R100 11,598 243,810 SH   SOLE   243,810 0 0
DICKS SPORTING GOODS INC COM 253393102 7,624 134,423 SH   SOLE   134,423 0 0
EQUINIX INC COM PAR $0.001 29444U700 26,100 72,450 SH   SOLE   72,450 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 7,747 100,376 SH   SOLE   100,376 0 0
EQUITY ONE COM 294752100 26,259 857,850 SH   SOLE   857,850 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 29,891 464,650 SH   SOLE   464,650 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 13,738 89,250 SH   SOLE   89,250 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 25,252 894,829 SH   SOLE   894,829 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 26,457 1,240,350 SH   SOLE   1,240,350 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 17,388 630,000 SH   SOLE   630,000 0 0
GRAMERCY PPTY TR COM 385002100 23,007 2,386,670 SH   SOLE   2,386,670 0 0
HOME DEPOT INC COM 437076102 4,285 33,303 SH   SOLE   33,303 0 0
HUDSON PAC PPTYS INC COM 444097109 13,344 405,972 SH   SOLE   405,972 0 0
INTERNATIONAL GAME TECHNOLOG SHS USD G4863A108 28,051 1,150,571 SH   SOLE   1,150,571 0 0
INTERXION HOLDING N.V SHS N47279109 10,573 291,900 SH   SOLE   291,900 0 0
ISHARES TR U.S. REAL ES ETF 464287739 40,320 500,000 SH Call SOLE   500,000 0 0
JONES LANG LASALLE INC COM 48020Q107 18,556 163,070 SH   SOLE   163,070 0 0
KILROY RLTY CORP COM 49427F108 29,586 426,615 SH   SOLE   426,615 0 0
LIBERTY PPTY TR SH BEN INT 531172104 14,617 362,250 SH   SOLE   362,250 0 0
LIFE STORAGE INC COM 53223X107 7,160 80,500 SH   SOLE   80,500 0 0
MARRIOTT INTL INC NEW CL A 571903202 11,715 174,000 SH   SOLE   174,000 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 4,726 320,000 SH   SOLE   320,000 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 23,849 914,804 SH   SOLE   914,804 0 0
MGM RESORTS INTERNATIONAL COM 552953101 27,618 1,061,000 SH   SOLE   1,061,000 0 0
MUELLER WTR PRODS INC COM SER A 624758108 2,071 165,000 SH   SOLE   165,000 0 0
PHYSICIANS RLTY TR COM 71943U104 9,899 459,581 SH   SOLE   459,581 0 0
PRICELINE GRP INC COM NEW 741503403 5,812 3,950 SH   SOLE   3,950 0 0
RETAIL PPTYS AMER INC CL A 76131V202 33,403 1,988,250 SH   SOLE   1,988,250 0 0
SL GREEN RLTY CORP COM 78440X101 5,124 47,402 SH   SOLE   47,402 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 24,704 1,853,250 SH   SOLE   1,853,250 0 0
STARWOOD PPTY TR INC COM 85571B105 24,237 1,076,250 SH   SOLE   1,076,250 0 0
TOLL BROTHERS INC COM 889478103 9,552 319,900 SH   SOLE   319,900 0 0
TRI POINTE GROUP INC COM 87265H109 3,223 244,549 SH   SOLE   244,549 0 0
VAIL RESORTS INC COM 91879Q109 16,488 105,100 SH   SOLE   105,100 0 0
VORNADO RLTY TR SH BEN INT 929042109 21,888 216,263 SH   SOLE   216,263 0 0
VULCAN MATLS CO COM 929160109 9,098 80,000 SH   SOLE   80,000 0 0
WAL-MART STORES INC COM 931142103 4,688 65,000 SH   SOLE   65,000 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 14,427 1,165,308 SH   SOLE   1,165,308 0 0