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 28,092 611,900 SH   SOLE   611,900 0 0
CIM COML TR CORP COM 125525105 805 52,379 SH   SOLE   52,379 0 0
CUBESMART COM 229663109 14,630 536,700 SH   SOLE   536,700 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 11,252 73,100 SH   SOLE   73,100 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 95,388 4,124,007 SH   SOLE   4,124,007 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 31,477 1,475,699 SH   SOLE   1,475,699 0 0
KIMCO RLTY CORP COM 49446R109 11,209 387,200 SH   SOLE   387,200 0 0
NMI HLDGS INC CL A 629209305 5,424 711,769 SH   SOLE   711,769 0 0
REGENCY CTRS CORP COM 758849103 11,283 145,600 SH   SOLE   145,600 0 0
RETAIL PPTYS AMER INC CL A 76131V202 70,527 4,198,047 SH   SOLE   4,198,047 0 0
SL GREEN RLTY CORP COM 78440X101 16,150 149,400 SH   SOLE   149,400 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 27,850 2,089,250 SH   SOLE   2,089,250 0 0
SUN CMNTYS INC COM 866674104 18,700 238,275 SH   SOLE   238,275 0 0
VORNADO RLTY TR SH BEN INT 929042109 72,262 713,985 SH   SOLE   713,985 0 0