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
AMC ENTMT HLDGS INC CL A COM 00165C104 11,488 365,282 SH   SOLE   365,282 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 19,471 439,020 SH   SOLE   439,020 0 0
BROOKDALE SR LIVING INC COM 112463104 9,429 702,108 SH   SOLE   702,108 0 0
CAMDEN PPTY TR SH BEN INT 133131102 700 8,700 SH   SOLE   8,700 0 0
CARE CAP PPTYS INC COM 141624106 6,389 237,771 SH   SOLE   237,771 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 5,850 13,131 SH   SOLE   13,131 0 0
CIVEO CORP CDA COM 17878Y108 1,404 469,707 SH   SOLE   469,707 0 0
COLONY STARWOOD HOMES COM 19625X102 11,831 348,481 SH   SOLE   348,481 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 19,219 863,769 SH   SOLE   863,769 0 0
CUBESMART COM 229663109 16,441 633,308 SH   SOLE   633,308 0 0
D R HORTON INC COM 23331A109 13,627 409,092 SH   SOLE   409,092 0 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 13,089 272,008 SH   SOLE   272,008 0 0
DDR CORP COM 23317H102 1,030 82,200 SH   SOLE   82,200 0 0
DIGITAL RLTY TR INC COM 253868103 1,989 18,700 SH   SOLE   18,700 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 352 7,100 SH   SOLE   7,100 0 0
EPR PPTYS COM SH BEN INT 26884U109 250 3,400 SH   SOLE   3,400 0 0
EQUINIX INC COM PAR $0.001 29444U700 19,215 47,993 SH   SOLE   47,993 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 10,124 162,717 SH   SOLE   162,717 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 19,884 1,247,458 SH   SOLE   1,247,458 0 0
EXTRA SPACE STORAGE INC COM 30225T102 1,637 22,000 SH   SOLE   22,000 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 21,191 795,767 SH   SOLE   795,767 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 24,351 1,118,054 SH   SOLE   1,118,054 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 4,612 202,018 SH   SOLE   202,018 0 0
GGP INC COM 36174X101 13,994 603,716 SH   SOLE   603,716 0 0
GRAMERCY PPTY TR COM NEW 385002308 25,160 956,642 SH   SOLE   956,642 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 12,710 404,011 SH   SOLE   404,011 0 0
HIGHWOODS PPTYS INC COM 431284108 16,127 328,257 SH   SOLE   328,257 0 0
HOME DEPOT INC COM 437076102 10,580 72,054 SH   SOLE   72,054 0 0
HUDSON PAC PPTYS INC COM 444097109 14,294 412,632 SH   SOLE   412,632 0 0
INTERXION HOLDING N.V SHS N47279109 18,792 475,033 SH   SOLE   475,033 0 0
INVITATION HOMES INC COM 46187W107 12,128 555,552 SH   SOLE   555,552 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 34,370 250,000 SH Put SOLE   250,000 0 0
JELD-WEN HLDG INC COM 47580P103 6,332 192,754 SH   SOLE   192,754 0 0
JONES LANG LASALLE INC COM 48020Q107 5,764 51,716 SH   SOLE   51,716 0 0
KILROY RLTY CORP COM 49427F108 1,197 16,600 SH   SOLE   16,600 0 0
KIMCO RLTY CORP COM 49446R109 305 13,800 SH   SOLE   13,800 0 0
LAUREATE EDUCATION INC CL A 518613203 4,048 283,638 SH   SOLE   283,638 0 0
LIBERTY PPTY TR SH BEN INT 531172104 343 8,900 SH   SOLE   8,900 0 0
LTC PPTYS INC COM 502175102 757 15,800 SH   SOLE   15,800 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 900 69,800 SH   SOLE   69,800 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 14,251 526,834 SH   SOLE   526,834 0 0
MGM RESORTS INTERNATIONAL COM 552953101 22,833 833,329 SH   SOLE   833,329 0 0
NATIONAL HEALTH INVS INC COM 63633D104 2,019 27,800 SH   SOLE   27,800 0 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 18,447 363,635 SH   SOLE   363,635 0 0
PARKWAY INC COM 70156Q107 22,594 1,135,951 SH   SOLE   1,135,951 0 0
PENN NATL GAMING INC COM 707569109 9,494 515,142 SH   SOLE   515,142 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 1,173 77,500 SH   SOLE   77,500 0 0
PROLOGIS INC COM 74340W103 23,059 444,459 SH   SOLE   444,459 0 0
QTS RLTY TR INC COM CL A 74736A103 20,911 428,951 SH   SOLE   428,951 0 0
QUALITY CARE PPTYS INC COM 747545101 5,126 271,807 SH   SOLE   271,807 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 12,356 881,288 SH   SOLE   881,288 0 0
REGENCY CTRS CORP COM 758849103 11,930 179,703 SH   SOLE   179,703 0 0
RETAIL PPTYS AMER INC CL A 76131V202 15,294 1,060,597 SH   SOLE   1,060,597 0 0
REXFORD INDL RLTY INC COM 76169C100 423 18,800 SH   SOLE   18,800 0 0
RLJ LODGING TR COM 74965L101 414 17,600 SH   SOLE   17,600 0 0
SL GREEN RLTY CORP COM 78440X101 4,093 38,386 SH   SOLE   38,386 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 21,791 2,151,181 SH   SOLE   2,151,181 0 0
STARWOOD PPTY TR INC COM 85571B105 9,694 429,299 SH   SOLE   429,299 0 0
TOLL BROTHERS INC COM 889478103 11,051 306,036 SH   SOLE   306,036 0 0
UNITED RENTALS INC COM 911363109 5,078 40,604 SH   SOLE   40,604 0 0
URBAN EDGE PPTYS COM 91704F104 1,239 47,100 SH   SOLE   47,100 0 0
VENTAS INC COM 92276F100 319 4,900 SH   SOLE   4,900 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,134 11,300 SH   SOLE   11,300 0 0
VULCAN MATLS CO COM 929160109 11,147 92,523 SH   SOLE   92,523 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 2,942 338,513 SH   SOLE   338,513 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 435 13,900 SH   SOLE   13,900 0 0
WEYERHAEUSER CO COM 962166104 10,297 303,032 SH   SOLE   303,032 0 0
WYNN RESORTS LTD COM 983134107 16,023 139,802 SH   SOLE   139,802 0 0