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
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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 69,283 1,562,185 SH   SOLE   1,562,185 0 0
AUTOZONE INC COM 053332102 22,415 31,000 SH   SOLE   31,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 22,670 480,000 SH   SOLE   480,000 0 0
CAESARS ENTMT CORP COM 127686103 26,977 2,824,804 SH   SOLE   2,824,804 0 0
CORELOGIC INC COM 21871D103 22,604 555,109 SH   SOLE   555,109 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 314,726 5,058,277 SH   SOLE   5,058,277 0 0
ESSEX PPTY TR INC COM 297178105 109,092 471,177 SH   SOLE   471,177 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 119,589 5,490,785 SH   SOLE   5,490,785 0 0
GGP INC COM 36174X101 72,455 3,125,776 SH   SOLE   3,125,776 0 0
HYATT HOTELS CORP COM CL A 448579102 143,632 2,660,844 SH   SOLE   2,660,844 0 0
INTERXION HOLDING N.V SHS N47279109 24,309 614,494 SH   SOLE   614,494 0 0
KB HOME COM 48666K109 31,629 1,591,000 SH Put SOLE   1,591,000 0 0
LA QUINTA HLDGS INC COM 50420D108 24,630 1,821,773 SH   SOLE   1,821,773 0 0
LENNAR CORP CL A 526057104 65,861 1,286,606 SH   SOLE   1,286,606 0 0
LOWES COS INC COM 548661107 112,750 1,371,487 SH   SOLE   1,371,487 0 0
MACERICH CO COM 554382101 143,850 2,233,694 SH   SOLE   2,233,694 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 153,282 767,525 SH   SOLE   767,525 0 0
PARAMOUNT GROUP INC COM 69924R108 181,788 11,214,541 SH   SOLE   11,214,541 0 0
QUALITY CARE PPTYS INC COM 747545101 23,567 1,249,589 SH   SOLE   1,249,589 0 0
REGENCY CTRS CORP COM 758849103 70,260 1,058,295 SH   SOLE   1,058,295 0 0
RETAIL PPTYS AMER INC CL A 76131V202 140,651 9,753,899 SH   SOLE   9,753,899 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 15,448 1,525,000 SH   SOLE   1,525,000 0 0
TAUBMAN CTRS INC COM 876664103 225,973 3,422,793 SH   SOLE   3,422,793 0 0
TRI POINTE GROUP INC COM 87265H109 50,775 4,049,060 SH   SOLE   4,049,060 0 0
UDR INC COM 902653104 23,640 651,952 SH   SOLE   651,952 0 0
WELLS FARGO & CO NEW COM 949746101 60,948 1,095,000 SH   SOLE   1,095,000 0 0