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

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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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 39,832 330,637 SH   SOLE   330,637 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 18,358 427,218 SH   SOLE   427,218 0 0
COLONY STARWOOD HOMES COM 19625X102 13,178 384,100 SH   SOLE   384,100 0 0
DOUGLAS EMMETT INC COM 25960P109 2,487 65,100 SH   SOLE   65,100 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 48,333 1,999,691 SH   SOLE   1,999,691 0 0
HCP INC COM 40414L109 6,224 194,750 SH   SOLE   194,750 0 0
MACERICH CO COM 554382101 61,934 1,066,720 SH   SOLE   1,066,720 0 0
RETAIL PPTYS AMER INC CL A 76131V202 38,009 3,112,956 SH   SOLE   3,112,956 0 0
SAFETY INCOME & GROWTH INC COM 78649D104 8,139 425,000 SH   SOLE   425,000 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 71,452 9,642,585 SH   SOLE   9,642,585 0 0
SUN CMNTYS INC COM 866674104 29,391 335,164 SH   SOLE   335,164 0 0
VORNADO RLTY TR SH BEN INT 929042109 64,631 688,295 SH   SOLE   688,295 0 0
WELLTOWER INC COM 95040Q104 6,235 83,300 SH   SOLE   83,300 0 0