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 275,138 6,403,024 SH   SOLE   6,403,024 0 0
ATHENE HLDG LTD CL A G0684D107 14,883 300,000 SH   SOLE   300,000 0 0
BOSTON PROPERTIES INC COM 101121101 22,759 185,000 SH   SOLE   185,000 0 0
CORELOGIC INC COM 21871D103 41,665 960,469 SH   SOLE   960,469 0 0
D R HORTON INC COM 23331A109 208,388 6,028,000 SH   SOLE   6,028,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 117,568 1,785,935 SH   SOLE   1,785,935 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 84,461 3,494,441 SH   SOLE   3,494,441 0 0
FORESTAR GROUP INC COM 346233109 11,374 663,216 SH   SOLE   663,216 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 22,266 360,000 SH   SOLE   360,000 0 0
HYATT HOTELS CORP COM CL A 448579102 149,566 2,660,844 SH   SOLE   2,660,844 0 0
ISHARES TR U.S. REAL ES ETF 464287739 55,839 700,000 SH Put SOLE   700,000 0 0
LA QUINTA HLDGS INC COM 50420D108 22,405 1,516,960 SH   SOLE   1,516,960 0 0
LIFE STORAGE INC COM 53223X107 21,977 296,589 SH   SOLE   296,589 0 0
LOWES COS INC COM 548661107 72,218 931,487 SH   SOLE   931,487 0 0
MACERICH CO COM 554382101 121,642 2,095,106 SH   SOLE   2,095,106 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 93,086 472,757 SH   SOLE   472,757 0 0
PARAMOUNT GROUP INC COM 69924R108 227,190 14,199,372 SH   SOLE   14,199,372 0 0
REGIONS FINL CORP NEW COM 7591EP100 34,984 2,389,600 SH   SOLE   2,389,600 0 0
RETAIL PPTYS AMER INC CL A 76131V202 162,167 13,281,470 SH   SOLE   13,281,470 0 0
SL GREEN RLTY CORP COM 78440X101 180,796 1,708,850 SH   SOLE   1,708,850 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 120,900 500,000 SH Put SOLE   500,000 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 55,270 7,458,874 SH   SOLE   7,458,874 0 0
TAUBMAN CTRS INC COM 876664103 206,285 3,464,064 SH   SOLE   3,464,064 0 0
VANGUARD INDEX FDS REIT ETF 922908553 41,615 500,000 SH Put SOLE   500,000 0 0
VEREIT INC COM 92339V100 156,428 19,217,191 SH   SOLE   19,217,191 0 0
WELLS FARGO CO NEW COM 949746101 85,115 1,536,100 SH   SOLE   1,536,100 0 0