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
AMERICAN CAP LTD COM 02503Y103 14,516 952,500 SH Call SOLE   952,500 0 0
CHATHAM LODGING TR COM 16208T102 25,503 1,190,047 SH   SOLE   1,190,047 0 0
CIM COML TR CORP COM 125525105 3,225 178,583 SH   SOLE   178,583 0 0
COLONY CAP INC CL A 19624R106 37,291 2,223,696 SH   SOLE   2,223,696 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 17,499 666,875 SH   SOLE   666,875 0 0
EASTERLY GOVT PPTYS INC COM 27616P103 5,976 322,703 SH   SOLE   322,703 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 55,550 2,633,957 SH   SOLE   2,633,957 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 41,276 2,299,474 SH   SOLE   2,299,474 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 14,998 666,000 SH   SOLE   666,000 0 0
LA QUINTA HLDGS INC COM 50420D108 10,788 863,077 SH   SOLE   863,077 0 0
NMI HLDGS INC CL A 629209305 9,053 1,792,600 SH   SOLE   1,792,600 0 0
RETAIL PPTYS AMER INC CL A 76131V202 48,502 3,060,047 SH   SOLE   3,060,047 0 0
SAUL CTRS INC COM 804395101 5,488 103,511 SH   SOLE   103,511 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 7,623 330,700 SH   SOLE   330,700 0 0
SOVRAN SELF STORAGE INC COM 84610H108 50,837 431,008 SH   SOLE   431,008 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 28,874 2,566,593 SH   SOLE   2,566,593 0 0