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
CIM COML TR CORP COM 125525105 475 29,272 SH   SOLE   29,272 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 15,986 540,625 SH   SOLE   540,625 0 0
DIAMOND RESORTS INTL INC COM 25272T104 19,675 656,700 SH   SOLE   656,700 0 0
DIAMOND RESORTS INTL INC COM 25272T104 38,948 1,300,000 SH Call SOLE   1,300,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 7,921 115,000 SH   SOLE   115,000 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 71,673 3,212,607 SH   SOLE   3,212,607 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 32,469 1,576,949 SH   SOLE   1,576,949 0 0
NMI HLDGS INC CL A 629209305 9,786 1,785,700 SH   SOLE   1,785,700 0 0
RETAIL PPTYS AMER INC CL A 76131V202 52,852 3,127,347 SH   SOLE   3,127,347 0 0
SL GREEN RLTY CORP COM 78440X101 34,124 320,500 SH   SOLE   320,500 0 0
SOVRAN SELF STORAGE INC COM 84610H108 47,855 456,108 SH   SOLE   456,108 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 26,693 2,090,293 SH   SOLE   2,090,293 0 0
VORNADO RLTY TR SH BEN INT 929042109 38,390 383,435 SH   SOLE   383,435 0 0