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
BROOKDALE SR LIVING INC COM 112463104 9,045 490,000 SH   SOLE   490,000 0 0
CHATHAM LODGING TR COM 16208T102 13,505 659,410 SH   SOLE   659,410 0 0
CIM COML TR CORP COM 125525105 2,775 178,583 SH   SOLE   178,583 0 0
COLONY CAP INC CL A 19624R106 45,000 2,310,066 SH   SOLE   2,310,066 0 0
EASTERLY GOVT PPTYS INC COM 27616P103 18,000 1,047,758 SH   SOLE   1,047,758 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 72,292 3,296,507 SH   SOLE   3,296,507 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 31,816 1,316,878 SH   SOLE   1,316,878 0 0
KIMCO RLTY CORP COM 49446R109 25,534 965,020 SH   SOLE   965,020 0 0
LA QUINTA HLDGS INC COM 50420D108 8,971 659,177 SH   SOLE   659,177 0 0
MACERICH CO COM 554382101 34,226 424,172 SH   SOLE   424,172 0 0
NMI HLDGS INC CL A 629209305 8,253 1,218,996 SH   SOLE   1,218,996 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 3,824 230,209 SH   SOLE   230,209 0 0
RETAIL PPTYS AMER INC CL A 76131V202 31,252 2,115,897 SH   SOLE   2,115,897 0 0
SAUL CTRS INC COM 804395101 4,828 94,172 SH   SOLE   94,172 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 3,156 159,250 SH   SOLE   159,250 0 0
SOVRAN SELF STORAGE INC COM 84610H108 49,079 457,358 SH   SOLE   457,358 0 0
TAUBMAN CTRS INC COM 876664103 28,818 375,627 SH   SOLE   375,627 0 0