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
CHATHAM LODGING TR COM 16208T102 10,542 490,788 SH   SOLE   490,788 0 0
CIM COML TR CORP COM 125525105 3,465 188,629 SH   SOLE   188,629 0 0
COLONY CAP INC CL A 19624R106 62,573 3,199,014 SH   SOLE   3,199,014 0 0
EASTERLY GOVT PPTYS INC COM 27616P103 23,158 1,451,881 SH   SOLE   1,451,881 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 61,876 3,073,807 SH   SOLE   3,073,807 0 0
KIMCO RLTY CORP COM 49446R109 65,461 2,679,520 SH   SOLE   2,679,520 0 0
MACERICH CO COM 554382101 13,059 170,000 SH Call SOLE   170,000 0 0
MACERICH CO COM 554382101 43,452 565,640 SH   SOLE   565,640 0 0
NEW YORK REIT INC COM 64976L109 2,431 241,682 SH   SOLE   241,682 0 0
NMI HLDGS INC CL A 629209305 9,121 1,200,196 SH   SOLE   1,200,196 0 0
POST PPTYS INC COM 737464107 12,988 222,822 SH   SOLE   222,822 0 0
SAUL CTRS INC COM 804395101 4,796 92,672 SH   SOLE   92,672 0 0
SOVRAN SELF STORAGE INC COM 84610H108 42,092 446,358 SH   SOLE   446,358 0 0
TAUBMAN CTRS INC COM 876664103 41,865 606,030 SH   SOLE   606,030 0 0