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
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 17,525 947,310 SH   SOLE   947,310 0 0
CIM COML TR CORP COM 125525105 4,944 279,770 SH   SOLE   279,770 0 0
COLONY CAP INC CL A 19624R106 39,859 1,759,774 SH   SOLE   1,759,774 0 0
EASTERLY GOVT PPTYS INC COM 27616P103 22,220 1,395,720 SH   SOLE   1,395,720 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 68,179 3,085,037 SH   SOLE   3,085,037 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 29,342 235,000 SH Put SOLE   235,000 0 0
KIMCO RLTY CORP COM 49446R109 33,787 1,499,000 SH   SOLE   1,499,000 0 0
MACERICH CO COM 554382101 22,361 299,750 SH   SOLE   299,750 0 0
NMI HLDGS INC CL A 629209305 9,464 1,180,046 SH   SOLE   1,180,046 0 0
POST PPTYS INC COM 737464107 13,802 253,852 SH   SOLE   253,852 0 0
SAUL CTRS INC COM 804395101 4,477 91,022 SH   SOLE   91,022 0 0
SOVRAN SELF STORAGE INC COM 84610H108 42,145 484,928 SH   SOLE   484,928 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 53,521 260,000 SH Put SOLE   260,000 0 0
ST JOE CO COM 790148100 9,312 599,600 SH Call SOLE   599,600 0 0
ST JOE CO COM 790148100 12,977 835,634 SH   SOLE   835,634 0 0
TAUBMAN CTRS INC COM 876664103 40,852 587,800 SH   SOLE   587,800 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 7,191 277,100 SH   SOLE   277,100 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 21,003 642,500 SH   SOLE   642,500 0 0