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 RESIDENTIAL PPTYS I COM 02927E303 54,353 3,021,300 SH   SOLE   3,021,300 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 34,880 1,413,308 SH   SOLE   1,413,308 0 0
CIM COML TR CORP COM 125525105 4,541 245,340 SH   SOLE   245,340 0 0
COLONY FINL INC COM 19624R106 46,588 1,797,381 SH   SOLE   1,797,381 0 0
CUBESMART COM 229663109 22,547 933,611 SH   SOLE   933,611 0 0
EASTERLY GOVT PPTYS INC COM 27616P103 22,348 1,392,380 SH   SOLE   1,392,380 0 0
EQUINIX INC COM PAR $0.001 29444U700 13,347 57,320 SH   SOLE   57,320 0 0
EQUINIX INC COM PAR $0.001 29444U700 13,971 60,000 SH Put SOLE   60,000 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 56,773 2,224,648 SH   SOLE   2,224,648 0 0
HCP INC COM 40414L109 12,747 295,000 SH   SOLE   295,000 0 0
HYATT HOTELS CORP COM CL A 448579102 6,418 108,376 SH   SOLE   108,376 0 0
MACERICH CO COM 554382101 98,565 1,168,800 SH Call SOLE   1,168,800 0 0
MGM RESORTS INTERNATIONAL COM 552953101 23,554 1,120,000 SH Call SOLE   1,120,000 0 0
NMI HLDGS INC CL A 629209305 8,816 1,177,056 SH   SOLE   1,177,056 0 0
PROLOGIS INC COM 74340W103 34,208 785,300 SH   SOLE   785,300 0 0
SAUL CTRS INC COM 804395101 3,087 53,960 SH   SOLE   53,960 0 0
SOVRAN SELF STORAGE INC COM 84610H108 44,915 478,128 SH   SOLE   478,128 0 0
TAUBMAN CTRS INC COM 876664103 43,077 558,500 SH   SOLE   558,500 0 0