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
ALEXANDERS INC COM 014752109 46,124 139,769 SH   SOLE   139,769 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 28,141 1,737,126 SH   SOLE   1,737,126 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 27,462 1,600,350 SH   SOLE   1,600,350 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 8,454 526,736 SH   SOLE   526,736 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 9,708 250,000 SH Put SOLE   250,000 0 0
CHATHAM LODGING TR COM 16208T102 29,742 1,454,375 SH   SOLE   1,454,375 0 0
COLONY FINL INC COM 19624R106 13,093 645,290 SH   SOLE   645,290 0 0
HYATT HOTELS CORP COM CL A 448579102 24,139 488,055 SH   SOLE   488,055 0 0
NMI HLDGS INC CL A 629209305 2,762 217,000 SH   SOLE   217,000 0 0
POST PPTYS INC COM 737464107 15,756 348,358 SH   SOLE   348,358 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 15,625 1,589,500 SH   SOLE   1,589,500 0 0
ST JOE CO COM 790148100 9,610 500,800 SH   SOLE   500,800 0 0
TAUBMAN CTRS INC COM 876664103 14,804 231,600 SH   SOLE   231,600 0 0