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 TOWER CORP NEW COM 03027X100 22,027 250,361 SH   SOLE   250,361 0 0
AVALONBAY CMNTYS INC COM 053484101 51,887 296,800 SH   SOLE   296,800 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 11,977 436,462 SH   SOLE   436,462 0 0
CBL & ASSOC PPTYS INC COM 124830100 23,268 1,692,200 SH   SOLE   1,692,200 0 0
COLONY CAP INC CL A 19624R106 14,338 733,025 SH   SOLE   733,025 0 0
CUBESMART COM 229663109 37,895 1,392,700 SH   SOLE   1,392,700 0 0
D R HORTON INC COM 23331A109 28,913 984,777 SH   SOLE   984,777 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 46,868 1,720,554 SH   SOLE   1,720,554 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 36,875 1,760,147 SH   SOLE   1,760,147 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 35,446 1,364,900 SH   SOLE   1,364,900 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 25,885 1,142,324 SH   SOLE   1,142,324 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 67,460 2,940,700 SH   SOLE   2,940,700 0 0
HOWARD HUGHES CORP COM 44267D107 28,547 248,800 SH   SOLE   248,800 0 0
HUDSON PAC PPTYS INC COM 444097109 23,996 833,479 SH   SOLE   833,479 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 40,524 371,100 SH Put SOLE   371,100 0 0
ISTAR INC COM 45031U101 14,883 1,183,086 SH   SOLE   1,183,086 0 0
MACK CALI RLTY CORP COM 554489104 11,685 618,900 SH   SOLE   618,900 0 0
MACYS INC COM 55616P104 36,217 705,700 SH   SOLE   705,700 0 0
REALOGY HLDGS CORP COM 75605Y106 36,874 979,900 SH   SOLE   979,900 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 25,792 289,500 SH   SOLE   289,500 0 0
SBA COMMUNICATIONS CORP COM 78388J106 20,040 191,331 SH   SOLE   191,331 0 0
SHERWIN WILLIAMS CO COM 824348106 17,912 80,400 SH   SOLE   80,400 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 32,750 170,900 SH Put SOLE   170,900 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 39,679 4,341,200 SH   SOLE   4,341,200 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 37,515 564,307 SH   SOLE   564,307 0 0
TAUBMAN CTRS INC COM 876664103 36,813 532,900 SH   SOLE   532,900 0 0
VAIL RESORTS INC COM 91879Q109 16,801 160,503 SH   SOLE   160,503 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 23,167 699,700 SH   SOLE   699,700 0 0