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 44,705 2,378,149 SH   SOLE 0 2,378,149 0 0
BOYD GAMING CORP COM 103304101 13,891 699,113 SH   SOLE 0 699,113 0 0
CBRE GROUP INC CL A 12504L109 6,536 189,000 SH   SOLE 0 189,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 9,649 442,000 SH   SOLE 0 442,000 0 0
D R HORTON INC COM 23331A109 11,428 356,800 SH   SOLE 0 356,800 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 5,938 615,300 SH   SOLE 0 615,300 0 0
ESSEX PPTY TR INC COM 297178105 3,727 15,569 SH   SOLE 0 15,569 0 0
FELCOR LODGING TR INC COM 31430F101 21,969 3,036,781 SH   SOLE 0 3,036,781 0 0
FIRST POTOMAC RLTY TR COM 33610F109 15,250 1,337,700 SH   SOLE 0 1,337,700 0 0
JONES LANG LASALLE INC COM 48020Q107 7,293 45,621 SH   SOLE 0 45,621 0 0
LENNAR CORP CL A 526057104 6,943 142,100 SH   SOLE 0 142,100 0 0
MACK CALI RLTY CORP COM 554489104 18,975 817,900 SH   SOLE 0 817,900 0 0
MGM RESORTS INTERNATIONAL COM 552953101 41,912 1,844,700 SH   SOLE 0 1,844,700 0 0
MGM RESORTS INTERNATIONAL CALL 552953901 58,584 2,578,500 SH Call SOLE 0 2,578,500 0 0
NEW YORK REIT INC COM 64976L109 26,140 2,280,720 SH   SOLE 0 2,280,720 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 2,140 176,260 SH   SOLE 0 176,260 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 7,801 660,537 SH   SOLE 0 660,537 0 0
QTS RLTY TR INC COM CL A 74736A103 10,939 242,495 SH   SOLE 0 242,495 0 0