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 12,262 714,192 SH   SOLE 0 714,192 0 0
AVALONBAY CMNTYS INC COM 053484101 8,916 51,000 SH   SOLE 0 51,000 0 0
BOYD GAMING CORP COM 103304101 5,066 310,813 SH   SOLE 0 310,813 0 0
CBRE GROUP INC CL A 12504L109 9,165 286,400 SH   SOLE 0 286,400 0 0
D R HORTON INC COM 23331A109 7,443 253,500 SH   SOLE 0 253,500 0 0
EQUINIX INC COM PAR $0.001 29444U700 9,120 34,700 SH   SOLE 0 34,700 0 0
ESSEX PPTY TR INC COM 297178105 8,617 38,569 SH   SOLE 0 38,569 0 0
FELCOR LODGING TR INC COM 31430F101 7,349 1,044,600 SH   SOLE 0 1,044,600 0 0
FIRST POTOMAC RLTY TR COM 33610F109 13,101 1,190,966 SH   SOLE 0 1,190,966 0 0
JONES LANG LASALLE INC COM 48020Q107 9,873 68,671 SH   SOLE 0 68,671 0 0
LENNAR CORP CL A 526057104 8,772 182,400 SH   SOLE 0 182,400 0 0
MACERICH CO COM 554382101 8,058 104,900 SH   SOLE 0 104,900 0 0
MACK CALI RLTY CORP COM 554489104 15,319 817,900 SH   SOLE 0 817,900 0 0
MGM RESORTS INTERNATIONAL COM 552953101 34,668 1,879,000 SH   SOLE 0 1,879,000 0 0
MGM RESORTS INTERNATIONAL CALL 552953901 45,564 2,469,600 SH Call SOLE 0 2,469,600 0 0
NEW YORK REIT INC COM 64976L109 25,783 2,580,720 SH   SOLE 0 2,580,720 0 0
SBA COMMUNICATIONS CORP COM 78388J106 10,464 99,905 SH   SOLE 0 99,905 0 0