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 5,278 300,421 SH   SOLE 300,421 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 29,845 1,285,885 SH   SOLE 1,285,885 0 0
CBRE GROUP INC CL A 12504L109 7,066 206,300 SH   SOLE 206,300 0 0
CORESITE RLTY CORP COM 21870Q105 3,778 96,756 SH   SOLE 96,756 0 0
D R HORTON INC COM 23331A109 3,295 130,300 SH   SOLE 130,300 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 4,140 278,383 SH   SOLE 278,383 0 0
ESSEX PPTY TR INC COM 297178105 3,836 18,569 SH   SOLE 18,569 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 5,693 218,200 SH   SOLE 218,200 0 0
JONES LANG LASALLE INC COM 48020Q107 4,029 26,871 SH   SOLE 26,871 0 0
KILROY RLTY CORP COM 49427F108 3,633 52,596 SH   SOLE 52,596 0 0
LENNAR CORP CL A 526057104 6,527 145,800 SH   SOLE 145,800 0 0
MACK CALI RLTY CORP COM 554489104 9,028 477,400 SH   SOLE 477,400 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 13,521 576,353 SH   SOLE 576,353 0 0
RYLAND GROUP INC COM 783764103 7,115 184,656 SH   SOLE 184,656 0 0
SBA COMMUNICATIONS CORP COM 78388J106 5,572 50,305 SH   SOLE 50,305 0 0
SL GREEN RLTY CORP COM 78440X101 5,135 43,140 SH   SOLE 43,140 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 7,653 94,400 SH   SOLE 94,400 0 0