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
ASSOCIATED ESTATES RLTY CORP COM 045604105 11,982 671,885 SH   SOLE 671,885 0 0
D R HORTON INC COM 23331A109 8,243 336,400 SH   SOLE 336,400 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 7,004 546,320 SH   SOLE 546,320 0 0
EDUCATION RLTY TR INC COM 28140H104 6,436 605,900 SH   SOLE 605,900 0 0
ESSEX PPTY TR INC COM 297178105 8,297 44,869 SH   SOLE 44,869 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 6,025 319,801 SH   SOLE 319,801 0 0
HFF INC CL A 40418F108 6,538 175,800 SH   SOLE 175,800 0 0
JONES LANG LASALLE INC COM 48020Q107 4,267 33,760 SH   SOLE 33,760 0 0
KILROY RLTY CORP COM 49427F108 5,169 82,996 SH   SOLE 82,996 0 0
LENNAR CORP CL A 526057104 4,911 117,100 SH   SOLE 117,100 0 0
MACK CALI RLTY CORP COM 554489104 10,183 477,400 SH   SOLE 477,400 0 0
MELCO CROWN ENTMT LTD ADR 585464100 6,687 187,267 SH   SOLE 187,267 0 0
MGM RESORTS INTERNATIONAL COM 552953101 9,878 374,152 SH   SOLE 374,152 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 10,115 537,453 SH   SOLE 537,453 0 0
SBA COMMUNICATIONS CORP COM 78388J106 8,154 79,705 SH   SOLE 79,705 0 0
SL GREEN RLTY CORP COM 78440X101 5,059 46,240 SH   SOLE 46,240 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 6,399 546,460 SH   SOLE 546,460 0 0