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 CAMPUS CMNTYS INC COM 024835100 12,142 238,692 SH   SOLE 0 238,692 0 0
BROOKDALE SR LIVING INC COM 112463104 9,999 573,034 SH   SOLE 0 573,034 0 0
CYRUSONE INC COM 23283R100 18,162 381,800 SH   SOLE 0 381,800 0 0
DOUGLAS EMMETT INC COM 25960P109 5,088 138,900 SH   SOLE 0 138,900 0 0
FELCOR LODGING TR INC COM 31430F101 56,192 8,821,554 SH   SOLE 0 8,821,554 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 12,048 439,935 SH   SOLE 0 439,935 0 0
JONES LANG LASALLE INC COM 48020Q107 22,109 194,300 SH   SOLE 0 194,300 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 8,040 123,100 SH   SOLE 0 123,100 0 0
MACK CALI RLTY CORP COM 554489104 32,738 1,209,400 SH   SOLE 0 1,209,400 0 0
MGM RESORTS INTERNATIONAL COM 552953101 48,043 1,845,674 SH   SOLE 0 1,845,674 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 48,655 3,762,919 SH   SOLE 0 3,762,919 0 0
PULTE GROUP INC COM 745867101 17,353 865,900 SH   SOLE 0 865,900 0 0
QTS RLTY TR INC COM CL A 74736A103 19,599 370,851 SH   SOLE 0 370,851 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 10,368 193,400 SH   SOLE 0 193,400 0 0
SL GREEN RLTY CORP COM 78440X101 9,112 84,291 SH   SOLE 0 84,291 0 0
TAUBMAN CTRS INC COM 876664103 48,541 652,347 SH   SOLE 0 652,347 0 0
VAIL RESORTS INC COM 91879Q109 12,938 82,900 SH   SOLE 0 82,900 0 0