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
AVALONBAY CMNTYS INC COM 053484101 17,095 96,500 SH   SOLE   96,500 0 0
BROOKDALE SR LIVING INC COM 112463104 51,314 4,131,534 SH   SOLE   4,131,534 0 0
COLONY STARWOOD HOMES COM 19625X102 21,822 757,450 SH   SOLE   757,450 0 0
CYRUSONE INC COM 23283R100 11,625 259,900 SH   SOLE   259,900 0 0
FELCOR LODGING TR INC COM 31430F101 60,247 7,521,455 SH   SOLE   7,521,455 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 43,183 2,072,125 SH   SOLE   2,072,125 0 0
MACK CALI RLTY CORP COM 554489104 35,300 1,216,400 SH   SOLE   1,216,400 0 0
MGM RESORTS INTERNATIONAL COM 552953101 50,016 1,734,874 SH   SOLE   1,734,874 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 26,538 1,778,661 SH   SOLE   1,778,661 0 0
PARKWAY INC COM 70156Q107 14,953 672,025 SH   SOLE   672,025 0 0
QTS RLTY TR INC COM CL A 74736A103 11,790 237,466 SH   SOLE   237,466 0 0
SBA COMMUNICATIONS CORP COM 78388J106 12,889 124,825 SH   SOLE   124,825 0 0
TAUBMAN CTRS INC COM 876664103 50,668 685,347 SH   SOLE   685,347 0 0