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
BOYD GAMING CORP COM 103304101 14,824 673,500 SH   SOLE   673,500 0 0
BROOKDALE SR LIVING INC COM 112463104 55,974 4,167,834 SH   SOLE   4,167,834 0 0
COLONY STARWOOD HOMES COM 19625X102 14,980 441,250 SH   SOLE   441,250 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 15,692 252,200 SH   SOLE   252,200 0 0
FELCOR LODGING TR INC COM 31430F101 61,625 8,205,688 SH   SOLE   8,205,688 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 53,232 2,444,065 SH   SOLE   2,444,065 0 0
MACK CALI RLTY CORP COM 554489104 22,412 831,935 SH   SOLE   831,935 0 0
MGM RESORTS INTERNATIONAL COM 552953101 53,248 1,943,374 SH   SOLE   1,943,374 0 0
PARKWAY INC COM 70156Q107 25,627 1,288,426 SH   SOLE   1,288,426 0 0
QTS RLTY TR INC COM CL A 74736A103 17,047 349,679 SH   SOLE   349,679 0 0
TAUBMAN CTRS INC COM 876664103 47,432 718,447 SH   SOLE   718,447 0 0