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

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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
BROOKDALE SR LIVING INC COM 112463104 47,262 3,212,918 SH   SOLE   3,212,918 0 0
COLONY STARWOOD HOMES COM 19625X102 21,960 640,050 SH   SOLE   640,050 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 30,124 457,600 SH   SOLE   457,600 0 0
FELCOR LODGING TR INC COM 31430F101 62,979 8,734,958 SH   SOLE   8,734,958 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 66,065 2,733,365 SH   SOLE   2,733,365 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 17,955 290,300 SH   SOLE   290,300 0 0
MACK CALI RLTY CORP COM 554489104 19,973 735,935 SH   SOLE   735,935 0 0
MGM RESORTS INTERNATIONAL COM 552953101 33,794 1,080,010 SH   SOLE   1,080,010 0 0
PARKWAY INC COM 70156Q107 7,302 319,000 SH   SOLE   319,000 0 0
QTS RLTY TR INC COM CL A 74736A103 15,714 300,290 SH   SOLE   300,290 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 10,239 75,900 SH   SOLE   75,900 0 0
TAUBMAN CTRS INC COM 876664103 54,813 920,447 SH   SOLE   920,447 0 0