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
APARTMENT INVT & MGMT CO CL A 03748R101 263,810 6,035,465 SH   SOLE   6,035,465 0 0
AVALONBAY CMNTYS INC COM 053484101 25,416 142,458 SH   SOLE   142,458 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 85,380 4,575,552 SH   SOLE   4,575,552 0 0
BROOKDALE SR LIVING INC COM 112463104 23,075 2,378,839 SH   SOLE   2,378,839 0 0
CAESARS ENTMT CORP COM 127686103 88,898 7,027,486 SH   SOLE   7,027,486 0 0
D R HORTON INC COM 23331A109 540,519 10,583,876 SH   SOLE   10,583,876 0 0
D R HORTON INC COM 23331A109 104,882 2,053,700 SH Call SOLE   2,053,700 0 0
DDR CORP COM 23317H102 19,733 2,202,340 SH   SOLE   2,202,340 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 76,534 1,200,156 SH   SOLE   1,200,156 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 6,821 483,748 SH   SOLE   483,748 0 0
FORESTAR GROUP INC COM 346232101 74,188 3,372,173 SH   SOLE   3,372,173 0 0
HYATT HOTELS CORP COM CL A 448579102 223,234 3,035,548 SH   SOLE   3,035,548 0 0
JBG SMITH PPTYS COM 46590V100 115,596 3,328,417 SH   SOLE   3,328,417 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 162,260 5,780,546 SH   SOLE   5,780,546 0 0
LENNAR CORP CL A 526057104 2,127 33,638 SH   SOLE   33,638 0 0
MACERICH CO COM 554382101 144,496 2,200,000 SH Call SOLE   2,200,000 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 126,367 599,320 SH   SOLE   599,320 0 0
NEW YORK REIT INC COM 64976L109 50,521 12,855,224 SH   SOLE   12,855,224 0 0
NEWMARK GROUP INC CL A 65158N102 15,900 1,000,000 SH   SOLE   1,000,000 0 0
PARAMOUNT GROUP INC COM 69924R108 236,505 14,921,426 SH   SOLE   14,921,426 0 0
QUALITY CARE PPTYS INC COM 747545101 54,023 3,911,896 SH   SOLE   3,911,896 0 0
RETAIL PPTYS AMER INC CL A 76131V202 104,679 7,788,629 SH   SOLE   7,788,629 0 0
SL GREEN RLTY CORP COM 78440X101 265,001 2,625,594 SH   SOLE   2,625,594 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 128,435 14,969,067 SH   SOLE   14,969,067 0 0
TAUBMAN CTRS INC COM 876664103 269,259 4,115,222 SH   SOLE   4,115,222 0 0
VEREIT INC COM 92339V100 137,820 17,691,863 SH   SOLE   17,691,863 0 0
VORNADO RLTY TR SH BEN INT 929042109 103,146 1,319,340 SH   SOLE   1,319,340 0 0
WELLS FARGO CO NEW COM 949746101 84,938 1,400,000 SH Call SOLE   1,400,000 0 0