ALEXANDER & BALDWIN INC NEW COM 014491104 12498 347467 SH SOLE 347467 0 0 AMERICAN CAMPUS CMNTYS INC COM 024835100 16397 449850 SH SOLE 449850 0 0 AVALONBAY CMNTYS INC COM 053484101 22702 161040 SH SOLE 161040 0 0 BROOKFIELD RESIDENTIAL PPTYS COM 11283W104 14615 773694 SH SOLE 773694 0 0 CBL & ASSOC PPTYS INC COM 124830100 13292 742550 SH SOLE 742550 0 0 D R HORTON INC COM 23331A109 15004 731200 SH SOLE 731200 0 0 DDR CORP COM 23317H102 7628 455950 SH SOLE 455950 0 0 DIAMONDROCK HOSPITALITY CO COM 252784301 20820 1641950 SH SOLE 1641950 0 0 EDUCATION RLTY TR INC COM 28140H104 6777 659200 SH SOLE 659200 0 0 EQUITY COMWLTH COM SH BEN INT 294628102 19699 766184 SH SOLE 766184 0 0 EXCEL TR INC COM 30068C109 14113 1199041 SH SOLE 1199041 0 0 HEALTHCARE TR AMER INC CL A 42225P105 20998 1810150 SH SOLE 1810150 0 0 HILTON WORLDWIDE HLDGS INC COM 43300A104 11575 469950 SH SOLE 469950 0 0 HOWARD HUGHES CORP COM 44267D107 22508 150051 SH SOLE 150051 0 0 ISHARES TR U.S. REAL ES ETF 464287739 69200 1000000 SH Put SOLE 1000000 0 0 LA QUINTA HLDGS INC COM 50420D108 29982 1578853 SH SOLE 1578853 0 0 LENNAR CORP CL A 526057104 36075 929050 SH SOLE 929050 0 0 LEXINGTON REALTY TRUST COM 529043101 15078 1540150 SH SOLE 1540150 0 0 MACK CALI RLTY CORP COM 554489104 25099 1313402 SH SOLE 1313402 0 0 PARKWAY PPTYS INC COM 70159Q104 26110 1390329 SH SOLE 1390329 0 0 PROLOGIS INC COM 74340W103 31679 840300 SH SOLE 840300 0 0 RETAIL OPPORTUNITY INVTS COR COM 76131N101 12326 838500 SH SOLE 838500 0 0 SPIRIT RLTY CAP INC NEW COM 84860W102 15555 1417940 SH SOLE 1417940 0 0 TOLL BROTHERS INC COM 889478103 35598 1142430 SH SOLE 1142430 0 0