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
ALEXANDER & BALDWIN INC NEW COM 014491104 3,986 101,527 SH   SOLE   101,527 0 0
AVALONBAY CMNTYS INC COM 053484101 5,598 34,263 SH   SOLE   34,263 0 0
BROOKFIELD RESIDENTIAL PPTYS COM 11283W104 3,517 146,166 SH   SOLE   146,166 0 0
CBL & ASSOC PPTYS INC COM 124830100 3,639 187,400 SH   SOLE   187,400 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 5,833 392,297 SH   SOLE   392,297 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 10,076 392,525 SH   SOLE   392,525 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 8,049 298,764 SH   SOLE   298,764 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 6,415 245,880 SH   SOLE   245,880 0 0
HOWARD HUGHES CORP COM 44267D107 6,514 49,950 SH   SOLE   49,950 0 0
LA QUINTA HLDGS INC COM 50420D108 7,919 358,977 SH   SOLE   358,977 0 0
LENNAR CORP CL A 526057104 10,369 231,397 SH   SOLE   231,397 0 0
LEXINGTON REALTY TRUST COM 529043101 9,243 841,838 SH   SOLE   841,838 0 0
MACK CALI RLTY CORP COM 554489104 6,982 366,302 SH   SOLE   366,302 0 0
PROLOGIS INC COM 74340W103 6,061 140,846 SH   SOLE   140,846 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 3,726 221,935 SH   SOLE   221,935 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 3,481 292,787 SH   SOLE   292,787 0 0
TOLL BROTHERS INC COM 889478103 5,249 153,152 SH   SOLE   153,152 0 0
VORNADO RLTY TR SH BEN INT 929042109 6,226 52,890 SH   SOLE   52,890 0 0