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
AMERICAN HOMES 4 RENT CL A 02665T306 15,272 952,140 SH   SOLE   952,140 0 0
AMERICAN TOWER CORP NEW COM 03027X100 3,982 42,680 SH   SOLE   42,680 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 14,727 398,776 SH   SOLE   398,776 0 0
AVALONBAY CMNTYS INC COM 053484101 9,790 61,240 SH   SOLE   61,240 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 19,165 688,888 SH   SOLE   688,888 0 0
BROOKDALE SR LIVING INC COM 112463104 7,598 218,960 SH   SOLE   218,960 0 0
COUSINS PPTYS INC COM 222795106 6,196 596,955 SH   SOLE   596,955 0 0
CYRUSONE INC COM 23283R100 11,433 388,230 SH   SOLE   388,230 0 0
DARDEN RESTAURANTS INC COM 237194105 6,900 97,080 SH   SOLE   97,080 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 9,636 137,320 SH   SOLE   137,320 0 0
EXTRA SPACE STORAGE INC COM 30225T102 6,331 97,070 SH   SOLE   97,070 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 13,998 633,406 SH   SOLE   633,406 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 9,708 378,346 SH   SOLE   378,346 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 8,307 301,520 SH   SOLE   301,520 0 0
ISTAR FINL INC COM 45031U101 19,917 1,495,306 SH   SOLE   1,495,306 0 0
LA QUINTA HLDGS INC COM 50420D108 5,891 257,793 SH   SOLE   257,793 0 0
MACERICH CO COM 554382101 12,857 172,350 SH   SOLE   172,350 0 0
MACYS INC COM 55616P104 7,900 117,090 SH   SOLE   117,090 0 0
MCDONALDS CORP COM 580135101 3,230 33,970 SH   SOLE   33,970 0 0
PARKWAY PPTYS INC COM 70159Q104 8,401 481,720 SH   SOLE   481,720 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 17,946 840,957 SH   SOLE   840,957 0 0
POST PPTYS INC COM 737464107 4,436 81,586 SH   SOLE   81,586 0 0
REALOGY HLDGS CORP COM 75605Y106 11,871 254,082 SH   SOLE   254,082 0 0
SBA COMMUNICATIONS CORP COM 78388J106 4,119 35,830 SH   SOLE   35,830 0 0
STANDARD PAC CORP NEW COM 85375C101 3,222 361,622 SH   SOLE   361,622 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 8,447 696,910 SH   SOLE   696,910 0 0
TAUBMAN CTRS INC COM 876664103 15,235 219,207 SH   SOLE   219,207 0 0
TOLL BROTHERS INC COM 889478103 8,711 228,100 SH   SOLE   228,100 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 9,528 291,451 SH   SOLE   291,451 0 0