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
BOYD GAMING CORP COM 103304101 12,333 596,950 SH   SOLE 0 596,950 0 0
CBRE GROUP INC CL A 12504L109 7,124 247,183 SH   SOLE 0 247,183 0 0
D R HORTON INC COM 23331A109 6,948 229,848 SH   SOLE 0 229,848 0 0
FELCOR LODGING TR INC COM 31430F101 44,184 5,441,369 SH   SOLE 0 5,441,369 0 0
FIRST POTOMAC RLTY TR COM 33610F109 6,399 706,311 SH   SOLE 0 706,311 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 6,725 226,190 SH   SOLE 0 226,190 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 7,060 313,500 SH   SOLE 0 313,500 0 0
INTERXION HOLDING N.V SHS N47279109 6,975 201,700 SH   SOLE 0 201,700 0 0
JONES LANG LASALLE INC COM 48020Q107 12,330 105,101 SH   SOLE 0 105,101 0 0
MACK CALI RLTY CORP COM 554489104 20,358 866,300 SH   SOLE 0 866,300 0 0
MGM RESORTS INTERNATIONAL COM 552953101 39,550 1,844,700 SH   SOLE 0 1,844,700 0 0
NEW YORK REIT INC COM 64976L109 5,680 562,347 SH   SOLE 0 562,347 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 10,645 937,855 SH   SOLE 0 937,855 0 0
QTS RLTY TR INC COM CL A 74736A103 13,031 275,030 SH   SOLE 0 275,030 0 0
SIMON PPTY GROUP INC NEW COM 828806109 13,316 64,113 SH   SOLE 0 64,113 0 0
SL GREEN RLTY CORP COM 78440X101 7,788 80,391 SH   SOLE 0 80,391 0 0