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
ARES COML REAL ESTATE CORP COM 04013V108 725 54,487 SH   SOLE   54,487 0 0
BANK AMER CORP COM 060505104 4,308 170,000 SH Call SOLE   170,000 0 0
BANK AMER CORP COM 060505104 2,154 85,000 SH Put SOLE   85,000 0 0
BOSTON PROPERTIES INC COM 101121101 4,177 33,992 SH   SOLE   33,992 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 2,316 85,891 SH   SOLE   85,891 0 0
CUBESMART COM 229663109 5,160 198,777 SH   SOLE   198,777 0 0
DDR CORP COM 23317H102 2,021 220,600 SH   SOLE   220,600 0 0
EQUINIX INC COM PAR $0.001 29444U700 3,705 8,302 SH   SOLE   8,302 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 8,407 127,517 SH   SOLE   127,517 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 3,956 60,000 SH Call SOLE   60,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 11,702 146,500 SH Put SOLE   146,500 0 0
JPMORGAN CHASE & CO COM 46625H100 2,149 22,500 SH Put SOLE   22,500 0 0
JPMORGAN CHASE & CO COM 46625H100 4,298 45,000 SH Call SOLE   45,000 0 0
KILROY RLTY CORP COM 49427F108 2,080 29,251 SH   SOLE   29,251 0 0
LADDER CAP CORP CL A 505743104 2,987 216,754 SH   SOLE   216,754 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 3,797 125,688 SH   SOLE   125,688 0 0
PARAMOUNT GROUP INC COM 69924R108 4,589 286,801 SH   SOLE   286,801 0 0
RLJ LODGING TR COM 74965L101 4,939 224,484 SH   SOLE   224,484 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 4,138 160,000 SH Call SOLE   160,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 2,069 80,000 SH Put SOLE   80,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,819 11,300 SH Put SOLE   11,300 0 0
SL GREEN RLTY CORP COM 78440X101 1,532 15,124 SH   SOLE   15,124 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 10,501 41,800 SH Put SOLE   41,800 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 3,180 371,102 SH   SOLE   371,102 0 0
STARWOOD WAYPOINT HOMES COM 85572F105 3,717 102,213 SH   SOLE   102,213 0 0
STORE CAP CORP COM 862121100 4,016 161,467 SH   SOLE   161,467 0 0
TPG RE FIN TR INC COM 87266M107 459 23,200 SH   SOLE   23,200 0 0