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 CAMPUS CMNTYS INC COM 024835100 6,355 134,950 SH   SOLE   134,950 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 4,126 259,494 SH   SOLE   259,494 0 0
AMERICAN TOWER CORP NEW COM 03027X100 4,093 39,985 SH   SOLE   39,985 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 9,422 225,300 SH   SOLE   225,300 0 0
CALATLANTIC GROUP INC COM 128195104 5,973 178,720 SH   SOLE   178,720 0 0
CAMDEN PPTY TR SH BEN INT 133131102 3,176 37,774 SH   SOLE   37,774 0 0
CUBESMART COM 229663109 3,055 91,751 SH   SOLE   91,751 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 2,003 197,890 SH   SOLE   197,890 0 0
DOUGLAS EMMETT INC COM 25960P109 5,587 185,560 SH   SOLE   185,560 0 0
EQUITY ONE COM 294752100 4,598 160,425 SH   SOLE   160,425 0 0
EXTRA SPACE STORAGE INC COM 30225T102 2,023 21,650 SH   SOLE   21,650 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 5,458 258,793 SH   SOLE   258,793 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 10,456 582,526 SH   SOLE   582,526 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 4,187 135,400 SH   SOLE   135,400 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 3,968 133,468 SH   SOLE   133,468 0 0
GEO GROUP INC NEW COM 36162J106 3,877 111,834 SH   SOLE   111,834 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 5,931 263,370 SH   SOLE   263,370 0 0
INSTALLED BLDG PRODS INC COM 45780R101 4,371 164,279 SH   SOLE   164,279 0 0
ISTAR INC COM 45031U101 11,403 1,180,436 SH   SOLE   1,180,436 0 0
LENNAR CORP CL A 526057104 4,352 90,000 SH   SOLE   90,000 0 0
MASCO CORP COM 574599106 1,011 32,150 SH   SOLE   32,150 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 6,981 319,509 SH   SOLE   319,509 0 0
POST PPTYS INC COM 737464107 3,121 52,250 SH   SOLE   52,250 0 0
PULTE GROUP INC COM 745867101 2,094 111,925 SH   SOLE   111,925 0 0
QTS RLTY TR INC COM CL A 74736A103 2,369 50,000 SH   SOLE   50,000 0 0
RLJ LODGING TR COM 74965L101 2,048 89,520 SH   SOLE   89,520 0 0
SBA COMMUNICATIONS CORP COM 78388J106 3,077 30,720 SH   SOLE   30,720 0 0
SL GREEN RLTY CORP COM 78440X101 3,012 31,095 SH   SOLE   31,095 0 0
SOVRAN SELF STORAGE INC COM 84610H108 2,005 16,996 SH   SOLE   16,996 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 9,283 825,199 SH   SOLE   825,199 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 2,503 30,000 SH   SOLE   30,000 0 0
STORE CAP CORP COM 862121100 5,823 225,000 SH   SOLE   225,000 0 0
SUN CMNTYS INC COM 866674104 4,655 65,000 SH   SOLE   65,000 0 0
TOPBUILD CORP COM 89055F103 1,041 35,000 SH   SOLE   35,000 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 3,077 165,606 SH   SOLE   165,606 0 0
WELLTOWER INC COM 95040Q104 2,089 30,120 SH   SOLE   30,120 0 0