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 CAP MTG INVT CORP COM 02504A104 4,707 298,114 SH   SOLE   298,114 0 0
BOYD GAMING CORP COM 103304101 3,698 200,980 SH   SOLE   200,980 0 0
BROOKDALE SR LIVING INC COM 112463104 11,683 756,663 SH   SOLE   756,663 0 0
CAPITAL SR LIVING CORP COM 140475104 4,695 265,682 SH   SOLE   265,682 0 0
COLONY CAP INC CL A 19624R106 8,218 535,373 SH   SOLE   535,373 0 0
DDR CORP COM 23317H102 9,653 532,158 SH   SOLE   532,158 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 13,342 193,705 SH   SOLE   193,705 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 10,279 687,539 SH   SOLE   687,539 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 10,370 300,747 SH   SOLE   300,747 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 10,437 350,000 SH   SOLE   350,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 9,918 440,211 SH   SOLE   440,211 0 0
HUDSON PAC PPTYS INC COM 444097109 9,685 331,908 SH   SOLE   331,908 0 0
ISHARES TR U.S. REAL ES ETF 464287739 18,518 225,000 SH Put SOLE   225,000 0 0
KILROY RLTY CORP COM 49427F108 11,713 176,700 SH   SOLE   176,700 0 0
MACERICH CO COM 554382101 13,910 162,903 SH   SOLE   162,903 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 3,852 185,000 SH   SOLE   185,000 0 0
NEW YORK REIT INC COM 64976L109 7,420 802,198 SH   SOLE   802,198 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 4,996 489,305 SH   SOLE   489,305 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 4,904 530,151 SH   SOLE   530,151 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 2,313 250,000 SH Put SOLE   250,000 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 14,441 673,261 SH   SOLE   673,261 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 6,849 300,000 SH Put SOLE   300,000 0 0
SL GREEN RLTY CORP COM 78440X101 11,712 110,000 SH   SOLE   110,000 0 0
SOVRAN SELF STORAGE INC COM 84610H108 12,274 116,989 SH   SOLE   116,989 0 0
TAUBMAN CTRS INC COM 876664103 11,050 148,918 SH   SOLE   148,918 0 0
VORNADO RLTY TR SH BEN INT 929042109 10,424 104,112 SH   SOLE   104,112 0 0
WP GLIMCHER IN COM 92939N102 3,533 315,700 SH   SOLE   315,700 0 0