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 TOWER CORP NEW COM 03027X100 5,667 50,000 SH   SOLE   50,000 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 5,832 413,603 SH   SOLE   413,603 0 0
BOYD GAMING CORP COM 103304101 6,069 306,800 SH   SOLE   306,800 0 0
BROOKDALE SR LIVING INC COM 112463104 14,832 849,999 SH   SOLE   849,999 0 0
CAPITAL SR LIVING CORP COM 140475104 6,300 375,000 SH   SOLE   375,000 0 0
COMMUNICATIONS SALES&LEAS IN COM 20341J104 8,795 280,000 SH Put SOLE   280,000 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 11,776 125,000 SH   SOLE   125,000 0 0
DDR CORP COM 23317H102 16,559 950,000 SH   SOLE   950,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 9,100 1,000,000 SH   SOLE   1,000,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 11,258 175,000 SH   SOLE   175,000 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 3,671 258,489 SH   SOLE   258,489 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 17,143 512,499 SH   SOLE   512,499 0 0
HOST HOTELS & RESORTS INC COM 44107P104 3,045 195,600 SH Put SOLE   195,600 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 4,500 500,000 SH   SOLE   500,000 0 0
KILROY RLTY CORP COM 49427F108 13,870 200,000 SH   SOLE   200,000 0 0
LIFE STORAGE INC COM 53223X107 22,680 255,000 SH   SOLE   255,000 0 0
MACERICH CO COM 554382101 19,813 244,999 SH   SOLE   244,999 0 0
MARRIOTT INTL INC NEW CL A 571903202 13,466 200,000 SH   SOLE   200,000 0 0
NEW YORK REIT INC COM 64976L109 3,111 340,053 SH   SOLE   340,053 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 9,041 825,640 SH   SOLE   825,640 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 18,960 823,279 SH   SOLE   823,279 0 0
RACKSPACE HOSTING INC COM 750086100 9,361 295,400 SH Put SOLE   295,400 0 0
SL GREEN RLTY CORP COM 78440X101 17,674 163,499 SH   SOLE   163,499 0 0
TAUBMAN CTRS INC COM 876664103 16,052 215,726 SH   SOLE   215,726 0 0
VORNADO RLTY TR SH BEN INT 929042109 13,157 130,000 SH   SOLE   130,000 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 12,903 191,644 SH   SOLE   191,644 0 0