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
AGREE REALTY CORP COM 008492100 5,124 80,000 SH   SOLE   80,000 0 0
AMERICAN ASSETS TR INC COM 024013104 2,356 50,000 SH   SOLE   50,000 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 3,462 75,000 SH   SOLE   75,000 0 0
AVALONBAY CMNTYS INC COM 053484101 5,181 25,500 SH   SOLE   25,500 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 4,615 175,000 SH   SOLE   175,000 0 0
COUSINS PPTYS INC COM NEW 222795502 7,596 210,000 SH   SOLE   210,000 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 3,911 30,000 SH   SOLE   30,000 0 0
DOUGLAS EMMETT INC COM 25960P109 1,321 33,165 SH   SOLE   33,165 0 0
DUKE REALTY CORP COM NEW 264411505 9,483 300,000 SH   SOLE   300,000 0 0
EMPIRE ST RLTY TR INC CL A 292104106 2,592 175,000 SH   SOLE   175,000 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 3,006 110,000 SH   SOLE   110,000 0 0
HCP INC COM 40414L109 8,795 275,000 SH   SOLE   275,000 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 6,583 240,000 SH   SOLE   240,000 0 0
HIGHWOODS PPTYS INC COM 431284108 1,446 35,000 SH   SOLE   35,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 3,097 170,000 SH   SOLE   170,000 0 0
HUDSON PAC PPTYS INC COM 444097109 5,157 155,000 SH   SOLE   155,000 0 0
INVITATION HOMES INC COM 46187W107 7,351 275,000 SH   SOLE   275,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 4 20 SH Put SOLE   20 0 0
KILROY RLTY CORP COM 49427F108 5,536 75,000 SH   SOLE   75,000 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 3 500 SH Call SOLE   500 0 0
LIBERTY PPTY TR SH BEN INT 531172104 3,753 75,000 SH   SOLE   75,000 0 0
LIFE STORAGE INC COM 53223X107 9,508 100,000 SH   SOLE   100,000 0 0
MACERICH CO COM 554382101 821 24,500 SH   SOLE   24,500 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 2,651 50,000 SH   SOLE   50,000 0 0
QTS RLTY TR INC COM CL A 74736A103 5,311 115,000 SH   SOLE   115,000 0 0
REGENCY CTRS CORP COM 758849103 2,102 31,500 SH   SOLE   31,500 0 0
RETAIL PPTYS AMER INC CL A 76131V202 6,174 525,000 SH   SOLE   525,000 0 0
SPIRIT MTA REIT COM SHS BEN IN 84861U105 2,711 325,000 SH   SOLE   325,000 0 0
SUN CMNTYS INC COM 866674104 3,846 30,000 SH   SOLE   30,000 0 0
TAUBMAN CTRS INC COM 876664103 715 17,500 SH   SOLE   17,500 0 0
UDR INC COM 902653104 2,918 65,000 SH   SOLE   65,000 0 0
URBAN EDGE PPTYS COM 91704F104 3 115 SH Call SOLE   115 0 0
URBAN EDGE PPTYS COM 91704F104 17 1,000 SH   SOLE   1,000 0 0
VENTAS INC COM 92276F100 9 40 SH Put SOLE   40 0 0
VENTAS INC COM 92276F100 3,076 45,000 SH   SOLE   45,000 0 0
VICI PPTYS INC COM 925652109 5,510 250,000 SH   SOLE   250,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 2,564 40,000 SH   SOLE   40,000 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 1 40 SH Call SOLE   40 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 4,799 175,000 SH   SOLE   175,000 0 0
ZAYO GROUP HLDGS INC COM 98919V105 823 25,000 SH   SOLE   25,000 0 0