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
Expires: July 31, 2015
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 RLTY CORP CALL 008492900 3,540,000 48,000 SH Call SOLE 48,000 0 0
APARTMENT INVT & MGMT CO CL A 03748R747 5,143,023 1,981,897 SH SOLE 1,981,897 0 0
ALEXANDRIA REAL ESTATE EQ IN CALL 015271909 5,736,000 120,000 SH Call SOLE 120,000 0 0
AVALONBAY CMNTYS INC CALL 053484901 17,360,001 96,300 SH Call SOLE 96,300 0 0
AVALONBAY CMNTYS INC COM 053484101 2,008,208 11,140 SH SOLE 11,140 0 0
BROOKFIELD ASSET MANAGMT LTD CALL 113004905 1,359,250 25,000 SH Call SOLE 25,000 0 0
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105 4,015,986 73,864 SH SOLE 73,864 0 0
BRAEMAR HOTELS & RESORTS INC COM 10482B101 1,987,655 988,883 SH SOLE 988,883 0 0
BROOKDALE SR LIVING INC COM 112463104 928,789 72,392 SH SOLE 72,392 0 0
CBRE GROUP INC CALL 12504L909 19,212,210 130,500 SH Call SOLE 130,500 0 0
CBRE GROUP INC CL A 12504L109 5,527,228 37,544 SH SOLE 37,544 0 0
CROWN CASTLE INC CALL 22822V901 3,041,585 41,000 SH Call SOLE 41,000 0 0
CARNIVAL CORP LTD CALL G2004J903 4,871,418 175,800 SH Call SOLE 175,800 0 0
COPT DEFENSE PROPERTIES CALL 22002T908 4,742,040 129,000 SH Call SOLE 129,000 0 0
CHOICE HOTELS INTL INC CALL 169905906 19,908,198 191,600 SH Call SOLE 191,600 0 0
CHOICE HOTELS INTL INC COM 169905106 5,809,744 55,914 SH SOLE 55,914 0 0
COHEN & STEERS INC CALL 19247A900 25,771,323 306,200 SH Call SOLE 306,200 0 0
COHEN & STEERS INC COM 19247A100 9,161,360 108,850 SH SOLE 108,850 0 0
COMPASS INC CALL 20464U900 7,842,304 619,700 SH Call SOLE 619,700 0 0
COMPASS INC CL A 20464U100 7,340,507 580,048 SH SOLE 580,048 0 0
COSTAR GROUP INC CALL 22160N909 11,281,476 369,400 SH Call SOLE 369,400 0 0
COSTAR GROUP INC COM 22160N109 4,398,096 144,011 SH SOLE 144,011 0 0
DOUGLAS EMMETT INC CALL 25960P909 19,252,800 1,680,000 SH Call SOLE 1,680,000 0 0
DOUGLAS EMMETT INC COM 25960P109 11,607,078 1,012,834 SH SOLE 1,012,834 0 0
EQUITY LIFESTYLE PROPERTIES CALL 29472R908 4,397,363 69,000 SH Call SOLE 69,000 0 0
ENSIGN GROUP INC CALL 29358P901 3,975,400 22,000 SH Call SOLE 22,000 0 0
ENSIGN GROUP INC COM 29358P101 6,153,558 34,054 SH SOLE 34,054 0 0
EQUITY RESIDENTIAL CALL 29476L907 5,224,118 80,900 SH Call SOLE 80,900 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,159,801 79,904 SH SOLE 79,904 0 0
ESSEX PPTY TR INC CALL 297178905 26,448,321 94,300 SH Call SOLE 94,300 0 0
ESSEX PPTY TR INC COM 297178105 3,567,298 12,719 SH SOLE 12,719 0 0
FEDERAL RLTY INVT TR NEW CALL 313745901 3,151,710 27,000 SH Call SOLE 27,000 0 0
GAMING & LEISURE P CALL 36467J908 4,312,000 100,000 SH Call SOLE 100,000 0 0
HUDSON PACIFIC PROPERTIES IN COM 444097406 5,806,844 419,873 SH SOLE 419,873 0 0
HOST HOTELS & RESORTS INC PUT 44107P954 5,400,205 239,000 SH Put SOLE 239,000 0 0
JONES LANG LASALLE INC CALL 48020Q907 15,837,863 43,700 SH Call SOLE 43,700 0 0
KILROY REALTY CORP CALL 49427F908 8,599,200 240,000 SH Call SOLE 240,000 0 0
MARRIOTT INTL INC NEW PUT 571903952 12,756,600 36,000 SH Put SOLE 36,000 0 0
NEXPOINT RESIDENTIAL TR INC CALL 65341D902 1,355,310 55,500 SH Call SOLE 55,500 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 7,792,227 319,092 SH SOLE 319,092 0 0
REALTY INCOME CORP CALL 756109904 3,112,125 50,000 SH Call SOLE 50,000 0 0
ROYAL CARIBBEAN GROUP CALL V7780T903 11,813,725 38,500 SH Call SOLE 38,500 0 0
ROYAL CARIBBEAN GROUP COM V7780T103 1,000,024 3,259 SH SOLE 3,259 0 0
ROCKET COS INC CALL 77311W901 2,450,179 177,100 SH Call SOLE 177,100 0 0
CHAMPION HOMES INC CALL 830830905 8,493,610 91,600 SH Call SOLE 91,600 0 0
CHAMPION HOMES INC COM 830830105 2,216,684 23,906 SH SOLE 23,906 0 0
SL GREEN RLTY CORP CALL 78440X907 7,040,412 126,900 SH Call SOLE 126,900 0 0
TRAVEL PLUS LEISURE CO CALL 894164902 10,093,176 136,100 SH Call SOLE 136,100 0 0
TRAVEL PLUS LEISURE CO COM 894164102 4,229,641 57,034 SH SOLE 57,034 0 0
UDR INC CALL 902653904 7,459,417 200,900 SH Call SOLE 200,900 0 0
UDR INC COM 902653104 7,167,761 193,045 SH SOLE 193,045 0 0
MARRIOTT VACATIONS WORLDWIDE CALL 57164Y907 3,613,980 31,000 SH Call SOLE 31,000 0 0
MARRIOTT VACATIONS WORLDWIDE COM 57164Y107 7,062,416 60,580 SH SOLE 60,580 0 0
VIKING HOLDINGS LTD CALL G93A5A901 1,750,080 16,900 SH Call SOLE 16,900 0 0