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 47,012 642,500 SH   SOLE   642,500 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 12,711 514,600 SH   SOLE   514,600 0 0
BOSTON PROPERTIES INC COM 101121101 25,534 242,100 SH   SOLE   242,100 0 0
BRE PROPERTIES INC CL A 05564E106 15,106 302,000 SH   SOLE   302,000 0 0
CBL & ASSOC PPTYS INC COM 124830100 70,632 3,297,500 SH   SOLE   3,297,500 0 0
CROWN CASTLE INTL CORP COM 228227104 43,340 598,700 SH   SOLE   598,700 0 0
D R HORTON INC COM 23331A109 46,539 2,187,000 SH   SOLE   2,187,000 0 0
D R HORTON INC COM 23331A109 15,534 730,000 SH Put SOLE   730,000 0 0
DDR CORP COM 23317H102 63,133 3,791,800 SH   SOLE   3,791,800 0 0
EAGLE MATERIALS INC COM 26969P108 49,656 749,300 SH   SOLE   749,300 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 35,533 612,000 SH   SOLE   612,000 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 66,540 1,717,600 SH   SOLE   1,717,600 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 109,881 5,530,000 SH   SOLE   5,530,000 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 51,579 9,145,300 SH   SOLE   9,145,300 0 0
HOME DEPOT INC COM 437076102 131,893 1,702,500 SH   SOLE   1,702,500 0 0
HUDSON PAC PPTYS INC COM 444097109 32,954 1,548,600 SH   SOLE   1,548,600 0 0
HYATT HOTELS CORP COM CL A 448579102 5,711 141,500 SH   SOLE   141,500 0 0
ISHARES TR RUSSELL 2000 464287655 285,751 2,958,700 SH Put SOLE   2,958,700 0 0
ISHARES TR DJ US REAL EST 464287739 128,037 1,927,400 SH Put SOLE   1,927,400 0 0
ISTAR FINL INC COM 45031U101 35,160 3,114,300 SH   SOLE   3,114,300 0 0
KILROY RLTY CORP COM 49427F108 55,077 1,039,000 SH   SOLE   1,039,000 0 0
LENNAR CORP CL A 526057104 121,368 3,367,600 SH   SOLE   3,367,600 0 0
LOWES COS INC COM 548661107 17,178 420,000 SH Put SOLE   420,000 0 0
LOWES COS INC COM 548661107 48,802 1,193,200 SH   SOLE   1,193,200 0 0
MACERICH CO COM 554382101 89,833 1,473,400 SH   SOLE   1,473,400 0 0
MARRIOTT INTL INC NEW CL A 571903202 93,029 2,304,400 SH   SOLE   2,304,400 0 0
MARRIOTT VACATIONS WRLDWDE C COM 57164Y107 17,763 410,800 SH   SOLE   410,800 0 0
OCWEN FINL CORP COM NEW 675746309 40,445 981,200 SH   SOLE   981,200 0 0
ORIENT-EXPRESS HOTELS LTD CL A G67743107 14,266 1,173,200 SH   SOLE   1,173,200 0 0
PENNYMAC MTG INVT TR COM 70931T103 29,302 1,392,000 SH   SOLE   1,392,000 0 0
PULTE GROUP INC COM 745867101 34,146 1,800,000 SH Put SOLE   1,800,000 0 0
RLJ LODGING TR COM 74965L101 33,971 1,510,500 SH   SOLE   1,510,500 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 15,336 460,000 SH Put SOLE   460,000 0 0
SBA COMMUNICATIONS CORP COM 78388J106 116,013 1,565,200 SH   SOLE   1,565,200 0 0
SIMON PPTY GROUP INC NEW COM 828806109 82,279 521,017 SH   SOLE   521,017 0 0
SL GREEN RLTY CORP COM 78440X101 26,289 298,100 SH   SOLE   298,100 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 114,588 714,300 SH Put SOLE   714,300 0 0
SPIRIT RLTY CAP INC COM 84860F109 13,616 768,400 SH   SOLE   768,400 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 151,258 2,393,700 SH   SOLE   2,393,700 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 34,755 550,000 SH Put SOLE   550,000 0 0
STARWOOD PPTY TR INC COM 85571B105 22,245 898,800 SH   SOLE   898,800 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 27,469 3,100,300 SH   SOLE   3,100,300 0 0
TOLL BROTHERS INC COM 889478103 67,476 2,067,900 SH   SOLE   2,067,900 0 0
TWO HBRS INVT CORP COM 90187B101 13,740 1,340,500 SH   SOLE   1,340,500 0 0
VENTAS INC COM 92276F100 4,410 63,491 SH   SOLE   63,491 0 0
WEYERHAEUSER CO COM 962166104 61,188 2,147,700 SH   SOLE   2,147,700 0 0