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 RESIDENTIAL PPTYS I COM 02927E303 42,686 2,276,563 SH   SOLE   2,276,563 0 0
AMREIT INC NEW CL B 03216B208 2,070 113,103 SH   SOLE   113,103 0 0
CBL & ASSOC PPTYS INC COM 124830100 18,074 951,289 SH   SOLE   951,289 0 0
CHATHAM LODGING TR COM 16208T102 34,627 1,581,164 SH   SOLE   1,581,164 0 0
CLUBCORP HLDGS INC COM 18948M108 10,591 571,250 SH   SOLE   571,250 0 0
COLONY FINL INC COM 19624R106 35,507 1,529,162 SH   SOLE   1,529,162 0 0
CORRECTIONS CORP AMER NEW COM NEW 22025Y407 19,173 583,643 SH   SOLE   583,643 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 26,314 1,324,310 SH   SOLE   1,324,310 0 0
GEO GROUP COM 36159R103 14,882 416,514 SH   SOLE   416,514 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 36,429 3,363,695 SH   SOLE   3,363,695 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 7,600 1,132,694 SH   SOLE   1,132,694 0 0
HYATT HOTELS CORP COM CL A 448579102 20,066 329,060 SH   SOLE   329,060 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 11,297 650,000 SH Put SOLE   650,000 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 11,154 592,659 SH   SOLE   592,659 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 17,801 1,566,961 SH   SOLE   1,566,961 0 0
ST JOE CO COM 790148100 17,801 700,000 SH Put SOLE   700,000 0 0
ST JOE CO COM 790148100 19,707 774,962 SH   SOLE   774,962 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 10,578 403,600 SH   SOLE   403,600 0 0