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 22,930 236,511 SH   SOLE   236,511 0 0
AVALONBAY CMNTYS INC COM 053484101 38,023 206,500 SH   SOLE   206,500 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 15,970 596,794 SH   SOLE   596,794 0 0
CALATLANTIC GROUP INC COM 128195104 22,471 592,600 SH   SOLE   592,600 0 0
CBL & ASSOC PPTYS INC COM 124830100 12,906 1,043,300 SH   SOLE   1,043,300 0 0
COLONY CAP INC CL A 19624R106 8,322 427,225 SH   SOLE   427,225 0 0
CUBESMART COM 229663109 31,428 1,026,401 SH   SOLE   1,026,401 0 0
D R HORTON INC COM 23331A109 12,272 383,127 SH   SOLE   383,127 0 0
DUKE REALTY CORP COM NEW 264411505 21,940 1,043,750 SH   SOLE   1,043,750 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 33,047 1,191,754 SH   SOLE   1,191,754 0 0
EQUITY ONE COM 294752100 11,604 427,400 SH   SOLE   427,400 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 37,253 1,369,100 SH   SOLE   1,369,100 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 10,029 460,900 SH   SOLE   460,900 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 33,076 1,545,600 SH   SOLE   1,545,600 0 0
HOWARD HUGHES CORP COM 44267D107 25,705 227,154 SH   SOLE   227,154 0 0
HUDSON PAC PPTYS INC COM 444097109 31,679 1,125,749 SH   SOLE   1,125,749 0 0
LOWES COS INC COM 548661107 17,071 224,500 SH   SOLE   224,500 0 0
REALOGY HLDGS CORP COM 75605Y106 36,965 1,008,050 SH   SOLE   1,008,050 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 38,703 382,400 SH   SOLE   382,400 0 0
SBA COMMUNICATIONS CORP COM 78388J106 18,611 177,131 SH   SOLE   177,131 0 0
SHERWIN WILLIAMS CO COM 824348106 27,907 107,500 SH   SOLE   107,500 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 51,416 252,200 SH Put SOLE   252,200 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 18,753 1,871,550 SH   SOLE   1,871,550 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 55,418 799,907 SH   SOLE   799,907 0 0
TAUBMAN CTRS INC COM 876664103 36,408 474,563 SH   SOLE   474,563 0 0
VAIL RESORTS INC COM 91879Q109 21,138 165,153 SH   SOLE   165,153 0 0
WEYERHAEUSER CO COM 962166104 17,628 588,000 SH   SOLE   588,000 0 0