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
AVALONBAY CMNTYS INC COM 053484101 39,485 226,600 SH   SOLE   226,600 0 0
CBL & ASSOC PPTYS INC COM 124830100 57,733 2,915,800 SH   SOLE   2,915,800 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 10,355 306,100 SH   SOLE   306,100 0 0
COLONY FINL INC COM 19624R106 33,365 1,287,249 SH   SOLE   1,287,249 0 0
CUBESMART COM 229663109 30,405 1,259,000 SH   SOLE   1,259,000 0 0
D R HORTON INC COM 23331A109 39,718 1,394,600 SH   SOLE   1,394,600 0 0
DDR CORP COM 23317H102 38,078 2,045,000 SH   SOLE   2,045,000 0 0
DILLARDS INC CL A 254067101 8,464 62,000 SH   SOLE   62,000 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 29,304 1,367,447 SH   SOLE   1,367,447 0 0
HEALTH CARE REIT INC COM 42217K106 14,528 187,800 SH   SOLE   187,800 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 69,644 10,764,100 SH   SOLE   10,764,100 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 56,361 1,902,800 SH   SOLE   1,902,800 0 0
HOWARD HUGHES CORP COM 44267D107 35,562 229,400 SH   SOLE   229,400 0 0
HUDSON PAC PPTYS INC COM 444097109 41,789 1,259,079 SH   SOLE   1,259,079 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 46,738 375,800 SH Put SOLE   375,800 0 0
ISHARES TR U.S. REAL ES ETF 464287739 35,575 448,500 SH Put SOLE   448,500 0 0
ISTAR FINL INC COM 45031U101 46,575 3,582,700 SH   SOLE   3,582,700 0 0
LOWES COS INC COM 548661107 24,973 335,700 SH   SOLE   335,700 0 0
MACERICH CO COM 554382101 17,094 202,700 SH   SOLE   202,700 0 0
MACYS INC COM 55616P104 8,049 124,000 SH   SOLE   124,000 0 0
MERITAGE HOMES CORP COM 59001A102 23,109 475,100 SH   SOLE   475,100 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 22,214 271,400 SH   SOLE   271,400 0 0
SBA COMMUNICATIONS CORP COM 78388J106 35,265 301,150 SH   SOLE   301,150 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 35,334 2,925,000 SH   SOLE   2,925,000 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 43,453 520,400 SH   SOLE   520,400 0 0
TAUBMAN CTRS INC COM 876664103 20,131 261,000 SH   SOLE   261,000 0 0
VAIL RESORTS INC COM 91879Q109 56,374 545,100 SH   SOLE   545,100 0 0