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 47,992 647,400 SH   SOLE   647,400 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 20,779 824,900 SH   SOLE   824,900 0 0
BOSTON PROPERTIES INC COM 101121101 46,576 435,700 SH   SOLE   435,700 0 0
BRE PROPERTIES INC CL A 05564E106 15,446 304,300 SH   SOLE   304,300 0 0
CBL & ASSOC PPTYS INC COM 124830100 93,875 4,914,900 SH   SOLE   4,914,900 0 0
CROWN CASTLE INTL CORP COM 228227104 60,812 832,700 SH   SOLE   832,700 0 0
D R HORTON INC COM 23331A109 8,452 435,000 SH   SOLE   435,000 0 0
DDR CORP COM 23317H102 60,022 3,820,600 SH   SOLE   3,820,600 0 0
EAGLE MATERIALS INC COM 26969P108 54,775 755,000 SH   SOLE   755,000 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 46,880 1,126,100 SH   SOLE   1,126,100 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 102,621 5,319,900 SH   SOLE   5,319,900 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 51,511 9,214,800 SH   SOLE   9,214,800 0 0
HOME DEPOT INC COM 437076102 89,677 1,182,300 SH   SOLE   1,182,300 0 0
HOWARD HUGHES CORP COM 44267D107 17,181 152,900 SH   SOLE   152,900 0 0
HUDSON PAC PPTYS INC COM 444097109 30,348 1,560,300 SH   SOLE   1,560,300 0 0
ISHARES RUSSELL 2000 ETF 464287655 241,450 2,264,800 SH Put SOLE   2,264,800 0 0
ISHARES U.S. REAL ES ETF 464287739 40,118 628,900 SH Put SOLE   628,900 0 0
ISTAR FINL INC COM 45031U101 37,782 3,138,000 SH   SOLE   3,138,000 0 0
KILROY RLTY CORP COM 49427F108 33,836 677,400 SH   SOLE   677,400 0 0
LENNAR CORP CL A 526057104 68,064 1,922,700 SH   SOLE   1,922,700 0 0
LOWES COS INC COM 548661107 71,915 1,510,500 SH   SOLE   1,510,500 0 0
MACERICH CO COM 554382101 65,764 1,165,200 SH   SOLE   1,165,200 0 0
MACYS INC COM 55616P104 14,115 326,200 SH   SOLE   326,200 0 0
MARRIOTT INTL INC NEW CL A 571903202 76,717 1,824,000 SH   SOLE   1,824,000 0 0
MARRIOTT VACATIONS WRLDWDE C COM 57164Y107 30,831 700,700 SH   SOLE   700,700 0 0
OCWEN FINL CORP COM NEW 675746309 44,488 797,700 SH   SOLE   797,700 0 0
ORIENT-EXPRESS HOTELS LTD CL A G67743107 15,344 1,182,100 SH   SOLE   1,182,100 0 0
PENNYMAC MTG INVT TR COM 70931T103 28,055 1,237,000 SH   SOLE   1,237,000 0 0
RLJ LODGING TR COM 74965L101 35,752 1,522,000 SH   SOLE   1,522,000 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 31,191 814,800 SH Put SOLE   814,800 0 0
RYLAND GROUP INC COM 783764103 68,618 1,692,600 SH   SOLE   1,692,600 0 0
SBA COMMUNICATIONS CORP COM 78388J106 121,897 1,515,000 SH   SOLE   1,515,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 56,019 377,917 SH   SOLE   377,917 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 49,042 291,900 SH Put SOLE   291,900 0 0
STANDARD PAC CORP NEW COM 85375C101 21,204 2,680,700 SH   SOLE   2,680,700 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 124,222 1,869,400 SH   SOLE   1,869,400 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 35,431 533,200 SH Put SOLE   533,200 0 0
STARWOOD PPTY TR INC COM 85571B105 14,821 618,300 SH   SOLE   618,300 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 14,005 1,613,500 SH   SOLE   1,613,500 0 0
TOLL BROTHERS INC COM 889478103 67,046 2,067,400 SH   SOLE   2,067,400 0 0
TWO HBRS INVT CORP COM 90187B101 13,189 1,358,300 SH   SOLE   1,358,300 0 0
WEYERHAEUSER CO COM 962166104 33,511 1,170,500 SH   SOLE   1,170,500 0 0