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 HOMES 4 RENT CL A 02665T306 236,000 14,713,240 SH   SOLE 14,713,240 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 29,127 1,574,407 SH   SOLE 1,574,407 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 72,107 1,952,536 SH   SOLE 1,952,536 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 155,573 5,592,115 SH   SOLE 5,592,115 0 0
BOYD GAMING CORP COM 103304101 53,454 3,575,536 SH   SOLE 3,575,536 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 23,211 1,747,800 SH   SOLE 1,747,800 0 0
CAMDEN PPTY TR SH BEN INT 133131102 55,699 749,853 SH   SOLE 749,853 0 0
D R HORTON INC COM 23331A109 29,207 1,067,500 SH   SOLE 1,067,500 0 0
DDR CORP COM 23317H102 4,638 300,000 SH   SOLE 300,000 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 19,857 1,291,085 SH   SOLE 1,291,085 0 0
FIRST POTOMAC RLTY TR COM 33610F109 19,335 1,877,155 SH   SOLE 1,877,155 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 167,241 7,567,462 SH   SOLE 7,567,462 0 0
HYATT HOTELS CORP COM CL A 448579102 38,609 681,057 SH   SOLE 681,057 0 0
ISHARES TR U.S. REAL ES ETF 464287739 534,750 7,500,000 SH Call SOLE 7,500,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 91,200 1,000,000 SH   SOLE 1,000,000 0 0
MACK CALI RLTY CORP COM 554489104 66,175 3,590,631 SH   SOLE 3,590,631 0 0
MACYS INC COM 55616P104 53,788 797,218 SH   SOLE 797,218 0 0
MCDONALDS CORP COM 580135101 85,183 896,000 SH   SOLE 896,000 0 0
MELCO CROWN ENTMT LTD ADR 585464100 8,834 450,000 SH   SOLE 450,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101 43,827 2,401,491 SH   SOLE 2,401,491 0 0
NMI HLDGS INC CL A 629209305 23,383 2,915,537 SH   SOLE 2,915,537 0 0
PARAMOUNT GROUP INC COM 69924R108 155,861 9,082,826 SH   SOLE 9,082,826 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 10,707 590,875 SH   SOLE 590,875 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 36,771 2,090,460 SH   SOLE 2,090,460 0 0
RETAIL PPTYS AMER INC CL A 76131V202 13,721 984,967 SH   SOLE 984,967 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 18,609 1,142,354 SH   SOLE 1,142,354 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 205,850 1,000,000 SH Put SOLE 1,000,000 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 15,824 1,636,415 SH   SOLE 1,636,415 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 147,695 1,821,377 SH   SOLE 1,821,377 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 72,383 3,046,411 SH   SOLE 3,046,411 0 0
STONEGATE MTG CORP COM 86181Q300 25,204 2,502,898 SH   SOLE 2,502,898 0 0
TAUBMAN CTRS INC COM 876664103 184,788 2,658,817 SH   SOLE 2,658,817 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 33,635 1,296,158 SH   SOLE 1,296,158 0 0