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
ACADIA RLTY TR COM SH BEN INT 004239109 8,017 303,923 SH   SOLE   303,923 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 11,849 163,300 SH   SOLE   163,300 0 0
AMCOL INTL CORP COM 02341W103 7,070 154,438 SH   SOLE   154,438 0 0
AMERICAN AIRLS GROUP INC PFD A MAND CV 02376R409 10,994 398,348 SH   SOLE   398,348 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 2,507 68,490 SH   SOLE   68,490 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 18,000 1,283,890 SH   SOLE   1,283,890 0 0
AMERICAN TOWER CORP NEW COM 03027X100 19,321 236,000 SH   SOLE   236,000 0 0
AVALONBAY CMNTYS INC COM 053484101 6,829 52,000 SH   SOLE   52,000 0 0
BEAM INC COM 073730103 15,746 189,025 SH   SOLE   189,025 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 1,600 75,000 SH   SOLE   75,000 0 0
CITIGROUP INC COM NEW 172967424 20,725 435,396 SH   SOLE   435,396 0 0
CITIGROUP INC COM NEW 172967424 127,487 2,678,300 SH Call SOLE   2,678,300 0 0
COMMONWEALTH REIT 6.50% PFD CUM CO 203233408 3,767 150,000 SH   SOLE   150,000 0 0
CORRECTIONS CORP AMER NEW COM NEW 22025Y407 4,886 156,000 SH   SOLE   156,000 0 0
CROWN CASTLE INTL CORP COM 228227104 16,966 229,949 SH   SOLE   229,949 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 5,178 665,555 SH   SOLE   665,555 0 0
E M C CORP MASS COM 268648102 30,398 1,109,000 SH   SOLE   1,109,000 0 0
ENCANA CORP COM 292505104 16,527 700,000 SH   SOLE   700,000 0 0
ENCANA CORP COM 292505104 28,609 1,338,100 SH Call SOLE   1,338,100 0 0
ENERNOC INC COM 292764107 23,406 1,050,555 SH   SOLE   1,050,555 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 2,468 80,921 SH   SOLE   80,921 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 6,260 154,000 SH   SOLE   154,000 0 0
EQUITY ONE COM 294752100 1,564 70,000 SH   SOLE   70,000 0 0
EXCEL TR INC COM 30068C109 4,058 320,000 SH   SOLE   320,000 0 0
FOREST LABS INC COM 345838106 29,719 322,088 SH   SOLE   322,088 0 0
FOSTER WHEELER AG COM H27178104 19,452 600,000 SH   SOLE   600,000 0 0
GENERAL MTRS CO COM 37045V100 37,339 1,084,800 SH Call SOLE   1,084,800 0 0
GIANT INTERACTIVE GROUP INC ADR 374511103 13,832 1,195,543 SH   SOLE   1,195,543 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 61,199 1,838,367 SH   SOLE   1,838,367 0 0
HCP INC COM 40414L109 1,513 39,000 SH   SOLE   39,000 0 0
INTERXION HOLDING NV SHS N47279109 4,274 178,232 SH   SOLE   178,232 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 40,289 308,187 SH   SOLE   308,187 0 0
LSI CORPORATION COM 502161102 2,768 250,000 SH   SOLE   250,000 0 0
M D C HLDGS INC COM 552676108 4,676 165,357 SH   SOLE   165,357 0 0
MENS WEARHOUSE INC COM 587118100 17,594 359,198 SH   SOLE   359,198 0 0
MERITAGE HOMES CORP COM 59001A102 3,560 85,000 SH   SOLE   85,000 0 0
MICROSOFT CORP COM 594918104 25,553 623,387 SH   SOLE   623,387 0 0
MICROSOFT CORP COM 594918104 63,653 1,552,900 SH Call SOLE   1,552,900 0 0
MID-AMER APT CMNTYS INC COM 59522J103 39,348 576,356 SH   SOLE   576,356 0 0
NATIONAL BK GREECE S A ADR PRF SER A 633643507 1,782 99,313 SH   SOLE   99,313 0 0
NAVIOS MARITIME ACQUIS CORP SHS Y62159101 3,696 1,009,709 SH   SOLE   1,009,709 0 0
NAVISTAR INTL CORP NEW COM 63934E108 10,544 311,300 SH Put SOLE   311,300 0 0
POST PPTYS INC COM 737464107 2,897 59,000 SH   SOLE   59,000 0 0
REALOGY HLDGS CORP COM 75605Y106 40,176 924,645 SH   SOLE   924,645 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N 780097770 4,097 181,123 SH   SOLE   181,123 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF M 780097796 5,726 251,568 SH   SOLE   251,568 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR L RP PF 780097788 13,270 615,796 SH   SOLE   615,796 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 1,699 77,048 SH   SOLE   77,048 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PFD SER P 780097762 1,100 49,562 SH   SOLE   49,562 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 6,414 277,675 SH   SOLE   277,675 0 0
SBA COMMUNICATIONS CORP COM 78388J106 42,296 465,000 SH   SOLE   465,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,151 11,500 SH Put SOLE   11,500 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 17,173 1,564,000 SH   SOLE   1,564,000 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 4,537 57,000 SH   SOLE   57,000 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 22,134 1,612,102 SH   SOLE   1,612,102 0 0
TAUBMAN CTRS INC COM 876664103 10,831 153,000 SH   SOLE   153,000 0 0
TIME WARNER CABLE INC COM 88732J207 134,966 983,857 SH   SOLE   983,857 0 0
TIME WARNER CABLE INC COM 88732J207 148,429 1,082,000 SH Call SOLE   1,082,000 0 0
TIME WARNER CABLE INC COM 88732J207 43,911 320,100 SH Put SOLE   320,100 0 0
TIMKEN CO COM 887389104 60,988 1,037,568 SH   SOLE   1,037,568 0 0
TW TELECOM INC COM 87311L104 17,943 574,001 SH   SOLE   574,001 0 0
VENTAS INC COM 92276F100 4,543 75,000 SH   SOLE   75,000 0 0
VISTEON CORP COM NEW 92839U206 27,812 314,470 SH   SOLE   314,470 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 7,241 196,700 SH   SOLE   196,700 0 0
W P CAREY INC COM 92936U109 25,704 427,900 SH   SOLE   427,900 0 0