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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 7,717 121,300 SH   SOLE   121,300 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 6,763 267,848 SH   SOLE   267,848 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,117 14,000 SH   SOLE   14,000 0 0
AVALONBAY CMNTYS INC COM 053484101 3,310 28,000 SH   SOLE   28,000 0 0
CITIGROUP INC COM NEW 172967424 20,844 400,000 SH   SOLE   400,000 0 0
CITIGROUP INC COM NEW 172967424 65,138 1,250,000 SH Call SOLE   1,250,000 0 0
COLE REAL ESTATE INVTS INC COM 19329V105 4,623 329,303 SH   SOLE   329,303 0 0
COOPER TIRE & RUBBER CO COM 216831107 6,010 250,000 SH Call SOLE   250,000 0 0
CROWN CASTLE INTL CORP COM 228227104 29,589 402,949 SH   SOLE   402,949 0 0
D R HORTON INC COM 23331A109 2,835 127,000 SH   SOLE   127,000 0 0
DISH NETWORK CORP CL A 25470M109 29,193 504,022 SH   SOLE   504,022 0 0
DISH NETWORK CORP CL A 25470M109 12,267 211,800 SH Call SOLE   211,800 0 0
ENERNOC INC COM 292764107 20,189 1,173,104 SH   SOLE   1,173,104 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 2,270 80,921 SH   SOLE   80,921 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 9,246 255,190 SH   SOLE   255,190 0 0
GENERAL MTRS CO COM 37045V100 10,218 250,000 SH   SOLE   250,000 0 0
GIANT INTERACTIVE GROUP INC ADR 374511103 5,139 457,207 SH   SOLE   457,207 0 0
HCP INC COM 40414L109 3,124 86,000 SH   SOLE   86,000 0 0
HEALTH MGMT ASSOC INC NEW CL A 421933102 27,362 2,088,680 SH   SOLE   2,088,680 0 0
HOST HOTELS & RESORTS INC COM 44107P104 2,411 124,000 SH   SOLE   124,000 0 0
INTERXION HOLDING N.V SHS N47279109 3,143 133,132 SH   SOLE   133,132 0 0
JOS A BANK CLOTHIERS INC COM 480838101 22,702 414,500 SH   SOLE   414,500 0 0
LEAP WIRELESS INTL INC COM NEW 521863308 34,342 1,973,659 SH   SOLE   1,973,659 0 0
LENDER PROCESSING SVCS INC COM 52602E102 64,228 1,718,245 SH   SOLE   1,718,245 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 7,315 50,000 SH   SOLE   50,000 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 80,505 1,062,070 SH   SOLE   1,062,070 0 0
M D C HLDGS INC COM 552676108 2,365 73,357 SH   SOLE   73,357 0 0
MICROSOFT CORP COM 594918104 19,900 531,949 SH   SOLE   531,949 0 0
MICROSOFT CORP COM 594918104 50,881 1,360,100 SH Call SOLE   1,360,100 0 0
MID-AMER APT CMNTYS INC COM 59522J103 27,118 446,456 SH   SOLE   446,456 0 0
NABORS INDUSTRIES LTD SHS G6359F103 21,099 1,241,842 SH   SOLE   1,241,842 0 0
NATIONAL BK GREECE S A ADR PRF SER A 633643507 1,371 96,313 SH   SOLE   96,313 0 0
NAVISTAR INTL CORP NEW COM 63934E108 11,721 306,900 SH Put SOLE   306,900 0 0
POST PPTYS INC COM 737464107 2,669 59,000 SH   SOLE   59,000 0 0
REALOGY HLDGS CORP COM 75605Y106 43,887 887,144 SH   SOLE   887,144 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N 780097770 2,964 144,845 SH   SOLE   144,845 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF M 780097796 5,172 247,487 SH   SOLE   247,487 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR L RP PF 780097788 11,801 604,238 SH   SOLE   604,238 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 599 30,000 SH   SOLE   30,000 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PFD SER P 780097762 265 13,073 SH   SOLE   13,073 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 2,662 123,779 SH   SOLE   123,779 0 0
SBA COMMUNICATIONS CORP COM 78388J106 21,562 240,000 SH   SOLE   240,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 913 6,000 SH   SOLE   6,000 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 2,015 205,000 SH   SOLE   205,000 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 3,189 238,000 SH   SOLE   238,000 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 1,377 43,000 SH   SOLE   43,000 0 0
TAUBMAN CTRS INC COM 876664103 3,388 53,000 SH   SOLE   53,000 0 0
TIME WARNER CABLE INC COM 88732J207 8,151 60,155 SH   SOLE   60,155 0 0
TIME WARNER CABLE INC COM 88732J207 93,549 690,400 SH Call SOLE   690,400 0 0
TIMKEN CO COM 887389104 32,620 592,338 SH   SOLE   592,338 0 0
TIMKEN CO COM 887389104 11,036 200,400 SH Call SOLE   200,400 0 0
TW TELECOM INC COM 87311L104 16,657 546,658 SH   SOLE   546,658 0 0
VENTAS INC COM 92276F100 3,265 57,000 SH   SOLE   57,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 26,349 536,200 SH Put SOLE   536,200 0 0
VISTEON CORP COM NEW 92839U206 35,079 428,365 SH   SOLE   428,365 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 27,933 710,582 SH   SOLE   710,582 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 76,733 1,952,000 SH Call SOLE   1,952,000 0 0