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
ADVANCED DRAIN SYS INC DEL COM 00790R104 5,955 198,883 SH   SOLE   198,883 0 0
AMERICAN TOWER CORP NEW COM 03027X100 7,061 75,000 SH   SOLE   75,000 0 0
APOGEE ENTERPRISES INC COM 037598109 4,928 114,077 SH   SOLE   114,077 0 0
BRINKER INTL INC COM 109641100 11,112 180,500 SH   SOLE   180,500 0 0
CAESARSTONE SDOT-YAM LTD ORD SHS M20598104 13,053 215,000 SH   SOLE   215,000 0 0
CHATHAM LODGING TR COM 16208T102 10,524 357,849 SH   SOLE   357,849 0 0
COLONY FINL INC COM 19624R106 16,622 641,300 SH   SOLE   641,300 0 0
D R HORTON INC COM 23331A109 19,392 680,900 SH   SOLE   680,900 0 0
DOLLAR GEN CORP NEW COM 256677105 18,284 242,552 SH   SOLE   242,552 0 0
EAGLE MATERIALS INC COM 26969P108 11,903 142,450 SH   SOLE   142,450 0 0
EQUINIX INC COM PAR $0.001 29444U700 9,605 41,250 SH   SOLE   41,250 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 10,368 390,500 SH   SOLE   390,500 0 0
ESSEX PPTY TR INC COM 297178105 8,047 35,000 SH   SOLE   35,000 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 10,635 289,300 SH   SOLE   289,300 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 19,229 753,500 SH   SOLE   753,500 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 9,752 330,000 SH   SOLE   330,000 0 0
HEADWATERS INC COM 42210P102 9,936 541,765 SH   SOLE   541,765 0 0
HOME DEPOT INC COM 437076102 18,758 165,110 SH   SOLE   165,110 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 1,654 100,000 SH Put SOLE   100,000 0 0
HUDSON PAC PPTYS INC COM 444097109 17,002 512,270 SH   SOLE   512,270 0 0
INTERFACE INC COM 458665304 4,114 198,000 SH   SOLE   198,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 20,065 500,000 SH Put SOLE   500,000 0 0
ISLE OF CAPRI CASINOS INC COM 464592104 4,496 320,010 SH   SOLE   320,010 0 0
JACK IN THE BOX INC COM 466367109 9,688 101,004 SH   SOLE   101,004 0 0
KILROY RLTY CORP COM 49427F108 8,881 116,600 SH   SOLE   116,600 0 0
LA QUINTA HLDGS INC COM 50420D108 21,750 918,500 SH   SOLE   918,500 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 11,409 192,500 SH   SOLE   192,500 0 0
LENNOX INTL INC COM 526107107 12,168 108,944 SH   SOLE   108,944 0 0
MACYS INC COM 55616P104 11,781 181,500 SH   SOLE   181,500 0 0
MACYS INC COM 55616P104 16,228 250,000 SH Call SOLE   250,000 0 0
MARTIN MARIETTA MATLS INC COM 573284106 16,077 115,000 SH   SOLE   115,000 0 0
MOHAWK INDS INC COM 608190104 8,786 47,300 SH   SOLE   47,300 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 5,960 255,353 SH   SOLE   255,353 0 0
PINNACLE ENTMT INC COM 723456109 1,805 50,000 SH   SOLE   50,000 0 0
PINNACLE ENTMT INC COM 723456109 7,218 200,000 SH Call SOLE   200,000 0 0
POST PPTYS INC COM 737464107 14,278 250,800 SH   SOLE   250,800 0 0
PROLOGIS INC COM 74340W103 17,206 395,000 SH   SOLE   395,000 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 21,117 258,000 SH   SOLE   258,000 0 0
RYDER SYS INC COM 783549108 9,916 104,500 SH   SOLE   104,500 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 16,377 1,355,685 SH   SOLE   1,355,685 0 0
STANDARD PAC CORP NEW COM 85375C101 14,959 1,662,100 SH   SOLE   1,662,100 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 16,478 197,340 SH   SOLE   197,340 0 0
TAUBMAN CTRS INC COM 876664103 18,122 234,960 SH   SOLE   234,960 0 0
TREX CO INC COM 89531P105 7,023 128,800 SH   SOLE   128,800 0 0
UNITED RENTALS INC COM 911363109 12,865 141,130 SH   SOLE   141,130 0 0
VENTAS INC COM 92276F100 8,032 110,000 SH   SOLE   110,000 0 0