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
ALEXANDER & BALDWIN INC NEW COM 014491104 3,007 72,556 SH   SOLE   72,556 0 0
APOGEE ENTERPRISES INC COM 037598109 4,285 122,928 SH   SOLE   122,928 0 0
BOSTON PROPERTIES INC COM 101121101 4,127 34,920 SH   SOLE   34,920 0 0
BROOKDALE SR LIVING INC COM 112463104 7,001 210,000 SH   SOLE   210,000 0 0
CAESARSTONE SDOT-YAM LTD ORD SHS M20598104 8,461 172,394 SH   SOLE   172,394 0 0
COLONY FINL INC COM 19624R106 9,265 399,020 SH   SOLE   399,020 0 0
DDR CORP COM 23317H102 3,526 200,000 SH   SOLE   200,000 0 0
DUKE REALTY CORP COM NEW 264411505 4,900 269,818 SH   SOLE   269,818 0 0
EAGLE MATERIALS INC COM 26969P108 7,436 78,875 SH   SOLE   78,875 0 0
EQUINIX INC COM NEW 29444U502 5,756 27,400 SH   SOLE   27,400 0 0
EQUITY ONE COM 294752100 6,275 266,000 SH   SOLE   266,000 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 10,082 507,400 SH   SOLE   507,400 0 0
HEALTHCARE RLTY TR COM 421946104 3,699 145,500 SH   SOLE   145,500 0 0
HUDSON PAC PPTYS INC COM 444097109 6,525 257,499 SH   SOLE   257,499 0 0
ISHARES RUSSELL 2000 ETF 464287655 23,762 200,000 SH Put SOLE   200,000 0 0
ISLE OF CAPRI CASINOS INC COM 464592104 1,897 221,634 SH   SOLE   221,634 0 0
JACK IN THE BOX INC COM 466367109 5,086 85,000 SH   SOLE   85,000 0 0
LAS VEGAS SANDS CORP COM 517834107 8,916 116,971 SH   SOLE   116,971 0 0
LENNAR CORP CL A 526057104 2,939 70,000 SH   SOLE   70,000 0 0
LOUISIANA PAC CORP COM 546347105 1,427 95,000 SH   SOLE   95,000 0 0
MACYS INC COM 55616P104 5,802 100,000 SH   SOLE   100,000 0 0
MARTIN MARIETTA MATLS INC COM 573284106 7,621 57,715 SH   SOLE   57,715 0 0
MASTEC INC COM 576323109 1,233 40,000 SH   SOLE   40,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101 9,243 350,100 SH   SOLE   350,100 0 0
NCI BUILDING SYS INC COM NEW 628852204 3,400 174,980 SH   SOLE   174,980 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 6,022 320,000 SH   SOLE   320,000 0 0
PRICELINE GRP INC COM NEW 741503403 6,533 5,431 SH   SOLE   5,431 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 2,774 49,900 SH   SOLE   49,900 0 0
RYDER SYS INC COM 783549108 7,414 84,165 SH   SOLE   84,165 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 3,171 107,000 SH   SOLE   107,000 0 0
SL GREEN RLTY CORP COM 78440X101 4,298 39,285 SH   SOLE   39,285 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 7,274 640,280 SH   SOLE   640,280 0 0
STARBUCKS CORP COM 855244109 3,869 50,000 SH   SOLE   50,000 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 5,496 68,000 SH   SOLE   68,000 0 0
STARWOOD PPTY TR INC COM 85571B105 5,586 235,000 SH   SOLE   235,000 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 3,557 135,700 SH   SOLE   135,700 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 2,446 208,900 SH   SOLE   208,900 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 5,817 389,618 SH   SOLE   389,618 0 0
TAUBMAN CTRS INC COM 876664103 4,412 58,200 SH   SOLE   58,200 0 0
TILE SHOP HLDGS INC COM 88677Q109 7,715 504,550 SH   SOLE   504,550 0 0
TREX CO INC COM 89531P105 1,441 50,000 SH   SOLE   50,000 0 0
U S SILICA HLDGS INC COM 90346E103 8,067 145,500 SH   SOLE   145,500 0 0
UNION PAC CORP COM 907818108 4,373 43,835 SH   SOLE   43,835 0 0
UNITED RENTALS INC COM 911363109 8,168 77,989 SH   SOLE   77,989 0 0
VENTAS INC COM 92276F100 3,974 62,000 SH   SOLE   62,000 0 0