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 3,989 93,720 SH   SOLE   93,720 0 0
AMERICAN TOWER CORP NEW COM 03027X100 5,686 69,450 SH   SOLE   69,450 0 0
APOGEE ENTERPRISES INC COM 037598109 2,707 81,460 SH   SOLE   81,460 0 0
BOSTON PROPERTIES INC COM 101121101 6,612 57,728 SH   SOLE   57,728 0 0
BROOKDALE SR LIVING INC COM 112463104 7,004 209,000 SH   SOLE   209,000 0 0
CAESARSTONE SDOT-YAM LTD ORD SHS M20598104 3,265 60,035 SH   SOLE   60,035 0 0
COLONY FINL INC COM 19624R106 7,342 334,500 SH   SOLE   334,500 0 0
DCT INDUSTRIAL TRUST INC COM 233153105 2,780 352,750 SH   SOLE   352,750 0 0
DDR CORP COM 23317H102 5,948 360,950 SH   SOLE   360,950 0 0
DYCOM INDS INC COM 267475101 2,364 74,800 SH   SOLE   74,800 0 0
EAGLE MATERIALS INC COM 26969P108 5,607 63,244 SH   SOLE   63,244 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 7,484 391,842 SH   SOLE   391,842 0 0
H & E EQUIPMENT SERVICES INC COM 404030108 2,548 63,000 SH   SOLE   63,000 0 0
HEALTHCARE RLTY TR COM 421946104 3,601 149,092 SH   SOLE   149,092 0 0
HOME DEPOT INC COM 437076102 2,655 33,550 SH   SOLE   33,550 0 0
HUDSON PAC PPTYS INC COM 444097109 3,251 140,937 SH   SOLE   140,937 0 0
ISHARES RUSSELL 2000 ETF 464287655 23,268 200,000 SH Put SOLE   200,000 0 0
ISLE OF CAPRI CASINOS INC COM 464592104 1,554 202,560 SH   SOLE   202,560 0 0
JACK IN THE BOX INC COM 466367109 5,346 90,695 SH   SOLE   90,695 0 0
JONES LANG LASALLE INC COM 48020Q107 5,784 48,814 SH   SOLE   48,814 0 0
KAR AUCTION SVCS INC COM 48238T109 5,820 191,778 SH   SOLE   191,778 0 0
LAS VEGAS SANDS CORP COM 517834107 7,997 99,000 SH   SOLE   99,000 0 0
LENNOX INTL INC COM 526107107 2,580 28,377 SH   SOLE   28,377 0 0
MACYS INC COM 55616P104 4,565 77,000 SH   SOLE   77,000 0 0
MARTIN MARIETTA MATLS INC COM 573284106 7,181 55,947 SH   SOLE   55,947 0 0
MASTEC INC COM 576323109 7,521 173,140 SH   SOLE   173,140 0 0
MGM RESORTS INTERNATIONAL COM 552953101 2,822 109,114 SH   SOLE   109,114 0 0
NCI BUILDING SYS INC COM NEW 628852204 4,245 243,100 SH   SOLE   243,100 0 0
ORIENT-EXPRESS HOTELS LTD CL A G67743107 3,214 223,072 SH   SOLE   223,072 0 0
PANERA BREAD CO CL A 69840W108 7,588 43,000 SH   SOLE   43,000 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 4,672 258,830 SH   SOLE   258,830 0 0
POST PPTYS INC COM 737464107 3,922 79,882 SH   SOLE   79,882 0 0
PRICELINE COM INC COM NEW 741503403 5,676 4,762 SH   SOLE   4,762 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 7,502 137,500 SH   SOLE   137,500 0 0
RYDER SYS INC COM 783549108 6,114 76,500 SH   SOLE   76,500 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 1,514 50,013 SH   SOLE   50,013 0 0
SIMON PPTY GROUP INC NEW COM 828806109 6,349 38,716 SH   SOLE   38,716 0 0
STARWOOD PPTY TR INC COM 85571B105 3,630 153,864 SH   SOLE   153,864 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 4,980 172,975 SH   SOLE   172,975 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 3,685 268,400 SH   SOLE   268,400 0 0
TILE SHOP HLDGS INC COM 88677Q109 1,209 78,256 SH   SOLE   78,256 0 0
U S SILICA HLDGS INC COM 90346E103 3,374 88,400 SH   SOLE   88,400 0 0
UNION PAC CORP COM 907818108 3,190 17,000 SH   SOLE   17,000 0 0
UNITED RENTALS INC COM 911363109 7,833 82,500 SH   SOLE   82,500 0 0
VECTOR GROUP LTD COM 92240M108 3,939 182,886 SH   SOLE   182,886 0 0