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 4,846 116,131 SH   SOLE   116,131 0 0
AMERICAN TOWER CORP NEW COM 03027X100 2,514 31,500 SH   SOLE   31,500 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 3,492 134,767 SH   SOLE   134,767 0 0
BOSTON PROPERTIES INC COM 101121101 4,313 42,973 SH   SOLE   42,973 0 0
CASEYS GEN STORES INC COM 147528103 1,180 16,800 SH   SOLE   16,800 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 1,893 160,000 SH   SOLE   160,000 0 0
COLONY FINL INC COM 19624R106 5,433 267,750 SH   SOLE   267,750 0 0
EDUCATION RLTY TR INC COM 28140H104 1,852 210,000 SH   SOLE   210,000 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 5,415 283,500 SH   SOLE   283,500 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 2,134 42,000 SH   SOLE   42,000 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 2,887 143,850 SH   SOLE   143,850 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 1,431 50,000 SH   SOLE   50,000 0 0
HOME DEPOT INC COM 437076102 5,187 63,000 SH   SOLE   63,000 0 0
ISHARES RUSSELL 2000 ETF 464287655 46,144 400,000 SH Call SOLE   400,000 0 0
ISLE OF CAPRI CASINOS INC COM 464592104 1,512 168,000 SH   SOLE   168,000 0 0
JONES LANG LASALLE INC COM 48020Q107 4,838 47,250 SH   SOLE   47,250 0 0
KAR AUCTION SVCS INC COM 48238T109 4,034 136,500 SH   SOLE   136,500 0 0
KILROY RLTY CORP COM 49427F108 3,128 62,332 SH   SOLE   62,332 0 0
LAS VEGAS SANDS CORP COM 517834107 5,300 67,200 SH   SOLE   67,200 0 0
LENNAR CORP CL A 526057104 4,154 105,000 SH   SOLE   105,000 0 0
MACYS INC COM 55616P104 4,486 84,000 SH   SOLE   84,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101 5,445 231,500 SH   SOLE   231,500 0 0
MOHAWK INDS INC COM 608190104 2,392 16,065 SH   SOLE   16,065 0 0
MUELLER WTR PRODS INC COM SER A 624758108 3,443 367,500 SH   SOLE   367,500 0 0
ORIENT-EXPRESS HOTELS LTD CL A G67743107 3,418 226,195 SH   SOLE   226,195 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 4,726 249,008 SH   SOLE   249,008 0 0
PGT INC COM 69336V101 3,195 315,750 SH   SOLE   315,750 0 0
POST PPTYS INC COM 737464107 3,324 73,500 SH   SOLE   73,500 0 0
PRICELINE COM INC COM NEW 741503403 1,526 1,313 SH   SOLE   1,313 0 0
PROLOGIS INC COM 74340W103 3,104 84,000 SH   SOLE   84,000 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 5,377 113,400 SH   SOLE   113,400 0 0
RYDER SYS INC COM 783549108 4,067 55,125 SH   SOLE   55,125 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 2,881 107,728 SH   SOLE   107,728 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 3,450 350,972 SH   SOLE   350,972 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 3,397 42,755 SH   SOLE   42,755 0 0
STARWOOD PPTY TR INC COM 85571B105 3,054 110,250 SH   SOLE   110,250 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 3,247 343,634 SH   SOLE   343,634 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 3,783 282,310 SH   SOLE   282,310 0 0
TEREX CORP NEW COM 880779103 1,703 40,555 SH   SOLE   40,555 0 0
TILE SHOP HLDGS INC COM 88677Q109 3,510 194,250 SH   SOLE   194,250 0 0
UNITED RENTALS INC COM 911363109 4,764 61,110 SH   SOLE   61,110 0 0