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
BLACKSTONE MTG TR INC COM CL A 09257W100 166,761 5,662,503 SH   SOLE   5,662,503 0 0
BOYD GAMING CORP COM 103304101 56,023 2,832,302 SH   SOLE   2,832,302 0 0
CAESARS ENTMT CORP COM 127686103 12,995 1,744,300 SH   SOLE   1,744,300 0 0
CALATLANTIC GROUP INC COM 128195104 18,110 541,578 SH   SOLE   541,578 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 92,758 1,900,000 SH Put SOLE   1,900,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 309,840 4,816,413 SH   SOLE   4,816,413 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 43,809 681,000 SH Call SOLE   681,000 0 0
ESSEX PPTY TR INC COM 297178105 213,695 959,566 SH   SOLE   959,566 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 83,889 3,626,850 SH   SOLE   3,626,850 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 53,130 1,925,000 SH   SOLE   1,925,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 127,859 5,576,038 SH   SOLE   5,576,038 0 0
HYATT HOTELS CORP COM CL A 448579102 91,763 1,864,347 SH   SOLE   1,864,347 0 0
INTERXION HOLDING N.V SHS N47279109 21,189 585,000 SH   SOLE   585,000 0 0
LA QUINTA HLDGS INC COM 50420D108 21,109 1,888,086 SH   SOLE   1,888,086 0 0
LENNAR CORP CL A 526057104 116,636 2,754,747 SH   SOLE   2,754,747 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 93,562 552,284 SH   SOLE   552,284 0 0
MARRIOTT INTL INC NEW CL A 571903202 139,356 2,069,745 SH   SOLE   2,069,745 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 4,431 300,000 SH   SOLE   300,000 0 0
MERITAGE HOMES CORP COM 59001A102 4,775 137,601 SH   SOLE   137,601 0 0
PARAMOUNT GROUP INC COM 69924R108 171,860 10,485,685 SH   SOLE   10,485,685 0 0
SHERWIN WILLIAMS CO COM 824348106 32,646 118,000 SH   SOLE   118,000 0 0
STONEGATE MTG CORP COM 86181Q300 11,506 2,512,225 SH   SOLE   2,512,225 0 0
TAUBMAN CTRS INC COM 876664103 193,307 2,597,863 SH   SOLE   2,597,863 0 0
WELLS FARGO & CO NEW COM 949746101 63,099 1,425,000 SH   SOLE   1,425,000 0 0