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

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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
ALEXANDERS INC COM 014752109 14,102 48,012 SH   SOLE 48,012 0 0
AMERCO COM 023586100 6,259 38,661 SH   SOLE 38,661 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 9,218 535,948 SH   SOLE 535,948 0 0
CHATHAM LODGING TR COM 16208T102 29,793 1,734,176 SH   SOLE 1,734,176 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 9,956 555,871 SH   SOLE 555,871 0 0
HYATT HOTELS CORP COM CL A 448579102 20,188 500,204 SH   SOLE 500,204 0 0
ISHARES TR DJ US REAL EST 464287739 29,894 4,500 SH Call SOLE 4,500 0 0
MOVE INC COM NEW 62458M207 2,102 163,954 SH   SOLE 163,954 0 0
REALOGY HLDGS CORP COM 75605Y106 9,733 202,604 SH   SOLE 202,604 0 0
THOMAS PPTYS GROUP INC COM 884453101 3,896 735,028 SH   SOLE 735,028 0 0
ZILLOW INC CL A 98954A107 2,815 500 SH Put SOLE 500 0 0