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
CBL & ASSOC PPTYS INC COM 124830100 98,749 5,084,900 SH   SOLE   5,084,900 0 0
COLONY FINL INC COM 19624R106 25,880 1,086,500 SH   SOLE   1,086,500 0 0
D R HORTON INC COM 23331A109 69,955 2,766,100 SH   SOLE   2,766,100 0 0
DDR CORP COM 23317H102 51,347 2,796,700 SH   SOLE   2,796,700 0 0
EAGLE MATERIALS INC COM 26969P108 51,337 675,223 SH   SOLE   675,223 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 49,811 1,100,300 SH   SOLE   1,100,300 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 41,421 1,472,500 SH   SOLE   1,472,500 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 81,205 11,551,200 SH   SOLE   11,551,200 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 96,562 3,701,100 SH   SOLE   3,701,100 0 0
HOWARD HUGHES CORP COM 44267D107 38,200 292,900 SH   SOLE   292,900 0 0
HUDSON PAC PPTYS INC COM 444097109 58,307 1,939,700 SH   SOLE   1,939,700 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 85,229 712,500 SH Put SOLE   712,500 0 0
ISTAR FINL INC COM 45031U101 48,026 3,518,400 SH   SOLE   3,518,400 0 0
LOWES COS INC COM 548661107 66,880 972,100 SH   SOLE   972,100 0 0
MACERICH CO COM 554382101 76,712 919,700 SH   SOLE   919,700 0 0
MACYS INC COM 55616P104 25,314 385,000 SH   SOLE   385,000 0 0
RLJ LODGING TR COM 74965L101 23,024 686,654 SH   SOLE   686,654 0 0
SBA COMMUNICATIONS CORP COM 78388J106 21,991 198,550 SH   SOLE   198,550 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 103,284 502,500 SH Put SOLE   502,500 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 32,400 2,725,000 SH   SOLE   2,725,000 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 71,366 880,300 SH   SOLE   880,300 0 0
VAIL RESORTS INC COM 91879Q109 73,660 808,300 SH   SOLE   808,300 0 0
VORNADO RLTY TR SH BEN INT 929042109 13,831 117,503 SH   SOLE   117,503 0 0
WEYERHAEUSER CO COM 962166104 17,796 495,844 SH   SOLE   495,844 0 0