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 99,332 5,549,300 SH   SOLE   5,549,300 0 0
COLONY FINL INC COM 19624R106 45,608 2,037,900 SH   SOLE   2,037,900 0 0
D R HORTON INC COM 23331A109 58,182 2,835,400 SH   SOLE   2,835,400 0 0
DDR CORP COM 23317H102 72,888 4,356,700 SH   SOLE   4,356,700 0 0
EAGLE MATERIALS INC COM 26969P108 57,524 564,900 SH   SOLE   564,900 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 64,777 1,575,700 SH   SOLE   1,575,700 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 76,698 3,256,800 SH   SOLE   3,256,800 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 76,448 12,001,200 SH   SOLE   12,001,200 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 90,518 3,675,100 SH   SOLE   3,675,100 0 0
HOME DEPOT INC COM 437076102 54,732 596,600 SH   SOLE   596,600 0 0
HOWARD HUGHES CORP COM 44267D107 43,620 290,800 SH   SOLE   290,800 0 0
HUDSON PAC PPTYS INC COM 444097109 59,157 2,398,900 SH   SOLE   2,398,900 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 183,697 1,679,900 SH Put SOLE   1,679,900 0 0
ISTAR FINL INC COM 45031U101 47,894 3,547,700 SH   SOLE   3,547,700 0 0
LENNAR CORP CL A 526057104 30,936 796,700 SH   SOLE   796,700 0 0
LOWES COS INC COM 548661107 82,645 1,561,700 SH   SOLE   1,561,700 0 0
MACERICH CO COM 554382101 66,607 1,043,500 SH   SOLE   1,043,500 0 0
MACYS INC COM 55616P104 54,928 944,100 SH   SOLE   944,100 0 0
MARRIOTT VACATIONS WRLDWDE C COM 57164Y107 44,431 700,700 SH   SOLE   700,700 0 0
RLJ LODGING TR COM 74965L101 31,884 1,119,900 SH   SOLE   1,119,900 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 34,566 3,151,000 SH   SOLE   3,151,000 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 84,841 1,019,600 SH   SOLE   1,019,600 0 0
VAIL RESORTS INC COM 91879Q109 69,634 802,600 SH   SOLE   802,600 0 0
VORNADO RLTY TR SH BEN INT 929042109 25,120 251,303 SH   SOLE   251,303 0 0
WEYERHAEUSER CO COM 962166104 62,914 1,974,700 SH   SOLE   1,974,700 0 0