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 91,555 4,818,700 SH   SOLE   4,818,700 0 0
COLONY FINL INC COM 19624R106 39,418 1,697,600 SH   SOLE   1,697,600 0 0
DDR CORP COM 23317H102 65,393 3,709,200 SH   SOLE   3,709,200 0 0
EAGLE MATERIALS INC COM 26969P108 47,159 500,200 SH   SOLE   500,200 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 54,121 1,355,400 SH   SOLE   1,355,400 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 65,327 2,772,800 SH   SOLE   2,772,800 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 87,238 13,001,200 SH   SOLE   13,001,200 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 72,903 3,128,900 SH   SOLE   3,128,900 0 0
HOME DEPOT INC COM 437076102 55,158 681,300 SH   SOLE   681,300 0 0
HOWARD HUGHES CORP COM 44267D107 39,079 247,600 SH   SOLE   247,600 0 0
HUDSON PAC PPTYS INC COM 444097109 62,532 2,467,700 SH   SOLE   2,467,700 0 0
ISHARES RUSSELL 2000 ETF 464287655 195,134 1,642,400 SH Put SOLE   1,642,400 0 0
ISTAR FINL INC COM 45031U101 47,344 3,160,500 SH   SOLE   3,160,500 0 0
LENNAR CORP CL A 526057104 85,224 2,030,100 SH   SOLE   2,030,100 0 0
LOWES COS INC COM 548661107 63,812 1,329,700 SH   SOLE   1,329,700 0 0
MACERICH CO COM 554382101 75,668 1,133,600 SH   SOLE   1,133,600 0 0
MACYS INC COM 55616P104 23,997 413,600 SH   SOLE   413,600 0 0
MARRIOTT VACATIONS WRLDWDE C COM 57164Y107 34,961 596,300 SH   SOLE   596,300 0 0
MERITAGE HOMES CORP COM 59001A102 36,946 875,300 SH   SOLE   875,300 0 0
PROLOGIS INC COM 74340W103 34,787 846,600 SH   SOLE   846,600 0 0
RLJ LODGING TR COM 74965L101 41,238 1,427,400 SH   SOLE   1,427,400 0 0
SBA COMMUNICATIONS CORP COM 78388J106 23,272 227,484 SH   SOLE   227,484 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 30,474 2,682,600 SH   SOLE   2,682,600 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 84,004 1,039,400 SH   SOLE   1,039,400 0 0
VAIL RESORTS INC COM 91879Q109 57,291 742,300 SH   SOLE   742,300 0 0
WEYERHAEUSER CO COM 962166104 63,268 1,912,000 SH   SOLE   1,912,000 0 0