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
AMERICAN TOWER CORP NEW COM 03027X100 61,421 769,500 SH   SOLE   769,500 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 22,542 830,900 SH   SOLE   830,900 0 0
CBL & ASSOC PPTYS INC COM 124830100 81,176 4,519,800 SH   SOLE   4,519,800 0 0
D R HORTON INC COM 23331A109 49,724 2,227,800 SH   SOLE   2,227,800 0 0
DDR CORP COM 23317H102 51,714 3,364,600 SH   SOLE   3,364,600 0 0
EAGLE MATERIALS INC COM 26969P108 67,891 876,800 SH   SOLE   876,800 0 0
EQUINIX INC COM NEW 29444U502 16,077 90,600 SH   SOLE   90,600 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 61,023 3,040,500 SH   SOLE   3,040,500 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 52,155 9,363,500 SH   SOLE   9,363,500 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 44,949 2,020,200 SH   SOLE   2,020,200 0 0
HOME DEPOT INC COM 437076102 39,227 476,400 SH   SOLE   476,400 0 0
HOWARD HUGHES CORP COM 44267D107 18,495 154,000 SH   SOLE   154,000 0 0
HUDSON PAC PPTYS INC COM 444097109 34,456 1,575,500 SH   SOLE   1,575,500 0 0
ISHARES RUSSELL 2000 ETF 464287655 217,592 1,886,200 SH Put SOLE   1,886,200 0 0
ISHARES U.S. REAL ES ETF 464287739 39,961 633,500 SH Put SOLE   633,500 0 0
ISTAR FINL INC COM 45031U101 41,322 2,895,700 SH   SOLE   2,895,700 0 0
LENNAR CORP CL A 526057104 75,310 1,903,700 SH   SOLE   1,903,700 0 0
LOWES COS INC COM 548661107 42,702 861,800 SH   SOLE   861,800 0 0
MACERICH CO COM 554382101 61,175 1,038,800 SH   SOLE   1,038,800 0 0
MACYS INC COM 55616P104 17,702 331,500 SH   SOLE   331,500 0 0
MARRIOTT INTL INC NEW CL A 571903202 57,233 1,159,500 SH   SOLE   1,159,500 0 0
MARRIOTT VACATIONS WRLDWDE C COM 57164Y107 29,298 555,300 SH   SOLE   555,300 0 0
OCWEN FINL CORP COM NEW 675746309 50,476 910,300 SH   SOLE   910,300 0 0
ORIENT-EXPRESS HOTELS LTD CL A G67743107 16,278 1,077,300 SH   SOLE   1,077,300 0 0
PENNYMAC MTG INVT TR COM 70931T103 21,502 936,500 SH   SOLE   936,500 0 0
RLJ LODGING TR COM 74965L101 37,616 1,546,700 SH   SOLE   1,546,700 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 24,658 520,000 SH   SOLE   520,000 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 35,674 752,300 SH Put SOLE   752,300 0 0
RYLAND GROUP INC COM 783764103 56,806 1,308,600 SH   SOLE   1,308,600 0 0
SBA COMMUNICATIONS CORP COM 78388J106 51,613 574,500 SH   SOLE   574,500 0 0
SIMON PPTY GROUP INC NEW COM 828806109 58,432 384,017 SH   SOLE   384,017 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 54,170 293,300 SH Put SOLE   293,300 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 7,291 741,700 SH   SOLE   741,700 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 57,474 723,400 SH   SOLE   723,400 0 0
WEYERHAEUSER CO COM 962166104 56,188 1,779,800 SH   SOLE   1,779,800 0 0
WHIRLPOOL CORP COM 963320106 15,168 96,700 SH   SOLE   96,700 0 0