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
ACADIA RLTY TR COM SH BEN INT 004239109 9,857 350,923 SH   SOLE   350,923 0 0
ALLERGAN INC COM 018490102 126,433 747,154 SH   SOLE   747,154 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 25,019 804,467 SH   SOLE   804,467 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 3,269 260,890 SH   SOLE   260,890 0 0
AMERICAN TOWER CORP NEW COM 03027X100 35,182 391,000 SH   SOLE   391,000 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 66,722 1,469,000 SH   SOLE   1,469,000 0 0
AT&T INC COM 00206R102 53,104 1,501,800 SH Put SOLE   1,501,800 0 0
AVALONBAY CMNTYS INC COM 053484101 10,095 71,000 SH   SOLE   71,000 0 0
BEST BUY INC COM 086516101 17,105 551,601 SH   SOLE   551,601 0 0
BOSTON PROPERTIES INC COM 101121101 4,136 35,000 SH   SOLE   35,000 0 0
CITIGROUP INC COM NEW 172967424 7,716 163,828 SH   SOLE   163,828 0 0
CITIGROUP INC COM NEW 172967424 80,861 1,716,800 SH Call SOLE   1,716,800 0 0
CORRECTIONS CORP AMER NEW COM NEW 22025Y407 6,373 194,000 SH   SOLE   194,000 0 0
COVIDIEN PLC SHS G2554F113 78,908 875,000 SH   SOLE   875,000 0 0
CROWN CASTLE INTL CORP COM 228227104 19,898 267,949 SH   SOLE   267,949 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 6,899 958,151 SH   SOLE   958,151 0 0
DIRECTV COM 25490A309 116,149 1,366,300 SH   SOLE   1,366,300 0 0
E M C CORP MASS COM 268648102 36,343 1,379,762 SH   SOLE   1,379,762 0 0
ENCANA CORP COM 292505104 19,056 803,379 SH   SOLE   803,379 0 0
ENCANA CORP COM 292505104 36,402 1,535,300 SH Call SOLE   1,535,300 0 0
ENERNOC INC COM 292764107 17,456 921,183 SH   SOLE   921,183 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 2,551 80,921 SH   SOLE   80,921 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 9,006 388,839 SH   SOLE   388,839 0 0
FOREST LABS INC COM 345838106 129,464 1,296,468 SH   SOLE   1,296,468 0 0
FOSTER WHEELER AG COM H27178104 20,442 600,000 SH   SOLE   600,000 0 0
FUSION-IO INC COM 36112J107 11,527 1,020,084 SH   SOLE   1,020,084 0 0
GENERAL MTRS CO COM 37045V100 44,754 1,232,900 SH Call SOLE   1,232,900 0 0
GIANT INTERACTIVE GROUP INC ADR 374511103 16,229 1,370,696 SH   SOLE   1,370,696 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 71,621 2,087,453 SH   SOLE   2,087,453 0 0
HILLSHIRE BRANDS CO COM 432589109 16,050 257,618 SH   SOLE   257,618 0 0
INTERXION HOLDING N.V. SHS N47279109 4,880 178,232 SH   SOLE   178,232 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 104,532 764,793 SH   SOLE   764,793 0 0
M D C HLDGS INC COM 552676108 11,460 378,357 SH   SOLE   378,357 0 0
MENS WEARHOUSE INC COM 587118100 33,884 607,243 SH   SOLE   607,243 0 0
MERITAGE HOMES CORP COM 59001A102 6,669 158,000 SH   SOLE   158,000 0 0
MID-AMER APT CMNTYS COM 59522J103 50,615 692,877 SH   SOLE   692,877 0 0
NATIONAL BK GREECE S A ADR PRF SER A 633643507 2,044 102,438 SH   SOLE   102,438 0 0
NAVIOS MARITIME ACQUIS CORP SHS Y62159101 4,172 1,124,586 SH   SOLE   1,124,586 0 0
NVR INC COM 62944T105 2,186 1,900 SH   SOLE   1,900 0 0
POST PPTYS INC COM 737464107 3,154 59,000 SH   SOLE   59,000 0 0
PUBLIC STORAGE COM 74460D109 4,969 29,000 SH   SOLE   29,000 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 56,517 611,064 SH   SOLE   611,064 0 0
REALOGY HLDGS CORP COM 75605Y106 32,676 866,513 SH   SOLE   866,513 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N 780097770 4,349 181,123 SH   SOLE   181,123 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF M 780097796 6,058 251,568 SH   SOLE   251,568 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR L RP PF 780097788 14,210 615,796 SH   SOLE   615,796 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 1,819 77,048 SH   SOLE   77,048 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PFD SER P 780097762 1,175 49,562 SH   SOLE   49,562 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 6,817 277,675 SH   SOLE   277,675 0 0
SAFEWAY INC COM NEW 786514208 58,174 1,694,052 SH   SOLE   1,694,052 0 0
SBA COMMUNICATIONS CORP COM 78388J106 67,416 659,000 SH   SOLE   659,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 8,122 41,500 SH Put SOLE   41,500 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 36,113 3,179,000 SH   SOLE   3,179,000 0 0
SPRINT CORP COM SER 1 85207U105 14,714 1,725,000 SH Put SOLE   1,725,000 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 5,607 69,377 SH   SOLE   69,377 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 15,658 1,048,778 SH   SOLE   1,048,778 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 10,071 288,000 SH   SOLE   288,000 0 0
TAUBMAN CTRS INC COM 876664103 4,161 54,882 SH   SOLE   54,882 0 0
TIME WARNER CABLE INC COM 88732J207 195,073 1,324,324 SH   SOLE   1,324,324 0 0
TIME WARNER CABLE INC COM 88732J207 133,822 908,500 SH Call SOLE   908,500 0 0
TIME WARNER CABLE INC COM 88732J207 49,655 337,100 SH Put SOLE   337,100 0 0
TIMKEN CO COM 887389104 38,651 569,739 SH   SOLE   569,739 0 0
VENTAS INC COM 92276F100 20,720 323,243 SH   SOLE   323,243 0 0
W P CAREY INC COM 92936U109 30,068 466,900 SH   SOLE   466,900 0 0