The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 RESIDENTIAL PPTYS INC | COM | 02927E303 | 3,915 | 222,800 | SH | SOLE | 222,800 | 0 | 0 | ||
| CBL & ASSOC PPTYS INC | COM | 124830100 | 7,030 | 361,988 | SH | SOLE | 361,988 | 0 | 0 | ||
| COLONY FINL INC | COM | 19624R106 | 7,384 | 310,000 | SH | SOLE | 310,000 | 0 | 0 | ||
| EQUITY COMWLTH | COM SH BEN INT | 294628102 | 3,851 | 150,000 | SH | SOLE | 150,000 | 0 | 0 | ||
| FOREST CITY ENTERPRISES INC | CL A | 345550107 | 4,432 | 208,089 | SH | SOLE | 208,089 | 0 | 0 | ||
| HOME PROPERTIES INC | COM | 437306103 | 4,913 | 74,900 | SH | SOLE | 74,900 | 0 | 0 | ||
| LA QUINTA HLDGS INC | COM | 50420D108 | 3,459 | 156,800 | SH | SOLE | 156,800 | 0 | 0 | ||
| MACERICH CO | COM | 554382101 | 3,378 | 40,500 | SH | SOLE | 40,500 | 0 | 0 | ||
| MACK-CALI RLTY CORP | COM | 554489104 | 3,336 | 175,000 | SH | SOLE | 175,000 | 0 | 0 | ||
| NEW YORK REIT INC | COM | 64976L109 | 3,389 | 320,000 | SH | SOLE | 320,000 | 0 | 0 | ||
| SILVER BAY RLTY TR CORP | COM | 82735Q102 | 5,087 | 307,190 | SH | SOLE | 307,190 | 0 | 0 | ||
| SPIRIT RLTY CAP INC NEW | COM | 84860W102 | 6,150 | 517,250 | SH | SOLE | 517,250 | 0 | 0 | ||
| ST JOE CO | COM | 790148100 | 4,230 | 230,000 | SH | SOLE | 230,000 | 0 | 0 | ||
| STARWOOD HOTELS &RESORTS WORLD | COM | 85590A401 | 8,107 | 100,000 | SH | SOLE | 100,000 | 0 | 0 | ||
| STARWOOD WAYPOINT RESIDENTL | COM SHS | 85571W109 | 6,490 | 246,129 | SH | SOLE | 246,129 | 0 | 0 | ||
| TAUBMAN CTRS INC | COM | 876664103 | 7,413 | 97,000 | SH | SOLE | 97,000 | 0 | 0 | ||
| WILLIAM LYON HOMES | CL A NEW | 552074700 | 2,106 | 103,900 | SH | SOLE | 103,900 | 0 | 0 | ||
| COLONY FINL INC | COM | 19624R106 | 8,099 | 340,000 | SH | Call | SOLE | 0 | 0 | 340,000 | |
| ST JOE CO | COM | 790148100 | 2,759 | 150,000 | SH | Call | SOLE | 0 | 0 | 150,000 | |
| VANGUARD INDEX FDS | REIT ETF | 922908553 | 10,125 | 125,000 | SH | Put | SOLE | 0 | 0 | 125,000 | |
| NATIONAL RETAIL PPTYS INC | COM | 637417106 | 4,331 | 110,000 | SH | Put | SOLE | 0 | 0 | 110,000 | |
| PENNSYLVANIA RL ESTATE INVT | SH BEN INT | 709102107 | 2,374 | 101,200 | SH | Put | SOLE | 0 | 0 | 101,200 | |
| ISHARES TR | U.S. REAL ES ETF | 464287739 | 7,684 | 100,000 | SH | Put | SOLE | 0 | 0 | 100,000 | |
| MARRIOTT INTL INC NEW | CL A | 571903202 | 4,292 | 55,000 | SH | Put | SOLE | 0 | 0 | 55,000 | |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | 5,981 | 50,000 | SH | Call | SOLE | 0 | 0 | 50,000 | |
| BARCLAYS BK PLC | IPATH S&P500 VIX | 06742E711 | 1,576 | 50,000 | SH | Put | SOLE | 0 | 0 | 50,000 | |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 | 1,875 | 48,000 | SH | Put | SOLE | 0 | 0 | 48,000 | |