The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| 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 HOMES 4 RENT | CL A | 02665T306 | 236,000 | 14,713,240 | SH | SOLE | 14,713,240 | 0 | 0 | ||
| AMERICAN RESIDENTIAL PPTYS I | COM | 02927E303 | 29,127 | 1,574,407 | SH | SOLE | 1,574,407 | 0 | 0 | ||
| APARTMENT INVT & MGMT CO | CL A | 03748R101 | 72,107 | 1,952,536 | SH | SOLE | 1,952,536 | 0 | 0 | ||
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 | 155,573 | 5,592,115 | SH | SOLE | 5,592,115 | 0 | 0 | ||
| BOYD GAMING CORP | COM | 103304101 | 53,454 | 3,575,536 | SH | SOLE | 3,575,536 | 0 | 0 | ||
| BRANDYWINE RLTY TR | SH BEN INT NEW | 105368203 | 23,211 | 1,747,800 | SH | SOLE | 1,747,800 | 0 | 0 | ||
| CAMDEN PPTY TR | SH BEN INT | 133131102 | 55,699 | 749,853 | SH | SOLE | 749,853 | 0 | 0 | ||
| D R HORTON INC | COM | 23331A109 | 29,207 | 1,067,500 | SH | SOLE | 1,067,500 | 0 | 0 | ||
| DDR CORP | COM | 23317H102 | 4,638 | 300,000 | SH | SOLE | 300,000 | 0 | 0 | ||
| FIDELITY NATIONAL FINANCIAL | FNFV GROUP COM | 31620R402 | 19,857 | 1,291,085 | SH | SOLE | 1,291,085 | 0 | 0 | ||
| FIRST POTOMAC RLTY TR | COM | 33610F109 | 19,335 | 1,877,155 | SH | SOLE | 1,877,155 | 0 | 0 | ||
| FOREST CITY ENTERPRISES INC | CL A | 345550107 | 167,241 | 7,567,462 | SH | SOLE | 7,567,462 | 0 | 0 | ||
| HYATT HOTELS CORP | COM CL A | 448579102 | 38,609 | 681,057 | SH | SOLE | 681,057 | 0 | 0 | ||
| ISHARES TR | U.S. REAL ES ETF | 464287739 | 534,750 | 7,500,000 | SH | Call | SOLE | 7,500,000 | 0 | 0 | |
| KANSAS CITY SOUTHERN | COM NEW | 485170302 | 91,200 | 1,000,000 | SH | SOLE | 1,000,000 | 0 | 0 | ||
| MACK CALI RLTY CORP | COM | 554489104 | 66,175 | 3,590,631 | SH | SOLE | 3,590,631 | 0 | 0 | ||
| MACYS INC | COM | 55616P104 | 53,788 | 797,218 | SH | SOLE | 797,218 | 0 | 0 | ||
| MCDONALDS CORP | COM | 580135101 | 85,183 | 896,000 | SH | SOLE | 896,000 | 0 | 0 | ||
| MELCO CROWN ENTMT LTD | ADR | 585464100 | 8,834 | 450,000 | SH | SOLE | 450,000 | 0 | 0 | ||
| MGM RESORTS INTERNATIONAL | COM | 552953101 | 43,827 | 2,401,491 | SH | SOLE | 2,401,491 | 0 | 0 | ||
| NMI HLDGS INC | CL A | 629209305 | 23,383 | 2,915,537 | SH | SOLE | 2,915,537 | 0 | 0 | ||
| PARAMOUNT GROUP INC | COM | 69924R108 | 155,861 | 9,082,826 | SH | SOLE | 9,082,826 | 0 | 0 | ||
| PENNYMAC FINL SVCS INC | CL A | 70932B101 | 10,707 | 590,875 | SH | SOLE | 590,875 | 0 | 0 | ||
| PIEDMONT OFFICE REALTY TR IN | COM CL A | 720190206 | 36,771 | 2,090,460 | SH | SOLE | 2,090,460 | 0 | 0 | ||
| RETAIL PPTYS AMER INC | CL A | 76131V202 | 13,721 | 984,967 | SH | SOLE | 984,967 | 0 | 0 | ||
| SILVER BAY RLTY TR CORP | COM | 82735Q102 | 18,609 | 1,142,354 | SH | SOLE | 1,142,354 | 0 | 0 | ||
| SPDR S&P 500 ETF TR | TR UNIT | 78462F103 | 205,850 | 1,000,000 | SH | Put | SOLE | 1,000,000 | 0 | 0 | |
| SPIRIT RLTY CAP INC NEW | COM | 84860W102 | 15,824 | 1,636,415 | SH | SOLE | 1,636,415 | 0 | 0 | ||
| STARWOOD HOTELS&RESORTS WRLD | COM | 85590A401 | 147,695 | 1,821,377 | SH | SOLE | 1,821,377 | 0 | 0 | ||
| STARWOOD WAYPOINT RESIDENTL | COM SHS | 85571W109 | 72,383 | 3,046,411 | SH | SOLE | 3,046,411 | 0 | 0 | ||
| STONEGATE MTG CORP | COM | 86181Q300 | 25,204 | 2,502,898 | SH | SOLE | 2,502,898 | 0 | 0 | ||
| TAUBMAN CTRS INC | COM | 876664103 | 184,788 | 2,658,817 | SH | SOLE | 2,658,817 | 0 | 0 | ||
| WASHINGTON REAL ESTATE INVT | SH BEN INT | 939653101 | 33,635 | 1,296,158 | SH | SOLE | 1,296,158 | 0 | 0 | ||