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

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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
MACERICH CO/THE C @ 90.0 APR 15 COM 554382101 3,795 45,000 SH Call SOLE   0 0 45,000
MACERICH CO/THE C @ 95.0 APR 15 COM 554382101 12,650 150,000 SH Call SOLE   0 0 150,000
HYATT HOTELS CORP - CL A (NYS) COM CL A 448579102 2,960 50,000 SH   SOLE   50,000 0 0
STARWOOD HOTELS & RESORTS COM 85590A401 4,175 50,000 SH   SOLE   50,000 0 0
TAUBMAN CENTERS INC COM 876664103 4,242 55,000 SH   SOLE   55,000 0 0
POST PROPERTIES INC COM 737464107 3,270 57,442 SH   SOLE   57,442 0 0
LEXINGTON REALTY TRUST COM 529043101 1,204 122,444 SH   SOLE   122,444 0 0
PARKWAY PROPERTIES INC COM 70159Q104 2,205 127,100 SH   SOLE   127,100 0 0
EASTERLY GOVERNMENT PROPERTI COM 27616P103 2,468 153,800 SH   SOLE   153,800 0 0
AMERICAN RESIDENTIAL PROPERT (NY COM 02927E303 3,440 191,229 SH   SOLE   191,229 0 0
COUSINS PROPERTIES INC COM 222795106 2,120 200,000 SH   SOLE   200,000 0 0
SPIRIT REALTY CAPITAL INC COM 84860W102 2,416 200,000 SH   SOLE   200,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 4,541 225,000 SH   SOLE   225,000 0 0
SILVER BAY REALTY TRUST CORP (NY COM 82735Q102 3,983 246,500 SH   SOLE   246,500 0 0