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 CAPITAL AGENCY CORP COM 02503X105 3,200 150,000 SH   SOLE   150,000 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 864 48,000 SH   SOLE   48,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 2,683 28,500 SH   SOLE   28,500 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 1,771 45,000 SH   SOLE   45,000 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 17,379 1,011,600 SH   SOLE   1,011,600 0 0
AVALONBAY CMNTYS INC COM 053484101 1,969 11,300 SH   SOLE   11,300 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 20,251 713,800 SH   SOLE   713,800 0 0
COLONY FINL INC COM 19624R106 12,901 497,727 SH   SOLE   497,727 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 876 33,000 SH   SOLE   33,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,440 18,500 SH   SOLE   18,500 0 0
FELCOR LODGING TR INC COM 31430F101 575 50,000 SH   SOLE   50,000 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 2,848 111,600 SH   SOLE   111,600 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 916 31,000 SH   SOLE   31,000 0 0
HOWARD HUGHES CORP COM 44267D107 2,691 17,356 SH   SOLE   17,356 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 445 7,500 SH   SOLE   7,500 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 1,225 52,500 SH   SOLE   52,500 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 20,023 1,105,000 SH   SOLE   1,105,000 0 0
PARAMOUNT GROUP INC COM 69924R108 483 25,000 SH   SOLE   25,000 0 0
PROLOGIS INC COM 74340W103 806 18,500 SH   SOLE   18,500 0 0
SIMON PPTY GROUP INC NEW COM 828806109 2,534 12,950 SH   SOLE   12,950 0 0
SL GREEN RLTY CORP COM 78440X101 680 5,300 SH   SOLE   5,300 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 564 6,750 SH   SOLE   6,750 0 0
STARWOOD PPTY TR INC COM 85571B105 15,127 622,500 SH   SOLE   622,500 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 2,307 89,250 SH   SOLE   89,250 0 0
TAUBMAN CTRS INC COM 876664103 440 5,700 SH   SOLE   5,700 0 0
TWO HBRS INVT CORP COM 90187B101 14,868 1,400,000 SH   SOLE   1,400,000 0 0