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 RESIDENTIAL PPTYS I COM 02927E303 1,018 55,000 SH   SOLE   55,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,880 20,150 SH   SOLE   20,150 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 720 19,500 SH   SOLE   19,500 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 11,695 711,800 SH   SOLE   711,800 0 0
AVALONBAY CMNTYS INC COM 053484101 2,118 13,250 SH   SOLE   13,250 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 23,328 838,540 SH   SOLE   838,540 0 0
COLONY CAP INC CL A 19624R106 11,189 494,000 SH   SOLE   494,000 0 0
CYRUSONE INC COM 23283R100 295 10,000 SH   SOLE   10,000 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 642 25,000 SH   SOLE   25,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,298 18,500 SH   SOLE   18,500 0 0
FELCOR LODGING TR INC COM 31430F101 823 83,270 SH   SOLE   83,270 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 2,189 99,050 SH   SOLE   99,050 0 0
HOWARD HUGHES CORP COM 44267D107 2,491 17,356 SH   SOLE   17,356 0 0
NEW YORK REIT INC COM 64976L109 381 38,250 SH   SOLE   38,250 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 888 48,000 SH   SOLE   48,000 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 19,655 1,235,000 SH   SOLE   1,235,000 0 0
PROLOGIS INC COM 74340W103 1,057 28,500 SH   SOLE   28,500 0 0
QTS RLTY TR INC COM CL A 74736A103 510 14,000 SH   SOLE   14,000 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 2,096 81,425 SH   SOLE   81,425 0 0
SIMON PPTY GROUP INC NEW COM 828806109 2,708 15,650 SH   SOLE   15,650 0 0
SL GREEN RLTY CORP COM 78440X101 582 5,300 SH   SOLE   5,300 0 0
STARWOOD PPTY TR INC COM 85571B105 31,313 1,451,280 SH   SOLE   1,451,280 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 1,656 69,700 SH   SOLE   69,700 0 0
TWO HBRS INVT CORP COM 90187B101 12,175 1,250,000 SH   SOLE   1,250,000 0 0