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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 41,767 654,150 SH   SOLE   654,150 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 28,161 824,634 SH   SOLE   824,634 0 0
AVALONBAY CMNTYS INC COM 053484101 33,348 262,400 SH   SOLE   262,400 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 17,894 710,350 SH   SOLE   710,350 0 0
BRE PROPERTIES INC CL A 05564E106 29,951 590,047 SH   SOLE   590,047 0 0
BROOKFIELD OFFICE PPTYS INC COM 112900105 50,168 2,630,750 SH   SOLE   2,630,750 0 0
BROOKFIELD RESIDENTIAL PPTYS COM 11283W104 25,503 1,107,871 SH   SOLE   1,107,871 0 0
CBL & ASSOC PPTYS INC COM 124830100 9,304 487,100 SH   SOLE   487,100 0 0
CHATHAM LODGING TR COM 16208T102 2,679 150,000 SH   SOLE   150,000 0 0
DDR CORP COM 23317H102 20,698 1,317,500 SH   SOLE   1,317,500 0 0
EDUCATION RLTY TR INC COM 28140H104 17,244 1,894,915 SH   SOLE   1,894,915 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 39,131 1,145,184 SH   SOLE   1,145,184 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 33,446 624,350 SH   SOLE   624,350 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 27,913 1,473,775 SH   SOLE   1,473,775 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 28,267 1,465,350 SH   SOLE   1,465,350 0 0
HOWARD HUGHES CORP COM 44267D107 25,139 223,714 SH   SOLE   223,714 0 0
HUDSON PAC PPTYS INC COM 444097109 32,060 1,648,341 SH   SOLE   1,648,341 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 12,817 449,404 SH   SOLE   449,404 0 0
PARKWAY PPTYS INC COM 70159Q104 25,122 1,413,711 SH   SOLE   1,413,711 0 0
POST PPTYS INC COM 737464107 56,532 1,255,712 SH   SOLE   1,255,712 0 0
RLJ LODGING TR COM 74965L101 30,296 1,289,752 SH   SOLE   1,289,752 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 15,085 1,643,236 SH   SOLE   1,643,236 0 0
TWO HBRS INVT CORP COM 90187B101 7,328 754,650 SH   SOLE   754,650 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 5,634 326,400 SH   SOLE   326,400 0 0