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
APOLLO COML REAL EST FIN INC COM 03762U105 2,246 142,950 SH   SOLE   337 142,613 0
AVALONBAY CMNTYS INC COM 053484101 1,377 7,876 SH   SOLE   0 7,876 0
BLUEROCK RESIDENT GR REIT IN COM CL A 09627J102 1,411 117,800 SH   SOLE   0 117,800 0
BOSTON PROPERTIES INC COM 101121101 1,401 11,829 SH   SOLE   0 11,829 0
BROOKDALE SR LIVING INC COM 112463104 558 24,304 SH   SOLE   0 24,304 0
CAMDEN PPTY TR SH BEN INT 133131102 894 12,100 SH   SOLE   0 12,100 0
CAMPUS CREST CMNTYS INC COM 13466Y105 2,143 402,901 SH   SOLE   299 402,602 0
CHATHAM LODGING TR COM 16208T102 130 6,061 SH   SOLE   0 6,061 0
CUBESMART COM 229663109 606 22,273 SH   SOLE   0 22,273 0
DDR CORP COM 23317H102 579 37,669 SH   SOLE   0 37,669 0
DIGITAL RLTY TR INC COM 253868103 1,011 15,471 SH   SOLE   52 15,419 0
EPR PPTYS COM SH BEN INT 26884U109 168 3,263 SH   SOLE   95 3,168 0
ESSEX PPTY TR INC COM 297178105 1,174 5,253 SH   SOLE   0 5,253 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 592 35,268 SH   SOLE   0 35,268 0
EXTRA SPACE STORAGE INC COM 30225T102 899 11,649 SH   SOLE   0 11,649 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 1,113 42,860 SH   SOLE   0 42,860 0
HONGKONG LAND HOLDINGS COM 006033423 754 114,000 SH   SOLE   0 114,000 0
HUDSON PAC PPTYS INC COM 444097109 1,437 49,921 SH   SOLE   0 49,921 0
KILROY RLTY CORP COM 49427F108 754 11,565 SH   SOLE   0 11,565 0
LIBERTY PPTY TR SH BEN INT 531172104 121 3,842 SH   SOLE   0 3,842 0
MACERICH CO COM 554382101 1,909 24,854 SH   SOLE   0 24,854 0
MACK CALI RLTY CORP COM 554489104 1,088 57,609 SH   SOLE   100 57,509 0
OMEGA HEALTHCARE INVS INC COM 681936100 10 294 SH   SOLE   294 0 0
OUTFRONT MEDIA INC COM 69007J106 1,027 49,394 SH   SOLE   0 49,394 0
PARKWAY PPTYS INC COM 70159Q104 1,270 81,612 SH   SOLE   0 81,612 0
PROLOGIS INC COM 74340W103 1,475 37,928 SH   SOLE   0 37,928 0
QTS RLTY TR INC COM CL A 74736A103 838 19,191 SH   SOLE   134 19,057 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 512 30,946 SH   SOLE   0 30,946 0
SABRA HEALTH CARE REIT INC COM 78573L106 129 5,559 SH   SOLE   140 5,419 0
SIMON PPTY GROUP INC NEW COM 828806109 2,291 12,472 SH   SOLE   0 12,472 0
SL GREEN RLTY CORP COM 78440X101 883 8,168 SH   SOLE   0 8,168 0
SPIRIT RLTY CAP INC NEW COM 84860W102 122 13,329 SH   SOLE   273 13,056 0
STAG INDL INC COM 85254J102 783 42,971 SH   SOLE   230 42,741 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 549 8,256 SH   SOLE   0 8,256 0
STARWOOD PPTY TR INC COM 85571B105 174 8,462 SH   SOLE   200 8,262 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 1 40 SH   SOLE   28 12 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 94 6,810 SH   OTR 3 0 6,810 0
TERRENO RLTY CORP COM 88146M101 1,062 54,050 SH   OTR 2 0 54,050 0
URBAN EDGE PPTYS COM 91704F104 1,218 56,428 SH   OTR 3 56,428 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 1,112 70,814 SH   OTR 2 41,587 29,227 0
AVALONBAY CMNTYS INC COM 053484101 112 639 SH   OTR 1 0 639 0
BLUEROCK RESIDENT GR REIT IN COM CL A 09627J102 745 62,171 SH   OTR 1 38,194 23,977 0
BOSTON PROPERTIES INC COM 101121101 194 1,641 SH   OTR 1 0 1,641 0
CAMDEN PPTY TR SH BEN INT 133131102 83 1,128 SH   OTR 1 0 1,128 0
CHATHAM LODGING TR COM 16208T102 2,664 124,027 SH   OTR 1 15,069 108,958 0
DIGITAL RLTY TR INC COM 253868103 2,304 35,280 SH   OTR 3 6,723 28,557 0
DOUGLAS EMMETT INC COM 25960P109 64 2,237 SH   OTR 1 0 2,237 0
EPR PPTYS COM SH BEN INT 26884U109 4,303 83,448 SH   OTR 3 26,442 57,006 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 78 1,032 SH   OTR 1 1,032 0 0
ESSEX PPTY TR INC COM 297178105 110 493 SH   OTR 1 493 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 1,267 75,507 SH   OTR 1 0 75,507 0
EXTRA SPACE STORAGE INC COM 30225T102 82 1,063 SH   OTR 1 1,063 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 103 3,953 SH   OTR 1 3,953 0 0
HCP INC COM 40414L109 77 2,067 SH   OTR 3 2,067 0 0
HONGKONG LAND HOLDINGS COM 006033423 120 18,100 SH   OTR 1 18,100 0 0
HUDSON PAC PPTYS INC COM 444097109 2,311 80,275 SH   OTR 1 3,320 76,955 0
KILROY RLTY CORP COM 49427F108 78 1,196 SH   OTR 1 1,196 0 0
LEXINGTON REALTY TRUST COM 529043101 697 86,064 SH   OTR 1 86,064 0 0
LIBERTY PPTY TR SH BEN INT 531172104 3,175 100,774 SH   OTR 1 30,208 70,566 0
MACERICH CO COM 554382101 2,323 30,236 SH   OTR 1 1,313 28,923 0
MACK CALI RLTY CORP COM 554489104 3,505 185,667 SH   OTR 1 54,928 130,739 0
OMEGA HEALTHCARE INVS INC COM 681936100 1,186 33,736 SH   OTR 1 33,736 0 0
OUTFRONT MEDIA INC COM 69007J106 1,818 87,418 SH   OTR 1 22,255 65,163 0
PARKWAY PPTYS INC COM 70159Q104 2,217 142,455 SH   OTR 1 0 142,455 0
PROLOGIS INC COM 74340W103 117 3,018 SH   OTR 1 3,018 0 0
PUBLIC STORAGE COM 74460D109 97 460 SH   OTR 1 460 0 0
QTS RLTY TR INC COM CL A 74736A103 2,167 49,590 SH   OTR 1 14,171 35,419 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 96 5,804 SH   OTR 1 5,804 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 2,184 94,202 SH   OTR 1 33,764 60,438 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 2,142 132,200 SH   OTR 1 44,900 87,300 0
SIMON PPTY GROUP INC NEW COM 828806109 187 1,016 SH   OTR 3 1,016 0 0
SL GREEN RLTY CORP COM 78440X101 136 1,262 SH   OTR 2 1,262 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 3,199 349,988 SH   OTR 2 100,977 249,011 0
STAG INDL INC COM 85254J102 3,256 178,828 SH   OTR 2 46,453 132,375 0
STARWOOD PPTY TR INC COM 85571B105 4,407 214,765 SH   OTR 2 64,074 150,691 0
TAUBMAN CTRS INC COM 876664103 1,829 26,474 SH   OTR 2 1,505 24,969 0
TERRENO RLTY CORP COM 88146M101 1,661 84,570 SH   OTR 2 11,611 72,959 0