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    <nameOfIssuer>APOLLO COMMERCIAL REAL ESTATE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03762U105</cusip>
    <value>1277</value>
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    <nameOfIssuer>BLUEROCK RESIDENTIAL GROWTH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09627J102</cusip>
    <value>99</value>
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    <nameOfIssuer>BOSTON PROPERTIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>101121101</cusip>
    <value>1044</value>
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      <Sole>0</Sole>
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      <None>0</None>
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    <nameOfIssuer>CARE CAPITAL PROPERTIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>141624106</cusip>
    <value>2480</value>
    <shrsOrPrnAmt>
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    <nameOfIssuer>CHATHAM LODGING TRUST</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>16208T102</cusip>
    <value>1240</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60347</sshPrnamt>
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    <otherManager>1</otherManager>
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    <nameOfIssuer>CYRUSONE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>23283R100</cusip>
    <value>2067</value>
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      <sshPrnamt>46200</sshPrnamt>
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      <Sole>0</Sole>
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  <infoTable>
    <nameOfIssuer>CUBESMART</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>229663109</cusip>
    <value>1483</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55400</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>0</Sole>
      <Shared>55400</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>EPR PROPERTIES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26884U109</cusip>
    <value>1218</value>
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      <sshPrnamt>16974</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Sole>0</Sole>
      <Shared>16974</Shared>
      <None>0</None>
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    <nameOfIssuer>EQUITY RESIDENTIAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29476L107</cusip>
    <value>1570</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24400</sshPrnamt>
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      <Sole>0</Sole>
      <Shared>24400</Shared>
      <None>0</None>
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    <nameOfIssuer>GENERAL GROWTH PROPERTIES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>370023103</cusip>
    <value>78</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3141</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Sole>0</Sole>
      <Shared>3141</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>HUDSON PACIFIC PROPERTIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>444097109</cusip>
    <value>109</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3121</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Sole>0</Sole>
      <Shared>3121</Shared>
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    <nameOfIssuer>HOST HOTELS &amp; RESORTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>44107P104</cusip>
    <value>78</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4122</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Sole>0</Sole>
      <Shared>4122</Shared>
      <None>0</None>
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    <nameOfIssuer>MACERICH CO/THE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>554382101</cusip>
    <value>1556</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21959</sshPrnamt>
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      <Sole>0</Sole>
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      <None>0</None>
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    <nameOfIssuer>QTS REALTY TRUST INC-CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74736A103</cusip>
    <value>1103</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22219</sshPrnamt>
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      <Sole>0</Sole>
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      <None>0</None>
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    <nameOfIssuer>SABRA HEALTH CARE REIT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78573L106</cusip>
    <value>22</value>
    <shrsOrPrnAmt>
      <sshPrnamt>921</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Sole>0</Sole>
      <Shared>921</Shared>
      <None>0</None>
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    <nameOfIssuer>SL GREEN REALTY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78440X101</cusip>
    <value>86</value>
    <shrsOrPrnAmt>
      <sshPrnamt>800</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Sole>0</Sole>
      <Shared>800</Shared>
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    <nameOfIssuer>SIMON PROPERTY GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>828806109</cusip>
    <value>1635</value>
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      <sshPrnamt>9200</sshPrnamt>
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      <Sole>0</Sole>
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      <None>0</None>
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    <nameOfIssuer>SPIRIT REALTY CAPITAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84860W102</cusip>
    <value>1240</value>
    <shrsOrPrnAmt>
      <sshPrnamt>114173</sshPrnamt>
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    <otherManager>1</otherManager>
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    <nameOfIssuer>STAG INDUSTRIAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85254J102</cusip>
    <value>1365</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57170</sshPrnamt>
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      <Sole>0</Sole>
      <Shared>57170</Shared>
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    <nameOfIssuer>EXTENDED STAY AMERICA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30224P200</cusip>
    <value>586</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36307</sshPrnamt>
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    <otherManager>1</otherManager>
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    <nameOfIssuer>STARWOOD PROPERTY TRUST INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85571B105</cusip>
    <value>1420</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64670</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Sole>0</Sole>
      <Shared>64670</Shared>
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    <nameOfIssuer>VENTAS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92276F100</cusip>
    <value>81</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1300</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Shared>1300</Shared>
      <None>0</None>
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    <nameOfIssuer>WASHINGTON PRIME GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>93964W108</cusip>
    <value>1029</value>
    <shrsOrPrnAmt>
      <sshPrnamt>98800</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Shared>98800</Shared>
      <None>0</None>
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</informationTable>
