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
AGREE REALTY CORP COM 008492100 799 17,420 SH   DFND 1 4,300 0 13,120
CONS TOMOKA LAND CO-FLORIDA COM 210226106 2,887 50,694 SH   DFND 1 13,283 0 37,411
EASTERLY GOVERNMENT PROPERTI COM 27616P103 1,103 52,655 SH   DFND 1 12,910 0 39,745
EQUITY COMMONWEALTH COM 294628102 764 24,203 SH   DFND 1 6,258 0 17,945
FEDERAL REALTY INVS TRUST COM 313747206 5,017 39,700 SH   DFND 1 39,700 0 0
KITE REALTY GROUP TRUST COM 49803T300 16,845 889,909 SH   DFND 1 808,351 0 81,558
LIFE STORAGE INC COM 53223X107 1,426 19,245 SH   DFND 1 4,752 0 14,493
NORTHSTAR REALTY EUROPE CORP COM 66706L101 1,117 88,111 SH   DFND 1 19,629 0 68,482
OWENS REALTY MORTGAGE INC COM 690828108 2,457 144,911 SH   DFND 1 28,339 0 116,572
QTS REALTY TRUST INC-CL A COM 74736A103 870 16,644 SH   DFND 1 3,805 0 12,839
REGENCY CENTERS CORP COM 758849103 5,186 82,800 SH   DFND 1 82,800 0 0
RED LION HOTELS CORP COM 756764106 1,413 192,280 SH   DFND 1 46,001 0 146,279
RETAIL OPPORTUNITY INVESTMEN COM 76131N101 4,897 255,200 SH   DFND 1 255,200 0 0
RAMCO-GERSHENSON PROPERTIES COM 751452202 17,036 1,320,686 SH   DFND 1 1,211,624 0 109,062
VEREIT INC COM 92339V100 1,316 161,717 SH   DFND 1 40,594 0 121,123
ISHARES TR S&P 500 ETF 78462F103 36,147 149,500 SH Put DFND 1 149,500 0 0
FIRST TR EXCHANGE TRADED FD CBOE S&P500VIX 33733E609 8,923 798,200 SH Call DFND 1 798,200 0 0