The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 | 2,165 | 44,120 | SH | DFND | 1 | 29,000 | 0 | 15,120 | |
| CONS TOMOKA LAND CO-FLORIDA | COM | 210226106 | 3,930 | 65,438 | SH | DFND | 1 | 35,166 | 0 | 30,272 | |
| EASTERLY GOVERNMENT PROPERTI | COM | 27616P103 | 2,605 | 126,055 | SH | DFND | 1 | 83,810 | 0 | 42,245 | |
| EQUITY COMMONWEALTH | COM | 294628102 | 2,723 | 89,603 | SH | DFND | 1 | 61,158 | 0 | 28,445 | |
| FEDERAL REALTY INVS TRUST | COM | 313747206 | 4,931 | 39,700 | SH | DFND | 1 | 39,700 | 0 | 0 | |
| KITE REALTY GROUP TRUST | COM | 49803T300 | 19,537 | 964,807 | SH | DFND | 1 | 903,851 | 0 | 60,956 | |
| LIFE STORAGE INC | COM | 53223X107 | 2,455 | 30,020 | SH | DFND | 1 | 20,102 | 0 | 9,918 | |
| NORTHSTAR REALTY EUROPE CORP | COM | 66706L101 | 2,509 | 195,911 | SH | DFND | 1 | 129,629 | 0 | 66,282 | |
| OWENS REALTY MORTGAGE INC | COM | 690828108 | 5,019 | 275,635 | SH | DFND | 1 | 165,679 | 0 | 109,956 | |
| QTS REALTY TRUST INC-CL A | COM | 74736A103 | 2,426 | 46,344 | SH | DFND | 1 | 30,705 | 0 | 15,639 | |
| REGENCY CENTERS CORP | COM | 758849103 | 5,136 | 82,800 | SH | DFND | 1 | 82,800 | 0 | 0 | |
| RED LION HOTELS CORP | COM | 756764106 | 1,776 | 205,362 | SH | DFND | 1 | 120,046 | 0 | 85,316 | |
| RETAIL OPPORTUNITY INVESTMEN | COM | 76131N101 | 4,851 | 255,200 | SH | DFND | 1 | 255,200 | 0 | 0 | |
| RETAIL PROPERTIES OF AME - A | COM | 76131V202 | 2,102 | 160,100 | SH | DFND | 1 | 106,600 | 0 | 53,500 | |
| RAMCO-GERSHENSON PROPERTIES | COM | 751452202 | 18,473 | 1,419,983 | SH | DFND | 1 | 1,339,024 | 0 | 80,959 | |
| VEREIT INC | COM | 92339V100 | 1,994 | 240,617 | SH | DFND | 1 | 157,494 | 0 | 83,123 | |
| ISHARES TR | S&P 500 ETF | 78462F103 | 35,849 | 142,700 | SH | Put | DFND | 1 | 142,700 | 0 | 0 |
| FIRST TR EXCHANGE TRADED FD | CBOE S&P500VIX | 33733E609 | 7,541 | 793,100 | SH | Call | DFND | 1 | 793,100 | 0 | 0 |