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
BRANDYWINE REALTY TRUST SH BEN INT NEW 105368203 772 49,200 SH   DFND 1 0 0 49,200
CONS TOMOKA LAND CO-FLORIDA COM 210226106 2,806 45,062 SH   DFND 1 30,352 0 14,710
EASTERLY GOVERNMENT PROPERTIES COM 27616P103 955 49,284 SH   DFND 1 0 0 49,284
EMPIRE STATE REALTY TRUST INC CL A 292104106 1,067 64,200 SH   DFND 1 0 0 64,200
EQUITY COMMONWEALTH COM SH BEN INT 294628102 793 24,746 SH   DFND 1 0 0 24,746
FEDERAL REALTY INVS TRUST SH BEN INT NEW 313747206 4,297 33,977 SH   DFND 1 33,977 0 0
KITE REALTY GROUP TRUST COM NEW 49803T300 12,491 750,236 SH   DFND 1 670,996 0 79,240
NORTHSTAR REALTY EUROPE CORP COM 66706L101 1,331 93,889 SH   DFND 1 37,505 0 56,384
OWENS REALTY MORTGAGE INC COM 690828108 5,644 334,084 SH   DFND 1 223,463 0 110,621
QTS REALTY TRUST INC COM CL A 74736A103 1,089 25,485 SH   DFND 1 0 0 25,485
RAMCO-GERSHENSON PROPERTIES COM SH BEN INT 751452202 15,033 1,105,438 SH   DFND 1 1,010,684 0 94,754
REGENCY CENTERS CORP COM 758849103 4,583 70,866 SH   DFND 1 70,866 0 0
RETAIL OPPORTUNITY INVESTMEN COM 76131N101 4,078 218,415 SH   DFND 1 218,415 0 0
SPDR S&P 500 ETF TRUST CALL 78462F903 145,360 500,000 SH Call DFND 1 151,100 0 348,900
STAG INDUSTRIAL INC COM 85254J102 580 21,100 SH   DFND 1 0 0 21,100
STARWOOD PROPERTY TRUST INC COM 85571B105 370 17,200 SH   DFND 1 0 0 17,200
VEREIT INC COM 92339V100 823 113,326 SH   DFND 1 0 0 113,326