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
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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
ALEXANDERS INC COM 014752109 629 1,483 SH   DFND (1) 1,483 0 0
DDR CORP COM 23317H102 1,138 124,282 SH   DFND (1) 124,282 0 0
EDUCATION RLTY TR INC COM NEW 28140H203 4,141 115,248 SH   DFND (1) 115,248 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,012 30,514 SH   DFND (1) 30,514 0 0
GGP INC COM 36174X101 5,118 246,408 SH   DFND (1) 246,408 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 436 33,498 SH   DFND (1) 33,498 0 0
SL GREEN RLTY CORP COM 78440X101 4,828 47,649 SH   DFND (1) 47,649 0 0
STARWOOD PPTY TR INC COM 85571B105 2,559 117,821 SH   DFND (1) 117,821 0 0
STARWOOD WAYPOINT HOMES COM 85572F105 911 25,050 SH   DFND (1) 25,050 0 0
TAUBMAN CTRS INC COM 876664103 1,706 34,332 SH   DFND (1) 34,332 0 0
TIER REIT INC COM NEW 88650V208 463 23,986 SH   DFND (1) 23,986 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 2,001 63,050 SH   DFND (1) 63,050 0 0