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
AAMES INVT CORP MD COM 00253G108 785 125,000 SH   SOLE   125,000 0 0
AFFORDABLE RESIDENTIAL CMTYS COM 008273104 5,561 550,000 SH   SOLE   550,000 0 0
AMB PROPERTY CORP COM 00163T109 1,647 36,685 SH   SOLE   36,685 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 2,594 108,000 SH   SOLE   108,000 0 0
AMERICAN FINL RLTY TR COM 02607P305 13,050 919,000 SH   SOLE   919,000 0 0
ARCHSTONE SMITH TR COM 039583109 21,769 546,000 SH   SOLE   546,000 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 1,614 150,000 SH   SOLE   150,000 0 0
AVALONBAY CMNTYS INC COM 053484101 3,428 40,000 SH   SOLE   40,000 0 0
BIMINI MTG MGMT INC CL A 09031E400 1,130 100,000 SH   SOLE   100,000 0 0
BRE PROPERTIES INC CL A 05564E106 2,305 51,800 SH   SOLE   51,800 0 0
BROOKFIELD PPTYS CORP COM 112900105 7,957 270,000 SH   SOLE   270,000 0 0
CAPITAL LEASE FDG INC COM 140288101 621 60,000 SH   SOLE   60,000 0 0
CARRAMERICA RLTY CORP COM 144418100 4,350 121,000 SH   SOLE   121,000 0 0
CEDAR SHOPPING CTRS INC COM NEW 150602209 6,135 424,000 SH   SOLE   424,000 0 0
CENTERPOINT PPTYS TR COM 151895109 8,828 197,045 SH   SOLE   197,045 0 0
COLONIAL PPTYS TR COM SH BEN INT 195872106 6,917 155,500 SH   SOLE   155,500 0 0
DEERFIELD TRIARC CAP CORP COM 244572301 13,527 976,000 SH   SOLE   976,000 0 0
DEVELOPERS DIVERSIFIED RLTY COM 251591103 20,268 434,000 SH   SOLE   434,000 0 0
DUKE REALTY CORP COM NEW 264411505 6,552 193,400 SH   SOLE   193,400 0 0
ECC CAPITAL CORP COM 26826M108 3,544 1,087,000 SH   SOLE   1,087,000 0 0
EDUCATION RLTY TR INC COM 28140H104 9,905 593,109 SH   SOLE   593,109 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 6,813 180,000 SH   SOLE   180,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 8,160 530,577 SH   SOLE   530,577 0 0
FELDMAN MALL PPTYS INC COM 314308107 17,771 1,367,000 SH   SOLE   1,367,000 0 0
GABLES RESIDENTIAL TR SH BEN INT 362418105 8,730 200,000 SH   SOLE   200,000 0 0
GENERAL GROWTH PPTYS INC COM 370021107 4,942 110,000 SH   SOLE   110,000 0 0
GMH CMNTYS TR COM 36188G102 7,163 488,300 SH   SOLE   488,300 0 0
GRAMERCY CAP CORP COM 384871109 7,396 308,700 SH   SOLE   308,700 0 0
GREAT WOLF RESORTS INC COM 391523107 2,192 212,000 SH   SOLE   212,000 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 5,581 562,000 SH   SOLE   562,000 0 0
HILTON HOTELS CORP COM 432848109 1,339 60,000 SH   SOLE   60,000 0 0
HOME PROPERTIES INC COM 437306103 9,287 236,600 SH   SOLE   236,600 0 0
HOMEBANC CORP GA COM 43738R109 3,474 450,000 SH   SOLE   450,000 0 0
HOST MARRIOTT CORP NEW COM 44107P104 5,070 300,000 SH   SOLE   300,000 0 0
INNKEEPERS USA TR COM 4576J0104 1,545 100,000 SH   SOLE   100,000 0 0
INTERSTATE HOTELS & RESRTS I COM 46088S106 1,395 300,000 SH   SOLE   300,000 0 0
ISTAR FINL INC COM 45031U101 3,234 80,000 SH   SOLE   80,000 0 0
JAMESON INNS INC COM 470457102 4,033 1,958,000 SH   SOLE   1,958,000 0 0
JER INVT TR INC COM 46614H301 1,806 100,000 SH   SOLE   100,000 0 0
KIMCO REALTY CORP COM 49446R109 3,393 108,000 SH   SOLE   108,000 0 0
KITE RLTY GROUP TR COM 49803T102 8,683 582,000 SH   SOLE   582,000 0 0
KKR FINL CORP COM 482476306 6,672 300,000 SH   SOLE   300,000 0 0
LA QUINTA CORP PAIRED CTF 50419U202 2,190 252,000 SH   SOLE   252,000 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 1,723 50,000 SH   SOLE   50,000 0 0
LEXINGTON CORP PPTYS TR COM 529043101 2,826 120,000 SH   SOLE   120,000 0 0
LODGIAN INC COM PAR $.01 54021P403 12,983 1,266,660 SH   SOLE   1,266,660 0 0
LTC PPTYS INC COM 502175102 4,240 200,000 SH   SOLE   200,000 0 0
MACERICH CO COM 554382101 4,871 75,000 SH   SOLE   75,000 0 0
MACK CALI RLTY CORP COM 554489104 1,367 30,420 SH   SOLE   30,420 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 1,960 200,000 SH   SOLE   200,000 0 0
MILLS CORP COM 601148109 2,203 40,000 SH   SOLE   40,000 0 0
MISSION WEST PPTYS INC COM 605203108 1,506 150,000 SH   SOLE   150,000 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 2,713 331,200 SH   SOLE   331,200 0 0
MORTGAGEIT HLDGS INC COM 61915Q108 3,286 231,100 SH   SOLE   231,100 0 0
NEWCASTLE INVT CORP COM 65105M108 3,337 119,600 SH   SOLE   119,600 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 704 75,000 SH   SOLE   75,000 0 0
NOVASTAR FINL INC COM 669947400 3,299 100,000 SH   SOLE   100,000 0 0
ORIGEN FINL INC COM 68619E208 3,974 525,000 SH   SOLE   525,000 0 0
PARKWAY PPTYS INC COM 70159Q104 14,930 318,200 SH   SOLE   318,200 0 0
PRENTISS PPTYS TR SH BEN INT 740706106 8,270 203,700 SH   SOLE   203,700 0 0
PROLOGIS SH BEN INT 743410102 20,877 471,169 SH   SOLE   471,169 0 0
PUBLIC STORAGE INC COM 74460D109 2,010 30,000 SH   SOLE   30,000 0 0
PUBLIC STORAGE INC COM 74460D109 1,442 50,600 SH   SOLE   50,600 0 0
RECKSON ASSOCS RLTY CORP COM 75621K106 23,489 679,853 SH   SOLE   679,853 0 0
REGENCY CTRS CORP COM 758849103 14,276 248,500 SH   SOLE   248,500 0 0
SIMON PPTY GROUP INC NEW COM 828806109 22,660 305,721 SH   SOLE   305,721 0 0
STARWOOD HOTELS&RESORTS WRLD PAIRED CTF 85590A203 20,010 350,000 SH   SOLE   350,000 0 0
SUNSET FINANCIAL RESOURCES I COM 867708109 2,446 303,820 SH   SOLE   303,820 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 3,963 162,500 SH   SOLE   162,500 0 0
THOMAS PPTYS GROUP INC COM 884453101 1,447 111,200 SH   SOLE   111,200 0 0
TRIZEC PROPERTIES INC COM 89687P107 1,153 50,000 SH   SOLE   50,000 0 0
UNITED DOMINION REALTY TR IN COM 910197102 2,370 100,000 SH   SOLE   100,000 0 0
VENTAS INC COM 92276F100 5,152 160,000 SH   SOLE   160,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 17,324 200,000 SH   SOLE   200,000 0 0
WINDROSE MED PPTYS TR COM 973491103 1,528 100,000 SH   SOLE   100,000 0 0