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
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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
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 35,379 1,929,087 SH   SOLE   1,929,087 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 14,670 837,800 SH   SOLE   837,800 0 0
CHATHAM LODGING TR COM 16208T102 49,599 2,148,999 SH   SOLE   2,148,999 0 0
CLUBCORP HLDGS INC COM 18948M108 12,174 613,900 SH   SOLE   613,900 0 0
COLONY FINL INC COM 19624R106 37,100 1,657,712 SH   SOLE   1,657,712 0 0
CUBESMART COM 229663109 7,350 408,800 SH   SOLE   408,800 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 27,081 1,384,490 SH   SOLE   1,384,490 0 0
IRON MTN INC COM 462846106 9,679 296,461 SH   SOLE   296,461 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 7,362 399,700 SH   SOLE   399,700 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 11,036 553,459 SH   SOLE   553,459 0 0
SOVRAN SELF STORAGE INC COM 84610H108 36,817 495,113 SH   SOLE   495,113 0 0
ST JOE CO COM 790148100 9,020 452,574 SH   SOLE   452,574 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 10,324 396,920 SH   SOLE   396,920 0 0