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
APARTMENT INVT & MGMT CO CL A 03748R101 56,150 1,235,428 SH   SOLE   1,235,428 0 0
BOSTON PROPERTIES INC COM 101121101 3,289 26,150 SH   SOLE   26,150 0 0
CAMDEN PPTY TR SH BEN INT 133131102 13,022 154,900 SH   SOLE   154,900 0 0
CIM COML TR CORP COM 125525105 853 55,223 SH   SOLE   55,223 0 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 6,430 134,303 SH   SOLE   134,303 0 0
DUKE REALTY CORP COM NEW 264411505 9,847 370,750 SH   SOLE   370,750 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 81,573 3,914,270 SH   SOLE   3,914,270 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 39,692 1,934,299 SH   SOLE   1,934,299 0 0
GRAMERCY PPTY TR COM 385002100 3,308 360,375 SH   SOLE   360,375 0 0
MACERICH CO COM 554382101 22,952 324,000 SH   SOLE   324,000 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 11,124 670,900 SH   SOLE   670,900 0 0
RETAIL PPTYS AMER INC CL A 76131V202 65,765 4,289,981 SH   SOLE   4,289,981 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 39,354 3,623,750 SH   SOLE   3,623,750 0 0
SUN CMNTYS INC COM 866674104 46,611 608,425 SH   SOLE   608,425 0 0
VORNADO RLTY TR SH BEN INT 929042109 52,877 506,635 SH   SOLE   506,635 0 0