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

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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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 26,374 238,637 SH   SOLE   238,637 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 53,786 1,212,768 SH   SOLE   1,212,768 0 0
CIM COML TR CORP COM 125525105 889 55,223 SH   SOLE   55,223 0 0
DUKE REALTY CORP COM NEW 264411505 8,848 336,792 SH   SOLE   336,792 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 78,208 3,590,805 SH   SOLE   3,590,805 0 0
HCP INC COM 40414L109 9,618 307,470 SH   SOLE   307,470 0 0
MACERICH CO COM 554382101 51,753 803,620 SH   SOLE   803,620 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 15,580 1,111,250 SH   SOLE   1,111,250 0 0
RETAIL PPTYS AMER INC CL A 76131V202 62,047 4,302,851 SH   SOLE   4,302,851 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 49,604 4,896,785 SH   SOLE   4,896,785 0 0
SUN CMNTYS INC COM 866674104 26,354 328,068 SH   SOLE   328,068 0 0
VORNADO RLTY TR SH BEN INT 929042109 47,933 477,845 SH   SOLE   477,845 0 0