The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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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 |
| AGREE REALTY CORP | COM | 008492100 | 2,488 | 51,793 | SH | DFND | 1 | 35,392 | 0 | 16,401 | |
| BRANDYWINE REALTY TRUST | SH BEN INT NEW | 105368203 | 1,769 | 111,400 | SH | DFND | 1 | 75,000 | 0 | 36,400 | |
| CONS TOMOKA LAND CO-FLORIDA | COM | 210226106 | 2,733 | 43,484 | SH | DFND | 1 | 29,319 | 0 | 14,165 | |
| EASTERLY GOVERNMENT PROPERTI | COM | 27616P103 | 2,501 | 122,679 | SH | DFND | 1 | 83,795 | 0 | 38,884 | |
| EQUITY COMMONWEALTH | COM | 294628102 | 3,053 | 99,525 | SH | DFND | 1 | 66,879 | 0 | 32,646 | |
| FEDERAL REALTY INVS TRUST | SH BEN INT NEW | 313747206 | 3,945 | 33,977 | SH | DFND | 1 | 33,977 | 0 | 0 | |
| KITE REALTY GROUP TRUST | COM NEW | 49803T300 | 14,440 | 948,169 | SH | DFND | 1 | 857,829 | 0 | 90,340 | |
| LASALLE HOTEL PROPERTIES | COM SH BEN INT | 517942108 | 1,847 | 63,700 | SH | DFND | 1 | 43,000 | 0 | 20,700 | |
| MDC HOLDINGS INC | COM | 552676108 | 1,726 | 61,800 | SH | DFND | 1 | 41,900 | 0 | 19,900 | |
| NORTHSTAR REALTY EUROPE CORP | COM | 66706L101 | 2,903 | 222,967 | SH | DFND | 1 | 150,033 | 0 | 72,934 | |
| OWENS REALTY MORTGAGE INC | COM | 690828108 | 4,935 | 338,427 | SH | DFND | 1 | 228,106 | 0 | 110,321 | |
| QTS REALTY TRUST INC-CL A | COM CL A | 74736A103 | 3,214 | 88,752 | SH | DFND | 1 | 59,967 | 0 | 28,785 | |
| RAMCO-GERSHENSON PROPERTIES | COM SH BEN INT | 751452202 | 16,102 | 1,302,809 | SH | DFND | 1 | 1,208,055 | 0 | 94,754 | |
| REGENCY CENTERS CORP | COM | 758849103 | 4,180 | 70,866 | SH | DFND | 1 | 70,866 | 0 | 0 | |
| RETAIL OPPORTUNITY INVESTMEN | COM | 76131N101 | 3,859 | 218,415 | SH | DFND | 1 | 218,415 | 0 | 0 | |
| STAG INDUSTRIAL INC | COM | 85254J102 | 2,414 | 100,900 | SH | DFND | 1 | 68,000 | 0 | 32,900 | |
| VEREIT INC | COM | 92339V100 | 1,764 | 253,328 | SH | DFND | 1 | 170,802 | 0 | 82,526 | |
| ISHARES TRUST | Russell 2000 ETF | 464287955 | 364,392 | 2,400,000 | SH | Put | DFND | 1 | 1,153,300 | 0 | 1,246,700 |
| SPDR S&P 500 ETF Trust | TR UNIT | 78462F953 | 263,150 | 1,000,000 | SH | Put | DFND | 1 | 376,700 | 0 | 623,300 |