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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 3,631 75,600 SH   SOLE   75,600 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 3,542 90,000 SH   SOLE   90,000 0 0
ARCHSTONE SMITH TR COM 039583109 5,285 200,325 SH   SOLE   200,325 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 10,405 1,160,000 SH   SOLE   1,160,000 0 0
AVALONBAY CMNTYS INC COM 053484101 5,382 115,000 SH   SOLE   115,000 0 0
BOSTON PROPERTIES INC COM 101121101 8,990 206,800 SH   SOLE   206,800 0 0
BRE PROPERTIES INC CL A 05564E106 10,389 315,000 SH   SOLE   315,000 0 0
CHELSEA PPTY GROUP INC COM 163421100 3,114 65,000 SH   SOLE   65,000 0 0
ENTERTAINMENT PPTYS TR COM SH BEN INT 29380T105 6,000 200,000 SH   SOLE   200,000 0 0
EQUITY OFFICE PROPERTIES TRU COM 294741103 11,012 400,000 SH   SOLE   400,000 0 0
EQUITY ONE COM 294752100 5,100 300,000 SH   SOLE   300,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,967 203,800 SH   SOLE   203,800 0 0
GABLES RESIDENTIAL TR SH BEN INT 362418105 2,262 70,000 SH   SOLE   70,000 0 0
HEALTH CARE REIT INC COM 42217K106 7,404 240,000 SH   SOLE   240,000 0 0
HILTON HOTELS CORP COM 432848109 1,860 114,700 SH   SOLE   114,700 0 0
HOST MARRIOTT CORP NEW COM 44107P104 7,756 722,800 SH   SOLE   722,800 0 0
KIMCO REALTY CORP COM 49446R109 19,287 470,750 SH   SOLE   470,750 0 0
LTC PPTYS INC COM 502175102 7,975 290,000 SH   SOLE   290,000 0 0
MACERICH CO COM 554382101 7,550 200,000 SH   SOLE   200,000 0 0
KIMCO REALTY CORP COM 564682102 1,845 47,100 SH   SOLE   47,100 0 0
MERISTAR HOSPITALITY CORP COM 58984Y103 5,664 800,000 SH   SOLE   800,000 0 0
KIMCO REALTY CORP COM 605203108 3,584 290,000 SH   SOLE   290,000 0 0
POST PPTYS INC COM 737464107 3,540 130,000 SH   SOLE   130,000 0 0
PRENTISS PPTYS TR SH BEN INT 740706106 9,300 300,000 SH   SOLE   300,000 0 0
PROLOGIS SH BEN INT 743410102 13,008 430,000 SH   SOLE   430,000 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 14,530 385,000 SH   SOLE   385,000 0 0
PUBLIC STORAGE INC COM 74460D109 7,246 184,700 SH   SOLE   184,700 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 6,363 250,000 SH   SOLE   250,000 0 0
RECKSON ASSOCS RLTY CORP COM 75621K106 2,295 99,300 SH   SOLE   99,300 0 0
SIMON PPTY GROUP INC NEW COM 828806109 7,012 160,900 SH   SOLE   160,900 0 0
UNITED DOMINION REALTY TR IN COM 910197102 14,648 800,000 SH   SOLE   800,000 0 0
WINSTON HOTELS INC COM 97563A102 3,458 380,000 SH   SOLE   380,000 0 0