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
AFFORDABLE RESIDENTIAL CMTYS COM 008273104 10,175 550,000 SH   SOLE   550,000 0 0
AMLI RESIDENTIAL PPTYS TR SH BEN INT 001735109 6,074 215,000 SH   SOLE   215,000 0 0
ARCHSTONE SMITH TR COM 039583109 1,338 45,325 SH   SOLE   45,325 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 5,706 560,000 SH   SOLE   560,000 0 0
BOSTON PROPERTIES INC COM 101121101 13,393 246,600 SH   SOLE   246,600 0 0
BRE PROPERTIES INC CL A 05564E106 9,781 285,000 SH   SOLE   285,000 0 0
CAPITAL LEASE FDG INC COM 140288101 1,623 126,630 SH   SOLE   126,630 0 0
CEDAR SHOPPING CTRS INC COM NEW 150602209 570 40,200 SH   SOLE   40,200 0 0
CHELSEA PPTY GROUP INC COM 163421100 1,888 30,000 SH   SOLE   30,000 0 0
ENTERTAINMENT PPTYS TR COM SH BEN INT 29380T105 3,653 89,300 SH   SOLE   89,300 0 0
EQUITY OFFICE PROPERTIES TRU COM 294741103 8,667 300,000 SH   SOLE   300,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 6,083 203,800 SH   SOLE   203,800 0 0
ESSEX PPTY TR INC COM 297178105 3,275 50,000 SH   SOLE   50,000 0 0
FALCON FINL INVT TR COM 306032103 3,716 400,000 SH   SOLE   400,000 0 0
HILTON HOTELS CORP COM 432848109 1,864 114,700 SH   SOLE   114,700 0 0
HOME PROPERTIES INC COM 437306103 8,802 216,000 SH   SOLE   216,000 0 0
HOST MARRIOTT CORP NEW COM 44107P104 10,515 822,800 SH   SOLE   822,800 0 0
HRPT PPTYS TR COM SH BEN INT 40426W101 19 1,700 SH   SOLE   1,700 0 0
INTERSTATE HOTELS & RESRTS I COM 46088S106 1,770 300,000 SH   SOLE   300,000 0 0
ISTAR FINL INC COM 45031U101 9,928 234,700 SH   SOLE   234,700 0 0
KEYSTONE PPTY TR CORP COM 493596100 12,510 514,600 SH   SOLE   514,600 0 0
KIMCO REALTY CORP COM 49446R109 5,098 100,000 SH   SOLE   100,000 0 0
LEXINGTON CORP PPTYS TR COM 529043101 15,224 15,224,019 SH   SOLE   15,224,019 0 0
LIBERTY PPTY TR SH BEN INT 531172104 4,500 100,000 SH   SOLE   100,000 0 0
MACERICH CO COM 554382101 10,780 200,000 SH   SOLE   200,000 0 0
MERISTAR HOSPITALITY CORP COM 58984Y103 6,780 975,600 SH   SOLE   975,600 0 0
MISSION WEST PPTYS INC COM 605203108 2,650 200,000 SH   SOLE   200,000 0 0
NEW PLAN EXCEL RLTY TR INC COM 648053106 3,009 110,000 SH   SOLE   110,000 0 0
POST PPTYS INC COM 737464107 3,744 130,000 SH   SOLE   130,000 0 0
PRENTISS PPTYS TR SH BEN INT 740706106 2,768 75,000 SH   SOLE   75,000 0 0
PROLOGIS SH BEN INT 743410102 11,837 330,000 SH   SOLE   330,000 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 3,361 119,200 SH   SOLE   119,200 0 0
RECKSON ASSOCS RLTY CORP COM 75621K106 5,642 5,641,789 SH   SOLE   5,641,789 0 0
ROUSE CO COM 779273101 10,720 200,000 SH   SOLE   200,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 13,786 235,900 SH   SOLE   235,900 0 0
SUNSET FINANCIAL RESOURCES I COM 867708109 3,843 303,820 SH   SOLE   303,820 0 0
ST JOE CO COM 790148100 9,375 230,400 SH   SOLE   230,400 0 0
UNITED DOMINION REALTY TR IN COM 910197102 14,715 750,000 SH   SOLE   750,000 0 0
VENTAS INC COM 92276F100 5,948 5,948,266 SH   SOLE   5,948,266 0 0
VORNADO RLTY TR SH BEN INT 929042109 6,985 115,500 SH   SOLE   115,500 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 2,638 81,300 SH   SOLE   81,300 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 10,068 290,975 SH   SOLE   290,975 0 0
WINDROSE MED PPTYS TR COM 973491103 2,115 170,000 SH   SOLE   170,000 0 0
WINSTON HOTELS INC COM 97563A102 2,173 206,200 SH   SOLE   206,200 0 0