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
ACADIA RLTY TR COM SH BEN INT 004239109 1,143 77,500 SH   SOLE   77,500 0 0
AFFORDABLE RESIDENTIAL CMTYS COM 008273104 7,894 540,688 SH   SOLE   540,688 0 0
AMB PROPERTY CORP COM 00163T109 1,358 36,685 SH   SOLE   36,685 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 10,343 557,300 SH   SOLE   557,300 0 0
AMLI RESIDENTIAL PPTYS TR SH BEN INT 001735109 4,277 140,000 SH   SOLE   140,000 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 5,666 602,800 SH   SOLE   602,800 0 0
AVALONBAY CMNTYS INC COM 053484101 1,807 30,000 SH   SOLE   30,000 0 0
BIOMED REALTY TRUST INC COM 09063H107 1,948 110,750 SH   SOLE   110,750 0 0
BOSTON PROPERTIES INC COM 101121101 10,613 191,600 SH   SOLE   191,600 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 5,041 177,000 SH   SOLE   177,000 0 0
BRE PROPERTIES INC CL A 05564E106 1,342 35,000 SH   SOLE   35,000 0 0
CAPITAL AUTOMOTIVE REIT COM SH BEN INT 139733109 657 21,000 SH   SOLE   21,000 0 0
CAPITAL LEASE FDG INC COM 140288101 1,325 120,000 SH   SOLE   120,000 0 0
CB RICHARD ELLIS GROUP INC CL A 12497T101 3,650 158,000 SH   SOLE   158,000 0 0
CENTERPOINT PPTYS TR COM 151895109 2,615 60,000 SH   SOLE   60,000 0 0
COHEN & STEERS INC COM 19247A100 3,088 200,000 SH   SOLE   200,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 5,644 220,300 SH   SOLE   220,300 0 0
DEVELOPERS DIVERSIFIED RLTY COM 251591103 5,873 150,000 SH   SOLE   150,000 0 0
EQUITY OFFICE PROPERTIES TRU COM 294741103 5,450 200,000 SH   SOLE   200,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 6,318 203,800 SH   SOLE   203,800 0 0
EXTRA SPACE STORAGE INC COM 30225T102 7,580 594,500 SH   SOLE   594,500 0 0
FALCON FINL INVT TR COM 306032103 3,236 400,000 SH   SOLE   400,000 0 0
GENERAL GROWTH PPTYS INC COM 370021107 3,100 100,000 SH   SOLE   100,000 0 0
GRAMERCY CAP CORP COM 384871109 6,964 446,400 SH   SOLE   446,400 0 0
HEALTHCARE RLTY TR COM 421946104 3,619 92,700 SH   SOLE   92,700 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 3,523 374,800 SH   SOLE   374,800 0 0
HILTON HOTELS CORP COM 432848109 2,161 114,700 SH   SOLE   114,700 0 0
HOME PROPERTIES INC COM 437306103 11,639 294,200 SH   SOLE   294,200 0 0
HOMEBANC CORP GA COM 43738R109 3,150 350,000 SH   SOLE   350,000 0 0
HOST MARRIOTT CORP NEW COM 44107P104 8,054 574,049 SH   SOLE   574,049 0 0
INTERSTATE HOTELS & RESRTS I COM 46088S106 1,215 300,000 SH   SOLE   300,000 0 0
JAMESON INNS INC COM 470457102 2,581 1,450,000 SH   SOLE   1,450,000 0 0
KIMCO REALTY CORP COM 49446R109 3,078 60,000 SH   SOLE   60,000 0 0
KITE RLTY GROUP TR COM 49803T102 8,534 649,000 SH   SOLE   649,000 0 0
LEXINGTON CORP PPTYS TR COM 529043101 10,153 467,670 SH   SOLE   467,670 0 0
LODGIAN INC COM PAR $.01 54021P403 12,540 1,266,660 SH   SOLE   1,266,660 0 0
LTC PPTYS INC COM 502175102 2,931 163,807 SH   SOLE   163,807 0 0
LUMINENT MTG CAP INC COM 550278303 2,219 175,000 SH   SOLE   175,000 0 0
MACERICH CO COM 554382101 7,994 150,000 SH   SOLE   150,000 0 0
MACK CALI RLTY CORP COM 554489104 1,348 30,420 SH   SOLE   30,420 0 0
MANUFACTURED HOME CMNTYS INC COM 564682102 1,060 31,875 SH   SOLE   31,875 0 0
MERISTAR HOSPITALITY CORP COM 58984Y103 6,295 1,155,000 SH   SOLE   1,155,000 0 0
MILLS CORP COM 601148109 3,372 65,000 SH   SOLE   65,000 0 0
MISSION WEST PPTYS INC COM 605203108 1,553 150,000 SH   SOLE   150,000 0 0
MORTGAGEIT HLDGS INC COM 61915Q108 2,792 193,190 SH   SOLE   193,190 0 0
NEW YORK MTG TR INC COM 649604105 3,460 370,000 SH   SOLE   370,000 0 0
NEWCASTLE INVT CORP COM 65105M108 1,842 60,000 SH   SOLE   60,000 0 0
ORIGEN FINL INC COM 68619E208 3,864 525,000 SH   SOLE   525,000 0 0
PRENTISS PPTYS TR SH BEN INT 740706106 2,700 75,000 SH   SOLE   75,000 0 0
PROLOGIS SH BEN INT 743410102 7,048 200,000 SH   SOLE   200,000 0 0
RECKSON ASSOCS RLTY CORP COM 75621K106 2,271 79,000 SH   SOLE   79,000 0 0
REGENCY CTRS CORP COM 758849103 2,325 50,000 SH   SOLE   50,000 0 0
SAXON CAPITAL INC COM 80556P302 3,225 150,000 SH   SOLE   150,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 13,724 255,900 SH   SOLE   255,900 0 0
STARWOOD HOTELS&RESORTS WRLD PAIRED CTF 85590A203 2,321 50,000 SH   SOLE   50,000 0 0
STRATEGIC HOTEL CAP INC COM 86272T106 2,028 150,000 SH   SOLE   150,000 0 0
SUNSET FINANCIAL RESOURCES I COM 867708109 3,242 303,820 SH   SOLE   303,820 0 0
ST JOE CO COM 790148100 6,115 128,000 SH   SOLE   128,000 0 0
TRIZEC PROPERTIES INC COM 89687P107 1,966 123,090 SH   SOLE   123,090 0 0
UNITED DOMINION REALTY TR IN COM 910197102 1,983 100,000 SH   SOLE   100,000 0 0
VENTAS INC COM 92276F100 2,010 77,558 SH   SOLE   77,558 0 0
VORNADO RLTY TR SH BEN INT 929042109 6,268 100,000 SH   SOLE   100,000 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 6,304 190,975 SH   SOLE   190,975 0 0
WINSTON HOTELS INC COM 97563A102 1,136 106,200 SH   SOLE   106,200 0 0