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
AAMES INVT CORP MD COM 00253G108 1,944 200,000 SH   SOLE   200,000 0 0
AFFORDABLE RESIDENTIAL CMTYS COM 008273104 7,343 550,000 SH   SOLE   550,000 0 0
AMB PROPERTY CORP COM 00163T109 1,593 36,685 SH   SOLE   36,685 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 5,534 244,000 SH   SOLE   244,000 0 0
AMERICAN FINL RLTY TR COM 02607P305 1,215 79,000 SH   SOLE   79,000 0 0
AMLI RESIDENTIAL PPTYS TR SH BEN INT 001735109 4,376 140,000 SH   SOLE   140,000 0 0
ARCHSTONE SMITH TR COM 039583109 1,777 46,000 SH   SOLE   46,000 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 2,515 232,900 SH   SOLE   232,900 0 0
AVALONBAY CMNTYS INC COM 053484101 3,232 40,000 SH   SOLE   40,000 0 0
BRE PROPERTIES INC CL A 05564E106 2,168 51,800 SH   SOLE   51,800 0 0
BROOKFIELD PPTYS CORP COM 112900105 7,776 270,000 SH   SOLE   270,000 0 0
CAPITAL LEASE FDG INC COM 140288101 651 60,000 SH   SOLE   60,000 0 0
CATELLUS DEV CORP NEW COM 149113102 7,905 241,000 SH   SOLE   241,000 0 0
CEDAR SHOPPING CTRS INC COM NEW 150602209 1,298 88,000 SH   SOLE   88,000 0 0
CENTERPOINT PPTYS TR COM 151895109 8,335 197,045 SH   SOLE   197,045 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 4,211 143,000 SH   SOLE   143,000 0 0
DEERFIELD TRIARC CAP CORP COM 244572301 11,783 751,000 SH   SOLE   751,000 0 0
DEVELOPERS DIVERSIFIED RLTY COM 251591103 19,947 434,000 SH   SOLE   434,000 0 0
DUKE REALTY CORP COM NEW 264411505 7,472 236,000 SH   SOLE   236,000 0 0
ECC CAPITAL CORP COM 26826M108 4,662 700,000 SH   SOLE   700,000 0 0
EDUCATION RLTY TR INC COM 28140H104 1,830 100,000 SH   SOLE   100,000 0 0
EQUITY INNS INC COM 294703103 1,330 100,000 SH   SOLE   100,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 6,628 180,000 SH   SOLE   180,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 7,603 530,577 SH   SOLE   530,577 0 0
FELDMAN MALL PPTYS INC COM 314308107 19,070 1,367,000 SH   SOLE   1,367,000 0 0
GABLES RESIDENTIAL TR SH BEN INT 362418105 8,646 200,000 SH   SOLE   200,000 0 0
GENERAL GROWTH PPTYS INC COM 370021107 4,520 110,000 SH   SOLE   110,000 0 0
GMH CMNTYS TR COM 36188G102 12,285 887,000 SH   SOLE   887,000 0 0
HEALTHCARE RLTY TR COM 421946104 278 7,200 SH   SOLE   7,200 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 5,361 562,000 SH   SOLE   562,000 0 0
HILTON HOTELS CORP COM 432848109 2,624 110,000 SH   SOLE   110,000 0 0
HOME PROPERTIES INC COM 437306103 10,179 236,600 SH   SOLE   236,600 0 0
HOMEBANC CORP GA COM 43738R109 2,273 250,000 SH   SOLE   250,000 0 0
INNKEEPERS USA TR COM 4576J0104 2,241 150,000 SH   SOLE   150,000 0 0
INTERSTATE HOTELS & RESRTS I COM 46088S106 1,473 300,000 SH   SOLE   300,000 0 0
ISTAR FINL INC COM 45031U101 4,159 100,000 SH   SOLE   100,000 0 0
JAMESON INNS INC COM 470457102 4,523 1,958,000 SH   SOLE   1,958,000 0 0
KIMCO REALTY CORP COM 49446R109 3,181 54,000 SH   SOLE   54,000 0 0
KITE RLTY GROUP TR COM 49803T102 4,867 324,443 SH   SOLE   324,443 0 0
LA QUINTA CORP PAIRED CTF 50419U202 2,351 252,000 SH   SOLE   252,000 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 3,937 120,000 SH   SOLE   120,000 0 0
LODGIAN INC COM PAR $.01 54021P403 13,009 1,266,660 SH   SOLE   1,266,660 0 0
MACERICH CO COM 554382101 10,058 150,000 SH   SOLE   150,000 0 0
MACK CALI RLTY CORP COM 554489104 1,378 30,420 SH   SOLE   30,420 0 0
MILLS CORP COM 601148109 2,432 40,000 SH   SOLE   40,000 0 0
MISSION WEST PPTYS INC COM 605203108 1,541 150,000 SH   SOLE   150,000 0 0
NEWCASTLE INVT CORP COM 65105M108 3,317 110,000 SH   SOLE   110,000 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 787 75,000 SH   SOLE   75,000 0 0
NOVASTAR FINL INC COM 669947400 4,698 120,000 SH   SOLE   120,000 0 0
ORIGEN FINL INC COM 68619E208 3,885 525,000 SH   SOLE   525,000 0 0
PRENTISS PPTYS TR SH BEN INT 740706106 2,733 75,000 SH   SOLE   75,000 0 0
PROLOGIS SH BEN INT 743410102 13,175 327,400 SH   SOLE   327,400 0 0
PUBLIC STORAGE INC COM 74460D109 3,605 57,000 SH   SOLE   57,000 0 0
RECKSON ASSOCS RLTY CORP COM 75621K106 22,809 679,853 SH   SOLE   679,853 0 0
SIMON PPTY GROUP INC NEW COM 828806109 18,537 255,721 SH   SOLE   255,721 0 0
STARWOOD HOTELS&RESORTS WRLD PAIRED CTF 85590A203 17,571 300,000 SH   SOLE   300,000 0 0
SUNSET FINANCIAL RESOURCES I COM 867708109 2,877 303,820 SH   SOLE   303,820 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 5,822 240,000 SH   SOLE   240,000 0 0
THOMAS PPTYS GROUP INC COM 884453101 1,391 111,200 SH   SOLE   111,200 0 0
TRIZEC PROPERTIES INC COM 89687P107 8,228 400,000 SH   SOLE   400,000 0 0
UNITED DOMINION REALTY TR IN COM 910197102 2,405 100,000 SH   SOLE   100,000 0 0
VENTAS INC COM 92276F100 4,832 160,000 SH   SOLE   160,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 4,020 50,000 SH   SOLE   50,000 0 0
WINDROSE MED PPTYS TR COM 973491103 2,458 175,231 SH   SOLE   175,231 0 0