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 485 75,000 SH   SOLE   75,000 0 0
AFFORDABLE RESIDENTIAL CMTYS COM 008273104 5,242 550,000 SH   SOLE   550,000 0 0
AMB PROPERTY CORP COM 00163T109 1,804 36,685 SH   SOLE   36,685 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 992 40,000 SH   SOLE   40,000 0 0
AMERICAN FINL RLTY TR COM 02607P305 11,028 919,000 SH   SOLE   919,000 0 0
ARCHSTONE SMITH TR COM 039583109 18,851 450,000 SH   SOLE   450,000 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 1,574 150,000 SH   SOLE   150,000 0 0
AVALONBAY CMNTYS INC COM 053484101 3,570 40,000 SH   SOLE   40,000 0 0
BIMINI MTG MGMT INC CL A 09031E400 1,358 150,000 SH   SOLE   150,000 0 0
BRE PROPERTIES INC CL A 05564E106 1,364 30,000 SH   SOLE   30,000 0 0
BROOKFIELD PPTYS CORP COM 112900105 7,943 270,000 SH   SOLE   270,000 0 0
CARRAMERICA RLTY CORP COM 144418100 6,718 194,000 SH   SOLE   194,000 0 0
CEDAR SHOPPING CTRS INC COM NEW 150602209 5,966 424,000 SH   SOLE   424,000 0 0
CENTERPOINT PPTYS TR COM 151895109 2,474 50,000 SH   SOLE   50,000 0 0
COGDELL SPENCER INC COM ADDED 19238U107 4,729 280,000 SH   SOLE   280,000 0 0
DEERFIELD TRIARC CAP CORP COM 244572301 13,371 976,000 SH   SOLE   976,000 0 0
DEVELOPERS DIVERSIFIED RLTY COM 251591103 17,868 380,000 SH   SOLE   380,000 0 0
DUKE REALTY CORP COM NEW 264411505 6,460 193,400 SH   SOLE   193,400 0 0
ECC CAPITAL CORP COM 26826M108 2,457 1,087,000 SH   SOLE   1,087,000 0 0
EDUCATION RLTY TR INC COM 28140H104 7,734 600,000 SH   SOLE   600,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 7,042 180,000 SH   SOLE   180,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 8,941 580,577 SH   SOLE   580,577 0 0
FELDMAN MALL PPTYS INC COM 314308107 16,418 1,367,000 SH   SOLE   1,367,000 0 0
FIRST POTOMAC RLTY TR COM 33610F109 2,969 111,600 SH   SOLE   111,600 0 0
GENERAL GROWTH PPTYS INC COM 370021107 5,169 110,000 SH   SOLE   110,000 0 0
GMH CMNTYS TR COM 36188G102 6,278 404,800 SH   SOLE   404,800 0 0
GRAMERCY CAP CORP COM 384871109 7,943 348,700 SH   SOLE   348,700 0 0
GREAT WOLF RESORTS INC COM 391523107 3,093 300,000 SH   SOLE   300,000 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 5,064 562,000 SH   SOLE   562,000 0 0
HIGHLAND HOSPITALITY CORP COM 430141101 1,658 150,000 SH   SOLE   150,000 0 0
HILTON HOTELS CORP COM 432848109 1,447 60,000 SH   SOLE   60,000 0 0
HOME PROPERTIES INC COM 437306103 3,264 80,000 SH   SOLE   80,000 0 0
HOMEBANC CORP GA COM 43738R109 3,366 450,000 SH   SOLE   450,000 0 0
HOST MARRIOTT CORP NEW COM 44107P104 5,685 300,000 SH   SOLE   300,000 0 0
INTERSTATE HOTELS & RESRTS I COM 46088S106 1,311 300,000 SH   SOLE   300,000 0 0
ISTAR FINL INC COM 45031U101 2,852 80,000 SH   SOLE   80,000 0 0
JAMESON INNS INC COM 470457102 4,210 1,958,000 SH   SOLE   1,958,000 0 0
JER INVT TR INC COM 46614H301 1,695 100,000 SH   SOLE   100,000 0 0
KIMCO REALTY CORP COM 49446R109 3,465 108,000 SH   SOLE   108,000 0 0
KITE RLTY GROUP TR COM 49803T102 6,590 426,000 SH   SOLE   426,000 0 0
KKR FINL CORP COM 482476306 7,197 300,000 SH   SOLE   300,000 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 7,344 200,000 SH   SOLE   200,000 0 0
LEXINGTON CORP PPTYS TR COM 529043101 2,556 120,000 SH   SOLE   120,000 0 0
LODGIAN INC COM PAR $.01 54021P403 13,591 1,266,660 SH   SOLE   1,266,660 0 0
LTC PPTYS INC COM 502175102 4,206 200,000 SH   SOLE   200,000 0 0
MACERICH CO COM 554382101 5,036 75,000 SH   SOLE   75,000 0 0
MACK CALI RLTY CORP COM 554489104 17,280 400,000 SH   SOLE   400,000 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 1,956 200,000 SH   SOLE   200,000 0 0
MILLS CORP COM 601148109 1,678 40,000 SH   SOLE   40,000 0 0
MISSION WEST PPTYS INC COM 605203108 974 100,000 SH   SOLE   100,000 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 2,656 331,200 SH   SOLE   331,200 0 0
MORTGAGEIT HLDGS INC COM 61915Q108 4,098 300,000 SH   SOLE   300,000 0 0
NEWCASTLE INVT CORP COM 65105M108 3,231 130,000 SH   SOLE   130,000 0 0
NOVASTAR FINL INC COM 669947400 2,811 100,000 SH   SOLE   100,000 0 0
ORIGEN FINL INC COM 68619E208 3,738 525,000 SH   SOLE   525,000 0 0
PARKWAY PPTYS INC COM 70159Q104 13,170 328,100 SH   SOLE   328,100 0 0
PROLOGIS SH BEN INT 743410102 18,688 400,000 SH   SOLE   400,000 0 0
PUBLIC STORAGE INC COM 74460D109 2,032 30,000 SH   SOLE   30,000 0 0
RAIT INVT TR COM 749227104 2,592 100,000 SH   SOLE   100,000 0 0
REGENCY CTRS CORP COM 758849103 13,912 236,000 SH   SOLE   236,000 0 0
REPUBLIC PROPERTY TR COM ADDED 760737106 4,608 384,000 SH   SOLE   384,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 23,427 305,721 SH   SOLE   305,721 0 0
STARWOOD HOTELS&RESORTS WRLD NOTE 3.500% 5/1 85590A203 22,351 350,000 SH   SOLE   350,000 0 0
SUNSET FINANCIAL RESOURCES I COM 867708109 2,576 303,820 SH   SOLE   303,820 0 0
THOMAS PPTYS GROUP INC COM 884453101 1,391 111,200 SH   SOLE   111,200 0 0
TRIZEC PROPERTIES INC COM 89687P107 1,146 50,000 SH   SOLE   50,000 0 0
UNITED DOMINION REALTY TR IN COM 910197102 2,344 100,000 SH   SOLE   100,000 0 0
VENTAS INC COM 92276F100 3,042 95,000 SH   SOLE   95,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 16,694 200,000 SH   SOLE   200,000 0 0
WINDROSE MED PPTYS TR COM 973491103 14 944 SH   SOLE   944 0 0