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 5,121 487,700 SH   SOLE   487,700 0 0
AMB PROPERTY CORP COM 00163T109 7,961 146,685 SH   SOLE   146,685 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 1,036 40,000 SH   SOLE   40,000 0 0
AMERICAN FINL RLTY TR COM 02607P305 6,909 593,031 SH   SOLE   593,031 0 0
ARCHSTONE SMITH TR COM 039583109 21,947 450,000 SH   SOLE   450,000 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 1,240 100,000 SH   SOLE   100,000 0 0
AVALONBAY CMNTYS INC COM 053484101 11,597 106,300 SH   SOLE   106,300 0 0
BIOMED REALTY TRUST INC COM 09063H107 5,483 185,000 SH   SOLE   185,000 0 0
BOSTON PROPERTIES INC COM 101121101 28,973 310,700 SH   SOLE   310,700 0 0
BRE PROPERTIES INC CL A 05564E106 4,312 77,000 SH   SOLE   77,000 0 0
BROOKFIELD PPTYS CORP COM 112900105 9,221 270,000 SH   SOLE   270,000 0 0
CARRAMERICA RLTY CORP COM 144418100 6,692 150,000 SH   SOLE   150,000 0 0
CEDAR SHOPPING CTRS INC COM NEW 150602209 6,716 424,000 SH   SOLE   424,000 0 0
COGDELL SPENCER INC COM 19238U107 5,970 280,000 SH   SOLE   280,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 2,840 62,100 SH   SOLE   62,100 0 0
DEERFIELD TRIARC CAP CORP COM 244572301 13,166 976,000 SH   SOLE   976,000 0 0
DEVELOPERS DIVERSIFIED RLTY COM 251591103 20,805 380,000 SH   SOLE   380,000 0 0
DUKE REALTY CORP COM NEW 264411505 7,340 193,400 SH   SOLE   193,400 0 0
EASTGROUP PPTY INC COM 277276101 3,795 80,000 SH   SOLE   80,000 0 0
EDUCATION RLTY TR INC COM 28140H104 9,180 600,000 SH   SOLE   600,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 20,260 433,000 SH   SOLE   433,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 7,488 435,577 SH   SOLE   435,577 0 0
FELDMAN MALL PPTYS INC COM 314308107 16,746 1,367,000 SH   SOLE   1,367,000 0 0
FIRST POTOMAC RLTY TR COM 33610F109 3,153 111,600 SH   SOLE   111,600 0 0
GENERAL GROWTH PPTYS INC COM 370021107 18,766 384,000 SH   SOLE   384,000 0 0
GLENBOROUGH RLTY TR INC COM 37803P105 2,744 126,150 SH   SOLE   126,150 0 0
GMH CMNTYS TR COM 36188G102 4,712 404,800 SH   SOLE   404,800 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 5,502 562,000 SH   SOLE   562,000 0 0
HIGHLAND HOSPITALITY CORP COM 430141101 1,907 150,000 SH   SOLE   150,000 0 0
HOME PROPERTIES INC COM 437306103 4,088 80,000 SH   SOLE   80,000 0 0
HOMEBANC CORP GA COM 43738R109 3,555 404,380 SH   SOLE   404,380 0 0
HOST MARRIOTT CORP NEW COM 44107P104 6,420 300,000 SH   SOLE   300,000 0 0
INTERSTATE HOTELS & RESRTS I COM 46088S106 1,605 300,000 SH   SOLE   300,000 0 0
JAMESON INNS INC COM 470457102 4,797 1,958,000 SH   SOLE   1,958,000 0 0
KILROY RLTY CORP COM 49427F108 3,492 45,200 SH   SOLE   45,200 0 0
KIMCO REALTY CORP COM 49446R109 13,488 331,900 SH   SOLE   331,900 0 0
KITE RLTY GROUP TR COM 49803T102 6,795 426,000 SH   SOLE   426,000 0 0
KKR FINL CORP COM 482476306 6,729 300,000 SH   SOLE   300,000 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 8,200 200,000 SH   SOLE   200,000 0 0
LEXINGTON CORP PPTYS TR COM 529043101 2,502 120,000 SH   SOLE   120,000 0 0
LODGIAN INC COM PAR $.01 54021P403 8,514 612,963 SH   SOLE   612,963 0 0
LTC PPTYS INC COM 502175102 4,652 200,000 SH   SOLE   200,000 0 0
MACERICH CO COM 554382101 6,656 90,000 SH   SOLE   90,000 0 0
MACK CALI RLTY CORP COM 554489104 13,920 290,000 SH   SOLE   290,000 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 2,160 200,000 SH   SOLE   200,000 0 0
MILLS CORP COM 601148109 2,212 79,000 SH   SOLE   79,000 0 0
MISSION WEST PPTYS INC COM 605203108 1,175 100,000 SH   SOLE   100,000 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 2,789 331,200 SH   SOLE   331,200 0 0
NOVASTAR FINL INC COM 669947400 1,254 37,500 SH   SOLE   37,500 0 0
PARKWAY PPTYS INC COM 70159Q104 12,780 292,583 SH   SOLE   292,583 0 0
PROLOGIS SH BEN INT 743410102 21,400 400,000 SH   SOLE   400,000 0 0
PUBLIC STORAGE INC COM 74460D109 15,385 189,400 SH   SOLE   189,400 0 0
RAIT INVT TR COM 749227104 2,824 100,000 SH   SOLE   100,000 0 0
RECKSON ASSOCS RLTY CORP COM 75621K106 7,423 162,000 SH   SOLE   162,000 0 0
REGENCY CTRS CORP COM 758849103 6,383 95,000 SH   SOLE   95,000 0 0
REPUBLIC PROPERTY TR COM 760737106 3,451 293,223 SH   SOLE   293,223 0 0
SIMON PPTY GROUP INC NEW COM 828806109 25,723 305,721 SH   SOLE   305,721 0 0
SL GREEN RLTY CORP COM 78440X101 11,825 116,500 SH   SOLE   116,500 0 0
STARWOOD HOTELS&RESORTS WRLD PAIRED CTF 85590A203 23,706 350,000 SH   SOLE   350,000 0 0
THOMAS PPTYS GROUP INC COM 884453101 1,513 111,200 SH   SOLE   111,200 0 0
TRIZEC PROPERTIES INC COM 89687P107 1,287 50,000 SH   SOLE   50,000 0 0
U STORE IT TR COM 91274F104 1,159 57,500 SH   SOLE   57,500 0 0
UNITED DOMINION REALTY TR IN COM 910197102 4,718 165,300 SH   SOLE   165,300 0 0
VENTAS INC COM 92276F100 3,152 95,000 SH   SOLE   95,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 20,832 217,000 SH   SOLE   217,000 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 5,298 130,000 SH   SOLE   130,000 0 0