GEM Realty Capital 13F-HR Quarterly holdings report by institutional manager

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
Expires:	Oct 31, 2018
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
AMERICAN TOWER CORP NEW	COM	03027X100	47,992	647,400	SH		SOLE		647,400	0	0
BLACKSTONE MTG TR INC	COM CL A	09257W100	20,779	824,900	SH		SOLE		824,900	0	0
BOSTON PROPERTIES INC	COM	101121101	46,576	435,700	SH		SOLE		435,700	0	0
BRE PROPERTIES INC	CL A	05564E106	15,446	304,300	SH		SOLE		304,300	0	0
CBL & ASSOC PPTYS INC	COM	124830100	93,875	4,914,900	SH		SOLE		4,914,900	0	0
CROWN CASTLE INTL CORP	COM	228227104	60,812	832,700	SH		SOLE		832,700	0	0
D R HORTON INC	COM	23331A109	8,452	435,000	SH		SOLE		435,000	0	0
DDR CORP	COM	23317H102	60,022	3,820,600	SH		SOLE		3,820,600	0	0
EAGLE MATERIALS INC	COM	26969P108	54,775	755,000	SH		SOLE		755,000	0	0
FORTUNE BRANDS HOME & SEC IN	COM	34964C106	46,880	1,126,100	SH		SOLE		1,126,100	0	0
GENERAL GROWTH PPTYS INC NEW	COM	370023103	102,621	5,319,900	SH		SOLE		5,319,900	0	0
HERSHA HOSPITALITY TR	SH BEN INT A	427825104	51,511	9,214,800	SH		SOLE		9,214,800	0	0
HOME DEPOT INC	COM	437076102	89,677	1,182,300	SH		SOLE		1,182,300	0	0
HOWARD HUGHES CORP	COM	44267D107	17,181	152,900	SH		SOLE		152,900	0	0
HUDSON PAC PPTYS INC	COM	444097109	30,348	1,560,300	SH		SOLE		1,560,300	0	0
ISHARES	RUSSELL 2000 ETF	464287655	241,450	2,264,800	SH	Put	SOLE		2,264,800	0	0
ISHARES	U.S. REAL ES ETF	464287739	40,118	628,900	SH	Put	SOLE		628,900	0	0
ISTAR FINL INC	COM	45031U101	37,782	3,138,000	SH		SOLE		3,138,000	0	0
KILROY RLTY CORP	COM	49427F108	33,836	677,400	SH		SOLE		677,400	0	0
LENNAR CORP	CL A	526057104	68,064	1,922,700	SH		SOLE		1,922,700	0	0
LOWES COS INC	COM	548661107	71,915	1,510,500	SH		SOLE		1,510,500	0	0
MACERICH CO	COM	554382101	65,764	1,165,200	SH		SOLE		1,165,200	0	0
MACYS INC	COM	55616P104	14,115	326,200	SH		SOLE		326,200	0	0
MARRIOTT INTL INC NEW	CL A	571903202	76,717	1,824,000	SH		SOLE		1,824,000	0	0
MARRIOTT VACATIONS WRLDWDE C	COM	57164Y107	30,831	700,700	SH		SOLE		700,700	0	0
OCWEN FINL CORP	COM NEW	675746309	44,488	797,700	SH		SOLE		797,700	0	0
ORIENT-EXPRESS HOTELS LTD	CL A	G67743107	15,344	1,182,100	SH		SOLE		1,182,100	0	0
PENNYMAC MTG INVT TR	COM	70931T103	28,055	1,237,000	SH		SOLE		1,237,000	0	0
RLJ LODGING TR	COM	74965L101	35,752	1,522,000	SH		SOLE		1,522,000	0	0
ROYAL CARIBBEAN CRUISES LTD	COM	V7780T103	31,191	814,800	SH	Put	SOLE		814,800	0	0
RYLAND GROUP INC	COM	783764103	68,618	1,692,600	SH		SOLE		1,692,600	0	0
SBA COMMUNICATIONS CORP	COM	78388J106	121,897	1,515,000	SH		SOLE		1,515,000	0	0
SIMON PPTY GROUP INC NEW	COM	828806109	56,019	377,917	SH		SOLE		377,917	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	49,042	291,900	SH	Put	SOLE		291,900	0	0
STANDARD PAC CORP NEW	COM	85375C101	21,204	2,680,700	SH		SOLE		2,680,700	0	0
STARWOOD HOTELS&RESORTS WRLD	COM	85590A401	124,222	1,869,400	SH		SOLE		1,869,400	0	0
STARWOOD HOTELS&RESORTS WRLD	COM	85590A401	35,431	533,200	SH	Put	SOLE		533,200	0	0
STARWOOD PPTY TR INC	COM	85571B105	14,821	618,300	SH		SOLE		618,300	0	0
STRATEGIC HOTELS & RESORTS I	COM	86272T106	14,005	1,613,500	SH		SOLE		1,613,500	0	0
TOLL BROTHERS INC	COM	889478103	67,046	2,067,400	SH		SOLE		2,067,400	0	0
TWO HBRS INVT CORP	COM	90187B101	13,189	1,358,300	SH		SOLE		1,358,300	0	0
WEYERHAEUSER CO	COM	962166104	33,511	1,170,500	SH		SOLE		1,170,500	0	0