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

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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	61,421	769,500	SH		SOLE		769,500	0	0
BLACKSTONE MTG TR INC	COM CL A	09257W100	22,542	830,900	SH		SOLE		830,900	0	0
CBL & ASSOC PPTYS INC	COM	124830100	81,176	4,519,800	SH		SOLE		4,519,800	0	0
D R HORTON INC	COM	23331A109	49,724	2,227,800	SH		SOLE		2,227,800	0	0
DDR CORP	COM	23317H102	51,714	3,364,600	SH		SOLE		3,364,600	0	0
EAGLE MATERIALS INC	COM	26969P108	67,891	876,800	SH		SOLE		876,800	0	0
EQUINIX INC	COM NEW	29444U502	16,077	90,600	SH		SOLE		90,600	0	0
GENERAL GROWTH PPTYS INC NEW	COM	370023103	61,023	3,040,500	SH		SOLE		3,040,500	0	0
HERSHA HOSPITALITY TR	SH BEN INT A	427825104	52,155	9,363,500	SH		SOLE		9,363,500	0	0
HILTON WORLDWIDE HLDGS INC	COM	43300A104	44,949	2,020,200	SH		SOLE		2,020,200	0	0
HOME DEPOT INC	COM	437076102	39,227	476,400	SH		SOLE		476,400	0	0
HOWARD HUGHES CORP	COM	44267D107	18,495	154,000	SH		SOLE		154,000	0	0
HUDSON PAC PPTYS INC	COM	444097109	34,456	1,575,500	SH		SOLE		1,575,500	0	0
ISHARES	RUSSELL 2000 ETF	464287655	217,592	1,886,200	SH	Put	SOLE		1,886,200	0	0
ISHARES	U.S. REAL ES ETF	464287739	39,961	633,500	SH	Put	SOLE		633,500	0	0
ISTAR FINL INC	COM	45031U101	41,322	2,895,700	SH		SOLE		2,895,700	0	0
LENNAR CORP	CL A	526057104	75,310	1,903,700	SH		SOLE		1,903,700	0	0
LOWES COS INC	COM	548661107	42,702	861,800	SH		SOLE		861,800	0	0
MACERICH CO	COM	554382101	61,175	1,038,800	SH		SOLE		1,038,800	0	0
MACYS INC	COM	55616P104	17,702	331,500	SH		SOLE		331,500	0	0
MARRIOTT INTL INC NEW	CL A	571903202	57,233	1,159,500	SH		SOLE		1,159,500	0	0
MARRIOTT VACATIONS WRLDWDE C	COM	57164Y107	29,298	555,300	SH		SOLE		555,300	0	0
OCWEN FINL CORP	COM NEW	675746309	50,476	910,300	SH		SOLE		910,300	0	0
ORIENT-EXPRESS HOTELS LTD	CL A	G67743107	16,278	1,077,300	SH		SOLE		1,077,300	0	0
PENNYMAC MTG INVT TR	COM	70931T103	21,502	936,500	SH		SOLE		936,500	0	0
RLJ LODGING TR	COM	74965L101	37,616	1,546,700	SH		SOLE		1,546,700	0	0
ROYAL CARIBBEAN CRUISES LTD	COM	V7780T103	24,658	520,000	SH		SOLE		520,000	0	0
ROYAL CARIBBEAN CRUISES LTD	COM	V7780T103	35,674	752,300	SH	Put	SOLE		752,300	0	0
RYLAND GROUP INC	COM	783764103	56,806	1,308,600	SH		SOLE		1,308,600	0	0
SBA COMMUNICATIONS CORP	COM	78388J106	51,613	574,500	SH		SOLE		574,500	0	0
SIMON PPTY GROUP INC NEW	COM	828806109	58,432	384,017	SH		SOLE		384,017	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	54,170	293,300	SH	Put	SOLE		293,300	0	0
SPIRIT RLTY CAP INC NEW	COM	84860W102	7,291	741,700	SH		SOLE		741,700	0	0
STARWOOD HOTELS&RESORTS WRLD	COM	85590A401	57,474	723,400	SH		SOLE		723,400	0	0
WEYERHAEUSER CO	COM	962166104	56,188	1,779,800	SH		SOLE		1,779,800	0	0
WHIRLPOOL CORP	COM	963320106	15,168	96,700	SH		SOLE		96,700	0	0