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

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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
CBL & ASSOC PPTYS INC	COM	124830100	98,749	5,084,900	SH		SOLE		5,084,900	0	0
COLONY FINL INC	COM	19624R106	25,880	1,086,500	SH		SOLE		1,086,500	0	0
D R HORTON INC	COM	23331A109	69,955	2,766,100	SH		SOLE		2,766,100	0	0
DDR CORP	COM	23317H102	51,347	2,796,700	SH		SOLE		2,796,700	0	0
EAGLE MATERIALS INC	COM	26969P108	51,337	675,223	SH		SOLE		675,223	0	0
FORTUNE BRANDS HOME & SEC IN	COM	34964C106	49,811	1,100,300	SH		SOLE		1,100,300	0	0
GENERAL GROWTH PPTYS INC NEW	COM	370023103	41,421	1,472,500	SH		SOLE		1,472,500	0	0
HERSHA HOSPITALITY TR	SH BEN INT A	427825104	81,205	11,551,200	SH		SOLE		11,551,200	0	0
HILTON WORLDWIDE HLDGS INC	COM	43300A104	96,562	3,701,100	SH		SOLE		3,701,100	0	0
HOWARD HUGHES CORP	COM	44267D107	38,200	292,900	SH		SOLE		292,900	0	0
HUDSON PAC PPTYS INC	COM	444097109	58,307	1,939,700	SH		SOLE		1,939,700	0	0
ISHARES TR	RUSSELL 2000 ETF	464287655	85,229	712,500	SH	Put	SOLE		712,500	0	0
ISTAR FINL INC	COM	45031U101	48,026	3,518,400	SH		SOLE		3,518,400	0	0
LOWES COS INC	COM	548661107	66,880	972,100	SH		SOLE		972,100	0	0
MACERICH CO	COM	554382101	76,712	919,700	SH		SOLE		919,700	0	0
MACYS INC	COM	55616P104	25,314	385,000	SH		SOLE		385,000	0	0
RLJ LODGING TR	COM	74965L101	23,024	686,654	SH		SOLE		686,654	0	0
SBA COMMUNICATIONS CORP	COM	78388J106	21,991	198,550	SH		SOLE		198,550	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	103,284	502,500	SH	Put	SOLE		502,500	0	0
SPIRIT RLTY CAP INC NEW	COM	84860W102	32,400	2,725,000	SH		SOLE		2,725,000	0	0
STARWOOD HOTELS&RESORTS WRLD	COM	85590A401	71,366	880,300	SH		SOLE		880,300	0	0
VAIL RESORTS INC	COM	91879Q109	73,660	808,300	SH		SOLE		808,300	0	0
VORNADO RLTY TR	SH BEN INT	929042109	13,831	117,503	SH		SOLE		117,503	0	0
WEYERHAEUSER CO	COM	962166104	17,796	495,844	SH		SOLE		495,844	0	0