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
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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 CAP MTG INVT CORP	COM	02504A104	7,724	489,200	SH		SOLE		489,200	0	0
AMERICAN HOMES 4 RENT	CL A	02665T306	12,823	626,141	SH		SOLE		626,141	0	0
AMERICAN TOWER CORP NEW	COM	03027X100	20,156	177,411	SH		SOLE		177,411	0	0
BLACKSTONE MTG TR INC	COM CL A	09257W100	4,793	173,226	SH		SOLE		173,226	0	0
CALATLANTIC GROUP INC	COM	128195104	11,079	301,800	SH		SOLE		301,800	0	0
CUBESMART	COM	229663109	17,376	562,687	SH		SOLE		562,687	0	0
CYRUSONE INC	COM	23283R100	28,832	518,000	SH		SOLE		518,000	0	0
D R HORTON INC	COM	23331A109	16,803	533,758	SH		SOLE		533,758	0	0
EQUITY COMWLTH	COM SH BEN INT	294628102	19,723	677,054	SH		SOLE		677,054	0	0
FEDERAL REALTY INVT TR	SH BEN INT NEW	313747206	16,555	100,000	SH		SOLE		100,000	0	0
GENERAL GROWTH PPTYS INC NEW	COM	370023103	30,076	1,008,600	SH		SOLE		1,008,600	0	0
HILTON WORLDWIDE HLDGS INC	COM	43300A104	17,905	794,700	SH		SOLE		794,700	0	0
HUDSON PAC PPTYS INC	COM	444097109	20,927	717,166	SH		SOLE		717,166	0	0
HYATT HOTELS CORP	COM CL A	448579102	14,221	289,400	SH		SOLE		289,400	0	0
INTERXION HOLDING N.V	SHS	N47279109	18,764	508,790	SH		SOLE		508,790	0	0
LOWES COS INC	COM	548661107	11,823	149,339	SH		SOLE		149,339	0	0
NATIONAL RETAIL PPTYS INC	COM	637417106	9,754	188,600	SH		SOLE		188,600	0	0
REALTY INCOME CORP	COM	756109104	7,317	105,500	SH		SOLE		105,500	0	0
REXFORD INDL RLTY INC	COM	76169C100	18,655	884,563	SH		SOLE		884,563	0	0
ROYAL CARIBBEAN CRUISES LTD	COM	V7780T103	7,910	117,800	SH		SOLE		117,800	0	0
SBA COMMUNICATIONS CORP	COM	78388J106	13,528	125,331	SH		SOLE		125,331	0	0
SUNSTONE HOTEL INVS INC NEW	COM	867892101	10,594	877,700	SH		SOLE		877,700	0	0
TRI POINTE GROUP INC	COM	87265H109	11,398	964,300	SH		SOLE		964,300	0	0
VORNADO RLTY TR	SH BEN INT	929042109	9,441	94,300	SH		SOLE		94,300	0	0