Teachers Insurance And Annuity Association Of America - Real Estate Account Variable Annuity (QREARX) 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
ALEXANDERS INC	COM	14752109	1,989	4,549	SH		SOLE		4,549	0	0
ALEXANDRIA REAL ESTATE EQ IN	COM	15271109	11,747	132,373	SH		SOLE		132,373	0	0
AMERICAN ASSETS TR INC	COM	24013104	2,209	55,491	SH		SOLE		55,491	0	0
AMERICAN CAMPUS CMNTYS INC	COM	24835100	9,622	232,629	SH		SOLE		232,629	0	0
ASHFORD HOSPITALITY PRIME IN	COM	44102101	703	40,976	SH		SOLE		40,976	0	0
ASHFORD HOSPITALITY TR INC	COM SHS	44103109	2,393	228,348	SH		SOLE		228,348	0	0
ASSOCIATED ESTATES RLTY CORP	COM	45604105	3,051	131,435	SH		SOLE		131,435	0	0
AVALONBAY CMNTYS INC	COM	53484101	46,648	285,499	SH		SOLE		285,499	0	0
BB&T CORP	COM	54937107	2,298	59,100	SH		DFND	1	59,100	0	0
BB&T CORP	COM	54937107	2,298	59,100	SH		SOLE		59,100	0	0
BOSTON PROPERTIES INC	COM	101121101	40,487	314,607	SH		SOLE		314,607	0	0
BRANDYWINE RLTY TR	SH BEN INT NEW	105368203	6,362	398,099	SH		SOLE		398,099	0	0
CBL & ASSOC PPTYS INC	COM	124830100	6,512	335,345	SH		SOLE		335,345	0	0
CAMDEN PPTY TR	SH BEN INT	133131102	13,928	188,626	SH		SOLE		188,626	0	0
CEDAR REALTY TRUST INC	COM NEW	150602209	1,303	177,495	SH		SOLE		177,495	0	0
CHAMBERS STR PPTYS	COM	157842105	3,364	417,369	SH		SOLE		417,369	0	0
CHESAPEAKE LODGING TR	SH BEN INT	165240102	4,528	121,692	SH		SOLE		121,692	0	0
CHEVRON CORP NEW	COM	166764100	9,524	84,900	SH		DFND	1	84,900	0	0
CHEVRON CORP NEW	COM	166764100	9,524	84,900	SH		SOLE		84,900	0	0
COLUMBIA PPTY TR INC	COM NEW	198287203	7,040	277,710	SH		SOLE		277,710	0	0
CONSOLIDATED EDISON INC	COM	209115104	4,238	64,200	SH		DFND	1	64,200	0	0
CONSOLIDATED EDISON INC	COM	209115104	4,238	64,200	SH		SOLE		64,200	0	0
COUSINS PPTYS INC	COM	222795106	6,733	589,552	SH		SOLE		589,552	0	0
CUBESMART	COM	229663109	9,051	410,111	SH		SOLE		410,111	0	0
DCT INDUSTRIAL TRUST INC	COM NEW	233153204	6,591	184,830	SH		SOLE		184,830	0	0
DARDEN RESTAURANTS INC	COM	237194105	3,483	59,400	SH		DFND	1	59,400	0	0
DARDEN RESTAURANTS INC	COM	237194105	3,483	59,400	SH		SOLE		59,400	0	0
DIAMONDROCK HOSPITALITY CO	COM	252784301	6,553	440,687	SH		SOLE		440,687	0	0
DIGITAL RLTY TR INC	COM	253868103	19,969	301,192	SH		SOLE		301,192	0	0
DOW CHEM CO	COM	260543103	4,401	96,500	SH		DFND	1	96,500	0	0
DOW CHEM CO	COM	260543103	4,401	96,500	SH		SOLE		96,500	0	0
DUKE REALTY CORP	COM NEW	264411505	15,274	756,115	SH		SOLE		756,115	0	0
EASTGROUP PPTY INC	COM	277276101	2,914	46,023	SH		SOLE		46,023	0	0
EMPIRE ST RLTY TR INC	CL A	292104106	3,924	223,187	SH		SOLE		223,187	0	0
EQUITY COMWLTH	COM SH BEN INT	294628102	7,334	285,705	SH		SOLE		285,705	0	0
EQUITY ONE	COM	294752100	4,825	190,245	SH		SOLE		190,245	0	0
ESSEX PPTY TR INC	COM	297178105	28,115	136,082	SH		SOLE		136,082	0	0
FEDERAL REALTY INVT TR	SH BEN INT NEW	313747206	18,970	142,140	SH		SOLE		142,140	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	4,030	260,000	SH		DFND	1	260,000	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	4,030	260,000	SH		SOLE		260,000	0	0
GENERAL ELECTRIC CO	COM	369604103	6,805	269,300	SH		DFND	1	269,300	0	0
GENERAL ELECTRIC CO	COM	369604103	6,805	269,300	SH		SOLE		269,300	0	0
GENERAL GROWTH PPTYS INC NEW	COM	370023103	31,408	1,116,547	SH		SOLE		1,116,547	0	0
GENERAL MLS INC	COM	370334104	4,922	92,300	SH		DFND	1	92,300	0	0
GENERAL MLS INC	COM	370334104	4,922	92,300	SH		SOLE		92,300	0	0
GETTY RLTY CORP NEW	COM	374297109	1,103	60,598	SH		SOLE		60,598	0	0
GLADSTONE COML CORP	COM	376536108	584	34,020	SH		SOLE		34,020	0	0
GLIMCHER RLTY TR	SH BEN INT	379302102	4,489	326,692	SH		SOLE		326,692	0	0
HASBRO INC	COM	418056107	3,266	59,400	SH		DFND	1	59,400	0	0
HASBRO INC	COM	418056107	3,266	59,400	SH		SOLE		59,400	0	0
HEALTHCARE RLTY TR	COM	421946104	5,789	211,892	SH		SOLE		211,892	0	0
HERSHA HOSPITALITY TR	SH BEN INT A	427825104	2,717	386,553	SH		SOLE		386,553	0	0
HIGHWOODS PPTYS INC	COM	431284108	9,730	219,746	SH		SOLE		219,746	0	0
HOLLYFRONTIER CORP	COM	436106108	2,436	65,000	SH		DFND	1	65,000	0	0
HOLLYFRONTIER CORP	COM	436106108	2,436	65,000	SH		SOLE		65,000	0	0
HOME PROPERTIES INC	COM	437306103	7,049	107,460	SH		SOLE		107,460	0	0
HUDSON PAC PPTYS INC	COM	444097109	3,717	123,652	SH		SOLE		123,652	0	0
INLAND REAL ESTATE CORP	COM NEW	457461200	2,091	190,919	SH		SOLE		190,919	0	0
INVESTORS REAL ESTATE TR	SH BEN INT	461730103	1,970	241,151	SH		SOLE		241,151	0	0
IRON MTN INC	COM	462846106	11,539	298,480	SH		SOLE		298,480	0	0
ISHARES TR	U.S. REAL ES ETF	464287739	115,260	1,500,000	SH		SOLE		1,500,000	0	0
JOHNSON & JOHNSON	COM	478160104	11,032	105,500	SH		DFND	1	105,500	0	0
JOHNSON & JOHNSON	COM	478160104	11,032	105,500	SH		SOLE		105,500	0	0
KLA-TENCOR CORP	COM	482480100	1,899	27,000	SH		DFND	1	27,000	0	0
KLA-TENCOR CORP	COM	482480100	1,899	27,000	SH		SOLE		27,000	0	0
L BRANDS INC	COM	501797104	3,401	39,300	SH		DFND	1	39,300	0	0
L BRANDS INC	COM	501797104	3,401	39,300	SH		SOLE		39,300	0	0
LTC PPTYS INC	COM	502175102	2,510	58,133	SH		SOLE		58,133	0	0
LASALLE HOTEL PPTYS	COM SH BEN INT	517942108	10,514	259,799	SH		SOLE		259,799	0	0
LEGGETT & PLATT INC	COM	524660107	2,778	65,200	SH		DFND	1	65,200	0	0
LEGGETT & PLATT INC	COM	524660107	2,778	65,200	SH		SOLE		65,200	0	0
LEXINGTON REALTY TRUST	COM	529043101	5,579	508,105	SH		SOLE		508,105	0	0
LIBERTY PPTY TR	SH BEN INT	531172104	12,366	328,620	SH		SOLE		328,620	0	0
MACERICH CO	COM	554382101	28,065	336,472	SH		SOLE		336,472	0	0
MACK CALI RLTY CORP	COM	554489104	2,709	142,118	SH		SOLE		142,118	0	0
MATTEL INC	COM	577081102	2,011	65,000	SH		DFND	1	65,000	0	0
MATTEL INC	COM	577081102	2,011	65,000	SH		SOLE		65,000	0	0
MCDONALDS CORP	COM	580135101	3,889	41,500	SH		DFND	1	41,500	0	0
MCDONALDS CORP	COM	580135101	3,889	41,500	SH		SOLE		41,500	0	0
MICROSOFT CORP	COM	594918104	8,180	176,100	SH		DFND	1	176,100	0	0
MICROSOFT CORP	COM	594918104	8,180	176,100	SH		SOLE		176,100	0	0
MONMOUTH REAL ESTATE INVT CO	CL A	609720107	1,313	118,597	SH		SOLE		118,597	0	0
NATIONAL RETAIL PPTYS INC	COM	637417106	12,026	305,461	SH		SOLE		305,461	0	0
NEW SR INVT GROUP INC	COM	648691103	3,902	237,208	SH		SOLE		237,208	0	0
NORFOLK SOUTHERN CORP	COM	655844108	3,836	35,000	SH		DFND	1	35,000	0	0
NORFOLK SOUTHERN CORP	COM	655844108	3,836	35,000	SH		SOLE		35,000	0	0
OMEGA HEALTHCARE INVS INC	COM	681936100	10,982	281,073	SH		SOLE		281,073	0	0
ONE LIBERTY PPTYS INC	COM	682406103	677	28,607	SH		SOLE		28,607	0	0
PACCAR INC	COM	693718108	3,720	54,700	SH		DFND	1	54,700	0	0
PACCAR INC	COM	693718108	3,720	54,700	SH		SOLE		54,700	0	0
PENNSYLVANIA RL ESTATE INVT	SH BEN INT	709102107	3,450	147,065	SH		SOLE		147,065	0	0
PEPSICO INC	COM	713448108	6,430	68,000	SH		DFND	1	68,000	0	0
PEPSICO INC	COM	713448108	6,430	68,000	SH		SOLE		68,000	0	0
PFIZER INC	COM	717081103	9,049	290,500	SH		DFND	1	290,500	0	0
PFIZER INC	COM	717081103	9,049	290,500	SH		SOLE		290,500	0	0
PIEDMONT OFFICE REALTY TR IN	COM CL A	720190206	5,109	271,204	SH		SOLE		271,204	0	0
PLUM CREEK TIMBER CO INC	COM	729251108	16,856	393,917	SH		SOLE		393,917	0	0
POST PPTYS INC	COM	737464107	7,041	119,803	SH		SOLE		119,803	0	0
POTLATCH CORP NEW	COM	737630103	3,520	84,078	SH		SOLE		84,078	0	0
PROCTER & GAMBLE CO	COM	742718109	7,606	83,500	SH		DFND	1	83,500	0	0
PROCTER & GAMBLE CO	COM	742718109	7,606	83,500	SH		SOLE		83,500	0	0
RAMCO-GERSHENSON PPTYS TR	COM SH BEN INT	751452202	3,149	168,010	SH		SOLE		168,010	0	0
RAYONIER INC	COM	754907103	9,661	345,772	SH		SOLE		345,772	0	0
REALTY INCOME CORP	COM	756109104	24,706	517,842	SH		SOLE		517,842	0	0
REGENCY CTRS CORP	COM	758849103	12,941	202,908	SH		SOLE		202,908	0	0
ROUSE PPTYS INC	COM	779287101	1,543	83,313	SH		SOLE		83,313	0	0
SAUL CTRS INC	COM	804395101	1,657	28,976	SH		SOLE		28,976	0	0
SIMON PPTY GROUP INC NEW	COM	828806109	122,855	674,617	SH		SOLE		674,617	0	0
SUMMIT HOTEL PPTYS	COM	866082100	2,321	186,578	SH		SOLE		186,578	0	0
SUN CMNTYS INC	COM	866674104	6,069	100,386	SH		SOLE		100,386	0	0
SUNSTONE HOTEL INVS INC NEW	COM	867892101	8,444	511,462	SH		SOLE		511,462	0	0
TANGER FACTORY OUTLET CTRS I	COM	875465106	7,846	212,284	SH		SOLE		212,284	0	0
TAUBMAN CTRS INC	COM	876664103	9,196	120,329	SH		SOLE		120,329	0	0
UDR INC	COM	902653104	17,156	556,651	SH		SOLE		556,651	0	0
US BANCORP DEL	COM NEW	902973304	2,967	66,000	SH		DFND	1	66,000	0	0
US BANCORP DEL	COM NEW	902973304	2,967	66,000	SH		SOLE		66,000	0	0
U M H PROPERTIES INC	COM	903002103	428	44,774	SH		SOLE		44,774	0	0
URSTADT BIDDLE PPTYS INC	CL A	917286205	1,126	51,473	SH		SOLE		51,473	0	0
VORNADO RLTY TR	SH BEN INT	929042109	41,368	351,441	SH		SOLE		351,441	0	0
WASHINGTON PRIME GROUP INC	COM	939647103	6,025	349,878	SH		SOLE		349,878	0	0
WASHINGTON REAL ESTATE INVT	SH BEN INT	939653101	2,678	96,831	SH		SOLE		96,831	0	0
WEINGARTEN RLTY INVS	SH BEN INT	948741103	6,636	190,047	SH		SOLE		190,047	0	0
WELLS FARGO & CO NEW	COM	949746101	6,578	120,000	SH		DFND	1	120,000	0	0
WELLS FARGO & CO NEW	COM	949746101	6,578	120,000	SH		SOLE		120,000	0	0
WEYERHAEUSER CO	COM	962166104	40,182	1,119,582	SH		SOLE		1,119,582	0	0
WHITESTONE REIT	COM	966084204	769	50,900	SH		SOLE		50,900	0	0
WILLIAMS COS INC DEL	COM	969457100	3,011	67,000	SH		DFND	1	67,000	0	0
WILLIAMS COS INC DEL	COM	969457100	3,011	67,000	SH		SOLE		67,000	0	0
WINTHROP RLTY TR	SH BEN INT NEW	976391300	1,176	75,457	SH		SOLE		75,457	0	0
AKAMAI TECHNOLOGIES INC	COM	00971T101	25,130	399,143	SH		SOLE		399,143	0	0
ALTRIA GROUP INC	COM	02209S103	3,966	80,500	SH		DFND	1	80,500	0	0
ALTRIA GROUP INC	COM	02209S103	3,966	80,500	SH		SOLE		80,500	0	0
AMERICAN AIRLS GROUP INC	COM	02376R102	25,406	473,724	SH		SOLE		473,724	0	0
AMERICAN HOMES 4 RENT	CL A	02665T306	5,638	331,090	SH		SOLE		331,090	0	0
AMERICAN RESIDENTIAL PPTYS I	COM	02927E303	708	40,280	SH		SOLE		40,280	0	0
AMERICAN TOWER CORP NEW	COM	03027X100	84,194	851,739	SH		SOLE		851,739	0	0
APARTMENT INVT & MGMT CO	CL A	03748R101	12,059	324,603	SH		SOLE		324,603	0	0
ARMADA HOFFLER PPTYS INC	COM	04208T108	436	45,930	SH		SOLE		45,930	0	0
ACADIA RLTY TR	COM SH BEN INT	04239109	4,118	128,562	SH		SOLE		128,562	0	0
AVIV REIT INC MD	COM	05381L101	2,827	82,002	SH		SOLE		82,002	0	0
BCE INC	PUT	05534B950	4,333	94,200	SH		DFND	1	94,200	0	0
BCE INC	PUT	05534B950	4,333	94,200	SH		SOLE		94,200	0	0
AGREE REALTY CORP	COM	08492100	985	31,670	SH		SOLE		31,670	0	0
BIOMED REALTY TRUST INC	COM	09063H107	9,200	427,097	SH		SOLE		427,097	0	0
BRIXMOR PPTY GROUP INC	COM	11120U105	5,919	238,279	SH		SOLE		238,279	0	0
CIT GROUP INC	COM NEW	125581801	2,595	54,250	SH		SOLE		54,250	0	0
CA INC	COM	12673P105	3,045	100,000	SH		DFND	1	100,000	0	0
CA INC	COM	12673P105	3,045	100,000	SH		SOLE		100,000	0	0
CALPINE CORP	COM NEW	131347304	49,310	2,228,216	SH		SOLE		2,228,216	0	0
CAMPUS CREST CMNTYS INC	COM	13466Y105	1,892	258,814	SH		SOLE		258,814	0	0
CATCHMARK TIMBER TR INC	CL A	14912Y202	784	69,250	SH		SOLE		69,250	0	0
CENTERPOINT ENERGY INC	COM	15189T107	2,786	118,900	SH		DFND	1	118,900	0	0
CENTERPOINT ENERGY INC	COM	15189T107	2,786	118,900	SH		SOLE		118,900	0	0
CHATHAM LODGING TR	COM	16208T102	2,118	73,127	SH		SOLE		73,127	0	0
CONOCOPHILLIPS	COM	20825C104	3,936	57,000	SH		DFND	1	57,000	0	0
CONOCOPHILLIPS	COM	20825C104	3,936	57,000	SH		SOLE		57,000	0	0
CORESITE RLTY CORP	COM	21870Q105	1,903	48,733	SH		SOLE		48,733	0	0
CORENERGY INFRASTRUCTURE TR	COM	21870U205	458	70,620	SH		SOLE		70,620	0	0
CORPORATE OFFICE PPTYS TR	SH BEN INT	22002T108	4,269	150,486	SH		SOLE		150,486	0	0
CORRECTIONS CORP AMER NEW	COM NEW	22025Y407	9,012	247,990	SH		SOLE		247,990	0	0
CRESCENT PT ENERGY CORP	COM	22576C101	163,934	7,077,609	SH		SOLE		7,077,609	0	0
CROWN CASTLE INTL CORP NEW	COM	22822V101	57,319	728,325	SH		SOLE		728,325	0	0
DDR CORP	COM	23317H102	14,810	806,645	SH		SOLE		806,645	0	0
DOMINION RES INC VA NEW	COM	25746U109	5,314	69,100	SH		DFND	1	69,100	0	0
DOMINION RES INC VA NEW	COM	25746U109	5,314	69,100	SH		SOLE		69,100	0	0
DOUGLAS EMMETT INC	COM	25960P109	8,384	295,214	SH		SOLE		295,214	0	0
DUKE ENERGY CORP NEW	COM NEW	26441C204	8,371	100,200	SH		DFND	1	100,200	0	0
DUKE ENERGY CORP NEW	COM NEW	26441C204	8,371	100,200	SH		SOLE		100,200	0	0
DUPONT FABROS TECHNOLOGY INC	COM	26613Q106	3,709	111,572	SH		SOLE		111,572	0	0
EPR PPTYS	COM SH BEN INT	26884U109	4,177	72,480	SH		SOLE		72,480	0	0
EDUCATION RLTY TR INC	COM NEW	28140H203	2,896	79,160	SH		SOLE		79,160	0	0
EQUITY LIFESTYLE PPTYS INC	COM	29472R108	7,606	147,548	SH		SOLE		147,548	0	0
EQUITY RESIDENTIAL	SH BEN INT	29476L107	54,957	764,996	SH		SOLE		764,996	0	0
EVERBANK FINL CORP	COM	29977G102	5,849	306,896	SH		SOLE		306,896	0	0
EXCEL TR INC	COM	30068C109	1,758	131,275	SH		SOLE		131,275	0	0
EXTRA SPACE STORAGE INC	COM	30225T102	14,196	242,082	SH		SOLE		242,082	0	0
EXXON MOBIL CORP	COM	30231G102	9,217	99,700	SH		DFND	1	99,700	0	0
EXXON MOBIL CORP	COM	30231G102	9,217	99,700	SH		SOLE		99,700	0	0
FEDERAL MOGUL HOLDINGS CORP	COM	313549404	34,079	2,118,016	SH		SOLE		2,118,016	0	0
FELCOR LODGING TR INC	COM	31430F101	3,080	284,615	SH		SOLE		284,615	0	0
58 COM INC	SPON ADR REP A	31680Q104	312	7,500	SH		SOLE		7,500	0	0
FIRST INDUSTRIAL REALTY TRUS	COM	32054K103	6,075	295,495	SH		SOLE		295,495	0	0
FIRST POTOMAC RLTY TR	COM	33610F109	1,647	133,251	SH		SOLE		133,251	0	0
FRANKLIN STREET PPTYS CORP	COM	35471R106	2,431	198,119	SH		SOLE		198,119	0	0
GEO GROUP INC NEW	COM	36162J106	6,309	156,310	SH		SOLE		156,310	0	0
GAMING & LEISURE PPTYS INC	COM	36467J108	7,072	241,051	SH		SOLE		241,051	0	0
GENERAL MTRS CO	COM	37045V100	548	15,703	SH		SOLE		15,703	0	0
GENERAL MTRS CO	*W EXP 07/10/201	37045V118	358	14,271	SH		SOLE		14,271	0	0
GENERAL MTRS CO	*W EXP 07/10/201	37045V126	243	14,271	SH		SOLE		14,271	0	0
GOVERNMENT PPTYS INCOME TR	COM SHS BEN INT	38376A103	4,603	200,061	SH		SOLE		200,061	0	0
GRACE W R & CO DEL NEW	COM	38388F108	20,133	211,063	SH		SOLE		211,063	0	0
GRAMERCY PPTY TR INC	COM	38489R100	2,781	403,115	SH		SOLE		403,115	0	0
HCP INC	COM	40414L109	41,884	951,260	SH		SOLE		951,260	0	0
HEALTH CARE REIT INC	COM	42217K106	55,573	734,406	SH		SOLE		734,406	0	0
HEALTHCARE TR AMER INC	CL A NEW	42225P501	7,110	263,910	SH		SOLE		263,910	0	0
HOSPITALITY PPTYS TR	COM SH BEN INT	44106M102	10,318	332,850	SH		SOLE		332,850	0	0
HOST HOTELS & RESORTS INC	COM	44107P104	39,023	1,641,705	SH		SOLE		1,641,705	0	0
KILROY RLTY CORP	COM	49427F108	12,640	183,003	SH		SOLE		183,003	0	0
KIMCO RLTY CORP	COM	49446R109	22,904	911,057	SH		SOLE		911,057	0	0
KINDER MORGAN INC DEL	COM	49456B101	2,759	65,200	SH		DFND	1	65,200	0	0
KINDER MORGAN INC DEL	COM	49456B101	2,759	65,200	SH		SOLE		65,200	0	0
KITE RLTY GROUP TR	COM NEW	49803T300	7,311	254,398	SH		SOLE		254,398	0	0
KRAFT FOODS GROUP INC	COM	50076Q106	4,793	76,500	SH		DFND	1	76,500	0	0
KRAFT FOODS GROUP INC	COM	50076Q106	4,793	76,500	SH		SOLE		76,500	0	0
LEVEL 3 COMMUNICATIONS INC	COM NEW	52729N308	20,697	419,142	SH		SOLE		419,142	0	0
MARKEL CORP	COM	570535104	22,256	32,594	SH		SOLE		32,594	0	0
MEDICAL PPTYS TRUST INC	COM	58463J304	5,311	385,417	SH		SOLE		385,417	0	0
MERCK & CO INC NEW	COM	58933Y105	3,549	62,500	SH		DFND	1	62,500	0	0
MERCK & CO INC NEW	COM	58933Y105	3,549	62,500	SH		SOLE		62,500	0	0
METLIFE INC	COM	59156R108	4,652	86,000	SH		DFND	1	86,000	0	0
METLIFE INC	COM	59156R108	4,652	86,000	SH		SOLE		86,000	0	0
MID-AMER APT CMNTYS INC	COM	59522J103	13,230	177,150	SH		SOLE		177,150	0	0
NATIONAL HEALTH INVS INC	COM	63633D104	4,589	65,594	SH		SOLE		65,594	0	0
NORTHSTAR RLTY FIN CORP	COM NEW	66704R704	10,021	570,000	SH		SOLE		570,000	0	0
PPL CORP	COM	69351T106	4,178	115,000	SH		DFND	1	115,000	0	0
PPL CORP	COM	69351T106	4,178	115,000	SH		SOLE		115,000	0	0
PS BUSINESS PKS INC CALIF	COM	69360J107	3,503	44,040	SH		SOLE		44,040	0	0
PARKWAY PPTYS INC	COM	70159Q104	4,723	256,813	SH		SOLE		256,813	0	0
PEABODY ENERGY CORP	SDCV 4.750%12/1	704549AG9	4,200	8,000,000	PRN		SOLE		8,000,000	0	0
PEBBLEBROOK HOTEL TR	COM	70509V100	8,177	179,213	SH		SOLE		179,213	0	0
PHYSICIANS RLTY TR	COM	71943U104	2,795	168,375	SH		SOLE		168,375	0	0
PROLOGIS INC	COM	74340W103	48,615	1,129,782	SH		SOLE		1,129,782	0	0
PUBLIC STORAGE	COM	74460D109	56,353	304,858	SH		SOLE		304,858	0	0
QTS RLTY TR INC	COM CL A	74736A103	366	10,813	SH		SOLE		10,813	0	0
RLJ LODGING TR	COM	74965L101	7,377	220,006	SH		SOLE		220,006	0	0
RSP PERMIAN INC	COM	74978Q105	271,930	10,816,626	SH		SOLE		10,816,626	0	0
RETAIL OPPORTUNITY INVTS COR	COM	76131N101	3,311	197,186	SH		SOLE		197,186	0	0
RETAIL PPTYS AMER INC	CL A	76131V202	8,694	520,915	SH		SOLE		520,915	0	0
REXFORD INDL RLTY INC	COM	76169C100	1,422	90,510	SH		SOLE		90,510	0	0
RYMAN HOSPITALITY PPTYS INC	COM	78377T107	5,715	108,370	SH		SOLE		108,370	0	0
SL GREEN RLTY CORP	COM	78440X101	22,552	189,478	SH		SOLE		189,478	0	0
SABRA HEALTH CARE REIT INC	COM	78573L106	3,609	118,843	SH		SOLE		118,843	0	0
SCYNEXIS INC	COM	811292101	759	76,036	SH		SOLE		76,036	0	0
SELECT INCOME REIT	COM SH BEN INT	81618T100	2,038	83,490	SH		SOLE		83,490	0	0
SENIOR HSG PPTYS TR	SH BEN INT	81721M109	11,047	499,658	SH		SOLE		499,658	0	0
SHUTTERSTOCK INC	COM	825690100	1,507	21,807	SH		SOLE		21,807	0	0
SIENTRA INC	COM	82621J105	10,590	630,748	SH		SOLE		630,748	0	0
SILVER BAY RLTY TR CORP	COM	82735Q102	1,359	82,090	SH		SOLE		82,090	0	0
SOVRAN SELF STORAGE INC	COM	84610H108	4,672	53,568	SH		SOLE		53,568	0	0
SPIRIT RLTY CAP INC NEW	COM	84860W102	12,848	1,080,553	SH		SOLE		1,080,553	0	0
STAG INDL INC	COM	85254J102	4,917	200,698	SH		SOLE		200,698	0	0
STARWOOD PPTY TR INC	COM	85571B105	1,952	84,000	SH		DFND	1	84,000	0	0
STARWOOD PPTY TR INC	COM	85571B105	1,952	84,000	SH		SOLE		84,000	0	0
STARWOOD WAYPOINT RESIDENTL	COM SHS	85571W109	2,356	89,340	SH		SOLE		89,340	0	0
STRATEGIC HOTELS & RESORTS I	COM	86272T106	8,485	641,315	SH		SOLE		641,315	0	0
TERRENO RLTY CORP	COM	88146M101	1,456	70,574	SH		SOLE		70,574	0	0
TIME WARNER CABLE INC	COM	88732J207	31,163	204,939	SH		SOLE		204,939	0	0
TIME WARNER CABLE INC	COM	88732J207	3,802	25,000	SH		DFND	1	25,000	0	0
TIME WARNER CABLE INC	COM	88732J207	3,802	25,000	SH		SOLE		25,000	0	0
TRANSDIGM GROUP INC	COM	893641100	1,029	5,241	SH		SOLE		5,241	0	0
TRIANGLE PETE CORP	COM NEW	89600B201	54,253	11,350,000	SH		SOLE		11,350,000	0	0
TRIBUNE MEDIA CO	CL A	896047503	11,918	199,400	SH		SOLE		199,400	0	0
UNIVERSAL HEALTH RLTY INCM T	SH BEN INT	91359E105	1,403	29,158	SH		SOLE		29,158	0	0
VENTAS INC	COM	92276F100	46,765	652,228	SH		SOLE		652,228	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	7,817	167,100	SH		DFND	1	167,100	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	7,817	167,100	SH		SOLE		167,100	0	0
W P CAREY INC	COM	92936U109	17,289	246,629	SH		SOLE		246,629	0	0
WASTE MGMT INC DEL	COM	94106L109	2,576	50,200	SH		DFND	1	50,200	0	0
WASTE MGMT INC DEL	COM	94106L109	2,576	50,200	SH		SOLE		50,200	0	0
PARTNERRE LTD	COM	G6852T105	23,570	206,518	SH		SOLE		206,518	0	0
SEAGATE TECHNOLOGY PLC	SHS	G7945M107	2,587	38,900	SH		DFND	1	38,900	0	0
SEAGATE TECHNOLOGY PLC	SHS	G7945M107	2,587	38,900	SH		SOLE		38,900	0	0
ACE LTD	SHS	H0023R105	3,929	34,200	SH		DFND	1	34,200	0	0
ACE LTD	SHS	H0023R105	3,929	34,200	SH		SOLE		34,200	0	0
TRONOX LTD	SHS CL A	Q9235V101	5,939	248,690	SH		SOLE		248,690	0	0