V3 Capital Management

V3 Capital Management as of Dec. 31, 2011

Portfolio Holdings for V3 Capital Management

V3 Capital Management holds 0 positions in its portfolio as reported in the December 2011 quarterly 13F filing

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         Name of          Title of         Value  Shrs of    SH/   PUT/ Investme Other
          Issuer           Class   CUSIP  (x1000)  PRN AMT  PRN   CALL  DiscretiManagers  Sole  Shared

AGREE REALTY CORP CMN       COM   00849210    2855   117086               Sole            Sole
CAPITAL SENIOR LIVING CORP  COM   14047510    5934   747360               Sole            Sole
CHATHAM LODGING TR CMN      COM   16208T10    2967   275252               Sole            Sole
COGDELL SPENCER INC CMN     COM   19238U10   12741  2997913               Sole            Sole
COUSINS PPTYS INC CMN       COM   22279510    8686  1355110               Sole            Sole
CUBESMART CMN               COM   22966310    9064   851900               Sole            Sole
EQUITY LIFESTYLE PROPERTIE  COM   29472R10   18148   272118               Sole            Sole
TERRENO REALTY CORPORATION  COM   88146M10    3535   233504               Sole            Sole
VANGUARD REIT VIPERS CMN    COM   92290855    8271   142600               Sole            Sole