V3 Capital Management

V3 Capital Management as of March 31, 2012

Portfolio Holdings for V3 Capital Management

V3 Capital Management holds 0 positions in its portfolio as reported in the March 2012 quarterly 13F filing

                {C}           {C}     {C}     {C}      {C}     {C}   {C}    {C}     {C}     {C}    {C}
        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  008492100    1586    70233               Sole            Sole
ALEXANDERS INC. CMN     COM  014752109    3593     9121               Sole            Sole
CAPITAL SENIOR LIVING   COM  140475104    7684   831596               Sole            Sole
CHATHAM LODGING TR CMN  COM  16208T102    4730   372731               Sole            Sole
COUSINS PPTYS INC CMN   COM  222795106   14321  1889318               Sole            Sole
CUBESMART CMN           COM  229663109    7118   598126               Sole            Sole
EQUITY LIFESTYLE PROP   COM  29472R108   17874   256294               Sole            Sole
POST PROPERTIES INC CMN COM  737464107    3571    76199               Sole            Sole
RLJ LODGING TRUST CMN   COM  74965L101    1899   101910               Sole            Sole
SELECT INCOME REIT CMN  COM  81618T100    5645   250000               Sole            Sole
TERRENO REALTY CORP     COM  88146M101   12747   890753               Sole            Sole
THOMAS PPTYS GROUP INC  COM  884453101    1095   238597               Sole            Sole