13F-HR 1 d13fhr.txt FORM 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F Form 13F Cover Page INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER Report for the Calendar Year or Quarter Ended: September 30, 2007 Check here if Amendment [_]; Amendment Number: ______ This Amendment (Check only one.): [_] is a restatement. [_] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Mercury Real Estate Advisors LLC Address: Three River Road Greenwich, CT 06807 13F File Number 28-11650 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name:. Malcolm F. MacLean IV Title: Managing Member Phone: (203) 769-2980 Signature, Place and Date of Signing /s/ Malcolm F. MacLean IV Greenwich, Connecticut November 6, 2007 ------------------------- ------------------------ ------------------------ Report Type (Check only one.) [X] 13F Holdings Report (Check here if all holdings of this reporting manager are reported in this report.) [_] 13F Notice (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [_] 13F Combination Report (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 2 Form 13F Information Table Entry Total: 22 Form 13F Information Table Value Total: $215,004 (x 1000) List of Other Included Managers: 01 File Number 28-11653 David R. Jarvis 02 File Number 28-11654 Malcolm F. MacLean IV Mercury Real Estate Advisors, LLC, Mr. Jarvis and Mr. MacLean share investment discretion with respect to the reported securities. FORM 13F INFORMATION TABLE

Voting Voting Voting Value x Shares SH/ Put/ Investment Other Authority Authority Authority Issuer Type Cusip 1000 Prn Amt PRN Call Discretion Managers Sole Shared None ------ --------------- ---------- ------- --------- --- ---- ---------- -------- --------- --------- --------- ~~ALESCO FINL INC COM REITS/RICS '014485106 7,177 882,699 SH OTHER 882,699 0 0~~ BARNWELL INDUSTRIES INC COM ST COMMON STOCK '068221100 1513,~~846~~447 ~~761~~808,~~825~~115 SH OTHER ~~761~~808,~~825~~115 0 0 CALIFORNIA COASTAL C MNTYS INC COMMON STOCK '129915203 1410,~~406~~526 ~~849~~857,~~932~~160 SH OTHER ~~849~~857,~~932~~160 0 0 CAPITAL PPTYS INC RI COM COMMON STOCK '140430109 2,~~631~~567 109,~~647~~247 SH OTHER 109,~~647~~247 0 0 ~~CAPITAL~~COUNTRYWIDE SRFINANCIA ~~LIVING~~L COCORP ~~RP COM ST COMMON STOCK '140475104 2,414 256,237 SH OTHER 256,237 0 0 DIAMONDROCK HOSPITAL ITY~~ CO COOPTIONS--PUTS ~~REITS/RICS~~99ADP3VJ5 ~~'252784301~~22 1040,~~309~~000 ~~540,300~~ SH Put OTHER ~~540~~40,~~300~~000 0 0 FELDMAN MALL PROPERT IES REITS/RICS '314308107 138,~~512~~936 1,~~185~~182,~~253~~053 SH OTHER 1,~~185~~182,~~253~~053 0 0 ~~HILTON~~LAS ~~HOTELS~~VEGAS SANDS CORP COM STK COMMON STOCK ~~'432848109~~517834107 2618,~~242~~264 ~~784~~136,~~027~~890 SH OTHER ~~784~~136,~~027~~890 0 0 ~~ISHARES~~MAXUS DJREALTY USTRUST ~~REAL~~I ENC ~~STATE~~COM USRE ~~ETF'S--US~~REITS/RICS TR57774B109 ~~'464287739~~473 ~~356 4~~47,~~603~~573 SH OTHER 447,~~603~~573 0 0 ~~LAS~~NEW ~~VEGAS~~ENGLAND ~~SANDS~~REALTY ~~CORP~~A ~~COM~~SSOCIATES ~~STK~~ COMMON STOCK ~~'517834107~~644206104 4010,~~667~~962 ~~532~~137,~~363~~197 SH OTHER ~~532~~137,~~363~~197 0 0 ~~MARRIOTT~~NOVASTAR ~~INTERNATION~~FINL AL INC ~~COMMON~~COM ~~STOCK~~REIT ~~'571903202~~OPTIONS--PUTS ~~1,622~~99AD7GR85 3739 7,500 SH Put OTHER 377,500 0 0 ~~MAXUS~~NOVASTAR ~~REALTY~~FINL ~~TRUST~~INC ~~I NC~~ COM REREIT ~~REITS/RICS~~OPTIONS--PUTS ~~'57774B109~~99AD7GS01 ~~884~~40 7322,~~682~~500 SH Put OTHER 7322,~~682~~500 0 0 ~~NEW~~NOVASTAR ~~ENGLAND~~FINL ~~REALTY~~INC ACOM ~~SSOCIATES~~REIT ~~COMMON~~OPTIONS--PUTS ~~STOCK~~99AD7H9X8 ~~'644206104~~54 1116,~~836~~000 ~~140,897~~ SH Put OTHER ~~140~~16,~~897~~000 0 0 PICO HOLDINGS INC COM STK COMMON STOCK '693366205 18,~~911~~048 44193,~~173~~691 SH OTHER 44193,~~173~~691 0 0 PROSHARES TR REAL EST PRO ETF US ETF'S--US TR '74347R552 4844,~~742~~825 ~~527~~503,~~850~~030 SH OTHER ~~527~~503,~~850~~030 0 0 RAIT FINANCIAL TRUST OPTIONS--PUTS 99ADJY413 97 51,500 SH Put OTHER 51,500 0 0 SONESTA INTERNATIONA L HOTELS COMMON STOCK '835438409 1115,~~417~~479 362,~~442~~842 SH OTHER 362,~~442~~842 0 0 STANDARD PAC CORP COM STK OPTIONS--PUTS 99O9KGNK1 211 44,000 SH Put OTHER 44,000 0 0 STANDARD PAC CORP COM STK OPTIONS--PUTS 99O9KGNL9 219 23,000 SH Put OTHER 23,000 0 0 STANDARD PAC CORP COM STK OPTIONS--PUTS 99O9L2QM4 220 31,000 SH Put OTHER 31,000 0 0 TEXAS PACIFIC LAND T RUST COM COMMON STOCK '882610108 5646,~~186~~486 ~~182~~878,~~719~~753 SH OTHER ~~182~~878,~~719~~753 0 0 ~~VAIL~~ULTRASHORT ~~RESORTS~~FINANCIAL ~~INC~~S ~~COM~~PROSHA ~~STK~~US ~~COMMON~~ETF'S--US ~~STOCK~~TR 74347R628 2,597 32,900 SH OTHER 32,900 0 0 ULTRASHORT RUSSELL2000 PROSHAR US ETF'~~91879Q109~~S--US 18TR 74347R834 3,~~431~~295 ~~302~~50,~~800~~000 SH OTHER ~~302~~50,~~800~~000 0 0 ~~WYNN~~VAIL RESORTS ~~LTD~~INC COM STK COMMON STOCK ~~'983134107~~91879Q109 828,~~248~~199 92452,~~000~~700 SH OTHER 92452,~~000~~700 0 0

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