13F-HR 1 d13fhr.txt FORM 13F 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: December 31, 2008 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 February 4, 2009 ------------------------- ------------------------ ------------------------ 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: 6 Form 13F Information Table Value Total: $13,797 (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~~Title xof Value Shares SH/ Put/ Investment Other Authority Authority Authority Issuer ~~Type~~Class Cusip x 1000 Prn Amt PRN Call Discretion Managers Sole Shared None ------ --------~~-------~~ --------- ------- --------- --- ---- ---------- -------- --------- --------- --------- ~~BARNWELL~~ISHARES ~~INDUSTRIES~~ INC.. ~~COM~~MSCI STHONG ~~COMMON~~KONG ~~STOCK~~464286871 ~~068221100 13~~2,~~447~~852 ~~808~~275,~~115~~000 SH OTHER ~~808~~275,~~115~~000 0 0 ~~CALIFORNIA~~ISHARES ~~COASTAL~~TR... CFTSE ~~MNTYS~~XNHUA ~~INC~~IDX ~~COMMON~~464287184 ~~STOCK 129915203 10,526 857,160 SH OTHER 857,160 0 0 CAPITAL PPTYS INC RI COM COMMON STOCK 140430109~~ 2,~~567~~909 ~~109~~100,~~247 SH OTHER 109,247 0 0 COUNTRYWIDE FINANCIA L CORP CO OPTIONS--PUTS 99ADP3VJ5 22 40,~~000 SH ~~Put~~ OTHER 40100,000 0 0 ~~FELDMAN~~PROSHARES ~~MALL~~TR. ~~PROPERT~~PSHS ~~IES~~UT ~~REITS/RICS~~SHT ~~314308107~~MSCI ~~8,936~~74347R354 12,~~182,053~~627 ~~SH OTHER 1~~50,182,053 0 0 LAS VEGAS SANDS CORP COM STK COMMON STOCK 517834107 18,264 136,890 SH OTHER 136,890 0 0 MAXUS REALTY TRUST I NC COM RE REITS/RICS 57774B109 473 47,573 SH OTHER 47,573 0 0 NEW ENGLAND REALTY A SSOCIATES COMMON STOCK 644206104 10,962 137,197 SH OTHER 137,197 0 0 NOVASTAR FINL INC COM REIT OPTIONS--PUTS 99AD7GR85 39 7,500 SH Put OTHER 7,500 0 0 NOVASTAR FINL INC COM REIT OPTIONS--PUTS 99AD7GS01 40 22,500 SH Put OTHER 22,500 0 0 NOVASTAR FINL INC COM REIT OPTIONS--PUTS 99AD7H9X8 54 16,000 SH ~~Put~~ OTHER 1650,000 0 0 ~~PICO HOLDINGS INC COM STK COMMON STOCK 693366205 8,048 193,691 SH OTHER 193,691 0 0~~ PROSHARES TR. PSHS REAL ~~EST~~ESTAT ~~PRO ETF US ETF'S--US TR~~ 74347R552 441,~~825~~876 ~~503~~37,~~030~~000 SH OTHER ~~503~~37,~~030~~000 0 0 ~~RAIT FINANCIAL TRUST OPTIONS--PUTS 99ADJY413 97 51,500 SH Put OTHER 51,500 0 0~~ SONESTA ~~INTERNATIONA~~INTL L HOTELS ~~COMMON STOCK 835438409 15,479 362,842 SH OTHER 362,842 0 0 STANDARD PAC~~ CORP....... ~~COM~~CL ~~STK~~A ~~OPTIONS--PUTS~~835438409 ~~99O9KGNK1 211 44~~3,~~000~~416 ~~SH Put OTHER 44~~249,~~000~~875 ~~0 0 STANDARD PAC CORP COM STK OPTIONS--PUTS 99O9KGNL9 219 23,000~~ SH ~~Put~~ OTHER 23249,~~000~~875 0 0 ~~STANDARD~~CALIFORNIA ~~PAC~~COASTAL ~~CORP~~ COM ~~STK~~CMNTYS OPTIONS--PUTS 99O9L2QM4 220 31,000 SH Put OTHER 31,000 0 0 TEXAS PACIFIC LAND T RUST COM COMMON STOCK 882610108 46,486 878,753 SH OTHER 878,753 0 0 ULTRASHORT FINANCIAL S PROSHA US ETF'S--US TR 74347R628 2,597 32,900 SH OTHER 32,900 0 0 ULTRASHORT RUSSELL2000 PROSHAR US ETF'S--US TR 74347R834 3,295 50,000 SH OTHER 50,000 0 0 VAIL RESORTS INC. ~~COM~~NEW ~~STK~~129915203 ~~COMMON~~117 ~~STOCK 91879Q109 28~~233,~~199~~644 ~~452,700~~ SH OTHER ~~452~~233,~~700~~644 0 0

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