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
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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
3M CO COM 88579Y101 1,028 5,227 SH   SOLE   5,227 0 0
ABBVIE INC COM 00287Y109 807 8,707 SH   SOLE   8,707 0 0
AIR PRODS & CHEMS INC COM 009158106 594 3,813 SH   SOLE   3,813 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 913 7,240 SH   SOLE   7,240 0 0
ALLERGAN PLC SHS G0177J108 7,600 45,583 SH   SOLE   45,583 0 0
ALPHABET INC CAP STK CL A 02079K305 4,904 4,343 SH   SOLE   4,343 0 0
ALPHABET INC CAP STK CL C 02079K107 18,316 16,417 SH   SOLE   16,417 0 0
ALTRIA GROUP INC COM 02209S103 518 9,115 SH   SOLE   9,115 0 0
AMAZON COM INC COM 023135106 26,745 15,734 SH   SOLE   15,734 0 0
AMBAC FINL GROUP INC COM NEW 023139884 199 10,000 SH   SOLE   10,000 0 0
AMERICAN EXPRESS CO COM 025816109 11,045 112,704 SH   SOLE   112,704 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 8,699 392,210 SH   SOLE   392,210 0 0
AMERICAN TOWER CORP NEW COM 03027X100 25,669 178,050 SH   SOLE   178,050 0 0
ANADARKO PETE CORP COM 032511107 10,989 150,018 SH   SOLE   150,018 0 0
APPLE INC COM 037833100 23,591 127,442 SH   SOLE   127,442 0 0
APTIV PLC SHS G6095L109 9,996 109,092 SH   SOLE   109,092 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 8,326 558,821 SH   SOLE   558,821 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 214 6,094 SH   SOLE   6,094 0 0
AT&T INC COM 00206R102 752 23,419 SH   SOLE   23,419 0 0
AVALONBAY CMNTYS INC COM 053484101 22,933 133,415 SH   SOLE   133,415 0 0
BANK AMER CORP *W EXP 01/16/201 060505146 685 42,000 SH   SOLE   42,000 0 0
BANK AMER CORP COM 060505104 7,341 260,409 SH   SOLE   260,409 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 930 4,982 SH   SOLE   4,982 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 282 1 SH   SOLE   1 0 0
BOEING CO COM 097023105 471 1,404 SH   SOLE   1,404 0 0
BORGWARNER INC COM 099724106 5,441 126,061 SH   SOLE   126,061 0 0
BOSTON PROPERTIES INC COM 101121101 23,916 190,683 SH   SOLE   190,683 0 0
BROADCOM INC COM 11135F101 9,763 40,237 SH   SOLE   40,237 0 0
CAMDEN PPTY TR SH BEN INT 133131102 19,953 218,948 SH   SOLE   218,948 0 0
CATERPILLAR INC DEL COM 149123101 9,922 73,133 SH   SOLE   73,133 0 0
CELGENE CORP COM 151020104 414 5,213 SH   SOLE   5,213 0 0
CHART INDS INC NOTE 2.000% 8/0 16115QAC4 202 200,000 PRN   SOLE   200,000 0 0
CHEVRON CORP NEW COM 166764100 1,078 8,529 SH   SOLE   8,529 0 0
CISCO SYS INC COM 17275R102 8,842 205,481 SH   SOLE   205,481 0 0
CITIGROUP INC COM NEW 172967424 10,784 161,154 SH   SOLE   161,154 0 0
COCA COLA CO COM 191216100 1,285 29,299 SH   SOLE   29,299 0 0
COMCAST CORP NEW CL A 20030N101 6,462 196,938 SH   SOLE   196,938 0 0
COSTCO WHSL CORP NEW COM 22160K105 12,015 57,495 SH   SOLE   57,495 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 19,937 184,910 SH   SOLE   184,910 0 0
CUMMINS INC COM 231021106 293 2,200 SH   SOLE   2,200 0 0
CVS HEALTH CORP COM 126650100 316 4,905 SH   SOLE   4,905 0 0
CYRUSONE INC COM 23283R100 20,236 346,747 SH   SOLE   346,747 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 354 2,456 SH   SOLE   2,456 0 0
DISNEY WALT CO COM DISNEY 254687106 10,378 99,017 SH   SOLE   99,017 0 0
DOUGLAS EMMETT INC COM 25960P109 13,042 324,589 SH   SOLE   324,589 0 0
DOWDUPONT INC COM 26078J100 13,110 198,884 SH   SOLE   198,884 0 0
EASTGROUP PPTY INC COM 277276101 12,403 129,795 SH   SOLE   129,795 0 0
EMERSON ELEC CO COM 291011104 10,521 152,172 SH   SOLE   152,172 0 0
EMPIRE ST RLTY TR INC CL A 292104106 8,083 472,692 SH   SOLE   472,692 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 4,190 151,415 SH   SOLE   151,415 0 0
EOG RES INC COM 26875P101 1,045 8,399 SH   SOLE   8,399 0 0
EQUINIX INC COM PAR $0.001 29444U700 24,448 56,870 SH   SOLE   56,870 0 0
ESSEX PPTY TR INC COM 297178105 23,620 98,798 SH   SOLE   98,798 0 0
EXXON MOBIL CORP COM 30231G102 13,679 165,346 SH   SOLE   165,346 0 0
FACEBOOK INC CL A 30303M102 17,132 88,166 SH   SOLE   88,166 0 0
FLEXSHARES TR STOXX GLOBR INF 33939L795 363 7,900 SH   SOLE   7,900 0 0
FLEXSHARES TR MORNSTAR USMKT 33939L100 1,857 16,325 SH   SOLE   16,325 0 0
FLEXSHARES TR IBOXX 3R TARGT 33939L506 216 8,900 SH   SOLE   8,900 0 0
FLEXSHARES TR M STAR DEV MKT 33939L803 1,064 16,400 SH   SOLE   16,400 0 0
FLEXSHARES TR MORNSTAR UPSTR 33939L407 769 22,700 SH   SOLE   22,700 0 0
GENERAL ELECTRIC CO COM 369604103 369 27,091 SH   SOLE   27,091 0 0
GILEAD SCIENCES INC COM 375558103 1,136 16,038 SH   SOLE   16,038 0 0
HALLIBURTON CO COM 406216101 1,375 30,519 SH   SOLE   30,519 0 0
HONEYWELL INTL INC COM 438516106 9,022 62,633 SH   SOLE   62,633 0 0
HOST HOTELS & RESORTS INC COM 44107P104 10,725 509,014 SH   SOLE   509,014 0 0
HP INC COM 40434L105 9,609 423,495 SH   SOLE   423,495 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 9,266 898,704 SH   SOLE   898,704 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,615 11,557 SH   SOLE   11,557 0 0
INTERNATIONAL FLAVORS&FRAGRA COM 459506101 415 3,350 SH   SOLE   3,350 0 0
INVESCO EXCHNG TRADED FD TR FTSE RAFI EMNG 46138E727 1,738 84,075 SH   SOLE   84,075 0 0
INVESCO EXCHNG TRADED FD TR FTSE RAFI DEV 46138E743 1,847 42,968 SH   SOLE   42,968 0 0
INVITATION HOMES INC COM 46187W107 12,961 562,061 SH   SOLE   562,061 0 0
ISHARES INC MIN VOL EMRG MKT 464286533 230 3,979 SH   SOLE   3,979 0 0
ISHARES INC CORE MSCI EMKT 46434G103 3,390 64,557 SH   SOLE   64,557 0 0
ISHARES TR MSCI EAFE ETF 464287465 2,775 41,442 SH   SOLE   41,442 0 0
ISHARES TR RUS 1000 VAL ETF 464287598 206 1,700 SH   SOLE   1,700 0 0
ISHARES TR CORE S&P500 ETF 464287200 705 2,583 SH   SOLE   2,583 0 0
ISHARES TR 1 3 YR TREAS BD 464287457 208 2,500 SH   SOLE   2,500 0 0
ITRON INC COM 465741106 873 14,546 SH   SOLE   14,546 0 0
JBG SMITH PPTYS COM 46590V100 5,503 150,895 SH   SOLE   150,895 0 0
JOHN HANCOCK EXCHANGE TRADED MULTIFACTOR MI 47804J206 1,965 56,391 SH   SOLE   56,391 0 0
JOHN HANCOCK EXCHANGE TRADED MULTI INTL ETF 47804J859 1,895 65,367 SH   SOLE   65,367 0 0
JOHN HANCOCK EXCHANGE TRADED MLTFCTR LRG CAP 47804J107 371 10,543 SH   SOLE   10,543 0 0
JOHNSON & JOHNSON COM 478160104 9,521 78,465 SH   SOLE   78,465 0 0
JPMORGAN CHASE & CO COM 46625H100 16,939 162,564 SH   SOLE   162,564 0 0
KILROY RLTY CORP COM 49427F108 17,240 227,925 SH   SOLE   227,925 0 0
KITE RLTY GROUP TR COM NEW 49803T300 10,900 638,172 SH   SOLE   638,172 0 0
KRAFT HEINZ CO COM 500754106 807 12,853 SH   SOLE   12,853 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 638 3,553 SH   SOLE   3,553 0 0
LAUDER ESTEE COS INC CL A 518439104 9,598 67,265 SH   SOLE   67,265 0 0
LIBERTY PPTY TR SH BEN INT 531172104 10,495 236,737 SH   SOLE   236,737 0 0
LIFE STORAGE INC COM 53223X107 12,400 127,431 SH   SOLE   127,431 0 0
LIVANOVA PLC SHS G5509L101 1,222 12,245 SH   SOLE   12,245 0 0
LOCKHEED MARTIN CORP COM 539830109 556 1,881 SH   SOLE   1,881 0 0
LOWES COS INC COM 548661107 10,472 109,575 SH   SOLE   109,575 0 0
MACERICH CO COM 554382101 11,999 211,132 SH   SOLE   211,132 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 2,617 37,889 SH   SOLE   37,889 0 0
MARKEL CORP COM 570535104 284 262 SH   SOLE   262 0 0
MASTERCARD INCORPORATED CL A 57636Q104 822 4,182 SH   SOLE   4,182 0 0
MCDONALDS CORP COM 580135101 408 2,603 SH   SOLE   2,603 0 0
MERCK & CO INC COM 58933Y105 2,056 33,865 SH   SOLE   33,865 0 0
MICROSOFT CORP COM 594918104 20,844 211,373 SH   SOLE   211,373 0 0
NORTHROP GRUMMAN CORP COM 666807102 8,751 28,439 SH   SOLE   28,439 0 0
NOVARTIS A G SPONSORED ADR 66987V109 7,561 100,087 SH   SOLE   100,087 0 0
NOVO-NORDISK A S ADR 670100205 464 10,070 SH   SOLE   10,070 0 0
NUTRIEN LTD COM 67077M108 1,103 20,281 SH   SOLE   20,281 0 0
PAYPAL HLDGS INC COM 70450Y103 261 3,131 SH   SOLE   3,131 0 0
PEPSICO INC COM 713448108 2,958 27,170 SH   SOLE   27,170 0 0
PFIZER INC COM 717081103 822 22,663 SH   SOLE   22,663 0 0
PHILIP MORRIS INTL INC COM 718172109 879 10,886 SH   SOLE   10,886 0 0
PNC FINL SVCS GROUP INC COM 693475105 8,843 65,453 SH   SOLE   65,453 0 0
PROCTER AND GAMBLE CO COM 742718109 1,365 17,490 SH   SOLE   17,490 0 0
REGENCY CTRS CORP COM 758849103 12,830 206,673 SH   SOLE   206,673 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 11,035 575,941 SH   SOLE   575,941 0 0
REXFORD INDL RLTY INC COM 76169C100 11,301 360,023 SH   SOLE   360,023 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 1,069 15,444 SH   SOLE   15,444 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 8,796 121,067 SH   SOLE   121,067 0 0
SABINE ROYALTY TR UNIT BEN INT 785688102 2,922 62,031 SH   SOLE   62,031 0 0
SALESFORCE COM INC COM 79466L302 8,130 59,602 SH   SOLE   59,602 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 11,740 71,100 SH   SOLE   71,100 0 0
SCHLUMBERGER LTD COM 806857108 10,568 157,663 SH   SOLE   157,663 0 0
SCHWAB CHARLES CORP NEW COM 808513105 10,219 199,987 SH   SOLE   199,987 0 0
SCHWAB STRATEGIC TR US BRD MKT ETF 808524102 221 3,347 SH   SOLE   3,347 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 1,099 21,151 SH   SOLE   21,151 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 1,078 18,560 SH   SOLE   18,560 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 1,186 17,067 SH   SOLE   17,067 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 1,063 14,845 SH   SOLE   14,845 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 877 32,980 SH   SOLE   32,980 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 1,196 10,939 SH   SOLE   10,939 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 1,167 15,371 SH   SOLE   15,371 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 1,048 20,342 SH   SOLE   20,342 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 1,119 13,406 SH   SOLE   13,406 0 0
SEMPRA ENERGY COM 816851109 14,018 120,728 SH   SOLE   120,728 0 0
SIMON PPTY GROUP INC NEW COM 828806109 33,361 196,020 SH   SOLE   196,020 0 0
SOLARCITY CORP NOTE 2.750%11/0 83416TAA8 168 170,000 PRN   SOLE   170,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 19,679 72,540 SH   SOLE   72,540 0 0
STARBUCKS CORP COM 855244109 290 5,940 SH   SOLE   5,940 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 6,905 293,944 SH   SOLE   293,944 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 11,483 55,437 SH   SOLE   55,437 0 0
UNITED TECHNOLOGIES CORP COM 913017109 260 2,076 SH   SOLE   2,076 0 0
UNITEDHEALTH GROUP INC COM 91324P102 13,071 53,278 SH   SOLE   53,278 0 0
URBAN EDGE PPTYS COM 91704F104 11,204 489,898 SH   SOLE   489,898 0 0
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 4,316 54,498 SH   SOLE   54,498 0 0
VANGUARD INDEX FDS SMALL CP ETF 922908751 3,474 22,315 SH   SOLE   22,315 0 0
VANGUARD INDEX FDS EXTEND MKT ETF 922908652 4,312 36,603 SH   SOLE   36,603 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 1,718 40,714 SH   SOLE   40,714 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 2,119 27,135 SH   SOLE   27,135 0 0
VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870 305 3,655 SH   SOLE   3,655 0 0
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 6,185 144,174 SH   SOLE   144,174 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 799 15,879 SH   SOLE   15,879 0 0
VISA INC COM CL A 92826C839 13,503 101,948 SH   SOLE   101,948 0 0
VORNADO RLTY TR SH BEN INT 929042109 14,283 193,216 SH   SOLE   193,216 0 0
VULCAN MATLS CO COM 929160109 9,724 75,347 SH   SOLE   75,347 0 0
WALMART INC COM 931142103 273 3,185 SH   SOLE   3,185 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 1,159 142,850 SH   SOLE   142,850 0 0
WASTE MGMT INC DEL COM 94106L109 10,177 125,114 SH   SOLE   125,114 0 0
WATERS CORP COM 941848103 853 4,408 SH   SOLE   4,408 0 0
WEATHERFORD INTL LTD NOTE 5.875% 7/0 947075AH0 172 175,000 PRN   SOLE   175,000 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 8,227 267,017 SH   SOLE   267,017 0 0
WELLS FARGO CO NEW PERP PFD CNV A 949746804 1,687 1,340 SH   SOLE   1,340 0 0
WELLS FARGO CO NEW COM 949746101 3,325 59,971 SH   SOLE   59,971 0 0
WESTERN GAS EQUITY PARTNERS COMUNT LTD PT 95825R103 404 11,305 SH   SOLE   11,305 0 0
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 1,936 40,015 SH   SOLE   40,015 0 0
WEYERHAEUSER CO COM 962166104 365 10,000 SH   SOLE   10,000 0 0