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
RamcoGershenson Pr D Conv PREFERRED 751452608 3,944 68,400 SH   SOLE   54,700 0 13,700
American Homes 4 Rent COM 02665T306 12,514 573,000 SH   SOLE   573,000 0 0
Brandywine Realty Trust COM 105368203 26,397 1,451,200 SH   SOLE   1,380,000 0 71,200
Brixmor Property Group Inc. COM 11120U105 17,630 944,800 SH   SOLE   911,400 0 33,400
Brookdale Senior Living Inc COM 112463104 13,988 1,442,100 SH   SOLE   1,442,100 0 0
CatchMark Timber Trust COM 14912Y202 4,699 357,900 SH   SOLE   281,600 0 76,300
City Office REIT Inc. COM 178587101 22,206 1,706,875 SH   SOLE   1,625,075 0 81,800
Colony NorthStar Inc. COM 19625W104 29,050 2,546,000 SH   SOLE   2,442,700 0 103,300
Cousins Property COM 222795106 17,906 1,935,800 SH   SOLE   1,935,800 0 0
Crown Castle International Co. COM 22822V101 8,703 78,400 SH   SOLE   75,700 0 2,700
Empire State Realty Trust COM 292104106 18,518 902,000 SH   SOLE   902,000 0 0
Five Points Holdings, LLC COM 33833Q106 12,907 915,408 SH   SOLE   915,408 0 0
Gramercy Property Trust COM 385002308 2,741 102,800 SH   SOLE   81,000 0 21,800
HCP Inc. COM 40414L109 26,070 999,600 SH   SOLE   953,400 0 46,200
Hersha Hospitality COM 427825500 18,972 1,090,346 SH   SOLE   1,037,946 0 52,400
Host Hotel & Resorts COM 44107P104 2,733 137,700 SH   SOLE   108,100 0 29,600
IShares DJ US R.E. COM 464287739 737 9,100 SH   SOLE   9,100 0 0
IStar Inc. COM 45031U101 23,778 2,104,219 SH   SOLE   2,104,219 0 0
JBG Smith Proper COM 46590V100 17,577 506,100 SH   SOLE   506,100 0 0
Kennedy Wilson Hldgs COM 489398107 30,154 1,738,000 SH   SOLE   1,670,400 0 67,600
Kite Realty Trust COM 49803T300 13,035 665,032 SH   SOLE   626,932 0 38,100
Liberty Property Trust COM 531172104 23,840 554,300 SH   SOLE   521,000 0 33,300
New York REIT COM 64976L109 10,071 2,562,500 SH   SOLE   2,562,500 0 0
RLJ Lodging Trust COM 74965L101 24,527 1,116,392 SH   SOLE   1,089,992 0 26,400
Rayonier Inc. COM 754907103 14,249 450,500 SH   SOLE   450,500 0 0
Vereit Inc COM 92339V100 25,512 3,275,000 SH   SOLE   3,110,000 0 165,000
Washington Prime Group COM 93964W108 1,989 279,300 SH   SOLE   279,300 0 0
William Lyon Homes COM 552074700 6,179 212,500 SH   SOLE   212,500 0 0