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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
RLJ Lodging Trust Pr APREFERRED74965l2002,21184,500SH SOLE 62,200022,300
Lexington Realty Pr CPREFERRED5290433091,29424,061SH SOLE 24,06100
Lexington Realty Pr CPREFERRED529043309541,000SH OTR 1,00000
RPT Realty Pr D ConvPREFERRED74971D2002,68552,867SH SOLE 40,067012,800
American Homes 4 RentCOM02665T3064,359179,300SH SOLE 179,30000
Brandywine Realty TrustCOM10536820310,381724,900SH SOLE 642,900082,000
Brixmor Property Group Inc. COM11120U1059,975557,900SH SOLE 488,700069,200
CatchMark Timber TrustCOM14912Y2028,357799,700SH SOLE 688,4000111,300
City Office REIT Inc.COM1785871012,112176,111SH SOLE 128,511047,600
Cousins PropertyCOM2227955025,536153,050SH SOLE 153,05000
Empire State Realty TrustCOM2921041063,868261,200SH SOLE 261,20000
Equinix Inc COM29444U7004,3378,600SH SOLE 8,60000
Gaming & Leisure PropertiesCOM36467J1082,64767,900SH SOLE 55,100012,800
HCP Inc.COM40414L1098,606269,100SH SOLE 233,100036,000
Hersha HospitalityCOM4278255008,708526,500SH SOLE 461,400065,100
Howard Hughes Co. COM44267D1076,21350,170SH SOLE 50,17000
IStar Inc.COM45031U1015,550446,900SH SOLE 446,90000
Jernigan Capital Inc.COM4764051053,385165,100SH SOLE 165,10000
Kennedy Wilson HldgsCOM4893981077,994388,600SH SOLE 346,300042,300
Liberty Property TrustCOM5311721046,495129,800SH SOLE 118,400011,400
MGM Resorts Int'lCOM5529531013,746131,100SH SOLE 131,10000
RLJ Lodging Trust Pr ACOM74965L2002,02677,400SH SOLE 77,40000
Rayonier Inc.COM75490710335511,700SH SOLE 11,70000
Simon Property GroupCOM8288061093,44021,530SH SOLE 21,53000
Spirit Realty Capital Inc. COM84860W3006,890161,500SH SOLE 148,100013,400
Stag IndustrialCOM85254J1023,729123,300SH SOLE 90,200033,100
Vanguard Specialized REITCOM9229085533,73242,700SH SOLE 42,70000
Vereit IncCOM92339V1009,5711,062,300SH SOLE 916,4000145,900
Weingarten RealtyCOM9487411036,811248,400SH SOLE 218,000030,400
William Lyon HomesCOM5520747003,230177,200SH SOLE 177,20000