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
RLJ Lodging Trust Pr A PREFERRED 74965l200 902 41,200 SH   SOLE   30,200 0 11,000
RLJ Lodging Trust Pr A PREFERRED 74965l200 48 2,200 SH   SOLE   2,200 0 0
Lexington Realty Pr C PREFERRED 529043309 2,014 37,335 SH   SOLE   30,015 0 7,320
Lexington Realty Pr C PREFERRED 529043309 76 1,400 SH   OTR   1,400 0 0
RPT Realty Pr D Conv PREFERRED 74971D200 1,806 52,867 SH   SOLE   40,067 0 12,800
Alexanders Inc. COM 014752109 2,891 12,000 SH   SOLE   9,200 0 2,800
Alexanders Inc. COM 014752109 96 400 SH   SOLE   400 0 0
American Homes 4 Rent COM 02665T306 3,007 111,800 SH   SOLE   111,800 0 0
American Homes 4 Rent COM 02665T306 52 1,940 SH   SOLE   1,940 0 0
Brandywine Realty Trust COM 105368203 6,111 561,200 SH   SOLE   481,300 0 79,900
Brandywine Realty Trust COM 105368203 83 7,600 SH   SOLE   7,600 0 0
Brixmor Property Group Inc. COM 11120U105 4,131 322,200 SH   SOLE   281,100 0 41,100
Brixmor Property Group Inc. COM 11120U105 69 5,400 SH   SOLE   5,400 0 0
CatchMark Timber Trust COM 14912Y202 4,910 554,800 SH   SOLE   521,500 0 33,300
Century Communities COM 156504300 3,321 108,303 SH   SOLE   108,303 0 0
Century Communities COM 156504300 18 600 SH   SOLE   600 0 0
Cousins Property COM 222795502 2,664 89,300 SH   SOLE   89,300 0 0
Cousins Property COM 222795502 44 1,480 SH   SOLE   1,480 0 0
Forestar Group Inc COM 346232101 2,419 160,436 SH   SOLE   160,436 0 0
Forestar Group Inc COM 346232101 35 2,300 SH   SOLE   2,300 0 0
Healthcare Trust of America COM 42225P501 5,882 221,800 SH   SOLE   195,100 0 26,700
Healthcare Trust of America COM 42225P501 183 6,900 SH   SOLE   6,900 0 0
Healthpeak Properties Inc. COM 42250P103 7,675 278,500 SH   SOLE   245,700 0 32,800
Healthpeak Properties Inc. COM 42250P103 107 3,900 SH   SOLE   3,900 0 0
Hersha Hospitality COM 427825500 1,849 321,089 SH   SOLE   321,089 0 0
Hersha Hospitality COM 427825500 51 8,900 SH   SOLE   8,900 0 0
Howard Hughes Co. COM 44267D107 3,256 62,685 SH   SOLE   62,685 0 0
Howard Hughes Co. COM 44267D107 85 1,630 SH   SOLE   1,630 0 0
IRT Property Co. COM 45378A106 3,550 309,000 SH   SOLE   284,300 0 24,700
IRT Property Co. COM 45378A106 196 17,100 SH   SOLE   17,100 0 0
IStar Inc. COM 45031U101 2,502 203,100 SH   SOLE   203,100 0 0
IStar Inc. COM 45031U101 97 7,900 SH   SOLE   7,900 0 0
Kennedy Wilson Hldgs COM 489398107 5,353 351,700 SH   SOLE   323,600 0 28,100
Kennedy Wilson Hldgs COM 489398107 145 9,500 SH   SOLE   9,500 0 0
MGM Resorts Int'l COM 552953101 2,300 136,900 SH   SOLE   136,900 0 0
MGM Resorts Int'l COM 552953101 33 1,980 SH   SOLE   1,980 0 0
Mack Cali COM 554489104 2,245 146,800 SH   SOLE   146,800 0 0
Mack Cali COM 554489104 50 3,300 SH   SOLE   3,300 0 0
Pebblebrook Hotel Trust COM 70509V100 1,526 111,700 SH   SOLE   111,700 0 0
Pebblebrook Hotel Trust COM 70509V100 53 3,900 SH   SOLE   3,900 0 0
R.E. Select Sector SPDR COM 81369Y860 2,980 85,600 SH   SOLE   85,600 0 0
RLJ Lodging Trust Pr A PREFERRED 74965L200 965 44,100 SH   SOLE   44,100 0 0
Seritage Growth Properties COM 81752R100 705 61,800 SH   SOLE   61,800 0 0
Seritage Growth Properties COM 81752R100 13 1,100 SH   SOLE   1,100 0 0
Simon Property Group COM 828806109 369 5,400 SH   SOLE   5,400 0 0
Spirit Realty Capital Inc. COM 84860W300 3,643 104,500 SH   SOLE   91,100 0 13,400
Spirit Realty Capital Inc. COM 84860W300 101 2,900 SH   SOLE   2,900 0 0
Stag Industrial COM 85254J102 7,409 252,700 SH   SOLE   216,600 0 36,100
Vanguard Specialized REIT COM 922908553 2,529 32,200 SH   SOLE   32,200 0 0
Vereit Inc COM 92339V100 6,279 976,500 SH   SOLE   851,900 0 124,600
Vereit Inc COM 92339V100 205 31,900 SH   SOLE   31,900 0 0
WPT Industrial COM 92937G109 7,597 588,900 SH   SOLE   505,700 0 83,200
Weingarten Realty COM 948741103 5,442 287,500 SH   SOLE   250,800 0 36,700