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 APREFERRED74965l20090241,200SH SOLE 30,200011,000
RLJ Lodging Trust Pr APREFERRED74965l200482,200SH SOLE 2,20000
Lexington Realty Pr CPREFERRED5290433092,01437,335SH SOLE 30,01507,320
Lexington Realty Pr CPREFERRED529043309761,400SH OTR 1,40000
RPT Realty Pr D ConvPREFERRED74971D2001,80652,867SH SOLE 40,067012,800
Alexanders Inc.COM0147521092,89112,000SH SOLE 9,20002,800
Alexanders Inc.COM01475210996400SH SOLE 40000
American Homes 4 RentCOM02665T3063,007111,800SH SOLE 111,80000
American Homes 4 RentCOM02665T306521,940SH SOLE 1,94000
Brandywine Realty TrustCOM1053682036,111561,200SH SOLE 481,300079,900
Brandywine Realty TrustCOM105368203837,600SH SOLE 7,60000
Brixmor Property Group Inc. COM11120U1054,131322,200SH SOLE 281,100041,100
Brixmor Property Group Inc. COM11120U105695,400SH SOLE 5,40000
CatchMark Timber TrustCOM14912Y2024,910554,800SH SOLE 521,500033,300
Century Communities COM1565043003,321108,303SH SOLE 108,30300
Century Communities COM15650430018600SH SOLE 60000
Cousins PropertyCOM2227955022,66489,300SH SOLE 89,30000
Cousins PropertyCOM222795502441,480SH SOLE 1,48000
Forestar Group IncCOM3462321012,419160,436SH SOLE 160,43600
Forestar Group IncCOM346232101352,300SH SOLE 2,30000
Healthcare Trust of AmericaCOM42225P5015,882221,800SH SOLE 195,100026,700
Healthcare Trust of AmericaCOM42225P5011836,900SH SOLE 6,90000
Healthpeak Properties Inc.COM42250P1037,675278,500SH SOLE 245,700032,800
Healthpeak Properties Inc.COM42250P1031073,900SH SOLE 3,90000
Hersha HospitalityCOM4278255001,849321,089SH SOLE 321,08900
Hersha HospitalityCOM427825500518,900SH SOLE 8,90000
Howard Hughes Co. COM44267D1073,25662,685SH SOLE 62,68500
Howard Hughes Co. COM44267D107851,630SH SOLE 1,63000
IRT Property Co.COM45378A1063,550309,000SH SOLE 284,300024,700
IRT Property Co.COM45378A10619617,100SH SOLE 17,10000
IStar Inc.COM45031U1012,502203,100SH SOLE 203,10000
IStar Inc.COM45031U101977,900SH SOLE 7,90000
Kennedy Wilson HldgsCOM4893981075,353351,700SH SOLE 323,600028,100
Kennedy Wilson HldgsCOM4893981071459,500SH SOLE 9,50000
MGM Resorts Int'lCOM5529531012,300136,900SH SOLE 136,90000
MGM Resorts Int'lCOM552953101331,980SH SOLE 1,98000
Mack CaliCOM5544891042,245146,800SH SOLE 146,80000
Mack CaliCOM554489104503,300SH SOLE 3,30000
Pebblebrook Hotel TrustCOM70509V1001,526111,700SH SOLE 111,70000
Pebblebrook Hotel TrustCOM70509V100533,900SH SOLE 3,90000
R.E. Select Sector SPDR COM81369Y8602,98085,600SH SOLE 85,60000
RLJ Lodging Trust Pr APREFERRED74965L20096544,100SH SOLE 44,10000
Seritage Growth PropertiesCOM81752R10070561,800SH SOLE 61,80000
Seritage Growth PropertiesCOM81752R100131,100SH SOLE 1,10000
Simon Property GroupCOM8288061093695,400SH SOLE 5,40000
Spirit Realty Capital Inc. COM84860W3003,643104,500SH SOLE 91,100013,400
Spirit Realty Capital Inc. COM84860W3001012,900SH SOLE 2,90000
Stag IndustrialCOM85254J1027,409252,700SH SOLE 216,600036,100
Vanguard Specialized REITCOM9229085532,52932,200SH SOLE 32,20000
Vereit IncCOM92339V1006,279976,500SH SOLE 851,9000124,600
Vereit IncCOM92339V10020531,900SH SOLE 31,90000
WPT Industrial COM92937G1097,597588,900SH SOLE 505,700083,200
Weingarten RealtyCOM9487411035,442287,500SH SOLE 250,800036,700