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 1,128 49,200 SH   SOLE   38,200 0 11,000
Lexington Realty Pr C PREFERRED 529043309 2,182 37,335 SH   SOLE   30,015 0 7,320
Lexington Realty Pr C PREFERRED 529043309 82 1,400 SH   OTR   1,400 0 0
RPT Realty Pr D Conv PREFERRED 74971D200 2,115 52,867 SH   SOLE   40,067 0 12,800
Alexanders Inc. COM 014752109 3,618 14,754 SH   SOLE   11,800 0 2,954
American Homes 4 Rent COM 02665T306 1,687 59,240 SH   SOLE   59,240 0 0
Brandywine Realty Trust COM 105368203 5,645 545,900 SH   SOLE   466,000 0 79,900
Brixmor Property Group Inc. COM 11120U105 5,063 433,100 SH   SOLE   392,000 0 41,100
CatchMark Timber Trust COM 14912Y202 5,953 666,600 SH   SOLE   611,800 0 54,800
Century Communities COM 156504300 3,716 87,795 SH   SOLE   87,795 0 0
Cousins Property COM 222795502 2,538 88,780 SH   SOLE   88,780 0 0
Forestar Group Inc COM 346232101 2,916 164,736 SH   SOLE   164,736 0 0
Healthcare Trust of America COM 42225P501 8,401 323,100 SH   SOLE   288,200 0 34,900
Healthpeak Properties Inc. COM 42250P103 7,827 288,300 SH   SOLE   255,500 0 32,800
Hersha Hospitality COM 427825500 2,418 436,489 SH   SOLE   436,489 0 0
Howard Hughes Co. COM 44267D107 3,739 64,915 SH   SOLE   64,915 0 0
IRT Property Co. COM 45378A106 6,610 570,300 SH   SOLE   512,700 0 57,600
IStar Inc. COM 45031U101 2,716 230,000 SH   SOLE   230,000 0 0
Kennedy Wilson Hldgs COM 489398107 7,404 509,900 SH   SOLE   455,100 0 54,800
MGM Resorts Int'l COM 552953101 2,829 130,080 SH   SOLE   130,080 0 0
Mack Cali COM 554489104 2,615 207,200 SH   SOLE   207,200 0 0
Mid-America Apartment COM 59522J103 2,911 25,105 SH   SOLE   25,105 0 0
Pebblebrook Hotel Trust COM 70509V100 2,694 215,000 SH   SOLE   215,000 0 0
R.E. Select Sector SPDR COM 81369Y860 1,961 55,600 SH   SOLE   55,600 0 0
RLJ Lodging Trust Pr A COM 74965L200 1,057 46,100 SH   SOLE   46,100 0 0
Site Centers Pr K COM 82981J802 458 18,800 SH   SOLE   18,800 0 0
Spirit Realty Capital Inc. COM 84860W300 3,291 97,500 SH   SOLE   84,100 0 13,400
Stag Industrial COM 85254J102 6,564 215,300 SH   SOLE   184,000 0 31,300
Vanguard Specialized REIT COM 922908553 1,287 16,300 SH   SOLE   16,300 0 0
Vereit Inc COM 92339V100 7,634 1,174,400 SH   SOLE   1,044,000 0 130,400
WPT Industrial COM 92937G109 6,693 525,800 SH   SOLE   447,800 0 78,000
WPT Industrial COM 92937G109 842 66,300 SH   SOLE   66,300 0 0
Weingarten Realty COM 948741103 5,417 319,400 SH   SOLE   282,700 0 36,700