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 1,808 71,200 SH   SOLE   60,200 0 11,000
Lexington Realty Pr C PREFERRED 529043309 2,218 37,335 SH   SOLE   30,015 0 7,320
Lexington Realty Pr C PREFERRED 529043309 83 1,400 SH   OTR   1,400 0 0
RPT Realty Pr D Conv PREFERRED 74971D200 2,465 49,467 SH   SOLE   36,667 0 12,800
Alexander & Baldwin, Inc. COM 014491104 1,954 113,713 SH   SOLE   113,713 0 0
Alexanders Inc. COM 014752109 4,272 15,404 SH   SOLE   12,450 0 2,954
American Homes 4 Rent COM 02665T306 783 26,100 SH   SOLE   26,100 0 0
Brandywine Realty Trust COM 105368203 3,418 287,000 SH   SOLE   224,600 0 62,400
Brixmor Property Group Inc. COM 11120U105 6,759 408,400 SH   SOLE   367,300 0 41,100
CatchMark Timber Trust COM 14912Y202 6,325 675,800 SH   SOLE   603,400 0 72,400
Century Communities COM 156504300 2,723 62,195 SH   SOLE   62,195 0 0
Colony Capital Inc. COM 19626G108 949 197,200 SH   SOLE   197,200 0 0
Cousins Property COM 222795502 1,940 57,900 SH   SOLE   57,900 0 0
Forestar Group Inc COM 346232101 2,454 121,600 SH   SOLE   121,600 0 0
Healthcare Trust of America COM 42225P501 8,537 310,000 SH   SOLE   271,100 0 38,900
Healthpeak Properties Inc. COM 42250P103 7,787 257,600 SH   SOLE   224,800 0 32,800
Hersha Hospitality COM 427825500 1,943 246,289 SH   SOLE   246,289 0 0
Howard Hughes Co. COM 44267D107 3,222 40,820 SH   SOLE   40,820 0 0
IRT Property Co. COM 45378A106 7,275 541,700 SH   SOLE   484,100 0 57,600
IStar Inc. COM 45031U101 3,058 205,900 SH   SOLE   205,900 0 0
Kennedy Wilson Hldgs COM 489398107 7,966 445,300 SH   SOLE   390,500 0 54,800
MGM Resorts Int'l COM 552953101 1,635 51,900 SH   SOLE   51,900 0 0
Mack Cali COM 554489104 2,148 172,400 SH   SOLE   172,400 0 0
Mid-America Apartment COM 59522J103 2,764 21,820 SH   SOLE   21,820 0 0
Pebblebrook Hotel Trust COM 70509V100 1,951 103,800 SH   SOLE   103,800 0 0
R.E. Select Sector SPDR COM 81369Y860 2,504 68,500 SH   SOLE   68,500 0 0
RLJ Lodging Trust Pr A PREFERRED 74965L200 574 22,600 SH   SOLE   22,600 0 0
Regency Center COM 758849103 1,400 30,700 SH   SOLE   30,700 0 0
Spirit Realty Capital Inc. COM 84860W300 5,302 132,000 SH   SOLE   118,600 0 13,400
Stag Industrial COM 85254J102 5,760 183,900 SH   SOLE   152,600 0 31,300
Vanguard Specialized REIT COM 922908553 323 3,800 SH   SOLE   3,800 0 0
Vereit Inc COM 92339V308 7,671 202,980 SH   SOLE   176,900 0 26,080
WPT Industrial COM 92937G109 6,555 452,400 SH   SOLE   374,400 0 78,000
WPT Industrial COM 92937G109 1,017 70,200 SH   SOLE   70,200 0 0
Weingarten Realty COM 948741103 2,648 122,200 SH   SOLE   85,500 0 36,700