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 1,602 57,700 SH   SOLE   46,700 0 11,000
Lexington Realty Pr C PREFERRED 529043309 1,136 20,174 SH   SOLE   15,154 0 5,020
Lexington Realty Pr C PREFERRED 529043309 79 1,400 SH   OTR   1,400 0 0
RPT Realty Pr D Conv PREFERRED 74971D200 2,262 41,667 SH   SOLE   28,867 0 12,800
Alexander & Baldwin, Inc. COM 014491104 3,037 180,910 SH   SOLE   180,910 0 0
Alexanders Inc. COM 014752109 3,065 11,054 SH   SOLE   8,100 0 2,954
American Campus COM 024835100 224 5,200 SH   SOLE   5,200 0 0
Avalon Bay COM 053484101 3,865 20,950 SH   SOLE   20,950 0 0
Brandywine Realty Trust COM 105368203 2,592 200,800 SH   SOLE   153,400 0 47,400
Brixmor Property Group Inc. COM 11120U105 8,134 402,100 SH   SOLE   361,000 0 41,100
CatchMark Timber Trust COM 14912Y202 6,486 637,100 SH   SOLE   551,100 0 86,000
Century Communities COM 156504300 4,090 67,800 SH   SOLE   67,800 0 0
Colony Capital Inc. COM 19626G108 4,209 649,500 SH   SOLE   649,500 0 0
Cousins Property COM 222795502 1,594 45,100 SH   SOLE   45,100 0 0
Forestar Group Inc COM 346232101 2,831 121,600 SH   SOLE   121,600 0 0
Healthcare Trust of America COM 42225P501 9,068 328,800 SH   SOLE   285,200 0 43,600
Healthpeak Properties Inc. COM 42250P103 8,300 261,500 SH   SOLE   225,900 0 35,600
Hersha Hospitality COM 427825500 3,316 314,300 SH   SOLE   314,300 0 0
Howard Hughes Co. COM 44267D107 3,917 41,180 SH   SOLE   41,180 0 0
IRT Property Co. COM 45378A106 7,448 490,000 SH   SOLE   432,400 0 57,600
IStar Inc. COM 45031U101 3,547 199,500 SH   SOLE   199,500 0 0
Kennedy Wilson Hldgs COM 489398107 8,013 396,494 SH   SOLE   341,694 0 54,800
MGM Resorts Int'l COM 552953101 1,052 27,700 SH   SOLE   27,700 0 0
Mack Cali COM 554489104 3,591 232,000 SH   SOLE   232,000 0 0
Mid-America Apartment COM 59522J103 2,334 16,170 SH   SOLE   16,170 0 0
R.E. Select Sector SPDR COM 81369Y860 3,171 80,300 SH   SOLE   80,300 0 0
RLJ Lodging Trust Pr A PREFERRED 74965L200 516 18,600 SH   SOLE   18,600 0 0
Regency Center COM 758849103 5,705 100,600 SH   SOLE   87,300 0 13,300
Spirit Realty Capital Inc. COM 84860W300 6,549 154,100 SH   SOLE   139,400 0 14,700
Stag Industrial COM 85254J102 6,221 185,100 SH   SOLE   153,800 0 31,300
UMH Properties, Inc COM 903002103 5,812 303,200 SH   SOLE   254,700 0 48,500
Vereit Inc COM 92339V308 7,220 186,960 SH   SOLE   161,680 0 25,280
Vornado Realty Trust COM 929042109 2,456 54,100 SH   SOLE   43,200 0 10,900
WPT Industrial COM 92937G109 6,271 415,300 SH   SOLE   337,300 0 78,000
WPT Industrial COM 92937G109 1,059 70,200 SH   SOLE   70,200 0 0
Weingarten Realty COM 948741103 1,983 73,700 SH   SOLE   55,200 0 18,500