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
AG MTG INVT TR INC COM 001228105 471 25,000 SH   SOLE   25,000 0 0
ANNALY CAP MGMT INC COM 035710409 1,518 146,000 SH   SOLE   146,000 0 0
BANK AMER CORP 7.25%CNV PFD L 060505682 5,635 4,870 SH   SOLE   4,870 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 393 13,850 SH   SOLE   13,850 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 45,952 6,135,088 SH   SOLE   6,135,088 0 0
CYS INVTS INC COM 12673A108 89 10,000 SH   SOLE   10,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 599 42,412 SH   SOLE   42,412 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 242 10,000 SH   SOLE   10,000 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 1,230 46,322 SH   SOLE   46,322 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 779 10,000 SH   SOLE   10,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 4,108 320,425 SH   SOLE   320,425 0 0
GETTY RLTY CORP NEW COM 374297109 1,283 70,470 SH   SOLE   70,470 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 666 29,140 SH   SOLE   29,140 0 0
HEALTHCARE RLTY TR COM 421946104 3,986 143,500 SH   SOLE   143,500 0 0
HEALTH CARE REIT INC COM 42217K106 8,804 113,800 SH   SOLE   113,800 0 0
HCP INC COM 40414L109 648 15,000 SH   SOLE   15,000 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 5,197 803,199 SH   SOLE   803,199 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 5,450 726,726 SH   SOLE   726,726 0 0
LTC PPTYS INC COM 502175102 4,787 104,067 SH   SOLE   104,067 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 15,834 1,074,231 SH   SOLE   1,074,231 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 1,136 27,717 SH   SOLE   27,717 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 462 25,500 SH   SOLE   25,500 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 595 25,500 SH   SOLE   25,500 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 4,712 116,153 SH   SOLE   116,153 0 0
ONE LIBERTY PPTYS INC COM 682406103 4,338 177,656 SH   SOLE   177,656 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 1,336 20,026 SH   SOLE   20,026 0 0
REALTY INCOME CORP COM 756109104 2,425 47,000 SH   SOLE   47,000 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 508 15,334 SH   SOLE   15,334 0 0
WELLS FARGO & CO NEW PERP PFD CNV A 949746804 1,220 1,000 SH   SOLE   1,000 0 0