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
ABBOTT LABS COM 002824100 2,162 55,000 SH   OTR   0 55,000 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 562 5,430 SH   OTR   0 5,430 0
AMERICAN EXPRESS CO COM 025816109 1,641 27,000 SH   OTR   0 27,000 0
APPLE INC COM 037833100 6,874 71,900 SH   OTR   0 71,900 0
AUTOMATIC DATA PROCESSING IN COM 053015103 1,516 16,500 SH   OTR   0 16,500 0
AVALONBAY CMNTYS INC COM 053484101 902 5,003 SH   OTR   0 5,003 0
BOSTON PROPERTIES INC COM 101121101 606 4,595 SH   OTR   0 4,595 0
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 1,813 14,000 SH   OTR   0 14,000 0
CELGENE CORP COM 151020104 720 7,300 SH   OTR   0 7,300 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 185 7,950 SH   OTR   0 7,950 0
CHEVRON CORP NEW COM 166764100 4,592 43,800 SH   OTR   0 43,800 0
COCA COLA CO COM 191216100 5,100 112,500 SH   OTR   0 112,500 0
COLUMBIA PPTY TR INC COM NEW 198287203 209 9,750 SH   OTR   0 9,750 0
CUBESMART COM 229663109 350 11,350 SH   OTR   0 11,350 0
DIGITAL RLTY TR INC COM 253868103 469 4,300 SH   OTR   0 4,300 0
DISNEY WALT CO COM DISNEY 254687106 2,446 25,000 SH   OTR   0 25,000 0
DUKE REALTY CORP COM NEW 264411505 303 11,364 SH   OTR   0 11,364 0
EQUITY COMWLTH COM SH BEN INT 294628102 117 4,000 SH   OTR   0 4,000 0
ESSEX PPTY TR INC COM 297178105 615 2,698 SH   OTR   0 2,698 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 983 32,955 SH   OTR   0 32,955 0
GILEAD SCIENCES INC COM 375558103 1,251 15,000 SH   OTR   0 15,000 0
HUDSON PAC PPTYS INC COM 444097109 592 20,300 SH   OTR   0 20,300 0
IMPERIAL OIL LTD COM NEW 453038408 1,215 38,500 SH   OTR   0 38,500 0
JOHNSON & JOHNSON COM 478160104 1,807 14,900 SH   OTR   0 14,900 0
LAUDER ESTEE COS INC CL A 518439104 1,820 20,000 SH   OTR   0 20,000 0
LIBERTY PPTY TR SH BEN INT 531172104 595 14,975 SH   OTR   0 14,975 0
MACERICH CO COM 554382101 466 5,460 SH   OTR   0 5,460 0
MCDONALDS CORP COM 580135101 2,611 21,700 SH   OTR   0 21,700 0
MICROSOFT CORP COM 594918104 2,850 55,700 SH   OTR   0 55,700 0
MONDELEZ INTL INC CL A 609207105 1,833 40,278 SH   OTR   0 40,278 0
NOVO-NORDISK A S ADR 670100205 4,571 85,000 SH   OTR   0 85,000 0
OCCIDENTAL PETE CORP DEL COM 674599105 2,645 35,000 SH   OTR   0 35,000 0
PEPSICO INC COM 713448108 2,860 27,000 SH   OTR   0 27,000 0
PHILIP MORRIS INTL INC COM 718172109 8,860 87,100 SH   OTR   0 87,100 0
PHILLIPS 66 COM 718546104 1,626 20,500 SH   OTR   0 20,500 0
PROCTER & GAMBLE CO COM 742718109 1,905 22,500 SH   OTR   0 22,500 0
REGENCY CTRS CORP COM 758849103 274 3,270 SH   OTR   0 3,270 0
SIMON PPTY GROUP INC NEW COM 828806109 2,087 9,622 SH   OTR   0 9,622 0
STATE STR CORP COM 857477103 809 15,000 SH   OTR   0 15,000 0
SUN CMNTYS INC COM 866674104 383 5,000 SH   OTR   0 5,000 0
TEXAS INSTRS INC COM 882508104 2,851 45,500 SH   OTR   0 45,500 0
UNION PAC CORP COM 907818108 1,396 16,000 SH   OTR   0 16,000 0
UNITED TECHNOLOGIES CORP COM 913017109 1,364 13,300 SH   OTR   0 13,300 0
URSTADT BIDDLE PPTYS INC PFD-G CV 6.75% 917286809 212 7,700 SH   OTR   0 7,700 0
VORNADO RLTY TR SH BEN INT 929042109 1,231 12,300 SH   OTR   0 12,300 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 2,423 29,100 SH   OTR   0 29,100 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 393 9,625 SH   OTR   0 9,625 0
WHOLE FOODS MKT INC COM 966837106 948 29,600 SH   OTR   0 29,600 0
TARGET CORP COM 87612E106 1,327 19,000 SH   OTR   0 19,000 0
TOTAL S A SPONSORED ADR 89151E109 2,044 42,500 SH   OTR   0 42,500 0
ABBVIE INC COM 00287Y109 2,817 45,500 SH   OTR   0 45,500 0
ALPHABET INC CAP STK CL C 02079K107 2,838 4,100 SH   OTR   0 4,100 0
ALTRIA GROUP INC COM 02209S103 5,041 73,100 SH   OTR   0 73,100 0
APARTMENT INVT & MGMT CO CL A 03748R101 594 13,443 SH   OTR   0 13,443 0
APARTMENT INVT & MGMT CO PFD CL A 6.875% 03748R762 435 16,050 SH   OTR   0 16,050 0
BLACKROCK INC COM 09247X101 2,055 6,000 SH   OTR   0 6,000 0
BRIXMOR PPTY GROUP INC COM 11120U105 377 14,250 SH   OTR   0 14,250 0
CANADIAN PAC RY LTD COM 13645T100 2,189 17,000 SH   OTR   0 17,000 0
COMCAST CORP NEW CL A 20030N101 1,812 27,800 SH   OTR   0 27,800 0
CONOCOPHILLIPS COM 20825C104 1,788 41,000 SH   OTR   0 41,000 0
CORESITE RLTY CORP COM 21870Q105 175 1,975 SH   OTR   0 1,975 0
CYRUSONE INC COM 23283R100 115 2,075 SH   OTR   0 2,075 0
DDR CORP COM 23317H102 611 33,680 SH   OTR   0 33,680 0
DIAGEO P L C SPON ADR NEW 25243Q205 2,946 26,100 SH   OTR   0 26,100 0
DOUGLAS EMMETT INC COM 25960P109 740 20,835 SH   OTR   0 20,835 0
EQUINIX INC COM PAR $0.001 29444U700 892 2,300 SH   OTR   0 2,300 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,488 21,605 SH   OTR   0 21,605 0
EXXON MOBIL CORP COM 30231G102 6,181 65,942 SH   OTR   0 65,942 0
FACEBOOK INC CL A 30303M102 4,217 36,900 SH   OTR   0 36,900 0
HCP INC COM 40414L109 736 20,795 SH   OTR   0 20,795 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 217 7,550 SH   OTR   0 7,550 0
HOST HOTELS & RESORTS INC COM 44107P104 527 32,495 SH   OTR   0 32,495 0
INDEXIQ ETF TR HEDGE MLTI ETF 45409B107 2,916 100,000 SH   SOLE   100,000 0 0
JPMORGAN CHASE & CO COM 46625H100 3,604 58,000 SH   OTR   0 58,000 0
KIMCO RLTY CORP COM 49446R109 442 14,075 SH   OTR   0 14,075 0
NOVARTIS A G SPONSORED ADR 66987V109 2,187 26,500 SH   OTR   0 26,500 0
PEBBLEBROOK HOTEL TR COM 70509V100 212 8,075 SH   OTR   0 8,075 0
PRAXAIR INC COM 74005P104 1,798 16,000 SH   OTR   0 16,000 0
PROLOGIS INC COM 74340W103 1,172 23,898 SH   OTR   0 23,898 0
PUBLIC STORAGE COM 74460D109 1,181 4,620 SH   OTR   0 4,620 0
RLJ LODGING TR COM 74965L101 127 5,925 SH   OTR   0 5,925 0
S&P GLOBAL INC COM 78409V104 2,682 25,000 SH   OTR   0 25,000 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 5,925 166,000 SH   SOLE   166,000 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 826 39,650 SH   OTR   0 39,650 0
SOVRAN SELF STORAGE INC COM 84610H108 325 3,100 SH   OTR   0 3,100 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 1,791 66,200 SH   OTR   0 66,200 0
VISA INC COM CL A 92826C839 297 4,000 SH   OTR   0 4,000 0
VISA INC COM CL A 92826C839 1,750 23,600 SH   OTR   0 23,600 0
WELLTOWER INC COM 95040Q104 1,087 14,268 SH   OTR   0 14,268 0
CHUBB LIMITED COM H1467J104 3,268 25,000 SH   OTR   0 25,000 0
ASML HOLDING N V N Y REGISTRY SHS N07059210 1,538 15,500 SH   OTR   0 15,500 0