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
3M CO COM 88579Y101 2,596 18,315 SH   SOLE 18,315 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 1,705 49,690 SH   SOLE 49,690 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 631 7,450 SH   SOLE 7,450 0 0
ALPINE GLOBAL DYNAMIC DIVD F COM NEW 02082E205 2 225 SH   SOLE 225 0 0
ALPINE TOTAL DYNAMIC DIVID F COM SH BEN INT N 021060207 2 240 SH   SOLE 240 0 0
AMBEV SA SPONSORED ADR 02319V103 5,383 1,098,445 SH   SOLE 1,098,445 0 0
AMERICAN ASSETS TR INC COM 024013104 4,417 108,098 SH   SOLE 108,098 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 1,454 40,122 SH   SOLE 40,122 0 0
AMERICAN EXPRESS CO COM 025816109 583 7,859 SH   SOLE 7,859 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 9,391 584,000 SH   SOLE 584,000 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 20,033 1,160,000 SH   SOLE 1,160,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,381 15,700 SH   SOLE 15,700 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103 1,586 28,800 SH   SOLE 28,800 0 0
ARBOR RLTY TR INC COM 038923108 1,149 180,670 SH   SOLE 180,670 0 0
ARES COML REAL ESTATE CORP COM 04013V108 6,895 575,000 SH   SOLE 575,000 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 4,033 412,775 SH   SOLE 412,775 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 386 10,970 SH   SOLE 10,970 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 13,113 510,035 SH   SOLE 510,035 0 0
AT&T INC COM 00206R102 489 15,000 SH   SOLE 15,000 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 976 12,145 SH   SOLE 12,145 0 0
AVALONBAY CMNTYS INC COM 053484101 2,577 14,739 SH   SOLE 14,739 0 0
BANKUNITED INC COM 06652K103 741 20,715 SH   SOLE 20,715 0 0
BECTON DICKINSON & CO COM 075887109 1,096 8,261 SH   SOLE 8,261 0 0
BELMOND LTD CL A G1154H107 607 60,000 SH   SOLE 60,000 0 0
BIOMED REALTY TRUST INC COM 09063H107 12,455 623,350 SH   SOLE 623,350 0 0
BLACKROCK INC COM 09247X101 1,728 5,808 SH   SOLE 5,808 0 0
BLUEROCK RESIDENT GR REIT IN COM CL A 09627J102 707 59,000 SH   SOLE 59,000 0 0
BOSTON PROPERTIES INC COM 101121101 4,612 38,945 SH   SOLE 38,945 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 1,245 101,100 SH   SOLE 101,100 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 2,187 93,135 SH   SOLE 93,135 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 696 12,573 SH   SOLE 12,573 0 0
BT GROUP PLC ADR 05577E101 1,211 18,992 SH   SOLE 18,992 0 0
CADIZ INC COM NEW 127537207 425 58,596 SH   SOLE 58,596 0 0
CALIFORNIA WTR SVC GROUP COM 130788102 1,298 58,700 SH   SOLE 58,700 0 0
CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 607 25,000 SH   SOLE 25,000 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 21,250 3,994,331 SH   SOLE 3,994,331 0 0
CANADIAN SOLAR INC COM 136635109 660 39,735 SH   SOLE 39,735 0 0
CARDINAL HEALTH INC COM 14149Y108 2,519 32,791 SH   SOLE 32,791 0 0
CARE CAP PPTYS INC COM 141624106 411 12,482 SH   SOLE 12,482 0 0
CASEYS GEN STORES INC COM 147528103 931 9,039 SH   SOLE 9,039 0 0
CATALENT INC COM 148806102 382 15,715 SH   SOLE 15,715 0 0
CBOE HLDGS INC COM 12503M108 707 10,534 SH   SOLE 10,534 0 0
CDK GLOBAL INC COM 12508E101 140 2,934 SH   SOLE 2,934 0 0
CECO ENVIRONMENTAL CORP COM 125141101 28 3,416 SH   SOLE 3,416 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 373 60,000 SH   SOLE 60,000 0 0
CHATHAM LODGING TR COM 16208T102 40,284 1,875,400 SH   SOLE 1,875,400 0 0
CHEVRON CORP NEW COM 166764100 1,314 16,664 SH   SOLE 16,664 0 0
CHINA YUCHAI INTL LTD COM G21082105 6,260 491,970 SH   SOLE 491,970 0 0
CLOROX CO DEL COM 189054109 529 4,575 SH   SOLE 4,575 0 0
CME GROUP INC COM 12572Q105 1,678 18,088 SH   SOLE 18,088 0 0
COCA COLA CO COM 191216100 405 10,104 SH   SOLE 10,104 0 0
COLONY CAP INC CL A 19624R106 21,516 1,100,000 SH   SOLE 1,100,000 0 0
COLONY CAP INC CONV PFD-C 19624R403 8,744 400,000 SH   SOLE 400,000 0 0
COMCAST CORP NEW CL A 20030N101 3,206 56,380 SH   SOLE 56,380 0 0
CONOCOPHILLIPS COM 20825C104 1,250 26,081 SH   SOLE 26,081 0 0
COOPER COS INC COM NEW 216648402 648 4,352 SH   SOLE 4,352 0 0
CORE LABORATORIES N V COM N22717107 578 5,787 SH   SOLE 5,787 0 0
CORENERGY INFRASTRUCTURE TR COM 21870U205 663 150,000 SH   SOLE 150,000 0 0
CORENERGY INFRASTRUCTURE TR DEP SHS REPSTG 21870U304 9,096 400,000 SH   SOLE 400,000 0 0
CORENERGY INFRASTRUCTURE TR NOTE 7.000% 6/1 21870UAA4 12,451 14,000,000 SH   SOLE 14,000,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 1,554 73,899 SH   SOLE 73,899 0 0
COSTAMARE INC SHS Y1771G102 626 51,000 SH   SOLE 51,000 0 0
COSTCO WHSL CORP NEW COM 22160K105 499 3,450 SH   SOLE 3,450 0 0
COUSINS PPTYS INC COM 222795106 950 103,100 SH   SOLE 103,100 0 0
CREDICORP LTD COM G2519Y108 5,718 51,669 SH   SOLE 51,669 0 0
CVS HEALTH CORP COM 126650100 439 4,550 SH   SOLE 4,550 0 0
DDR CORP COM 23317H102 692 45,000 SH   SOLE 45,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 329 29,817 SH   SOLE 29,817 0 0
DIGITAL RLTY TR INC COM 253868103 2,323 35,575 SH   SOLE 35,575 0 0
DISNEY WALT CO COM DISNEY 254687106 307 3,000 SH   SOLE 3,000 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 522 6,600 SH   SOLE 6,600 0 0
DST SYS INC DEL COM 233326107 762 7,245 SH   SOLE 7,245 0 0
EASTGROUP PPTY INC COM 277276101 363 6,700 SH   SOLE 6,700 0 0
EASTMAN CHEM CO COM 277432100 755 11,666 SH   SOLE 11,666 0 0
EATON CORP PLC SHS G29183103 490 9,550 SH   SOLE 9,550 0 0
EMERSON ELEC CO COM 291011104 711 16,091 SH   SOLE 16,091 0 0
ENSTAR GROUP LIMITED SHS G3075P101 667 4,441 SH   SOLE 4,441 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 19,716 644,101 SH   SOLE 644,101 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 5,511 248,700 SH   SOLE 248,700 0 0
EQUITY ONE COM 294752100 1,068 43,897 SH   SOLE 43,897 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 3,006 40,017 SH   SOLE 40,017 0 0
EVERCORE PARTNERS INC CLASS A 29977A105 534 10,620 SH   SOLE 10,620 0 0
EXPONENT INC COM 30214U102 659 14,791 SH   SOLE 14,791 0 0
EXTRA SPACE STORAGE INC COM 30225T102 252 3,272 SH   SOLE 3,272 0 0
EXXON MOBIL CORP COM 30231G102 32 423 SH   SOLE 423 0 0
FARMLAND PARTNERS INC COM 31154R109 1,575 150,000 SH   SOLE 150,000 0 0
FBR & CO COM NEW 30247C400 247 12,084 SH   SOLE 12,084 0 0
FCB FINL HLDGS INC CL A 30255G103 614 18,835 SH   SOLE 18,835 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 1,519 11,135 SH   SOLE 11,135 0 0
FELCOR LODGING TR INC COM 31430F101 780 110,339 SH   SOLE 110,339 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 27,170 1,094,238 SH   SOLE 1,094,238 0 0
FIFTH THIRD BANCORP COM 316773100 534 28,259 SH   SOLE 28,259 0 0
FIRST POTOMAC RLTY TR COM 33610F109 1,036 94,197 SH   SOLE 94,197 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 4,569 51,185 SH   SOLE 51,185 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 572 28,400 SH   SOLE 28,400 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 41,381 3,849,400 SH   SOLE 3,849,400 0 0
GENERAL DYNAMICS CORP COM 369550108 1,161 8,413 SH   SOLE 8,413 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 1,384 53,300 SH   SOLE 53,300 0 0
GENESIS HEALTHCARE INC CL A COM 37185X106 2,650 432,279 SH   SOLE 432,279 0 0
GENTHERM INC COM 37253A103 638 14,220 SH   SOLE 14,220 0 0
GLOBAL X FDS MSCI PAKISTAN 37950E689 570 35,940 SH   SOLE 35,940 0 0
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 411 14,600 SH   SOLE 14,600 0 0
GREAT AJAX CORP COM 38983D300 2,474 200,000 SH   SOLE 200,000 0 0
GREEN BANCORP INC COM 39260X100 627 54,680 SH   SOLE 54,680 0 0
GREENHUNTER RES INC COM 39530A104 725 2,416,697 SH   SOLE 2,416,697 0 0
HCP INC COM 40414L109 2,321 62,293 SH   SOLE 62,293 0 0
HENRY JACK & ASSOC INC COM 426281101 359 5,160 SH   SOLE 5,160 0 0
HMS HLDGS CORP COM 40425J101 2 180 SH   SOLE 180 0 0
HOEGH LNG PARTNERS LP COM UNIT LTD Y3262R100 684 42,100 SH   SOLE 42,100 0 0
HOME DEPOT INC COM 437076102 404 3,500 SH   SOLE 3,500 0 0
HOME PROPERTIES INC COM 437306103 329 4,408 SH   SOLE 4,408 0 0
HOST HOTELS & RESORTS INC COM 44107P104 3,040 192,232 SH   SOLE 192,232 0 0
HOWARD HUGHES CORP COM 44267D107 795 6,930 SH   SOLE 6,930 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 5,726 151,163 SH   SOLE 151,163 0 0
HUDSON PAC PPTYS INC COM 444097109 505 17,546 SH   SOLE 17,546 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 4,363 605,143 SH   SOLE 605,143 0 0
INGREDION INC COM 457187102 5 55 SH   SOLE 55 0 0
INVESCO LTD SHS G491BT108 661 21,177 SH   SOLE 21,177 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 1,226 158,495 SH   SOLE 158,495 0 0
ISHARES MSCI FRNTR100ETF 464286145 1,761 70,050 SH   SOLE 70,050 0 0
ISHARES MSCI TAIWAN ETF 464286731 836 59,690 SH   SOLE 59,690 0 0
ISHARES MSCI TURKEY ETF 464286715 9 250 SH   SOLE 250 0 0
ISHARES TR CORE MSCITOTAL 46432F834 41 846 SH   SOLE 846 0 0
ISHARES TR CORE S&P SCP ETF 464287804 43 404 SH   SOLE 404 0 0
ISHARES TR EUROPE ETF 464287861 11 275 SH   SOLE 275 0 0
ISHARES TR GOV/CRED BD ETF 464288596 82 725 SH   SOLE 725 0 0
ISHARES TR INTERM CR BD ETF 464288638 3,601 33,166 SH   SOLE 33,166 0 0
ISHARES TR MBS ETF 464288588 1,225 11,169 SH   SOLE 11,169 0 0
ISHARES TR MSCI ACWI EX US 464288240 6,495 147,610 SH   SOLE 147,610 0 0
ISHARES TR NAT AMT FREE BD 464288414 29 265 SH   SOLE 265 0 0
ISHARES TR RUSSELL 3000 ETF 464287689 2,574 22,600 SH   SOLE 22,600 0 0
JOHN BEAN TECHNOLOGIES CORP COM 477839104 890 23,269 SH   SOLE 23,269 0 0
JOHNSON & JOHNSON COM 478160104 1,191 12,760 SH   SOLE 12,760 0 0
JPMORGAN CHASE & CO COM 46625H100 2,264 37,126 SH   SOLE 37,126 0 0
KELLOGG CO COM 487836108 466 7,000 SH   SOLE 7,000 0 0
KIMCO RLTY CORP COM 49446R109 1,192 48,800 SH   SOLE 48,800 0 0
KITE RLTY GROUP TR COM NEW 49803T300 14,286 600,000 SH   SOLE 600,000 0 0
KKR & CO L P DEL COM UNITS 48248M102 115 6,850 SH   SOLE 6,850 0 0
KLA-TENCOR CORP COM 482480100 1,631 32,624 SH   SOLE 32,624 0 0
KOHLS CORP COM 500255104 185 4,000 SH   SOLE 4,000 0 0
KROGER CO COM 501044101 325 9,000 SH   SOLE 9,000 0 0
LADDER CAP CORP CL A 505743104 9,666 675,000 SH   SOLE 675,000 0 0
LEXINGTON REALTY TRUST COM 529043101 2,326 287,190 SH   SOLE 287,190 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 14,425 303,428 SH   SOLE 303,428 0 0
LIBERTY PPTY TR SH BEN INT 531172104 2,464 78,200 SH   SOLE 78,200 0 0
LITTELFUSE INC COM 537008104 885 9,710 SH   SOLE 9,710 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 3,086 671,199 SH   SOLE 671,199 0 0
LOCKHEED MARTIN CORP COM 539830109 104 500 SH   SOLE 500 0 0
MACERICH CO COM 554382101 1,515 19,725 SH   SOLE 19,725 0 0
MACK CALI RLTY CORP COM 554489104 19,170 1,015,300 SH   SOLE 1,015,300 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 1,387 18,580 SH   SOLE 18,580 0 0
MARINE HARVEST ASA SPONSORED ADR 56824R205 4,286 339,412 SH   SOLE 339,412 0 0
MARKET VECTORS ETF TR VIETNAM ETF 57060U761 3,901 235,188 SH   SOLE 235,188 0 0
MCDONALDS CORP COM 580135101 190 1,937 SH   SOLE 1,937 0 0
METLIFE INC COM 59156R108 738 15,661 SH   SOLE 15,661 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 539 12,519 SH   SOLE 12,519 0 0
MICROSOFT CORP COM 594918104 1,917 43,317 SH   SOLE 43,317 0 0
MITSUBISHI UFJ FINL GROUP IN SPONSORED ADR 606822104 3,001 492,901 SH   SOLE 492,901 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 1,102 152,621 SH   SOLE 152,621 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 12,090 1,240,000 SH   SOLE 1,240,000 0 0
MONRO MUFFLER BRAKE INC COM 610236101 390 5,780 SH   SOLE 5,780 0 0
NATIONAL HEALTH INVS INC COM 63633D104 286 4,969 SH   SOLE 4,969 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 29,622 2,186,100 SH   SOLE 2,186,100 0 0
NEENAH PAPER INC COM 640079109 973 16,691 SH   SOLE 16,691 0 0
NEW JERSEY RES COM 646025106 13 426 SH   SOLE 426 0 0
NEW YORK REIT INC COM 64976L109 1,749 173,850 SH   SOLE 173,850 0 0
NORDIC AMERICAN TANKERS LIMI COM G65773106 739 48,600 SH   SOLE 48,600 0 0
NORDSON CORP COM 655663102 486 7,726 SH   SOLE 7,726 0 0
NORFOLK SOUTHERN CORP COM 655844108 1,106 14,475 SH   SOLE 14,475 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 741 60,000 SH   SOLE 60,000 0 0
NOVARTIS A G SPONSORED ADR 66987V109 7,407 80,578 SH   SOLE 80,578 0 0
OMNICOM GROUP INC COM 681919106 405 6,144 SH   SOLE 6,144 0 0
OWENS CORNING NEW COM 690742101 507 12,104 SH   SOLE 12,104 0 0
PARAMOUNT GROUP INC COM 69924R108 1,015 60,400 SH   SOLE 60,400 0 0
PARKWAY PPTYS INC COM 70159Q104 1,617 103,901 SH   SOLE 103,901 0 0
PATTERN ENERGY GROUP INC CL A 70338P100 430 22,500 SH   SOLE 22,500 0 0
PEAK RESORTS INC COM 70469L100 8,941 1,297,571 SH   SOLE 1,297,571 0 0
PEPSICO INC COM 713448108 747 7,925 SH   SOLE 7,925 0 0
PERFORMANCE SPORTS GROUP LTD COM 71377G100 408 30,390 SH   SOLE 30,390 0 0
PFIZER INC COM 717081103 2,685 85,477 SH   SOLE 85,477 0 0
PHILLIPS 66 COM 718546104 1,111 14,449 SH   SOLE 14,449 0 0
PIMCO ETF TR ENHAN SHRT MA AC 72201R833 15 150 SH   SOLE 150 0 0
POOL CORPORATION COM 73278L105 892 12,337 SH   SOLE 12,337 0 0
POST PPTYS INC COM 737464107 291 5,000 SH   SOLE 5,000 0 0
PRA HEALTH SCIENCES INC COM 69354M108 629 16,189 SH   SOLE 16,189 0 0
PROCTER & GAMBLE CO COM 742718109 1,295 18,010 SH   SOLE 18,010 0 0
PROLOGIS INC COM 74340W103 4,151 106,712 SH   SOLE 106,712 0 0
PROSHARES TR ULTSHT REAL EST 74348A244 211 4,000 SH   SOLE 4,000 0 0
PROSHARES TR II ULTRASHRT EURO 74347W882 1,128 46,300 SH   SOLE 46,300 0 0
PUBLIC STORAGE COM 74460D109 2,837 13,405 SH   SOLE 13,405 0 0
QTS RLTY TR INC COM CL A 74736A103 253 5,783 SH   SOLE 5,783 0 0
QUALCOMM INC COM 747525103 1,857 34,548 SH   SOLE 34,548 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 783 157,822 SH   SOLE 157,822 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 13,678 245,700 SH   SOLE 245,700 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 10 205 SH   SOLE 205 0 0
RESOURCE CAP CORP COM NEW 76120W708 112 10,000 SH   SOLE 10,000 0 0
RESTORATION HARDWARE HLDGS I COM 761283100 759 8,132 SH   SOLE 8,132 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 20,923 1,265,000 SH   SOLE 1,265,000 0 0
RETAIL PPTYS AMER INC CL A 76131V202 780 55,400 SH   SOLE 55,400 0 0
REXFORD INDL RLTY INC COM 76169C100 1,379 100,000 SH   SOLE 100,000 0 0
RLJ LODGING TR COM 74965L101 260 10,300 SH   SOLE 10,300 0 0
ROBERT HALF INTL INC COM 770323103 654 12,788 SH   SOLE 12,788 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 5,849 123,468 SH   SOLE 123,468 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 37,320 1,609,976 SH   SOLE 1,609,976 0 0
SANDERSON FARMS INC COM 800013104 240 3,500 SH   SOLE 3,500 0 0
SEASPAN CORP SHS Y75638109 558 36,400 SH   SOLE 36,400 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 19,010 1,000,000 SH   SOLE 1,000,000 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 969 59,766 SH   SOLE 59,766 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 2,390 123,178 SH   SOLE 123,178 0 0
SILVERCREST ASSET MGMT GROUP CL A 828359109 1,151 106,566 SH   SOLE 106,566 0 0
SIMON PPTY GROUP INC NEW COM 828806109 7,384 40,193 SH   SOLE 40,193 0 0
SL GREEN RLTY CORP COM 78440X101 1,912 17,675 SH   SOLE 17,675 0 0
SOUTH ST CORP COM 840441109 920 11,975 SH   SOLE 11,975 0 0
SOVRAN SELF STORAGE INC COM 84610H108 495 5,247 SH   SOLE 5,247 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 98,531 514,167 SH   SOLE 238,958 0 275,209
SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 197,700 4,326,976 SH   SOLE 0 0 4,326,976
SPIRIT RLTY CAP INC NEW COM 84860W102 183 20,000 SH   SOLE 20,000 0 0
STAG INDL INC COM 85254J102 34,189 1,877,500 SH   SOLE 1,877,500 0 0
STANLEY BLACK & DECKER INC COM 854502101 1,081 11,146 SH   SOLE 11,146 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 5,976 89,900 SH   SOLE 89,900 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 1,103 80,000 SH   SOLE 80,000 0 0
SUMMIT HOTEL PPTYS COM 866082100 29,759 2,550,000 SH   SOLE 2,550,000 0 0
SUN HYDRAULICS CORP COM 866942105 489 17,804 SH   SOLE 17,804 0 0
SUNCOR ENERGY INC NEW COM 867224107 2,273 85,033 SH   SOLE 85,033 0 0
SUNSTONE HOTEL INVS INC NEW CV 8% CUM PFD-D 867892507 9,323 365,592 SH   SOLE 365,592 0 0
SYNGENTA AG SPONSORED ADR 87160A100 4 55 SH   SOLE 55 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 6,078 292,932 SH   SOLE 292,932 0 0
TARGA RES CORP COM 87612G101 551 10,700 SH   SOLE 10,700 0 0
TARGET CORP COM 87612E106 448 5,700 SH   SOLE 5,700 0 0
TERRENO RLTY CORP COM 88146M101 446 22,675 SH   SOLE 22,675 0 0
TEXAS INSTRS INC COM 882508104 1,130 22,823 SH   SOLE 22,823 0 0
TIME INC NEW COM 887228104 45 2,350 SH   SOLE 2,350 0 0
TIME WARNER INC COM NEW 887317303 1,444 21,001 SH   SOLE 21,001 0 0
U M H PROPERTIES INC CV RED PFD-A 903002202 16,178 630,000 SH   SOLE 630,000 0 0
UBS GROUP AG SHS H42097107 4,267 230,450 SH   SOLE 230,450 0 0
UDR INC COM 902653104 635 18,408 SH   SOLE 18,408 0 0
UMPQUA HLDGS CORP COM 904214103 5 330 SH   SOLE 330 0 0
UNILEVER PLC SPON ADR NEW 904767704 3,436 84,243 SH   SOLE 84,243 0 0
UNITED DEV FDG IV COM 910187103 352 20,000 SH   SOLE 20,000 0 0
UNITED TECHNOLOGIES CORP COM 913017109 1,352 15,195 SH   SOLE 15,195 0 0
URSTADT BIDDLE PPTYS INC PFD-G CV 6.75% 917286809 11,518 450,000 SH   SOLE 450,000 0 0
US BANCORP DEL COM NEW 902973304 630 15,370 SH   SOLE 15,370 0 0
US ECOLOGY INC COM 91732J102 597 13,666 SH   SOLE 13,666 0 0
VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870 2,990 35,000 SH   SOLE 35,000 0 0
VANGUARD SCOTTSDALE FDS MORTG-BACK SEC 92206C771 1,961 36,737 SH   SOLE 36,737 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 3,806 47,750 SH   SOLE 47,750 0 0
VANGUARD SCOTTSDALE FDS SHTRM GVT BD ETF 92206C102 7,698 125,750 SH   SOLE 125,750 0 0
VANTIV INC CL A 92210H105 857 19,100 SH   SOLE 19,100 0 0
VARIAN MED SYS INC COM 92220P105 690 9,343 SH   SOLE 9,343 0 0
VENTAS INC COM 92276F100 2,451 43,732 SH   SOLE 43,732 0 0
VEREIT INC COM 92339V100 5,790 750,000 SH   SOLE 750,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 455 10,450 SH   SOLE 10,450 0 0
VORNADO RLTY TR SH BEN INT 929042109 2,720 30,084 SH   SOLE 30,084 0 0
W P CAREY INC COM 92936U109 19,366 335,000 SH   SOLE 335,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 191 2,300 SH   SOLE 2,300 0 0
WAL-MART STORES INC COM 931142103 945 14,581 SH   SOLE 14,581 0 0
WELLTOWER INC COM 95040Q104 2,032 30,000 SH   SOLE 30,000 0 0
WEX INC COM 96208T104 677 7,787 SH   SOLE 7,787 0 0
WEYERHAEUSER CO COM 962166104 3,868 141,500 SH   SOLE 141,500 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 1,110 583,917 SH   SOLE 583,917 0 0
WILLIAMS COS INC DEL COM 969457100 3 80 SH   SOLE 80 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 12,774 889,537 SH   SOLE 889,537 0 0
WORLD FUEL SVCS CORP COM 981475106 10 270 SH   SOLE 270 0 0
WP GLIMCHER IN COM 92939N102 18,550 1,590,895 SH   SOLE 1,590,895 0 0
WPP PLC NEW ADR 92937A102 5,448 52,365 SH   SOLE 52,365 0 0
XOOM CORP COM 98419Q101 8 325 SH   SOLE 325 0 0