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 1,770 10,047 SH   SOLE 10,047 0 0
8POINT3 ENERGY PARTNERS LP CL A RPT LTDPT 282539105 993 68,970 SH   SOLE 68,970 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 692 18,000 SH   SOLE 18,000 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 729 6,700 SH   SOLE 6,700 0 0
ALEXANDRIA REAL ESTATE EQ IN PFD CONV SER D 015271505 3,658 102,798 SH   SOLE 102,798 0 0
AMBEV SA SPONSORED ADR 02319V103 4,561 748,909 SH   SOLE 748,909 0 0
AMERICAN ASSETS TR INC COM 024013104 6,845 157,800 SH   SOLE 157,800 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 610 12,000 SH   SOLE 12,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 49,745 2,298,734 SH   SOLE 2,298,734 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,700 15,000 SH   SOLE 15,000 0 0
APPLE INC COM 037833100 1,093 9,664 SH   SOLE 9,664 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 5,069 359,500 SH   SOLE 359,500 0 0
ASHFORD HOSPITALITY PRIME IN PFD CV SER B 044102507 61,334 2,600,000 SH   SOLE 2,600,000 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 717 8,134 SH   SOLE 8,134 0 0
AVALONBAY CMNTYS INC COM 053484101 3,913 22,000 SH   SOLE 22,000 0 0
BECTON DICKINSON & CO COM 075887109 957 5,325 SH   SOLE 5,325 0 0
BELMOND LTD CL A G1154H107 2,695 212,000 SH   SOLE 212,000 0 0
BLACK KNIGHT FINL SVCS INC CL A 09214X100 611 14,931 SH   SOLE 14,931 0 0
BLACKROCK INC COM 09247X101 1,307 3,605 SH   SOLE 3,605 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 648 41,500 SH   SOLE 41,500 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 11,269 405,500 SH   SOLE 405,500 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 950 14,017 SH   SOLE 14,017 0 0
BT GROUP PLC ADR 05577E101 1,409 55,384 SH   SOLE 55,384 0 0
CARDINAL HEALTH INC COM 14149Y108 1,501 19,320 SH   SOLE 19,320 0 0
CASCADE BANCORP COM NEW 147154207 364 60,000 SH   SOLE 60,000 0 0
CASEYS GEN STORES INC COM 147528103 1,165 9,698 SH   SOLE 9,698 0 0
CATALENT INC COM 148806102 383 14,831 SH   SOLE 14,831 0 0
CECO ENVIRONMENTAL CORP COM 125141101 39 3,416 SH   SOLE 3,416 0 0
CHATHAM LODGING TR COM 16208T102 37,078 1,926,100 SH   SOLE 1,926,100 0 0
CHEVRON CORP NEW COM 166764100 988 9,589 SH   SOLE 9,589 0 0
CHINA YUCHAI INTL LTD COM G21082105 5,068 443,515 SH   SOLE 443,515 0 0
CIM COML TR CORP COM 125525105 319 20,745 SH   SOLE 20,745 0 0
CME GROUP INC COM 12572Q105 1,163 11,131 SH   SOLE 11,131 0 0
COLONY CAP INC CL A 19624R106 23,900 1,311,000 SH   SOLE 1,311,000 0 0
COLONY CAP INC CONV PFD-C 19624R403 9,912 400,000 SH   SOLE 400,000 0 0
COMCAST CORP NEW CL A 20030N101 2,216 33,398 SH   SOLE 33,398 0 0
CONSOLIDATED TOMOKA LD CO NOTE 4.500% 3/1 210226AB2 21,601 22,000,000 SH   SOLE 22,000,000 0 0
COOPER COS INC COM NEW 216648402 815 4,549 SH   SOLE 4,549 0 0
CORE LABORATORIES N V COM N22717107 678 6,030 SH   SOLE 6,030 0 0
CORENERGY INFRASTRUCTURE TR COM NEW 21870U502 436 14,873 SH   SOLE 14,873 0 0
CORENERGY INFRASTRUCTURE TR DEP SHS REPSTG 21870U304 9,924 400,000 SH   SOLE 400,000 0 0
CORENERGY INFRASTRUCTURE TR NOTE 7.000% 6/1 21870UAA4 19,238 19,000,000 SH   SOLE 19,000,000 0 0
CORESITE RLTY CORP COM 21870Q105 777 10,500 SH   SOLE 10,500 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 936 33,000 SH   SOLE 33,000 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 1,620 17,200 SH   SOLE 17,200 0 0
DDR CORP COM 23317H102 340 19,500 SH   SOLE 19,500 0 0
DIGITAL RLTY TR INC COM 253868103 2,544 26,200 SH   SOLE 26,200 0 0
DST SYS INC DEL COM 233326107 613 5,203 SH   SOLE 5,203 0 0
EASTMAN CHEM CO COM 277432100 620 9,148 SH   SOLE 9,148 0 0
EATON CORP PLC SHS G29183103 282 4,286 SH   SOLE 4,286 0 0
ENSTAR GROUP LIMITED SHS G3075P101 666 4,052 SH   SOLE 4,052 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 23,941 644,101 SH   SOLE 644,101 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 7,638 248,700 SH   SOLE 248,700 0 0
EQUITY ONE COM 294752100 1,255 41,000 SH   SOLE 41,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 3,216 50,000 SH   SOLE 50,000 0 0
EVERCORE PARTNERS INC CLASS A 29977A105 754 14,643 SH   SOLE 14,643 0 0
EXTRA SPACE STORAGE INC COM 30225T102 1,350 17,000 SH   SOLE 17,000 0 0
EXXON MOBIL CORP COM 30231G102 15 181 SH   SOLE 181 0 0
FARMLAND PARTNERS INC COM 31154R109 1,680 150,000 SH   SOLE 150,000 0 0
FBR & CO COM NEW 30247C400 160 12,084 SH   SOLE 12,084 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 693 4,500 SH   SOLE 4,500 0 0
FELCOR LODGING TR INC COM 31430F101 2,236 347,700 SH   SOLE 347,700 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 25,635 1,025,000 SH   SOLE 1,025,000 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 3,346 36,360 SH   SOLE 36,360 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 719 31,100 SH   SOLE 31,100 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 39,079 3,101,500 SH   SOLE 3,101,500 0 0
GENERAL DYNAMICS CORP COM 369550108 931 5,998 SH   SOLE 5,998 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 1,650 59,800 SH   SOLE 59,800 0 0
GENESIS HEALTHCARE INC CL A COM 37185X106 1,467 549,565 SH   SOLE 549,565 0 0
GENTHERM INC COM 37253A103 418 13,314 SH   SOLE 13,314 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 3,068 71,142 SH   SOLE 71,142 0 0
GLOBAL X FDS MSCI PAKISTAN 37950E689 570 35,940 SH   SOLE 35,940 0 0
GREEN BANCORP INC COM 39260X100 598 54,680 SH   SOLE 54,680 0 0
HALCON RES CORP *W EXP 09/09/202 40537Q118 153 66,704 SH   SOLE 66,704 0 0
HALCON RES CORP COM PAR NEW 40537Q605 2,303 245,555 SH   SOLE 245,555 0 0
HCP INC COM 40414L109 1,936 51,000 SH   SOLE 51,000 0 0
HFF INC CL A 40418F108 786 28,400 SH   SOLE 28,400 0 0
HOEGH LNG PARTNERS LP COM UNIT LTD Y3262R100 167 8,900 SH   SOLE 8,900 0 0
HOWARD HUGHES CORP COM 44267D107 321 2,800 SH   SOLE 2,800 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 10 255 SH   SOLE 255 0 0
HUDSON PAC PPTYS INC COM 444097109 263 8,000 SH   SOLE 8,000 0 0
INFOSYS LTD SPONSORED ADR 456788108 7,298 462,448 SH   SOLE 462,448 0 0
INTERVAL LEISURE GROUP INC COM 46113M108 0 1 SH   SOLE 1 0 0
INVESCO LTD SHS G491BT108 629 20,115 SH   SOLE 20,115 0 0
ISHARES MSCI FRNTR100ETF 464286145 361 14,050 SH   SOLE 14,050 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 S&P SCP ETF 464287804 55 442 SH   SOLE 442 0 0
ISHARES TR EUROPE ETF 464287861 11 275 SH   SOLE 275 0 0
ISHARES TR GOV/CRED BD ETF 464288596 85 725 SH   SOLE 725 0 0
ISHARES TR INTERM CR BD ETF 464288638 1,389 12,469 SH   SOLE 12,469 0 0
ISHARES TR INTL DEVPPTY ETF 464288422 252 6,650 SH   SOLE 6,650 0 0
ISHARES TR MBS ETF 464288588 860 7,812 SH   SOLE 7,812 0 0
ISHARES TR MSCI ACWI EX US 464288240 4,372 101,110 SH   SOLE 101,110 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 155 4,163 SH   SOLE 4,163 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 51,666 415,953 SH   SOLE 411,348 0 4,605
ISTAR INC COM 45031U101 418 39,000 SH   SOLE 39,000 0 0
JOHN BEAN TECHNOLOGIES CORP COM 477839104 1,576 22,337 SH   SOLE 22,337 0 0
JOHNSON & JOHNSON COM 478160104 1,199 10,149 SH   SOLE 10,149 0 0
JPMORGAN CHASE & CO COM 46625H100 934 14,029 SH   SOLE 14,029 0 0
KIMCO RLTY CORP COM 49446R109 1,332 46,000 SH   SOLE 46,000 0 0
KLA-TENCOR CORP COM 482480100 1,150 16,504 SH   SOLE 16,504 0 0
KOREA ELECTRIC PWR SPONSORED ADR 500631106 558 22,900 SH   SOLE 22,900 0 0
LEXINGTON REALTY TRUST COM 529043101 2,884 280,000 SH   SOLE 280,000 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 16,693 316,455 SH   SOLE 316,455 0 0
LIBERTY PPTY TR SH BEN INT 531172104 1,933 47,900 SH   SOLE 47,900 0 0
LITTELFUSE INC COM 537008104 511 3,973 SH   SOLE 3,973 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 1,593 555,031 SH   SOLE 555,031 0 0
MACERICH CO COM 554382101 1,925 23,800 SH   SOLE 23,800 0 0
MACK CALI RLTY CORP COM 554489104 19,980 734,000 SH   SOLE 734,000 0 0
MARINE HARVEST ASA SPONSORED ADR 56824R205 4,868 271,613 SH   SOLE 271,613 0 0
MAXIMUS INC COM 577933104 548 9,690 SH   SOLE 9,690 0 0
MEDEQUITIES RLTY TR INC COM 58409L306 5,875 500,000 SH   SOLE 500,000 0 0
METLIFE INC COM 59156R108 459 10,333 SH   SOLE 10,333 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 697 11,218 SH   SOLE 11,218 0 0
MICROSOFT CORP COM 594918104 1,575 27,349 SH   SOLE 27,349 0 0
MILLER HERMAN INC COM 600544100 400 13,985 SH   SOLE 13,985 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 496 65,000 SH   SOLE 65,000 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 16,439 1,152,000 SH   SOLE 1,152,000 0 0
MONRO MUFFLER BRAKE INC COM 610236101 401 6,557 SH   SOLE 6,557 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 25,023 1,195,000 SH   SOLE 1,195,000 0 0
NEENAH PAPER INC COM 640079109 1,285 16,263 SH   SOLE 16,263 0 0
NEW JERSEY RES COM 646025106 14 426 SH   SOLE 426 0 0
NEW YORK REIT INC COM 64976L109 13,231 1,446,000 SH   SOLE 1,446,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 978 10,081 SH   SOLE 10,081 0 0
NOVARTIS A G SPONSORED ADR 66987V109 4,946 62,623 SH   SOLE 62,623 0 0
OMNICOM GROUP INC COM 681919106 656 7,714 SH   SOLE 7,714 0 0
OWENS CORNING NEW COM 690742101 700 13,114 SH   SOLE 13,114 0 0
PARAMOUNT GROUP INC COM 69924R108 1,203 73,400 SH   SOLE 73,400 0 0
PATHEON N V SHS N6865W105 398 13,455 SH   SOLE 13,455 0 0
PEAK RESORTS INC COM 70469L100 6,373 1,252,000 SH   SOLE 1,252,000 0 0
PEPSICO INC COM 713448108 764 7,019 SH   SOLE 7,019 0 0
PFIZER INC COM 717081103 1,646 48,598 SH   SOLE 48,598 0 0
PHILLIPS 66 COM 718546104 1,222 15,173 SH   SOLE 15,173 0 0
PIMCO ETF TR ENHAN SHRT MA AC 72201R833 18 180 SH   SOLE 180 0 0
POOL CORPORATION COM 73278L105 1,295 13,697 SH   SOLE 13,697 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 52,294 440,483 SH   SOLE 435,603 0 4,883
PRA HEALTH SCIENCES INC COM 69354M108 811 14,346 SH   SOLE 14,346 0 0
PREFERRED APT CMNTYS INC COM 74039L103 1,622 120,000 SH   SOLE 120,000 0 0
PROCTER AND GAMBLE CO COM 742718109 676 7,528 SH   SOLE 7,528 0 0
PROSHARES TR II ULTRASHRT EURO 74347W882 238 10,000 SH   SOLE 10,000 0 0
PROSPERITY BANCSHARES INC COM 743606105 629 11,460 SH   SOLE 11,460 0 0
PRUDENTIAL PLC ADR 74435K204 1,807 50,586 SH   SOLE 50,586 0 0
PUBLIC STORAGE COM 74460D109 522 2,339 SH   SOLE 2,339 0 0
QTS RLTY TR INC COM CL A 74736A103 951 18,000 SH   SOLE 18,000 0 0
QUALCOMM INC COM 747525103 1,203 17,564 SH   SOLE 17,564 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 16,870 245,700 SH   SOLE 245,700 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 2,416 110,000 SH   SOLE 110,000 0 0
RITCHIE BROS AUCTIONEERS COM 767744105 687 19,595 SH   SOLE 19,595 0 0
ROBERT HALF INTL INC COM 770323103 1,793 47,341 SH   SOLE 47,341 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 46,911 1,863,000 SH   SOLE 1,863,000 0 0
SCHLUMBERGER LTD COM 806857108 9,077 116,203 SH   SOLE 116,203 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 13,450 500,000 SH   SOLE 500,000 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 4,558 85,659 SH   SOLE 85,659 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 4,582 93,534 SH   SOLE 93,534 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 749 33,000 SH   SOLE 33,000 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 552 10,900 SH   SOLE 10,900 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 2,256 110,247 SH   SOLE 110,247 0 0
SILVERCREST ASSET MGMT GROUP CL A 828359109 497 41,859 SH   SOLE 41,859 0 0
SL GREEN RLTY CORP COM 78440X101 2,486 23,000 SH   SOLE 23,000 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 203 1,107 SH   SOLE 1,107 0 0
SPDR INDEX SHS FDS DJ INTL RL ETF 78463X863 240 5,750 SH   SOLE 5,750 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 278,632 1,288,172 SH   SOLE 1,273,786 0 14,386
SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 53,583 1,171,718 SH   SOLE 1,171,718 0 0
STAG INDL INC COM 85254J102 33,530 1,368,006 SH   SOLE 1,368,006 0 0
STANLEY BLACK & DECKER INC COM 854502101 881 7,163 SH   SOLE 7,163 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 950 28,150 SH   SOLE 28,150 0 0
SUMMIT HOTEL PPTYS COM 866082100 6,580 500,000 SH   SOLE 500,000 0 0
SYNTEL INC COM 87162H103 880 21,000 SH   SOLE 21,000 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 7,940 259,543 SH   SOLE 259,543 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 744 19,100 SH   SOLE 19,100 0 0
TAUBMAN CTRS INC COM 876664103 12,988 174,550 SH   SOLE 174,550 0 0
TEXAS INSTRS INC COM 882508104 1,106 15,750 SH   SOLE 15,750 0 0
TIME WARNER INC COM NEW 887317303 1,206 15,149 SH   SOLE 15,149 0 0
UBS GROUP AG SHS H42097107 2,602 191,031 SH   SOLE 191,031 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 751 34,300 SH   SOLE 34,300 0 0
UMH PPTYS INC CV RED PFD-A 903002202 16,191 630,000 SH   SOLE 630,000 0 0
UNILEVER PLC SPON ADR NEW 904767704 3,106 65,510 SH   SOLE 65,510 0 0
UNITED TECHNOLOGIES CORP COM 913017109 1,021 10,044 SH   SOLE 10,044 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 4,444 200,000 SH   SOLE 200,000 0 0
URSTADT BIDDLE PPTYS INC PFD-G CV 6.75% 917286809 11,858 450,000 SH   SOLE 450,000 0 0
US BANCORP DEL COM NEW 902973304 1,264 29,461 SH   SOLE 29,461 0 0
VANGUARD BD INDEX FD INC SHORT TRM BOND 921937827 37 452 SH   SOLE 452 0 0
VANGUARD INDEX FDS REIT ETF 922908553 4,542 52,358 SH   SOLE 52,358 0 0
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 46 1,237 SH   SOLE 1,237 0 0
VANGUARD WORLD FDS TELCOMM ETF 92204A884 4,539 48,087 SH   SOLE 48,087 0 0
VANTIV INC CL A 92210H105 1,098 19,515 SH   SOLE 19,515 0 0
VARIAN MED SYS INC COM 92220P105 1,016 10,213 SH   SOLE 10,213 0 0
VIRTU FINL INC CL A 928254101 665 44,399 SH   SOLE 44,399 0 0
VORNADO RLTY TR SH BEN INT 929042109 3,239 32,000 SH   SOLE 32,000 0 0
WAL-MART STORES INC COM 931142103 698 9,677 SH   SOLE 9,677 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 19,375 1,565,000 SH   SOLE 1,565,000 0 0
WELLS FARGO & CO NEW COM 949746101 376 8,500 SH   SOLE 8,500 0 0
WELLTOWER INC COM 95040Q104 2,692 36,000 SH   SOLE 36,000 0 0
WEX INC COM 96208T104 769 7,112 SH   SOLE 7,112 0 0
WEYERHAEUSER CO COM 962166104 3,692 115,600 SH   SOLE 115,600 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 1,015 580,000 SH   SOLE 580,000 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 8,385 390,000 SH   SOLE 390,000 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 5,100 200,000 SH   SOLE 200,000 0 0
WILLIAMS SONOMA INC COM 969904101 325 6,352 SH   SOLE 6,352 0 0
WPP PLC NEW ADR 92937A102 5,843 49,634 SH   SOLE 49,634 0 0