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 1,781 9,306 SH   SOLE 9,306 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 2,708 90,100 SH   SOLE 90,100 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 1,745 39,200 SH   SOLE 39,200 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,978 17,900 SH   SOLE 17,900 0 0
ALEXANDRIA REAL ESTATE EQ IN PFD CONV SER D 015271505 3,583 102,798 SH   SOLE 102,798 0 0
AMBEV SA SPONSORED ADR 02319V103 2,298 398,936 SH   SOLE 398,936 0 0
AMERICAN ASSETS TR INC COM 024013104 6,870 164,200 SH   SOLE 164,200 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 571 12,000 SH   SOLE 12,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 21,241 925,141 SH   SOLE 925,141 0 0
AMGEN INC COM 031162100 824 5,020 SH   SOLE 5,020 0 0
APPLE INC COM 037833100 1,530 10,646 SH   SOLE 10,646 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 3,990 376,000 SH   SOLE 376,000 0 0
ASHFORD HOSPITALITY PRIME IN PFD CV SER B 044102507 55,076 2,800,000 SH   SOLE 2,800,000 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 804 7,852 SH   SOLE 7,852 0 0
AVALONBAY CMNTYS INC COM 053484101 3,304 18,000 SH   SOLE 18,000 0 0
BECTON DICKINSON & CO COM 075887109 1,099 5,993 SH   SOLE 5,993 0 0
BELMOND LTD CL A G1154H107 2,466 203,800 SH   SOLE 203,800 0 0
BLACK KNIGHT FINL SVCS INC CL A 09214X100 224 5,847 SH   SOLE 5,847 0 0
BLACKROCK INC COM 09247X101 1,458 3,799 SH   SOLE 3,799 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 190 6,400 SH   SOLE 6,400 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 163 10,095 SH   SOLE 10,095 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 1,507 70,200 SH   SOLE 70,200 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 416 6,122 SH   SOLE 6,122 0 0
BROOKDALE SR LIVING INC COM 112463104 2,561 190,700 SH   SOLE 190,700 0 0
BT GROUP PLC ADR 05577E101 847 42,172 SH   SOLE 42,172 0 0
CARDINAL HEALTH INC COM 14149Y108 1,478 18,115 SH   SOLE 18,115 0 0
CASEYS GEN STORES INC COM 147528103 531 4,730 SH   SOLE 4,730 0 0
CATALENT INC COM 148806102 166 5,844 SH   SOLE 5,844 0 0
CECO ENVIRONMENTAL CORP COM 125141101 36 3,416 SH   SOLE 3,416 0 0
CHATHAM LODGING TR COM 16208T102 40,305 2,040,738 SH   SOLE 2,040,738 0 0
CHEVRON CORP NEW COM 166764100 924 8,603 SH   SOLE 8,603 0 0
CHINA YUCHAI INTL LTD COM G21082105 5,281 306,325 SH   SOLE 306,325 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 446 1,000 SH   SOLE 1,000 0 0
CIM COML TR CORP COM 125525105 334 20,745 SH   SOLE 20,745 0 0
CLIPPER RLTY INC COM 18885T306 9,492 740,500 SH   SOLE 740,500 0 0
CME GROUP INC COM 12572Q105 1,235 10,404 SH   SOLE 10,404 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 38,012 2,944,398 SH   SOLE 2,944,398 0 0
COMCAST CORP NEW CL A 20030N101 2,390 63,582 SH   SOLE 63,582 0 0
CONSOLIDATED TOMOKA LD CO NOTE 4.500% 3/1 210226AB2 20,985 20,675,000 SH   SOLE 20,675,000 0 0
COOPER COS INC COM NEW 216648402 406 2,033 SH   SOLE 2,033 0 0
CORE LABORATORIES N V COM N22717107 387 3,354 SH   SOLE 3,354 0 0
CORENERGY INFRASTRUCTURE TR DEP SHS REPSTG 21870U304 10,100 400,000 SH   SOLE 400,000 0 0
CORENERGY INFRASTRUCTURE TR NOTE 7.000% 6/1 21870UAA4 21,256 19,000,000 SH   SOLE 19,000,000 0 0
CORESITE RLTY CORP COM 21870Q105 2,576 28,600 SH   SOLE 28,600 0 0
DDR CORP COM 23317H102 19,386 1,547,100 SH   SOLE 1,547,100 0 0
DIGITAL RLTY TR INC COM 253868103 3,330 31,300 SH   SOLE 31,300 0 0
DST SYS INC DEL COM 233326107 344 2,806 SH   SOLE 2,806 0 0
EASTMAN CHEM CO COM 277432100 1,050 13,004 SH   SOLE 13,004 0 0
EATON CORP PLC SHS G29183103 1,024 13,809 SH   SOLE 13,809 0 0
ENSTAR GROUP LIMITED SHS G3075P101 220 1,149 SH   SOLE 1,149 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 23,052 644,101 SH   SOLE 644,101 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 7,133 248,700 SH   SOLE 248,700 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 3,230 51,900 SH   SOLE 51,900 0 0
ESSEX PPTY TR INC COM 297178105 3,287 14,200 SH   SOLE 14,200 0 0
EVERCORE PARTNERS INC CLASS A 29977A105 430 5,524 SH   SOLE 5,524 0 0
EXTRA SPACE STORAGE INC COM 30225T102 1,265 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 3,827 342,500 SH   SOLE 342,500 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 2,069 15,500 SH   SOLE 15,500 0 0
FELCOR LODGING TR INC COM 31430F101 2,413 321,200 SH   SOLE 321,200 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 24,990 1,025,000 SH   SOLE 1,025,000 0 0
FIRST AMERN FINL CORP COM 31847R102 315 8,012 SH   SOLE 8,012 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 1,161 13,110 SH   SOLE 13,110 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 1,706 78,300 SH   SOLE 78,300 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 22,706 1,870,400 SH   SOLE 1,870,400 0 0
GENERAL DYNAMICS CORP COM 369550108 1,352 7,224 SH   SOLE 7,224 0 0
GENESIS HEALTHCARE INC CL A COM 37185X106 1,405 532,000 SH   SOLE 532,000 0 0
GENTHERM INC COM 37253A103 201 5,104 SH   SOLE 5,104 0 0
GGP INC COM 36174X101 1,247 53,800 SH   SOLE 53,800 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 2,439 57,839 SH   SOLE 57,839 0 0
GLOBAL X FDS MSCI PAKISTAN 37950E689 570 35,940 SH   SOLE 35,940 0 0
GPO AEROPORTUARIO DEL PAC SA SPON ADR B 400506101 282 2,900 SH   SOLE 2,900 0 0
GREEN BANCORP INC COM 39260X100 267 15,000 SH   SOLE 15,000 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 572 3,300 SH   SOLE 3,300 0 0
HCP INC COM 40414L109 766 24,500 SH   SOLE 24,500 0 0
HFF INC CL A 40418F108 580 20,952 SH   SOLE 20,952 0 0
HOEGH LNG PARTNERS LP COM UNIT LTD Y3262R100 175 8,900 SH   SOLE 8,900 0 0
HOME DEPOT INC COM 437076102 868 5,905 SH   SOLE 5,905 0 0
HOWARD HUGHES CORP COM 44267D107 1,231 10,500 SH   SOLE 10,500 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 10 255 SH   SOLE 255 0 0
INFOSYS LTD SPONSORED ADR 456788108 3,718 235,369 SH   SOLE 235,369 0 0
INSTEEL INDUSTRIES INC COM 45774W108 169 4,669 SH   SOLE 4,669 0 0
INTERPUBLIC GROUP COS INC COM 460690100 947 38,502 SH   SOLE 38,502 0 0
INTERXION HOLDING N.V SHS N47279109 3,482 88,000 SH   SOLE 88,000 0 0
INVESCO LTD SHS G491BT108 917 29,919 SH   SOLE 29,919 0 0
ISHARES MSCI TURKEY ETF 464286715 9 250 SH   SOLE 250 0 0
ISHARES INC MSCI TAIWAN ETF 46434G772 836 29,845 SH   SOLE 29,845 0 0
ISHARES TR EUROPE ETF 464287861 12 275 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 1,334 12,241 SH   SOLE 12,241 0 0
ISHARES TR MBS ETF 464288588 881 8,271 SH   SOLE 8,271 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 0 1 SH   SOLE 1 0 0
ISTAR INC COM 45031U101 460 39,000 SH   SOLE 39,000 0 0
JERNIGAN CAP INC COM 476405105 12,096 525,000 SH   SOLE 525,000 0 0
JOHN BEAN TECHNOLOGIES CORP COM 477839104 627 7,128 SH   SOLE 7,128 0 0
JOHNSON & JOHNSON COM 478160104 1,233 9,899 SH   SOLE 9,899 0 0
JPMORGAN CHASE & CO COM 46625H100 1,089 12,396 SH   SOLE 12,396 0 0
KIMCO RLTY CORP COM 49446R109 908 41,100 SH   SOLE 41,100 0 0
KITE RLTY GROUP TR COM NEW 49803T300 25,205 1,172,348 SH   SOLE 1,172,348 0 0
KLA-TENCOR CORP COM 482480100 1,701 17,891 SH   SOLE 17,891 0 0
KOREA ELECTRIC PWR SPONSORED ADR 500631106 651 31,400 SH   SOLE 31,400 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 15,902 316,455 SH   SOLE 316,455 0 0
LIBERTY PPTY TR SH BEN INT 531172104 1,765 45,800 SH   SOLE 45,800 0 0
LITTELFUSE INC COM 537008104 268 1,674 SH   SOLE 1,674 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 1,467 431,759 SH   SOLE 431,759 0 0
MACERICH CO COM 554382101 1,416 22,000 SH   SOLE 22,000 0 0
MAXIMUS INC COM 577933104 278 4,471 SH   SOLE 4,471 0 0
MCDONALDS CORP COM 580135101 65 500 SH   SOLE 500 0 0
MEDEQUITIES RLTY TR INC COM 58409L306 24,185 2,157,400 SH   SOLE 2,157,400 0 0
METLIFE INC COM 59156R108 508 9,620 SH   SOLE 9,620 0 0
MICROSOFT CORP COM 594918104 1,684 25,567 SH   SOLE 25,567 0 0
MILLER HERMAN INC COM 600544100 146 4,623 SH   SOLE 4,623 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 524 47,500 SH   SOLE 47,500 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 127 2,431 SH   SOLE 2,431 0 0
MONSANTO CO NEW COM 61166W101 360 3,185 SH   SOLE 3,185 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 11,975 501,036 SH   SOLE 501,036 0 0
NEENAH PAPER INC COM 640079109 440 5,897 SH   SOLE 5,897 0 0
NEW JERSEY RES COM 646025106 17 426 SH   SOLE 426 0 0
NEW YORK REIT INC COM 64976L109 13,830 1,427,300 SH   SOLE 1,427,300 0 0
NOVARTIS A G SPONSORED ADR 66987V109 1,808 24,340 SH   SOLE 24,340 0 0
OWENS CORNING NEW COM 690742101 390 6,347 SH   SOLE 6,347 0 0
PARAMOUNT GROUP INC COM 69924R108 3,168 195,400 SH   SOLE 195,400 0 0
PATHEON N V SHS N6865W105 230 8,714 SH   SOLE 8,714 0 0
PEAK RESORTS INC COM 70469L100 4,498 796,083 SH   SOLE 796,083 0 0
PEPSICO INC COM 713448108 692 6,181 SH   SOLE 6,181 0 0
PFIZER INC COM 717081103 1,455 42,498 SH   SOLE 42,498 0 0
PHILLIPS 66 COM 718546104 1,124 14,201 SH   SOLE 14,201 0 0
PIMCO ETF TR ENHAN SHRT MA AC 72201R833 31 305 SH   SOLE 305 0 0
POOL CORPORATION COM 73278L105 627 5,258 SH   SOLE 5,258 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 48,105 363,388 SH   SOLE 358,927 0 4,461
PRA HEALTH SCIENCES INC COM 69354M108 310 4,762 SH   SOLE 4,762 0 0
PREFERRED APT CMNTYS INC COM 74039L103 1,526 115,500 SH   SOLE 115,500 0 0
PROCTER AND GAMBLE CO COM 742718109 821 9,134 SH   SOLE 9,134 0 0
PROLOGIS INC COM 74340W103 609 11,723 SH   SOLE 11,723 0 0
PRUDENTIAL PLC ADR 74435K204 1,685 39,787 SH   SOLE 39,787 0 0
PUBLIC STORAGE COM 74460D109 269 1,229 SH   SOLE 1,229 0 0
QTS RLTY TR INC COM CL A 74736A103 634 13,000 SH   SOLE 13,000 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 13,317 245,700 SH   SOLE 245,700 0 0
RESOURCE CAP CORP COM NEW 76120W708 13,639 1,396,006 SH   SOLE 1,396,006 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 2,140 101,800 SH   SOLE 101,800 0 0
RITCHIE BROS AUCTIONEERS COM 767744105 182 5,528 SH   SOLE 5,528 0 0
ROBERT HALF INTL INC COM 770323103 1,628 33,334 SH   SOLE 33,334 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 32,310 1,156,825 SH   SOLE 1,156,825 0 0
SCHLUMBERGER LTD COM 806857108 6,088 78,605 SH   SOLE 78,605 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 4,165 175,515 SH   SOLE 175,515 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 4,176 79,672 SH   SOLE 79,672 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 2,093 48,500 SH   SOLE 48,500 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 3,669 175,454 SH   SOLE 175,454 0 0
SL GREEN RLTY CORP COM 78440X101 2,926 27,446 SH   SOLE 27,446 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 200,468 850,379 SH   SOLE 840,327 0 10,052
SPDR SERIES TRUST BLMBRG BR 1 3 MT 78464A680 106,593 2,331,948 SH   SOLE 2,331,948 0 0
STAG INDL INC COM 85254J102 35,186 1,406,306 SH   SOLE 1,406,306 0 0
STERLING BANCORP DEL COM 85917A100 379 15,980 SH   SOLE 15,980 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 515 10,947 SH   SOLE 10,947 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 4,169 126,920 SH   SOLE 126,920 0 0
TAUBMAN CTRS INC COM 876664103 16,812 254,650 SH   SOLE 254,650 0 0
TEXAS INSTRS INC COM 882508104 1,229 15,255 SH   SOLE 15,255 0 0
TIME WARNER INC COM NEW 887317303 1,492 15,268 SH   SOLE 15,268 0 0
UBS GROUP AG SHS H42097107 2,425 152,063 SH   SOLE 152,063 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 624 27,450 SH   SOLE 27,450 0 0
UMH PPTYS INC CV RED PFD-A 903002202 16,292 630,000 SH   SOLE 630,000 0 0
UNILEVER PLC SPON ADR NEW 904767704 2,562 51,914 SH   SOLE 51,914 0 0
UNITED TECHNOLOGIES CORP COM 913017109 1,398 12,452 SH   SOLE 12,452 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 3,950 192,100 SH   SOLE 192,100 0 0
URSTADT BIDDLE PPTYS INC PFD-G CV 6.75% 917286809 11,588 450,000 SH   SOLE 450,000 0 0
US BANCORP DEL COM NEW 902973304 1,602 31,117 SH   SOLE 31,117 0 0
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 151 3,845 SH   SOLE 3,845 0 0
VANGUARD WORLD FDS INDUSTRIAL ETF 92204A603 4,190 33,868 SH   SOLE 33,868 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 4,191 30,902 SH   SOLE 30,902 0 0
VANTIV INC CL A 92210H105 422 6,586 SH   SOLE 6,586 0 0
VARIAN MED SYS INC COM 92220P105 291 3,198 SH   SOLE 3,198 0 0
VIRTU FINL INC CL A 928254101 524 30,794 SH   SOLE 30,794 0 0
VORNADO RLTY TR SH BEN INT 929042109 3,089 30,800 SH   SOLE 30,800 0 0
WAL-MART STORES INC COM 931142103 833 11,558 SH   SOLE 11,558 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 24,867 2,861,487 SH   SOLE 2,861,487 0 0
WELLTOWER INC COM 95040Q104 1,275 18,000 SH   SOLE 18,000 0 0
WEX INC COM 96208T104 278 2,688 SH   SOLE 2,688 0 0
WEYERHAEUSER CO COM 962166104 3,615 106,400 SH   SOLE 106,400 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 9,399 390,000 SH   SOLE 390,000 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 5,202 200,000 SH   SOLE 200,000 0 0
WPP PLC NEW ADR 92937A102 3,315 30,301 SH   SOLE 30,301 0 0