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 1,908 8,692 SH   SOLE 8,692 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 1,296 52,700 SH   SOLE 52,700 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 982 6,402 SH   SOLE 6,402 0 0
ACUITY BRANDS INC COM 00508Y102 224 1,602 SH   SOLE 1,602 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 779 33,645 SH   SOLE 33,645 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,186 9,500 SH   SOLE 9,500 0 0
ALPS ETF TR ALERIAN MLP 00162Q866 2,019 215,520 SH   SOLE 215,520 0 0
AMBEV SA SPONSORED ADR 02319V103 2,451 337,135 SH   SOLE 337,135 0 0
AMERICAN ASSETS TR INC COM 024013104 1,617 48,400 SH   SOLE 48,400 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 285 7,400 SH   SOLE 7,400 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 1,067 53,156 SH   SOLE 53,156 0 0
AMGEN INC COM 031162100 888 5,209 SH   SOLE 5,209 0 0
APOGEE ENTERPRISES INC COM 037598109 159 3,681 SH   SOLE 3,681 0 0
APPLE INC COM 037833100 1,650 10,014 SH   SOLE 10,014 0 0
ASHFORD HOSPITALITY PRIME IN PFD CV SER B 044102507 51,982 2,697,559 SH   SOLE 2,697,559 0 0
AVALONBAY CMNTYS INC COM 053484101 1,645 10,000 SH   SOLE 10,000 0 0
BANKUNITED INC COM 06652K103 216 5,400 SH   SOLE 5,400 0 0
BECTON DICKINSON & CO COM 075887109 1,349 6,226 SH   SOLE 6,226 0 0
BELMOND LTD CL A G1154H107 1,652 148,200 SH   SOLE 148,200 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 459 2,300 SH   SOLE 2,300 0 0
BLACK KNIGHT INC COM 09215C105 292 6,202 SH   SOLE 6,202 0 0
BLACKROCK INC COM 09247X101 1,756 3,242 SH   SOLE 3,242 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 878 27,518 SH   SOLE 27,518 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 256 16,159 SH   SOLE 16,159 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 353 23,200 SH   SOLE 23,200 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 750 6,841 SH   SOLE 6,841 0 0
BT GROUP PLC ADR 05577E101 357 22,102 SH   SOLE 22,102 0 0
CANADA GOOSE HOLDINGS INC SHS SUB VTG 135086106 341 10,195 SH   SOLE 10,195 0 0
CARDINAL HEALTH INC COM 14149Y108 431 6,874 SH   SOLE 6,874 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 474 22,217 SH   SOLE 22,217 0 0
CASEYS GEN STORES INC COM 147528103 415 3,781 SH   SOLE 3,781 0 0
CATALENT INC COM 148806102 272 6,638 SH   SOLE 6,638 0 0
CECO ENVIRONMENTAL CORP COM 125141101 15 3,416 SH   SOLE 3,416 0 0
CENTERSTATE BK CORP COM 15201P109 547 20,602 SH   SOLE 20,602 0 0
CHATHAM LODGING TR COM 16208T102 14,857 775,800 SH   SOLE 775,800 0 0
CHEVRON CORP NEW COM 166764100 931 8,160 SH   SOLE 8,160 0 0
CHINA YUCHAI INTL LTD COM G21082105 4,834 228,347 SH   SOLE 228,347 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 242 750 SH   SOLE 750 0 0
CIM COML TR CORP COM 125525105 247 19,545 SH   SOLE 19,545 0 0
CISCO SYS INC COM 17275R102 1,186 27,645 SH   SOLE 27,645 0 0
CLIPPER RLTY INC COM 18885T306 8,439 996,296 SH   SOLE 996,296 0 0
CME GROUP INC COM CL A 12572Q105 1,567 9,682 SH   SOLE 9,682 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 16,186 2,880,054 SH   SOLE 2,880,054 0 0
COMCAST CORP NEW CL A 20030N101 1,943 56,871 SH   SOLE 56,871 0 0
CONSOLIDATED TOMOKA LD CO NOTE 4.500% 3/1 210226AB2 20,197 18,828,000 SH   SOLE 18,828,000 0 0
CORE LABORATORIES N V COM N22717107 317 2,926 SH   SOLE 2,926 0 0
CORENERGY INFRASTRUCTURE TR DEP SHS REPSTG 21870U304 12,322 494,055 SH   SOLE 494,055 0 0
CORENERGY INFRASTRUCTURE TR NOTE 7.000% 6/1 21870UAA4 22,274 19,000,000 SH   SOLE 19,000,000 0 0
COSAN LTD SHS A G25343107 4 375 SH   SOLE 375 0 0
COSTCO WHSL CORP NEW COM 22160K105 692 3,675 SH   SOLE 3,675 0 0
DCT INDUSTRIAL TRUST INC COM NEW 233153204 964 17,100 SH   SOLE 17,100 0 0
DDR CORP COM 23317H102 422 57,500 SH   SOLE 57,500 0 0
DIGITAL RLTY TR INC COM 253868103 1,402 13,300 SH   SOLE 13,300 0 0
DISNEY WALT CO COM DISNEY 254687106 100 1,000 SH   SOLE 1,000 0 0
DST SYS INC DEL COM 233326107 0 1 SH   SOLE 1 0 0
EASTMAN CHEM CO COM 277432100 1,227 11,623 SH   SOLE 11,623 0 0
EATON CORP PLC SHS G29183103 971 12,142 SH   SOLE 12,142 0 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 15 1,300 SH   SOLE 1,300 0 0
ENSTAR GROUP LIMITED SHS G3075P101 275 1,309 SH   SOLE 1,309 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 22,421 644,101 SH   SOLE 644,101 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 6,046 248,700 SH   SOLE 248,700 0 0
EQUINIX INC COM PAR $0.001 29444U700 1,339 3,200 SH   SOLE 3,200 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,504 24,400 SH   SOLE 24,400 0 0
ESSEX PPTY TR INC COM 297178105 1,396 5,800 SH   SOLE 5,800 0 0
EVERCORE INC CLASS A 29977A105 450 5,161 SH   SOLE 5,161 0 0
EXXON MOBIL CORP COM 30231G102 12 166 SH   SOLE 166 0 0
FARMLAND PARTNERS INC COM 31154R109 444 53,200 SH   SOLE 53,200 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 1,241 60,495 SH   SOLE 60,495 0 0
FIRST AMERN FINL CORP COM 31847R102 721 12,285 SH   SOLE 12,285 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 1,209 13,231 SH   SOLE 13,231 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 895 44,200 SH   SOLE 44,200 0 0
GENERAL DYNAMICS CORP COM 369550108 1,429 6,469 SH   SOLE 6,469 0 0
GENERAL ELECTRIC CO COM 369604103 190 14,100 SH   SOLE 14,100 0 0
GENESIS HEALTHCARE INC CL A COM 37185X106 558 369,400 SH   SOLE 369,400 0 0
GENTHERM INC COM 37253A103 189 5,584 SH   SOLE 5,584 0 0
GGP INC COM 36174X101 804 39,300 SH   SOLE 39,300 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 1,470 37,641 SH   SOLE 37,641 0 0
GLOBAL X FDS MSCI PAKISTAN 37950E689 470 35,940 SH   SOLE 35,940 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 836 61,200 SH   SOLE 61,200 0 0
GRUPO AEROPORTUARIO CTR NORT SPON ADR 400501102 1,245 31,590 SH   SOLE 31,590 0 0
GUIDEWIRE SOFTWARE INC COM 40171V100 368 4,550 SH   SOLE 4,550 0 0
HCP INC COM 40414L109 753 32,400 SH   SOLE 32,400 0 0
HFF INC CL A 40418F108 920 18,509 SH   SOLE 18,509 0 0
HOEGH LNG PARTNERS LP COM UNIT LTD Y3262R100 170 10,495 SH   SOLE 10,495 0 0
HOME DEPOT INC COM 437076102 1,115 6,251 SH   SOLE 6,251 0 0
HOWARD HUGHES CORP COM 44267D107 807 5,800 SH   SOLE 5,800 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 12 255 SH   SOLE 255 0 0
HUNT J B TRANS SVCS INC COM 445658107 629 5,370 SH   SOLE 5,370 0 0
INFOSYS LTD SPONSORED ADR 456788108 5,160 289,075 SH   SOLE 289,075 0 0
INTERPUBLIC GROUP COS INC COM 460690100 1,002 43,533 SH   SOLE 43,533 0 0
INTERXION HOLDING N.V SHS N47279109 1,087 17,500 SH   SOLE 17,500 0 0
INVESCO LTD SHS G491BT108 575 17,951 SH   SOLE 17,951 0 0
ISHARES INC MSCI TAIWAN ETF 46434G772 1,144 29,845 SH   SOLE 29,845 0 0
ISHARES INC MSCI TURKEY ETF 464286715 11 250 SH   SOLE 250 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 3,095 65,515 SH   SOLE 65,515 0 0
ISHARES TR CORE MSCI TOTAL 46432F834 86 1,358 SH   SOLE 1,358 0 0
ISHARES TR CORE S&P SCP ETF 464287804 1 10 SH   SOLE 10 0 0
ISHARES TR EUROPE ETF 464287861 13 275 SH   SOLE 275 0 0
ISHARES TR INTRMD CR BD ETF 464288638 1,242 11,583 SH   SOLE 11,583 0 0
ISHARES TR MBS ETF 464288588 894 8,548 SH   SOLE 8,548 0 0
ISHARES TR MSCI ACWI EX US 464288240 10,201 205,290 SH   SOLE 205,290 0 0
JERNIGAN CAP INC COM 476405105 24,905 1,376,000 SH   SOLE 1,376,000 0 0
JOHN BEAN TECHNOLOGIES CORP COM 477839104 805 7,098 SH   SOLE 7,098 0 0
JOHNSON & JOHNSON COM 478160104 1,320 10,300 SH   SOLE 10,300 0 0
JPMORGAN CHASE & CO COM 46625H100 1,369 12,452 SH   SOLE 12,452 0 0
KIMCO RLTY CORP COM 49446R109 337 23,400 SH   SOLE 23,400 0 0
KITE RLTY GROUP TR COM NEW 49803T300 899 59,069 SH   SOLE 59,069 0 0
KKR & CO L P DEL COM UNITS 48248M102 548 26,980 SH   SOLE 26,980 0 0
KLA-TENCOR CORP COM 482480100 1,802 16,530 SH   SOLE 16,530 0 0
KNIGHT SWIFT TRANSN HLDGS IN CL A 499049104 604 13,120 SH   SOLE 13,120 0 0
KOREA ELECTRIC PWR SPONSORED ADR 500631106 9 570 SH   SOLE 570 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 15,348 316,455 SH   SOLE 316,455 0 0
LITTELFUSE INC COM 537008104 624 2,999 SH   SOLE 2,999 0 0
MACERICH CO COM 554382101 751 13,400 SH   SOLE 13,400 0 0
MACK CALI RLTY CORP COM 554489104 886 53,000 SH   SOLE 53,000 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 910 3,700 SH   SOLE 3,700 0 0
MCDONALDS CORP COM 580135101 535 3,423 SH   SOLE 3,423 0 0
MEDTRONIC PLC SHS G5960L103 921 11,485 SH   SOLE 11,485 0 0
METLIFE INC COM 59156R108 422 9,198 SH   SOLE 9,198 0 0
MICROSOFT CORP COM 594918104 2,241 24,546 SH   SOLE 24,546 0 0
MILLER HERMAN INC COM 600544100 163 5,080 SH   SOLE 5,080 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 1,594 139,966 SH   SOLE 139,966 0 0
MONSANTO CO NEW COM 61166W101 313 2,680 SH   SOLE 2,680 0 0
NEENAH INC COM 640079109 578 7,377 SH   SOLE 7,377 0 0
NEW JERSEY RES COM 646025106 17 426 SH   SOLE 426 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 165 12,700 SH   SOLE 12,700 0 0
NOVARTIS A G SPONSORED ADR 66987V109 2,488 30,789 SH   SOLE 30,789 0 0
OWENS CORNING NEW COM 690742101 573 7,129 SH   SOLE 7,129 0 0
P T TELEKOMUNIKASI INDONESIA SPONSORED ADR 715684106 9 338 SH   SOLE 338 0 0
PARAMOUNT GROUP INC COM 69924R108 1,533 107,700 SH   SOLE 107,700 0 0
PEPSICO INC COM 713448108 546 4,998 SH   SOLE 4,998 0 0
PFIZER INC COM 717081103 1,268 35,758 SH   SOLE 35,758 0 0
PHILLIPS 66 COM 718546104 1,074 11,198 SH   SOLE 11,198 0 0
PIMCO ETF TR ENHAN SHRT MA AC 72201R833 8,572 84,410 SH   SOLE 84,410 0 0
POOL CORPORATION COM 73278L105 810 5,542 SH   SOLE 5,542 0 0
PRA HEALTH SCIENCES INC COM 69354M108 446 5,365 SH   SOLE 5,365 0 0
PROCTER AND GAMBLE CO COM 742718109 673 8,490 SH   SOLE 8,490 0 0
PROLOGIS INC COM 74340W103 2,607 41,380 SH   SOLE 41,380 0 0
PRUDENTIAL PLC ADR 74435K204 1,973 38,585 SH   SOLE 38,585 0 0
PUBLIC STORAGE COM 74460D109 232 1,156 SH   SOLE 1,156 0 0
QIAGEN NV SHS NEW N72482123 309 9,547 SH   SOLE 9,547 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 12,828 245,700 SH   SOLE 245,700 0 0
RESOURCE CAP CORP COM NEW 76120W708 8,889 934,732 SH   SOLE 934,732 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 1,215 68,800 SH   SOLE 68,800 0 0
RITCHIE BROS AUCTIONEERS COM 767744105 203 6,438 SH   SOLE 6,438 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 23,096 910,000 SH   SOLE 910,000 0 0
ROBERT HALF INTL INC COM 770323103 1,632 28,187 SH   SOLE 28,187 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 20,581 1,166,025 SH   SOLE 1,166,025 0 0
SCHLUMBERGER LTD COM 806857108 3,970 61,300 SH   SOLE 61,300 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 4,916 48,533 SH   SOLE 48,533 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 2,509 30,823 SH   SOLE 30,823 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 2,471 89,627 SH   SOLE 89,627 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 792 13,918 SH   SOLE 13,918 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 2,500 129,826 SH   SOLE 129,826 0 0
SL GREEN RLTY CORP COM 78440X101 1,465 15,124 SH   SOLE 15,124 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 161,660 614,329 SH   SOLE 603,759 0 10,570
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 3,610 88,498 SH   SOLE 88,498 0 0
STAG INDL INC COM 85254J102 16,890 706,118 SH   SOLE 706,118 0 0
STARBUCKS CORP COM 855244109 841 14,546 SH   SOLE 14,546 0 0
STERLING BANCORP DEL COM 85917A100 509 22,569 SH   SOLE 22,569 0 0
SUNCOR ENERGY INC NEW COM 867224107 193 5,600 SH   SOLE 5,600 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 5,838 133,407 SH   SOLE 133,407 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 986 44,800 SH   SOLE 44,800 0 0
TAUBMAN CTRS INC COM 876664103 8,676 152,450 SH   SOLE 152,450 0 0
TERRENO RLTY CORP COM 88146M101 984 28,500 SH   SOLE 28,500 0 0
TEXAS INSTRS INC COM 882508104 1,646 15,848 SH   SOLE 15,848 0 0
TIME WARNER INC COM NEW 887317303 574 6,073 SH   SOLE 6,073 0 0
UBS GROUP AG SHS H42097107 1,687 95,538 SH   SOLE 95,538 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 15 700 SH   SOLE 700 0 0
UNILEVER PLC SPON ADR NEW 904767704 3,200 57,604 SH   SOLE 57,604 0 0
UNITED TECHNOLOGIES CORP COM 913017109 1,522 12,103 SH   SOLE 12,103 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 1,025 53,100 SH   SOLE 53,100 0 0
URSTADT BIDDLE PPTYS INC PFD-G CV 6.75% 917286809 11,507 450,000 SH   SOLE 450,000 0 0
US BANCORP DEL COM NEW 902973304 1,454 28,795 SH   SOLE 28,795 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 755 10,000 SH   SOLE 10,000 0 0
VANGUARD WORLD FDS INDUSTRIAL ETF 92204A603 4,188 30,108 SH   SOLE 30,108 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 4,885 28,566 SH   SOLE 28,566 0 0
VEEVA SYS INC CL A COM 922475108 451 6,175 SH   SOLE 6,175 0 0
VENTAS INC COM 92276F100 733 14,800 SH   SOLE 14,800 0 0
VIRTU FINL INC CL A 928254101 950 28,770 SH   SOLE 28,770 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,238 18,400 SH   SOLE 18,400 0 0
WALMART INC COM 931142103 996 11,198 SH   SOLE 11,198 0 0
WELLTOWER INC COM 95040Q104 692 12,700 SH   SOLE 12,700 0 0
WEX INC COM 96208T104 488 3,115 SH   SOLE 3,115 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 5,569 388,109 SH   SOLE 388,109 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 2,345 150,000 SH   SOLE 150,000 0 0
WHIRLPOOL CORP COM 963320106 617 4,030 SH   SOLE 4,030 0 0
WORLDPAY INC CL A 981558109 618 7,511 SH   SOLE 7,511 0 0
WPP PLC NEW ADR 92937A102 3,227 40,566 SH   SOLE 40,566 0 0