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
ACADIA RLTY TR COM SH BEN INT 004239109 910 33,370 SH   SOLE   33,370 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,057 7,415 SH   SOLE   7,415 0 0
ALEXANDRIA REAL ESTATE EQ IN PFD CONV SER D 015271505 2 50 SH   SOLE   50 0 0
AMERICAN ASSETS TR INC COM 024013104 551 12,025 SH   SOLE   12,025 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 7,583 465,180 SH   SOLE   465,180 0 0
AVALONBAY CMNTYS INC COM 053484101 825 4,110 SH   SOLE   4,110 0 0
BRAEMAR HOTELS & RESORTS INC 5.5 CUM CV PFD B 10482B200 16,307 816,982 SH   SOLE   816,982 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 8,711 549,220 SH   SOLE   549,220 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 16,048 780,150 SH   SOLE   780,150 0 0
CHATHAM LODGING TR COM 16208T102 14,844 771,490 SH   SOLE   771,490 0 0
CLIPPER RLTY INC COM 18885T306 12,861 960,485 SH   SOLE   960,485 0 0
COLONY CAP INC NEW CL A COM 19626G108 8,672 1,629,983 SH   SOLE   1,629,983 0 0
CONSOLIDATED TOMOKA LD CO NOTE 4.500% 3/1 210226AB2 13,303 13,000,000 SH   SOLE   13,000,000 0 0
DIGITAL RLTY TR INC COM 253868103 928 7,800 SH   SOLE   7,800 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 10,992 290,110 SH   SOLE   290,110 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 7,819 248,700 SH   SOLE   248,700 0 0
EQUINIX INC COM 29444U700 544 1,200 SH   SOLE   1,200 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 914 12,140 SH   SOLE   12,140 0 0
EXANTAS CAP CORP COM NEW 30068N105 8,610 810,000 SH   SOLE   810,000 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 6,994 389,620 SH   SOLE   389,620 0 0
FARMLAND PARTNERS INC COM 31154R109 600 93,800 SH   SOLE   93,800 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 1,023 7,420 SH   SOLE   7,420 0 0
GENESIS HEALTHCARE INC CL A COM 37185X106 0 320 SH   SOLE   320 0 0
HOWARD HUGHES CORP COM 44267D107 871 7,920 SH   SOLE   7,920 0 0
INTERXION HOLDING N.V SHS N47279109 936 14,025 SH   SOLE   14,025 0 0
INVESCO QQQ TR UNIT SER 1 46090E103 91,445 508,987 SH   SOLE   502,987 0 6,000
JERNIGAN CAP INC COM 476405105 12,752 606,108 SH   SOLE   606,108 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 16,706 310,060 SH   SOLE   310,060 0 0
MACK CALI RLTY CORP COM 554489104 977 44,000 SH   SOLE   44,000 0 0
MID AMER APT CMNTYS INC COM 59522J103 1,039 9,500 SH   SOLE   9,500 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 633 22,192 SH   SOLE   22,192 0 0
PARAMOUNT GROUP INC COM 69924R108 876 61,680 SH   SOLE   61,680 0 0
PROLOGIS INC COM 74340W103 1,017 14,140 SH   SOLE   14,140 0 0
QTS RLTY TR INC 6.50% CON PFD B 74736A301 6,897 63,500 SH   SOLE   63,500 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 832 48,000 SH   SOLE   48,000 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 15,451 614,110 SH   SOLE   614,110 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 10,222 525,000 SH   SOLE   525,000 0 0
SL GREEN RLTY CORP COM 78440X101 820 9,120 SH   SOLE   9,120 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 136,255 482,352 SH   SOLE   476,713 0 5,639
SPDR SER TR SPDR BLOOMBERG 78468R663 214,294 2,339,448 SH   SOLE   2,312,316 0 27,132
STAG INDL INC COM 85254J102 6,227 210,000 SH   SOLE   210,000 0 0
SUMMIT HOTEL PPTYS INC COM 866082100 315 27,590 SH   SOLE   27,590 0 0
URSTADT BIDDLE PPTYS INC PFD-G CV 6.75% 917286809 11,648 450,080 SH   SOLE   450,080 0 0
VENTAS INC COM 92276F100 462 7,240 SH   SOLE   7,240 0 0
WEYERHAEUSER CO COM 962166104 855 32,480 SH   SOLE   32,480 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 788 60,622 SH   SOLE   60,622 0 0