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
ABBOTT LABS COM 002824100 2,481 40,500 SH   SOLE   40,500 0 0
ABBVIE INC COM 00287Y109 4,252 46,000 SH   SOLE   46,000 0 0
ACADIA HEALTHCARE COMPANY IN COM 00404A109 3,464 84,710 SH   SOLE   84,710 0 0
ADOBE SYS INC COM 00724f101 3,011 12,350 SH   SOLE   12,350 0 0
AGNC INVT CORP COM 00123Q104 938 50,000 SH   SOLE   50,000 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,516 12,000 SH   SOLE   12,000 0 0
ALEXION PHARMACEUTICALS INC COM 015351109 426 3,500 SH   SOLE   3,500 0 0
ALLERGAN PLC SHS G0177J108 1,517 9,000 SH   SOLE   9,000 0 0
ALPS ETF TR ALERIAN MLP 00162Q866 3,434 340,000 SH   SOLE   340,000 0 0
AMERICAN ASSETS TR INC COM 024013104 55,739 1,455,336 SH   SOLE   1,455,336 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 515 12,000 SH   SOLE   12,000 0 0
AMERICAN ELEC PWR INC COM 025537101 3,467 50,000 SH   SOLE   50,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 1,065 20,000 SH   SOLE   20,000 0 0
AMERIPRISE FINL INC COM 03076c106 2,880 20,590 SH   SOLE   20,590 0 0
AMGEN INC COM 031162100 1,881 10,190 SH   SOLE   10,190 0 0
ANNALY CAP MGMT INC COM 035710409 1,040 100,000 SH   SOLE   100,000 0 0
ANSYS INC COM 03662q105 3,048 17,500 SH   SOLE   17,500 0 0
ANTERO RES CORP COM 03674X106 618 29,000 SH   SOLE   29,000 0 0
APACHE CORP COM 037411105 1,378 30,000 SH   SOLE   30,000 0 0
APPLE INC COM 037833100 9,739 52,500 SH   SOLE   52,500 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 1,413 30,830 SH   SOLE   30,830 0 0
ARCONIC INC COM 03965L100 212 12,500 SH   SOLE   12,500 0 0
AT&T INC COM 00206R102 2,461 76,466 SH   SOLE   76,466 0 0
AVALONBAY CMNTYS INC COM 053484101 2,605 15,200 SH   SOLE   15,200 0 0
AXALTA COATING SYS LTD COM g0750c108 303 10,000 SH   SOLE   10,000 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946k101 1,972 281,763 SH   SOLE   281,763 0 0
BANCO SANTANDER SA ADR 05964H105 1,594 299,554 SH   SOLE   299,554 0 0
BANK AMER CORP COM 060505104 4,613 162,100 SH   SOLE   162,100 0 0
BANK MONTREAL QUE COM 063671101 3,373 44,000 SH   SOLE   44,000 0 0
BANK N S HALIFAX COM 064149107 1,698 30,000 SH   SOLE   30,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 776 14,300 SH   SOLE   14,300 0 0
BAXTER INTL INC COM 071813109 5,278 71,515 SH   SOLE   71,515 0 0
BECTON DICKINSON & CO COM 075887109 1,199 5,000 SH   SOLE   5,000 0 0
BIOGEN INC COM 09062X103 2,310 8,000 SH   SOLE   8,000 0 0
BP PLC SPONSORED ADR 055622104 11,457 250,866 SH   SOLE   250,866 0 0
BRIGHTHOUSE FINL INC COM 10922N103 235 5,845 SH   SOLE   5,845 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 1,659 30,000 SH   SOLE   30,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 5,412 58,670 SH   SOLE   58,670 0 0
CARDINAL HEALTH INC COM 14149Y108 1,172 23,277 SH   SOLE   23,277 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 2,001 35,000 SH   SOLE   35,000 0 0
CARRIZO OIL & GAS INC COM 144577103 1,050 37,500 SH   SOLE   37,500 0 0
CBS CORP NEW CL B 124857202 225 4,000 SH   SOLE   4,000 0 0
CELGENE CORP COM 151020104 1,380 18,000 SH   SOLE   18,000 0 0
CHEVRON CORP NEW COM 166764100 10,137 80,670 SH   SOLE   80,670 0 0
CITIGROUP INC COM NEW 172967424 4,441 66,400 SH   SOLE   66,400 0 0
COCA COLA CO COM 191216100 5,899 135,060 SH   SOLE   135,060 0 0
COMCAST CORP NEW CL A 20030N101 914 28,000 SH   SOLE   28,000 0 0
CONNS INC COM 208242107 545 16,530 SH   SOLE   16,530 0 0
CORESITE RLTY CORP COM 21870Q105 3,317 30,000 SH   SOLE   30,000 0 0
CORNING INC COM 219350105 540 20,000 SH   SOLE   20,000 0 0
CVS HEALTH CORP COM 126650100 1,645 25,000 SH   SOLE   25,000 0 0
CYRUSONE INC COM 23283R100 4,109 71,000 SH   SOLE   71,000 0 0
DELL TECHNOLOGIES INC COM CL V 24703L103 760 8,916 SH   SOLE   8,916 0 0
DIGITAL RLTY TR INC COM 253868103 458 4,150 SH   SOLE   4,150 0 0
DOWDUPONT INC COM 26078J100 7,022 106,290 SH   SOLE   106,290 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 1,320 16,666 SH   SOLE   16,666 0 0
DXC TECHNOLOGY CO COM 23355L106 873 10,909 SH   SOLE   10,909 0 0
EDISON INTL COM 281020107 1,904 30,000 SH   SOLE   30,000 0 0
ENDO INTL PLC SHS G30401106 197 20,000 SH   SOLE   20,000 0 0
EOG RES INC COM 26875P101 346 2,800 SH   SOLE   2,800 0 0
EQT CORP COM 26884L109 3,397 61,180 SH   SOLE   61,180 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,583 25,000 SH   SOLE   25,000 0 0
ESSEX PPTY TR INC COM 297178105 2,120 9,000 SH   SOLE   9,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 1,552 20,000 SH   SOLE   20,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 5,005 50,000 SH   SOLE   50,000 0 0
EXXON MOBIL CORP COM 30231G102 1,639 20,000 SH   SOLE   20,000 0 0
FACEBOOK INC CL A 30303M102 392 2,000 SH   SOLE   2,000 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 4,429 35,100 SH   SOLE   35,100 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 2,482 220,000 SH   SOLE   220,000 0 0
GAMESTOP CORP NEW CL A 36467W109 2,529 172,700 SH   SOLE   172,700 0 0
GENERAL ELECTRIC CO COM 369604103 692 50,000 SH   SOLE   50,000 0 0
GENERAL MTRS CO COM 37045V100 6,212 153,300 SH   SOLE   153,300 0 0
GGP INC COM 36174X101 2,049 100,000 SH   SOLE   100,000 0 0
GILEAD SCIENCES INC COM 375558103 2,954 42,000 SH   SOLE   42,000 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 1,385 35,000 SH   SOLE   35,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 8,602 38,500 SH   SOLE   38,500 0 0
GULFPORT ENERGY CORP COM NEW 402635304 483 39,000 SH   SOLE   39,000 0 0
HALLIBURTON CO COM 406216101 2,272 49,800 SH   SOLE   49,800 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 2,043 40,119 SH   SOLE   40,119 0 0
HCA HEALTHCARE INC COM 40412C101 1,340 13,000 SH   SOLE   13,000 0 0
HEWLETT PACKARD ENTERPRISE C COM 42824C109 1,868 127,000 SH   SOLE   127,000 0 0
HILTON GRAND VACATIONS INC COM 43283X105 239 7,000 SH   SOLE   7,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 1,826 23,332 SH   SOLE   23,332 0 0
HOST HOTELS & RESORTS INC COM 44107P104 939 45,000 SH   SOLE   45,000 0 0
HP INC COM 40434L105 2,879 127,000 SH   SOLE   127,000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 3,910 83,308 SH   SOLE   83,308 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 2,521 18,000 SH   SOLE   18,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 3,278 20,000 SH   SOLE   20,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 4,869 40,000 SH   SOLE   40,000 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 10,350 300,000 SH   SOLE   300,000 0 0
JOHNSON & JOHNSON COM 478160104 5,490 45,000 SH   SOLE   45,000 0 0
JOHNSON CTLS INTL PLC SHS g51502105 1,378 41,200 SH   SOLE   41,200 0 0
JPMORGAN CHASE & CO COM 46625H100 16,747 159,600 SH   SOLE   159,600 0 0
KINDER MORGAN INC DEL COM 49456B101 4,071 232,900 SH   SOLE   232,900 0 0
KROGER CO COM 501044101 5,863 206,150 SH   SOLE   206,150 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 1,436 8,000 SH   SOLE   8,000 0 0
LAS VEGAS SANDS CORP COM 517834107 1,512 20,000 SH   SOLE   20,000 0 0
LENNAR CORP CL A 526057104 3,034 57,870 SH   SOLE   57,870 0 0
LILLY ELI & CO COM 532457108 855 10,000 SH   SOLE   10,000 0 0
MACERICH CO COM 554382101 1,711 30,000 SH   SOLE   30,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 1,267 30,000 SH   SOLE   30,000 0 0
MEDTRONIC PLC SHS G5960L103 6,978 81,032 SH   SOLE   81,032 0 0
MERCK & CO INC COM 58933Y105 4,221 70,000 SH   SOLE   70,000 0 0
METLIFE INC COM 59156R108 2,826 64,304 SH   SOLE   64,304 0 0
MICRO FOCUS INTERNATIONAL PL SPON ADR NEW 594837304 270 16,067 SH   SOLE   16,067 0 0
MICROSOFT CORP COM 594918104 12,239 124,100 SH   SOLE   124,100 0 0
MONDELEZ INTL INC CL A 609207105 2,499 61,010 SH   SOLE   61,010 0 0
MORGAN STANLEY COM NEW 617446448 2,632 54,500 SH   SOLE   54,500 0 0
NOBLE ENERGY INC COM 655044105 1,755 50,000 SH   SOLE   50,000 0 0
NORDSTROM INC COM 655664100 3,279 63,000 SH   SOLE   63,000 0 0
NOVARTIS A G SPONSORED ADR 66987V109 7,995 108,610 SH   SOLE   108,610 0 0
NUVASIVE INC COM 670704105 1,099 20,900 SH   SOLE   20,900 0 0
OASIS PETE INC NEW COM 674215108 925 70,000 SH   SOLE   70,000 0 0
ORACLE CORP COM 68389X105 3,183 72,600 SH   SOLE   72,600 0 0
OSHKOSH CORP COM 688239201 1,035 15,000 SH   SOLE   15,000 0 0
PACIRA PHARMACEUTICALS INC COM 695127100 466 15,000 SH   SOLE   15,000 0 0
PARK HOTELS RESORTS INC COM 700517105 463 15,467 SH   SOLE   15,467 0 0
PARSLEY ENERGY INC CL A 701877102 665 22,000 SH   SOLE   22,000 0 0
PAYPAL HLDGS INC COM 70450Y103 5,192 62,690 SH   SOLE   62,690 0 0
PDC ENERGY INC COM 69327R101 612 10,000 SH   SOLE   10,000 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 965 25,000 SH   SOLE   25,000 0 0
PEPSICO INC COM 713448108 4,325 39,800 SH   SOLE   39,800 0 0
PFIZER INC COM 717081103 2,073 57,000 SH   SOLE   57,000 0 0
PG&E CORP COM 69331C108 4,583 107,300 SH   SOLE   107,300 0 0
PHILIP MORRIS INTL INC COM 718172109 817 10,000 SH   SOLE   10,000 0 0
PHILLIPS 66 COM 718546104 1,606 14,300 SH   SOLE   14,300 0 0
PHYSICIANS RLTY TR COM 71943U104 803 50,000 SH   SOLE   50,000 0 0
PINNACLE WEST CAP CORP COM 723484101 4,029 50,000 SH   SOLE   50,000 0 0
PIONEER NAT RES CO COM 723787107 5,099 27,000 SH   SOLE   27,000 0 0
PPG INDS INC COM 693506107 4,250 40,590 SH   SOLE   40,590 0 0
PPL CORP COM 69351T106 2,003 70,000 SH   SOLE   70,000 0 0
PROCTER AND GAMBLE CO COM 742718109 1,327 17,000 SH   SOLE   17,000 0 0
PRUDENTIAL FINL INC COM 744320102 3,412 36,459 SH   SOLE   36,459 0 0
PUBLIC STORAGE COM 74460D109 2,289 10,000 SH   SOLE   10,000 0 0
QEP RES INC COM 74733V100 689 56,000 SH   SOLE   56,000 0 0
QUALCOMM INC COM 747525103 1,370 24,500 SH   SOLE   24,500 0 0
QUEST DIAGNOSTICS INC COM 74834L100 1,653 15,000 SH   SOLE   15,000 0 0
RANGE RES CORP COM 75281A109 510 30,000 SH   SOLE   30,000 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 3,723 50,000 SH   SOLE   50,000 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 8,656 125,000 SH   SOLE   125,000 0 0
RSP PERMIAN INC COM 74978Q105 612 14,000 SH   SOLE   14,000 0 0
SANOFI SPONSORED ADR 80105N105 1,787 45,000 SH   SOLE   45,000 0 0
SCHLUMBERGER LTD COM 806857108 7,560 112,822 SH   SOLE   112,822 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369y886 1,819 35,000 SH   SOLE   35,000 0 0
SEMPRA ENERGY COM 816851109 576 5,000 SH   SOLE   5,000 0 0
SHELL MIDSTREAM PARTNERS L P UNIT LTD INT 822634101 1,267 57,723 SH   SOLE   57,723 0 0
SHIRE PLC SPONSORED ADR 82481R106 2,526 15,000 SH   SOLE   15,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 6,866 40,100 SH   SOLE   40,100 0 0
SPROUTS FMRS MKT INC COM 85208M102 380 17,000 SH   SOLE   17,000 0 0
STRYKER CORP COM 863667101 2,129 12,600 SH   SOLE   12,600 0 0
SUNTRUST BKS INC COM 867914103 986 15,000 SH   SOLE   15,000 0 0
SYNCHRONY FINL COM 87165B103 1,472 44,600 SH   SOLE   44,600 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 481 20,000 SH   SOLE   20,000 0 0
TELEFONICA S A SPONSORED ADR 879382208 467 55,056 SH   SOLE   55,056 0 0
TOLL BROTHERS INC COM 889478103 740 20,000 SH   SOLE   20,000 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 4,283 75,000 SH   SOLE   75,000 0 0
TOWN SPORTS INTL HLDGS INC COM 89214a102 588 40,409 SH   SOLE   40,409 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 2,582 20,000 SH   SOLE   20,000 0 0
TRANSOCEAN LTD REG SHS H8817H100 3,356 250,000 SH   SOLE   250,000 0 0
UNILEVER PLC SPON ADR NEW 904767704 9,280 170,000 SH   SOLE   170,000 0 0
UNION PAC CORP COM 907818108 2,111 15,000 SH   SOLE   15,000 0 0
UNIVERSAL DISPLAY CORP COM 91347P105 291 3,500 SH   SOLE   3,500 0 0
URBAN EDGE PPTYS COM 91704F104 686 30,000 SH   SOLE   30,000 0 0
VENTAS INC COM 92276F100 1,149 20,000 SH   SOLE   20,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 7,120 140,000 SH   SOLE   140,000 0 0
VIACOM INC NEW CL B 92553P201 747 25,000 SH   SOLE   25,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 5,217 87,230 SH   SOLE   87,230 0 0
WELLS FARGO CO NEW COM 949746101 52,557 980,000 SH   SOLE   980,000 0 0
WELLTOWER INC COM 95040Q104 624 10,000 SH   SOLE   10,000 0 0
WEYERHAEUSER CO COM 962166104 1,806 50,000 SH   SOLE   50,000 0 0
WILLIAMS SONOMA INC COM 969904101 5,939 96,780 SH   SOLE   96,780 0 0
WPX ENERGY INC COM 98212B103 1,003 55,000 SH   SOLE   55,000 0 0
WYNN RESORTS LTD COM 983134107 492 3,000 SH   SOLE   3,000 0 0