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
Acacia Research Corp COM 003881307 4,936 759,396 SH   SOLE   759,396 0 0
Accenture Common 045008479 18,752 160,095 SH   SOLE   160,095 0 0
Agree Realty COM 008492100 17,004 369,250 SH   DFND 1 369,250 0 0
Air Transport Services Group COM 00922R105 9,612 602,304 SH   SOLE   602,304 0 0
Aircastle LTD Common G0129K104 11,679 560,179 SH   SOLE   560,179 0 0
Alexandria Real Estate Equities Inc COM 015271109 73,850 664,537 SH   DFND 1 664,537 0 0
American Campus Communities Inc COM 024835100 40,419 812,115 SH   DFND 1 812,115 0 0
American Homes Preferred A Series Preferred Class A 02665T405 13,247 480,340 SH   SOLE   480,340 0 0
American Tower COM 03027X100 54,615 516,795 SH   DFND 1 516,795 0 0
American Tower Preferred Class B Preferred Class B 03027X506 10,595 101,387 SH   SOLE   101,387 0 0
Apartment Investment & Management Company COM 03748R101 40,263 885,874 SH   DFND 1 885,874 0 0
Atrion Corp. COM 049904105 7,970 15,713 SH   SOLE   15,713 0 0
Avalonbay Communities Inc COM 053484101 44,475 251,058 SH   DFND 1 251,058 0 0
BlackBox COM 091826107 6,788 445,142 SH   SOLE   445,142 0 0
Boston Properties Inc COM 101121101 46,441 369,224 SH   DFND 1 369,224 0 0
Brixmore COM 11120U105 45,084 1,846,191 SH   DFND 1 1,846,191 0 0
Cal Maine Foods Inc COM 128030202 6,940 157,111 SH   SOLE   157,111 0 0
Cedar Fair LP MLP 150185106 4,542 70,756 SH   SOLE   70,756 0 0
Ceva Inc COM 157210105 7,907 235,682 SH   SOLE   235,682 0 0
Cisco Common 17275R102 16,126 533,623 SH   SOLE   533,623 0 0
Colony Starwood Homes COM 19625X102 17,019 590,732 SH   DFND 1 590,732 0 0
Communications Sales & Leasing, Inc. Common 20341J104 13,559 533,618 SH   SOLE   533,618 0 0
Comtech Telecommunications COM 205826209 2,638 222,644 SH   SOLE   222,644 0 0
Consolidated Water Co. Ltd. COM G23773107 4,831 445,279 SH   SOLE   445,279 0 0
Crown Castle COM 22822V101 64,069 738,377 SH   DFND 1 738,377 0 0
CubeSmart COM 229663109 49,420 1,846,096 SH   DFND 1 1,846,096 0 0
Cummins Common 231021106 12,399 90,724 SH   SOLE   90,724 0 0
Douglas Dynamics COM 25960R105 7,490 222,602 SH   SOLE   222,602 0 0
Dynamic Materials COM 267888105 6,641 419,034 SH   SOLE   419,034 0 0
Eastgroup Properties Inc COM 277276101 38,157 516,752 SH   DFND 1 516,752 0 0
Eaton Corporation Common 278058102 10,740 160,083 SH   SOLE   160,083 0 0
Eaton Vance Tax-Managed Global Buy-Write Opp Fd Closed End Fund 27829C105 9,671 960,414 SH   SOLE   960,414 0 0
Education Realty Trust Inc COM 28140H203 40,606 959,952 SH   DFND 1 959,952 0 0
Energy Transfer Partners LP MLP 29273R109 4,750 132,667 SH   SOLE   132,667 0 0
Enterprise Products Partners LP MLP 293792107 4,782 176,880 SH   SOLE   176,880 0 0
Entertainment Properties Trust Common 26884U109 19,149 266,816 SH   SOLE   266,816 0 0
Entertainment Properties Trust COM 26884U109 58,297 812,275 SH   DFND 1 812,275 0 0
ePlus, Inc. COM 294268107 9,049 78,554 SH   SOLE   78,554 0 0
EQT Midstream Partners LP MLP 26885B100 4,747 61,910 SH   SOLE   61,910 0 0
ETRACS Alerian MLP Index ETN 90267B682 46,807 2,355,671 SH   SOLE   2,355,671 0 0
Farmland Partners COM 31154R109 6,867 615,324 SH   SOLE   615,324 0 0
Federal Realty Investment Trust COM 313747206 52,462 369,164 SH   DFND 1 369,164 0 0
First Industrial COM 32054K103 41,418 1,476,577 SH   DFND 1 1,476,577 0 0
Fly Leasing COM 34407D109 5,048 379,604 SH   SOLE   379,604 0 0
FreightCar America COM 357023100 3,128 209,529 SH   SOLE   209,529 0 0
Gaming and Leisure Properties Common 36467J108 13,070 426,864 SH   SOLE   426,864 0 0
Gaming and Leisure Properties COM 36467J108 36,176 1,181,450 SH   DFND 1 1,181,450 0 0
General Electric Company Common 369604103 14,332 453,561 SH   SOLE   453,561 0 0
Genesis Energy LP MLP 371927104 4,142 114,993 SH   SOLE   114,993 0 0
Gramercy Property Trust COM 38489R100 31,855 3,470,043 SH   DFND 1 3,470,043 0 0
Health Care Reit Inc COM 95040Q104 44,475 664,500 SH   DFND 1 664,500 0 0
Holly Energy Partners MLP 435763107 4,252 132,639 SH   SOLE   132,639 0 0
Home Depot Common 437076102 13,591 101,368 SH   SOLE   101,368 0 0
Honeywell International Inc. Common 438516106 18,547 160,103 SH   SOLE   160,103 0 0
Hospitality Properties Trust Common 44106M102 15,250 480,340 SH   SOLE   480,340 0 0
Hospitality Properties Trust COM 44106M102 56,269 1,772,251 SH   DFND 1 1,772,251 0 0
Host Hotels & Resorts Inc COM 44107P104 54,256 2,879,830 SH   DFND 1 2,879,830 0 0
Huntington Bancshares Preferred Class A 446150401 7,550 5,335 SH   SOLE   5,335 0 0
Investors Real Estate Trust COM 461730103 29,484 4,135,203 SH   DFND 1 4,135,203 0 0
Iron Mountain Common 462846106 13,000 400,270 SH   SOLE   400,270 0 0
Iron Mountain COM 462846106 45,567 1,402,924 SH   DFND 1 1,402,924 0 0
KeyCorp Preferred Class A 493267405 5,042 37,351 SH   SOLE   37,351 0 0
Kite Realty Group Trust COM 49803T300 26,005 1,107,538 SH   DFND 1 1,107,538 0 0
Kraton Performance Polymers Inc. COM 50077C106 9,321 327,316 SH   SOLE   327,316 0 0
Lamar Advertising Co. COM 512816109 16,879 251,026 SH   DFND 1 251,026 0 0
LTC Properties Inc COM 502175102 31,215 664,431 SH   DFND 1 664,431 0 0
Magellan Midstream Partners MLP 559080106 2,274 454,968 SH   SOLE   454,968 0 0
MagicJack COM M6787E101 1,613 235,608 SH   SOLE   235,608 0 0
Materion Corporation COM 576690101 6,741 170,233 SH   SOLE   170,233 0 0
Merck & Co, Inc Common 58933Y105 12,565 362,963 SH   SOLE   362,963 0 0
MGP Ingredients COM 55303J106 7,852 157,105 SH   SOLE   157,105 0 0
Mistras Group COM 60649T107 6,052 235,677 SH   SOLE   235,677 0 0
Monarch Casino COM 609027107 5,737 222,567 SH   SOLE   222,567 0 0
MPLX LP MLP 55336V100 4,286 56,673 SH   SOLE   56,673 0 0
National Retail Properties Inc COM 637417106 13,057 295,407 SH   DFND 1 295,407 0 0
Neogenomics Inc. COM 64049M209 7,406 864,263 SH   SOLE   864,263 0 0
NorthStar Realty Finance COM 66704R704 24,616 1,624,818 SH   DFND 1 1,624,818 0 0
Nustar Energy L.P. Preferred Class A 67058H201 13,612 231,237 SH   SOLE   231,237 0 0
OHA Investment COM 67091U102 1,223 707,248 SH   SOLE   707,248 0 0
Oil Drill Corp of America COM 677864100 6,502 170,186 SH   SOLE   170,186 0 0
Omega Healthcare Investors Common 681936100 15,014 559,200 SH   SOLE   559,200 0 0
Outfront Media Common 69007J106 11,942 382,049 SH   SOLE   382,049 0 0
Outfront Media COM 69007J106 33,056 1,329,151 SH   DFND 1 1,329,151 0 0
Park City Group Inc. COM 700215304 6,151 484,390 SH   SOLE   484,390 0 0
Paychex Common 704326107 12,995 402,458 SH   SOLE   402,458 0 0
Pennsylvania Real Estate Investment Trust COM 709102107 28,002 1,476,898 SH   DFND 1 1,476,898 0 0
PetMed Express, Inc. COM 716382106 9,665 418,950 SH   SOLE   418,950 0 0
Pfizer Inc Common 717081103 19,063 313,132 SH   SOLE   313,132 0 0
Plains All American Pipeline LP MLP 726503105 5,140 206,700 SH   SOLE   206,700 0 0
Powershares Senior Bank Loan ETF 73936Q769 12,463 533,666 SH   SOLE   533,666 0 0
Psychemedics Corp. COM 744375205 6,138 248,730 SH   SOLE   248,730 0 0
Saga Communications COM 786598300 6,586 130,947 SH   SOLE   130,947 0 0
Simon Property Group Inc Common 828806109 11,379 248,233 SH   SOLE   248,233 0 0
Simon Property Group Inc COM 828806109 91,821 516,806 SH   DFND 1 516,806 0 0
Sotherly Hotels COM 83600C103 4,710 693,779 SH   SOLE   693,779 0 0
Spectra Energy Partners LP MLP 84756N109 4,054 124,841 SH   SOLE   124,841 0 0
Strattec COM 863111100 5,276 130,934 SH   SOLE   130,934 0 0
SunRun Inc COM 86771W105 7,092 1,335,657 SH   SOLE   1,335,657 0 0
Symantec Corporation Common 871503108 12,109 68,156 SH   SOLE   68,156 0 0
TEGNA Inc Common 87901J105 9,703 406,177 SH   SOLE   406,177 0 0
Terreno COM 88146M101 35,755 1,255,001 SH   DFND 1 1,255,001 0 0
Tortoise Energy Infrastructure Closed End Fund 89147L100 27,639 900,599 SH   SOLE   900,599 0 0
Trex Company Inc. COM 89531P105 9,274 144,018 SH   SOLE   144,018 0 0
Unifi Inc. COM 904677200 5,981 183,311 SH   SOLE   183,311 0 0
Vascular Solutions Inc COM 92231M109 7,346 130,953 SH   SOLE   130,953 0 0
Ventas Inc COM 92276F100 23,088 369,289 SH   DFND 1 369,289 0 0
Vornado Realty Trust COM 929042109 30,825 295,343 SH   DFND 1 295,343 0 0
Washington Prime Group COM 92939N105 13,837 1,329,202 SH   DFND 1 1,329,202 0 0
Waterstone Financial COM 941888109 6,505 353,557 SH   SOLE   353,557 0 0
Weingarten Realty Investors COM 948741103 37,003 1,033,892 SH   DFND 1 1,033,892 0 0
Western Refining Logistics MLP 95931Q205 4,531 211,869 SH   SOLE   211,869 0 0
Weyhauser COM 962166104 53,320 1,772,017 SH   DFND 1 1,772,017 0 0
WP Glimcher Common 92939N105 13,886 650,436 SH   SOLE   650,436 0 0