<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
   <infoTable>
       <nameOfIssuer>ALEXANDRIA REAL ESTA</nameOfIssuer>
       <titleOfClass>PFD CONV SER D</titleOfClass>
       <cusip>015271505</cusip>
       <value>5748</value>
       <shrsOrPrnAmt>
           <sshPrnamt>165618</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>165618</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>EPR PPTYS</nameOfIssuer>
       <titleOfClass>PFD C CNV 5.75%</titleOfClass>
       <cusip>26884U208</cusip>
       <value>17698</value>
       <shrsOrPrnAmt>
           <sshPrnamt>632196</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>632196</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>PREFERRED APT CMNTYS</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>74039L103</cusip>
       <value>5683</value>
       <shrsOrPrnAmt>
           <sshPrnamt>323270</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>323270</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>WHEELER REAL ESTATE</nameOfIssuer>
       <titleOfClass>CV PFD SER B</titleOfClass>
       <cusip>963025309</cusip>
       <value>1608</value>
       <shrsOrPrnAmt>
           <sshPrnamt>86437</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>86437</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>WHEELER REAL ESTATE</nameOfIssuer>
       <titleOfClass>PFD CNV SER D</titleOfClass>
       <cusip>963025606</cusip>
       <value>1891</value>
       <shrsOrPrnAmt>
           <sshPrnamt>90157</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>90157</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CROWN CASTLE INTL CO</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>22822V101</cusip>
       <value>3594</value>
       <shrsOrPrnAmt>
           <sshPrnamt>32279</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>32279</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>RAMCO-GERSHENSON PPT</nameOfIssuer>
       <titleOfClass>PERP PFD-D CV</titleOfClass>
       <cusip>751452608</cusip>
       <value>6068</value>
       <shrsOrPrnAmt>
           <sshPrnamt>112746</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>112746</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SUN CMNTYS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>866674104</cusip>
       <value>6898</value>
       <shrsOrPrnAmt>
           <sshPrnamt>67930</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>67930</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>RLJ LODGING TR</nameOfIssuer>
       <titleOfClass>CUM CONV PFD A</titleOfClass>
       <cusip>74965L200</cusip>
       <value>5346</value>
       <shrsOrPrnAmt>
           <sshPrnamt>205765</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>205765</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>FIRST INDUSTRIAL REA</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>32054K103</cusip>
       <value>6033</value>
       <shrsOrPrnAmt>
           <sshPrnamt>192134</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>192134</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BRAEMAR HOTELS &amp; RES</nameOfIssuer>
       <titleOfClass>5.5 CUM CV PFD B</titleOfClass>
       <cusip>10482B200</cusip>
       <value>2552</value>
       <shrsOrPrnAmt>
           <sshPrnamt>134662</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>134662</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>DIGITAL RLTY TR INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>253868103</cusip>
       <value>8061</value>
       <shrsOrPrnAmt>
           <sshPrnamt>71652</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>71652</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>EPR PPTYS</nameOfIssuer>
       <titleOfClass>CONV PFD 9% SR E</titleOfClass>
       <cusip>26884U307</cusip>
       <value>3249</value>
       <shrsOrPrnAmt>
           <sshPrnamt>90455</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>90455</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>INDUSTRIAL LOGISTICS</nameOfIssuer>
       <titleOfClass>COM SHS BEN INT</titleOfClass>
       <cusip>456237106</cusip>
       <value>5599</value>
       <shrsOrPrnAmt>
           <sshPrnamt>243329</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>243329</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>QTS RLTY TR INC</nameOfIssuer>
       <titleOfClass>6.50% CON PFD B</titleOfClass>
       <cusip>74736A301</cusip>
       <value>8319</value>
       <shrsOrPrnAmt>
           <sshPrnamt>78770</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>78770</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>MGM GROWTH PPTYS LLC</nameOfIssuer>
       <titleOfClass>CL A COM</titleOfClass>
       <cusip>55303A105</cusip>
       <value>4453</value>
       <shrsOrPrnAmt>
           <sshPrnamt>151000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>151000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>TPG RE FIN TR INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>87266M107</cusip>
       <value>5079</value>
       <shrsOrPrnAmt>
           <sshPrnamt>253700</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>253700</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CROWN CASTLE INTL CO</nameOfIssuer>
       <titleOfClass>6.875% CON PFD A</titleOfClass>
       <cusip>22822V309</cusip>
       <value>4335</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3992</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>3992</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>LEXINGTON REALTY TRU</nameOfIssuer>
       <titleOfClass>PFD CONV SER C</titleOfClass>
       <cusip>529043309</cusip>
       <value>661</value>
       <shrsOrPrnAmt>
           <sshPrnamt>13348</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>13348</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BLACKSTONE MTG TR IN</nameOfIssuer>
       <titleOfClass>COM CL A</titleOfClass>
       <cusip>09257W100</cusip>
       <value>19982</value>
       <shrsOrPrnAmt>
           <sshPrnamt>596300</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>596300</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
</informationTable>
