<informationTable xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">
  <infoTable>
    <nameOfIssuer>EPR PPTYS</nameOfIssuer>
    <titleOfClass>PFD C CNV 5.75%</titleOfClass>
    <cusip>26884U208</cusip>
    <value>5972</value>
    <shrsOrPrnAmt>
      <sshPrnamt>378210</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>378210</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PREFERRED APT CMNTYS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74039L103</cusip>
    <value>1964</value>
    <shrsOrPrnAmt>
      <sshPrnamt>273490</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>273490</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>1246</value>
    <shrsOrPrnAmt>
      <sshPrnamt>224437</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>224437</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QTS RLTY TR INC</nameOfIssuer>
    <titleOfClass>6.50% CON PFD B</titleOfClass>
    <cusip>74736A301</cusip>
    <value>7201</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56014</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>56014</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLOBAL NET LEASE INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>379378201</cusip>
    <value>5330</value>
    <shrsOrPrnAmt>
      <sshPrnamt>398641</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>398641</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PLYMOUTH INDL REIT I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>729640102</cusip>
    <value>4362</value>
    <shrsOrPrnAmt>
      <sshPrnamt>390826</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>390826</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SL GREEN RLTY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78440X101</cusip>
    <value>20896</value>
    <shrsOrPrnAmt>
      <sshPrnamt>484837</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>484837</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALEXANDRIA REAL ESTA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>015271109</cusip>
    <value>3358</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EQUITY LIFESTYLE PPT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29472R108</cusip>
    <value>3725</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64800</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>1392</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64708</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>64708</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BLACKSTONE MTG TR IN</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>09257W100</cusip>
    <value>2304</value>
    <shrsOrPrnAmt>
      <sshPrnamt>123718</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>123718</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
