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
3M CO COM 88579y101 630 3,600 SH   SOLE   2,600 0 1,000
ABBVIE INC COM 00287y109 339 5,480 SH   SOLE   0 0 5,480
AFLAC INC COM 001055102 2,886 39,988 SH   SOLE   0 0 39,988
AGNICO EAGLE MINES LTD COM 008474108 669 12,500 SH   SOLE   0 0 12,500
ALPHABET INC CAP STK CL A 02079k305 457 650 SH   SOLE   0 0 650
ALPHABET INC CAP STK CL C 02079k107 451 651 SH   SOLE   0 0 651
AMAZON COM INC COM 023135106 250 350 SH   SOLE   0 0 350
AMERICAN ELEC PWR INC COM 025537101 939 13,400 SH   SOLE   0 0 13,400
AMERICAN EXPRESS CO COM 025816109 571 9,400 SH   SOLE   1,000 0 8,400
AMERICAN HOMES 4 RENT CL A 02665t306 4,774 233,089 SH   SOLE   28,875 0 204,214
AMERICAN HOMES 4 RENT CL A 02665t306 246 12,000 SH   OTR   0 0 12,000
AMERICAN INTL GROUP INC COM NEW 026874784 397 7,502 SH   SOLE   0 0 7,502
AMGEN INC COM 031162100 304 2,000 SH   SOLE   0 0 2,000
ANTHEM INC COM 036752103 525 4,000 SH   SOLE   0 0 4,000
ASHFORD HOSPITALITY TR INC COM SHS 044103109 97 18,000 SH   OTR   0 0 18,000
AT&T INC COM 00206r102 8,450 195,558 SH   SOLE   18,500 0 177,058
AUTOMATIC DATA PROCESSING IN COM 053015103 616 6,700 SH   SOLE   0 0 6,700
BANK NEW YORK MELLON CORP COM 064058100 4,118 106,000 SH   SOLE   40,500 0 65,500
BERKSHIRE HATHAWAY INC DEL CL A 084670108 9,547 44 SH   SOLE   0 0 44
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 7,203 49,750 SH   SOLE   0 0 49,750
BLACKROCK INC COM 09247x101 1,028 3,000 SH   SOLE   0 0 3,000
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 298 9,000 SH   OTR   0 0 9,000
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 3,177 96,073 SH   SOLE   31,500 0 64,573
CABOT OIL & GAS CORP COM 127097103 257 10,000 SH   OTR   0 0 10,000
CATERPILLAR INC DEL COM 149123101 1,221 16,100 SH   SOLE   500 0 15,600
CELGENE CORP COM 151020104 616 6,250 SH   SOLE   0 0 6,250
CHARTER COMMUNICATIONS INC N CL A 16119p108 330 1,443 SH   SOLE   0 0 1,443
CHATHAM LODGING TR COM 16208t102 396 18,000 SH   OTR   0 0 18,000
CHATHAM LODGING TR COM 16208t102 110 5,000 SH   SOLE   0 0 5,000
CHESAPEAKE ENERGY CORP COM 165167107 113 26,400 SH   SOLE   0 0 26,400
CHEVRON CORP NEW COM 166764100 3,061 29,200 SH   SOLE   10,000 0 19,200
CHIMERA INVT CORP COM NEW 16934q208 100 6,400 SH   SOLE   0 0 6,400
CHIMERA INVT CORP COM NEW 16934q208 151 9,600 SH   OTR   0 0 9,600
CHUBB LIMITED COM h1467j104 4,733 36,209 SH   SOLE   18,300 0 17,909
CIGNA CORPORATION COM 125509109 768 6,000 SH   SOLE   0 0 6,000
COCA COLA CO COM 191216100 961 21,200 SH   SOLE   9,500 0 11,700
COLGATE PALMOLIVE CO COM 194162103 937 12,800 SH   SOLE   0 0 12,800
COLONY STARWOOD HOMES COM 19625x102 909 29,900 SH   SOLE   1,400 0 28,500
COMCAST CORP NEW CL A 20030n101 1,760 27,000 SH   SOLE   0 0 27,000
CONOCOPHILLIPS COM 20825c104 279 6,397 SH   SOLE   0 0 6,397
CONTRAFECT CORP COM 212326102 74 25,725 SH   SOLE   0 0 25,725
CREDIT SUISSE GROUP SPONSORED ADR 225401108 107 10,000 SH   SOLE   0 0 10,000
CVS HEALTH CORP COM 126650100 1,963 20,500 SH   SOLE   17,200 0 3,300
DDR CORP COM 23317h102 2,904 160,100 SH   SOLE   3,000 0 157,100
DEERE & CO COM 244199105 405 5,000 SH   OTR   0 0 5,000
DEERE & CO COM 244199105 5,314 65,575 SH   SOLE   14,400 0 51,175
DIAGEO P L C SPON ADR NEW 25243q205 6,034 53,450 SH   SOLE   15,550 0 37,900
DIAMONDROCK HOSPITALITY CO COM 252784301 804 88,950 SH   SOLE   4,900 0 84,050
DISNEY WALT CO COM DISNEY 254687106 1,771 18,100 SH   SOLE   0 0 18,100
DOLLAR GEN CORP NEW COM 256677105 1,175 12,500 SH   SOLE   2,000 0 10,500
DU PONT E I DE NEMOURS & CO COM 263534109 421 6,500 SH   OTR   0 0 6,500
DU PONT E I DE NEMOURS & CO COM 263534109 6,441 99,400 SH   SOLE   23,600 0 75,800
DUKE REALTY CORP COM NEW 264411505 400 15,000 SH   SOLE   10,000 0 5,000
DUN & BRADSTREET CORP DEL NE COM 26483e100 518 4,250 SH   SOLE   0 0 4,250
EATON CORP PLC SHS g29183103 299 5,000 SH   SOLE   0 0 5,000
ECOLAB INC COM 278865100 1,238 10,436 SH   SOLE   0 0 10,436
EMPIRE ST RLTY TR INC CL A 292104106 114 6,000 SH   OTR   0 0 6,000
EMPIRE ST RLTY TR INC CL A 292104106 114 6,000 SH   SOLE   0 0 6,000
EOG RES INC COM 26875p101 250 3,000 SH   OTR   0 0 3,000
EOG RES INC COM 26875p101 5,007 60,025 SH   SOLE   7,800 0 52,225
EQUITY ONE COM 294752100 579 18,000 SH   OTR   0 0 18,000
EQUITY ONE COM 294752100 1,255 39,000 SH   SOLE   18,000 0 21,000
EXCO RESOURCES INC COM 269279402 13 10,000 SH   SOLE   0 0 10,000
EXPRESS SCRIPTS HLDG CO COM 30219g108 910 12,000 SH   SOLE   0 0 12,000
EXXON MOBIL CORP COM 30231g102 9,217 98,328 SH   SOLE   28,200 0 70,128
FACEBOOK INC CL A 30303m102 1,151 10,075 SH   SOLE   0 0 10,075
FELCOR LODGING TR INC COM 31430f101 75 12,000 SH   OTR   0 0 12,000
FIRST REP BK SAN FRANCISCO C COM 33616c100 280 4,000 SH   SOLE   3,000 0 1,000
FOREST CITY RLTY TR INC COM CL A 345605109 614 27,500 SH   OTR   0 0 27,500
FOREST CITY RLTY TR INC COM CL A 345605109 1,695 76,000 SH   SOLE   5,000 0 71,000
FRANCO NEVADA CORP COM 351858105 521 6,850 SH   SOLE   0 0 6,850
FRONTIER COMMUNICATIONS CORP COM 35906a108 264 53,547 SH   SOLE   0 0 53,547
FUELCELL ENERGY INC COM NEW 35952h502 31 5,000 SH   OTR   0 0 5,000
FUELCELL ENERGY INC COM NEW 35952h502 1,388 223,046 SH   SOLE   412 0 222,634
GENERAL ELECTRIC CO COM 369604103 5,322 169,050 SH   SOLE   41,500 0 127,550
GENERAL GROWTH PPTYS INC NEW COM 370023103 2,683 89,958 SH   SOLE   8,021 0 81,937
GLADSTONE LD CORP COM 376549101 166 15,000 SH   SOLE   0 0 15,000
GOLDCORP INC NEW COM 380956409 383 20,000 SH   SOLE   0 0 20,000
GOLDMAN SACHS GROUP INC COM 38141g104 617 4,150 SH   SOLE   0 0 4,150
GRAMERCY PPTY TR COM 385002100 3,225 349,812 SH   SOLE   33,707 0 316,105
GRAMERCY PPTY TR COM 385002100 461 50,000 SH   OTR   0 0 50,000
GULFMARK OFFSHORE INC CL A NEW 402629208 32 10,100 SH   SOLE   0 0 10,100
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 315 18,350 SH   SOLE   2,500 0 15,850
HILTON WORLDWIDE HLDGS INC COM 43300a104 406 18,000 SH   OTR   0 0 18,000
HILTON WORLDWIDE HLDGS INC COM 43300a104 1,177 52,250 SH   SOLE   16,000 0 36,250
HOST HOTELS & RESORTS INC COM 44107p104 1,862 114,887 SH   SOLE   12,700 0 102,187
HOWARD HUGHES CORP COM 44267d107 514 4,500 SH   SOLE   0 0 4,500
INTERCONTINENTAL EXCHANGE IN COM 45866f104 384 1,500 SH   SOLE   0 0 1,500
INTERSECTIONS INC COM 460981301 105 49,145 SH   SOLE   0 0 49,145
ISHARES MSCI FRANCE ETF 464286707 492 21,500 SH   SOLE   0 0 21,500
ISHARES MSCI SZ CAP ETF 464286749 583 19,679 SH   SOLE   0 0 19,679
ISHARES GOLD TRUST ISHARES 464285105 3,751 294,000 SH   SOLE   0 0 294,000
ISHARES TR GLOBAL 100 ETF 464287572 602 8,400 SH   SOLE   0 0 8,400
ISHARES TR SELECT DIVID ETF 464287168 1,149 13,475 SH   SOLE   0 0 13,475
ISHARES TR U.S. REAL ES ETF 464287739 247 3,000 SH   SOLE   0 0 3,000
ISHARES TR US HOME CONS ETF 464288752 4,713 170,450 SH   SOLE   25,300 0 145,150
ISTAR INC COM 45031u101 177 18,500 SH   OTR   0 0 18,500
ISTAR INC COM 45031u101 177 18,500 SH   SOLE   0 0 18,500
JOHNSON & JOHNSON COM 478160104 4,440 36,600 SH   SOLE   4,500 0 32,100
JPMORGAN CHASE & CO COM 46625h100 5,394 86,800 SH   SOLE   5,700 0 81,100
KELLOGG CO COM 487836108 1,225 15,000 SH   SOLE   15,000 0 0
KEYCORP NEW COM 493267108 110 10,000 SH   SOLE   10,000 0 0
KIMCO RLTY CORP COM 49446r109 2,319 73,900 SH   SOLE   8,500 0 65,400
KIMCO RLTY CORP COM 49446r109 439 14,000 SH   OTR   0 0 14,000
KRAFT HEINZ CO COM 500754106 10,737 121,350 SH   SOLE   30,600 0 90,750
LABORATORY CORP AMER HLDGS COM NEW 50540r409 521 4,000 SH   SOLE   0 0 4,000
LINKEDIN CORP COM CL A 53578a108 360 1,900 SH   SOLE   0 0 1,900
MARRIOTT VACATIONS WRLDWDE C COM 57164y107 208 3,035 SH   SOLE   180 0 2,855
MARSH & MCLENNAN COS INC COM 571748102 7,404 108,150 SH   SOLE   33,300 0 74,850
MCDONALDS CORP COM 580135101 241 2,000 SH   SOLE   0 0 2,000
METLIFE INC COM 59156r108 1,683 42,250 SH   SOLE   11,200 0 31,050
MICROSOFT CORP COM 594918104 2,027 39,620 SH   SOLE   9,500 0 30,120
MONDELEZ INTL INC CL A 609207105 1,020 22,400 SH   SOLE   2,000 0 20,400
MONMOUTH REAL ESTATE INVT CO CL A 609720107 886 66,892 SH   SOLE   10,000 0 56,892
NEWELL BRANDS INC COM 651229106 1,394 28,700 SH   SOLE   9,500 0 19,200
NOBLE ENERGY INC COM 655044105 323 9,000 SH   OTR   0 0 9,000
NOBLE ENERGY INC COM 655044105 3,695 103,000 SH   SOLE   19,700 0 83,300
NORFOLK SOUTHERN CORP COM 655844108 809 9,500 SH   SOLE   9,000 0 500
NORTHROP GRUMMAN CORP COM 666807102 667 3,000 SH   SOLE   3,000 0 0
PARATEK PHARMACEUTICALS INC COM 699374302 139 10,000 SH   SOLE   0 0 10,000
PARSLEY ENERGY INC CL A 701877102 235 8,700 SH   SOLE   0 0 8,700
PEBBLEBROOK HOTEL TR COM 70509v100 131 5,000 SH   SOLE   0 0 5,000
PEBBLEBROOK HOTEL TR COM 70509v100 120 4,560 SH   OTR   0 0 4,560
PEPSICO INC COM 713448108 3,891 36,730 SH   SOLE   15,200 0 21,530
PINNACLE WEST CAP CORP COM 723484101 1,013 12,500 SH   SOLE   0 0 12,500
POWERSHS DB MULTI SECT COMM PS DB AGRICUL FD 73936b408 331 15,000 SH   SOLE   0 0 15,000
PROCTER & GAMBLE CO COM 742718109 5,466 64,556 SH   SOLE   21,000 0 43,556
QUEST DIAGNOSTICS INC COM 74834L100 285 3,500 SH   SOLE   0 0 3,500
RAYTHEON CO COM NEW 755111507 272 2,000 SH   SOLE   2,000 0 0
REPUBLIC SVCS INC COM 760759100 872 17,000 SH   SOLE   11,500 0 5,500
RETAIL OPPORTUNITY INVTS COR COM 76131n101 455 21,000 SH   OTR   0 0 21,000
RETAIL OPPORTUNITY INVTS COR COM 76131n101 1,088 50,200 SH   SOLE   16,500 0 33,700
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 304 5,500 SH   SOLE   0 0 5,500
SCHLUMBERGER LTD COM 806857108 1,969 24,896 SH   SOLE   0 0 24,896
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369y209 717 10,000 SH   SOLE   0 0 10,000
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369y506 4,777 70,000 SH   SOLE   20,300 0 49,700
SELECT SECTOR SPDR TR TECHNOLOGY 81369y803 651 15,000 SH   SOLE   0 0 15,000
SIMON PPTY GROUP INC NEW COM 828806109 1,649 7,600 SH   SOLE   2,600 0 5,000
SPDR GOLD TRUST GOLD SHS 78463v107 23,992 189,705 SH   SOLE   7,365 0 182,340
SPDR INDEX SHS FDS EURO STOXX 50 78463x202 5,525 177,250 SH   SOLE   12,800 0 164,450
SPDR S&P 500 ETF TR TR UNIT 78462f103 1,433 6,840 SH   SOLE   0 0 6,840
SPDR SERIES TRUST S&P BK ETF 78464a797 305 10,000 SH   SOLE   5,000 0 5,000
SPDR SERIES TRUST S&P DIVID ETF 78464a763 990 11,800 SH   SOLE   0 0 11,800
SPDR SERIES TRUST S&P HOMEBUILD 78464a888 1,509 45,000 SH   SOLE   13,000 0 32,000
SPECTRA ENERGY CORP COM 847560109 366 10,000 SH   SOLE   10,000 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207h104 527 48,000 SH   SOLE   0 0 48,000
SUMMIT HOTEL PPTYS COM 866082100 421 31,800 SH   SOLE   0 0 31,800
SUNTRUST BKS INC COM 867914103 2,054 50,000 SH   SOLE   11,000 0 39,000
TANGER FACTORY OUTLET CTRS I COM 875465106 2,384 44,600 SH   SOLE   11,800 0 32,800
TARGET CORP COM 87612e106 209 3,000 SH   SOLE   0 0 3,000
TAUBMAN CTRS INC COM 876664103 801 10,800 SH   SOLE   1,000 0 9,800
TECO ENERGY INC COM 872375100 1,106 40,000 SH   SOLE   0 0 40,000
TERRENO RLTY CORP COM 88146m101 479 18,500 SH   SOLE   0 0 18,500
TIME WARNER INC COM NEW 887317303 4,048 55,050 SH   SOLE   3,350 0 51,700
TJX COS INC NEW COM 872540109 8,908 115,350 SH   SOLE   27,600 0 87,750
TOTAL S A SPONSORED ADR 89151e109 240 5,000 SH   SOLE   0 0 5,000
TWENTY FIRST CENTY FOX INC CL A 90130a101 281 10,400 SH   SOLE   10,000 0 400
UBS GROUP AG SHS h42097107 130 10,000 SH   SOLE   0 0 10,000
UMH PPTYS INC COM 903002103 201 17,908 SH   SOLE   0 0 17,908
UNILEVER N V N Y SHS NEW 904784709 4,600 98,000 SH   SOLE   19,000 0 79,000
UNION PAC CORP COM 907818108 911 10,432 SH   SOLE   3,000 0 7,432
UNITED PARCEL SERVICE INC CL B 911312106 5,310 49,300 SH   SOLE   7,400 0 41,900
UNITED TECHNOLOGIES CORP COM 913017109 256 2,500 SH   SOLE   0 0 2,500
URSTADT BIDDLE PPTYS INC CL A 917286205 607 24,500 SH   SOLE   4,500 0 20,000
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 1,222 14,500 SH   SOLE   0 0 14,500
VANGUARD INDEX FDS EXTEND MKT ETF 922908652 1,273 14,900 SH   SOLE   0 0 14,900
VANGUARD INDEX FDS TOTAL STK MKT 922908769 5,454 50,900 SH   SOLE   0 0 50,900
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 824 19,230 SH   SOLE   0 0 19,230
VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF 922042718 289 3,100 SH   SOLE   0 0 3,100
VANTIV INC CL A 92210h105 283 5,000 SH   SOLE   0 0 5,000
VECTOR GROUP LTD COM 92240m108 798 35,598 SH   SOLE   0 0 35,598
VERIZON COMMUNICATIONS INC COM 92343v104 626 11,202 SH   SOLE   460 0 10,742
WALGREENS BOOTS ALLIANCE INC COM 931427108 346 4,150 SH   SOLE   0 0 4,150
WAL-MART STORES INC COM 931142103 511 7,000 SH   SOLE   3,000 0 4,000
WASTE MGMT INC DEL COM 94106L109 994 15,000 SH   SOLE   15,000 0 0
WELLS FARGO & CO NEW COM 949746101 3,765 79,558 SH   SOLE   25,300 0 54,258
WESTERN COPPER & GOLD CORP COM 95805v108 9 10,000 SH   SOLE   0 0 10,000
WEYERHAEUSER CO COM 962166104 1,429 48,000 SH   SOLE   16,000 0 32,000
WINTHROP RLTY TR SH BEN INT NEW 976391300 220 25,000 SH   SOLE   10,000 0 15,000
XCEL ENERGY INC COM 98389b100 448 10,000 SH   SOLE   10,000 0 0