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 749 3,600 SH   SOLE   2,600 0 1,000
ABBOTT LABS COM 002824100 1,492 30,700 SH   SOLE   15,000 0 15,700
ABBVIE INC COM 00287y109 1,133 15,630 SH   SOLE   0 0 15,630
AFLAC INC COM 001055102 3,106 39,988 SH   SOLE   0 0 39,988
AGNICO EAGLE MINES LTD COM 008474108 519 11,500 SH   SOLE   0 0 11,500
ALLSTATE CORP COM 020002101 8,579 97,000 SH   SOLE   12,100 0 84,900
ALPHABET INC CAP STK CL A 02079k305 604 650 SH   SOLE   0 0 650
ALPHABET INC CAP STK CL C 02079k107 2,409 2,651 SH   SOLE   0 0 2,651
ALPS ETF TR ALERIAN MLP 00162q866 6,075 507,900 SH   SOLE   78,100 0 429,800
AMAZON COM INC COM 023135106 968 1,000 SH   SOLE   0 0 1,000
AMERICAN ELEC PWR INC COM 025537101 1,528 22,000 SH   SOLE   0 0 22,000
AMERICAN EXPRESS CO COM 025816109 5,408 64,200 SH   SOLE   20,000 0 44,200
AMERICAN HOMES 4 RENT CL A 02665t306 5,529 244,989 SH   SOLE   28,875 0 216,114
AMERICAN INTL GROUP INC COM NEW 026874784 469 7,500 SH   SOLE   0 0 7,500
AMERICAN TOWER CORP NEW COM 03027x100 5,041 38,100 SH   SOLE   16,000 0 22,100
AON PLC SHS CL A g0408v102 864 6,500 SH   SOLE   0 0 6,500
APPLE INC COM 037833100 202 1,400 SH   SOLE   0 0 1,400
ARAMARK COM 03852u106 1,748 42,650 SH   SOLE   5,500 0 37,150
ARMADA HOFFLER PPTYS INC COM 04208t108 129 10,000 SH   SOLE   5,000 0 5,000
AT&T INC COM 00206r102 4,020 106,558 SH   SOLE   0 0 106,558
AUTOMATIC DATA PROCESSING IN COM 053015103 599 5,845 SH   SOLE   0 0 5,845
BANCO SANTANDER SA ADR 05964h105 69 10,300 SH   SOLE   0 0 10,300
BANK NEW YORK MELLON CORP COM 064058100 13,163 258,000 SH   SOLE   68,000 0 190,000
BARRICK GOLD CORP COM 067901108 239 15,000 SH   SOLE   0 0 15,000
BERKSHIRE HATHAWAY INC DEL CL A 084670108 11,207 44 SH   SOLE   0 0 44
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 8,384 49,500 SH   SOLE   0 0 49,500
BLACKROCK INC COM 09247x101 634 1,500 SH   SOLE   0 0 1,500
BRIXMOR PPTY GROUP INC COM 11120u105 554 31,000 SH   SOLE   7,000 0 24,000
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 3,767 96,073 SH   SOLE   31,500 0 64,573
CATERPILLAR INC DEL COM 149123101 1,053 9,800 SH   SOLE   500 0 9,300
CENTRAL FD CDA LTD CL A 153501101 185 15,000 SH   SOLE   0 0 15,000
CHARTER COMMUNICATIONS INC N CL A 16119p108 486 1,443 SH   SOLE   0 0 1,443
CHESAPEAKE ENERGY CORP COM 165167107 131 26,300 SH   SOLE   0 0 26,300
CHEVRON CORP NEW COM 166764100 1,998 19,150 SH   SOLE   0 0 19,150
CHUBB LIMITED COM h1467j104 4,884 33,600 SH   SOLE   18,300 0 15,300
CISCO SYS INC COM 17275r102 939 30,000 SH   SOLE   25,000 0 5,000
CITIGROUP INC COM NEW 172967424 281 4,200 SH   SOLE   0 0 4,200
COCA COLA CO COM 191216100 1,089 24,275 SH   SOLE   9,500 0 14,775
COLGATE PALMOLIVE CO COM 194162103 949 12,800 SH   SOLE   0 0 12,800
COLONY STARWOOD HOMES COM 19625x102 3,057 89,100 SH   SOLE   21,400 0 67,700
COMCAST CORP NEW CL A 20030n101 2,196 56,400 SH   SOLE   0 0 56,400
COMERICA INC COM 200340107 220 3,000 SH   SOLE   0 0 3,000
CONOCOPHILLIPS COM 20825c104 290 6,597 SH   SOLE   0 0 6,597
CONTRAFECT CORP COM 212326102 37 25,725 SH   SOLE   0 0 25,725
CORNING INC COM 219350105 300 10,000 SH   SOLE   10,000 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 730 50,000 SH   SOLE   0 0 50,000
CYRUSONE INC COM 23283r100 1,910 34,270 SH   SOLE   7,800 0 26,470
D R HORTON INC COM 23331a109 415 12,000 SH   SOLE   0 0 12,000
DIAGEO P L C SPON ADR NEW 25243q205 7,753 64,700 SH   SOLE   9,050 0 55,650
DIAMONDROCK HOSPITALITY CO COM 252784301 829 75,700 SH   SOLE   4,900 0 70,800
DISNEY WALT CO COM DISNEY 254687106 1,923 18,100 SH   SOLE   0 0 18,100
DOLLAR GEN CORP NEW COM 256677105 613 8,500 SH   SOLE   2,000 0 6,500
DU PONT E I DE NEMOURS & CO COM 263534109 484 6,000 SH   SOLE   0 0 6,000
DUKE REALTY CORP COM NEW 264411505 950 34,000 SH   SOLE   25,000 0 9,000
DUN & BRADSTREET CORP DEL NE COM 26483e100 460 4,250 SH   SOLE   0 0 4,250
DUPONT FABROS TECHNOLOGY INC COM 26613q106 979 16,000 SH   SOLE   9,000 0 7,000
ECOLAB INC COM 278865100 1,385 10,436 SH   SOLE   0 0 10,436
EMPIRE ST RLTY TR INC CL A 292104106 315 15,200 SH   SOLE   0 0 15,200
EXXON MOBIL CORP COM 30231g102 5,702 70,638 SH   SOLE   11,600 0 59,038
FACEBOOK INC CL A 30303m102 2,276 15,075 SH   SOLE   0 0 15,075
FARMLAND PARTNERS INC COM 31154r109 121 13,568 SH   SOLE   0 0 13,568
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620r303 516 11,500 SH   SOLE   0 0 11,500
FIRST REP BK SAN FRANCISCO C COM 33616c100 400 4,000 SH   SOLE   3,000 0 1,000
FOREST CITY RLTY TR INC COM CL A 345605109 2,997 124,000 SH   SOLE   15,000 0 109,000
FRANCO NEVADA CORP COM 351858105 494 6,850 SH   SOLE   0 0 6,850
GENERAL ELECTRIC CO COM 369604103 5,731 212,175 SH   SOLE   32,500 0 179,675
GGP INC COM 36174x101 6,644 281,982 SH   SOLE   61,021 0 220,961
GLADSTONE LD CORP COM 376549101 181 15,500 SH   SOLE   0 0 15,500
GLOBAL SELF STORAGE INC COM 37955n106 49 10,000 SH   SOLE   0 0 10,000
GRAMERCY PPTY TR COM NEW 385002308 4,349 146,371 SH   SOLE   14,251 0 132,120
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 238 12,850 SH   SOLE   2,500 0 10,350
HOME DEPOT INC COM 437076102 230 1,500 SH   SOLE   0 0 1,500
HONEYWELL INTL INC COM 438516106 1,546 11,600 SH   SOLE   10,000 0 1,600
HOST HOTELS & RESORTS INC COM 44107p104 2,025 110,835 SH   SOLE   12,700 0 98,135
HOWARD HUGHES CORP COM 44267d107 430 3,500 SH   SOLE   0 0 3,500
ILLINOIS TOOL WKS INC COM 452308109 716 5,000 SH   SOLE   5,000 0 0
INTERSECTIONS INC COM 460981301 254 53,895 SH   SOLE   0 0 53,895
INVITATION HOMES INC COM 46187w107 2,763 127,750 SH   SOLE   32,000 0 95,750
ISHARES MSCI FRANCE ETF 464286707 618 21,500 SH   SOLE   0 0 21,500
ISHARES MSCI SZ CAP ETF 464286749 675 19,679 SH   SOLE   0 0 19,679
ISHARES GOLD TRUST ISHARES 464285105 3,510 294,000 SH   SOLE   0 0 294,000
ISHARES TR GLOBAL 100 ETF 464287572 708 8,400 SH   SOLE   0 0 8,400
ISHARES TR SELECT DIVID ETF 464287168 1,030 11,175 SH   SOLE   0 0 11,175
ISHARES TR US HOME CONS ETF 464288752 414 12,200 SH   SOLE   10,000 0 2,200
JOHNSON & JOHNSON COM 478160104 6,178 46,700 SH   SOLE   14,500 0 32,200
JPMORGAN CHASE & CO COM 46625h100 8,728 95,500 SH   SOLE   15,700 0 79,800
KELLOGG CO COM 487836108 347 5,000 SH   SOLE   5,000 0 0
KEYCORP NEW COM 493267108 843 45,000 SH   SOLE   30,000 0 15,000
KIMCO RLTY CORP COM 49446r109 1,230 67,000 SH   SOLE   8,500 0 58,500
KRAFT HEINZ CO COM 500754106 265 3,100 SH   SOLE   0 0 3,100
LABORATORY CORP AMER HLDGS COM NEW 50540r409 1,079 7,000 SH   SOLE   0 0 7,000
LIBERTY MEDIA CORP DELAWARE COM C SIRIUSXM 531229607 292 7,000 SH   SOLE   0 0 7,000
LILLY ELI & CO COM 532457108 831 10,100 SH   SOLE   0 0 10,100
MACK CALI RLTY CORP COM 554489104 706 26,000 SH   SOLE   5,000 0 21,000
MARRIOTT VACATIONS WRLDWDE C COM 57164y107 287 2,435 SH   SOLE   180 0 2,255
MARSH & MCLENNAN COS INC COM 571748102 8,323 106,750 SH   SOLE   28,300 0 78,450
MCDONALDS CORP COM 580135101 8,887 58,025 SH   SOLE   15,800 0 42,225
MERCK & CO INC COM 58933y105 333 5,200 SH   SOLE   0 0 5,200
METLIFE INC COM 59156r108 1,879 34,200 SH   SOLE   6,200 0 28,000
MICROSOFT CORP COM 594918104 4,275 62,020 SH   SOLE   24,500 0 37,520
MONDELEZ INTL INC CL A 609207105 972 22,500 SH   SOLE   2,000 0 20,500
MONMOUTH REAL ESTATE INVT CO CL A 609720107 1,756 116,692 SH   SOLE   20,000 0 96,692
MONSANTO CO NEW COM 61166w101 2,746 23,200 SH   SOLE   0 0 23,200
NAVIGATOR HOLDINGS LTD SHS y62132108 1,348 162,500 SH   SOLE   35,000 0 127,500
NEW YORK REIT INC COM 64976l109 173 20,000 SH   SOLE   10,000 0 10,000
NEXTERA ENERGY INC COM 65339f101 2,102 15,000 SH   SOLE   8,000 0 7,000
NOBLE ENERGY INC COM 655044105 2,689 95,000 SH   SOLE   20,700 0 74,300
NOVARTIS A G SPONSORED ADR 66987v109 843 10,100 SH   SOLE   0 0 10,100
NOVO-NORDISK A S ADR 670100205 858 20,000 SH   SOLE   0 0 20,000
PARK HOTELS RESORTS INC COM 700517105 532 19,707 SH   SOLE   13,462 0 6,245
PEPSICO INC COM 713448108 5,255 45,500 SH   SOLE   5,200 0 40,300
PFIZER INC COM 717081103 1,004 29,900 SH   SOLE   1,500 0 28,400
PHYSICIANS RLTY TR COM 71943u104 328 16,300 SH   SOLE   10,000 0 6,300
PINNACLE WEST CAP CORP COM 723484101 1,064 12,500 SH   SOLE   0 0 12,500
PROCTER AND GAMBLE CO COM 742718109 6,625 76,016 SH   SOLE   10,000 0 66,016
PROLOGIS INC COM 74340w103 1,123 19,150 SH   SOLE   6,500 0 12,650
QUALCOMM INC COM 747525103 555 10,050 SH   SOLE   0 0 10,050
QUEST DIAGNOSTICS INC COM 74834l100 389 3,500 SH   SOLE   0 0 3,500
RAYTHEON CO COM NEW 755111507 1,292 8,000 SH   SOLE   7,000 0 1,000
REPUBLIC SVCS INC COM 760759100 1,083 17,000 SH   SOLE   11,500 0 5,500
RETAIL OPPORTUNITY INVTS COR COM 76131n101 1,654 86,200 SH   SOLE   25,500 0 60,700
REXFORD INDL RLTY INC COM 76169c100 933 34,000 SH   SOLE   15,000 0 19,000
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 293 5,500 SH   SOLE   0 0 5,500
SCHLUMBERGER LTD COM 806857108 4,470 67,896 SH   SOLE   10,200 0 57,696
SCHWAB CHARLES CORP NEW COM 808513105 644 15,000 SH   SOLE   15,000 0 0
SELECT SECTOR SPDR TR ENERGY 81369y506 4,271 65,800 SH   SOLE   20,300 0 45,500
SELECT SECTOR SPDR TR SBI CONS STPLS 81369y308 1,099 20,000 SH   SOLE   0 0 20,000
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369y209 792 10,000 SH   SOLE   0 0 10,000
SELECT SECTOR SPDR TR SBI INT-FINL 81369y605 7,772 315,050 SH   SOLE   70,000 0 245,050
SELECT SECTOR SPDR TR TECHNOLOGY 81369y803 1,642 30,000 SH   SOLE   15,000 0 15,000
SIMON PPTY GROUP INC NEW COM 828806109 2,038 12,600 SH   SOLE   2,600 0 10,000
SPDR GOLD TRUST GOLD SHS 78463v107 18,619 157,757 SH   SOLE   7,365 0 150,392
SPDR S&P 500 ETF TR TR UNIT 78462f103 2,645 10,940 SH   SOLE   0 0 10,940
SPDR SERIES TRUST S&P DIVID ETF 78464a763 533 6,000 SH   SOLE   0 0 6,000
SPDR SERIES TRUST S&P REGL BKG 78464a698 275 5,000 SH   SOLE   0 0 5,000
STATE STR CORP COM 857477103 897 10,000 SH   SOLE   10,000 0 0
SUMMIT HOTEL PPTYS COM 866082100 839 45,000 SH   SOLE   10,000 0 35,000
SUNTRUST BKS INC COM 867914103 227 4,000 SH   SOLE   0 0 4,000
TANGER FACTORY OUTLET CTRS I COM 875465106 637 24,500 SH   SOLE   4,000 0 20,500
TARGET CORP COM 87612e106 1,176 22,500 SH   SOLE   4,800 0 17,700
TAUBMAN CTRS INC COM 876664103 756 12,700 SH   SOLE   1,000 0 11,700
TIME WARNER INC COM NEW 887317303 1,426 14,200 SH   SOLE   0 0 14,200
TJX COS INC NEW COM 872540109 7,571 104,900 SH   SOLE   17,600 0 87,300
TOTAL S A SPONSORED ADR 89151e109 248 5,000 SH   SOLE   0 0 5,000
TRANSCANADA CORP COM 89353d107 1,073 22,500 SH   SOLE   0 0 22,500
UBS GROUP AG SHS h42097107 509 30,000 SH   SOLE   0 0 30,000
UMH PPTYS INC COM 903002103 729 42,708 SH   SOLE   5,000 0 37,708
UNITED TECHNOLOGIES CORP COM 913017109 244 2,000 SH   SOLE   0 0 2,000
URSTADT BIDDLE PPTYS INC CL A 917286205 436 22,000 SH   SOLE   4,500 0 17,500
VALIDUS HOLDINGS LTD COM SHS g9319h102 1,908 36,700 SH   SOLE   4,000 0 32,700
VANECK VECTORS ETF TR GOLD MINERS ETF 92189f106 3,597 162,918 SH   SOLE   2,000 0 160,918
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 1,358 16,600 SH   SOLE   0 0 16,600
VANGUARD INDEX FDS EXTEND MKT ETF 922908652 1,741 17,025 SH   SOLE   0 0 17,025
VANGUARD INDEX FDS TOTAL STK MKT 922908769 6,335 50,900 SH   SOLE   0 0 50,900
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 1,107 22,130 SH   SOLE   0 0 22,130
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 8,249 149,600 SH   SOLE   19,200 0 130,400
VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF 922042718 392 3,630 SH   SOLE   0 0 3,630
VANTIV INC CL A 92210h105 317 5,000 SH   SOLE   0 0 5,000
VECTOR GROUP LTD COM 92240m108 1,111 52,127 SH   SOLE   0 0 52,127
VERIZON COMMUNICATIONS INC COM 92343v104 350 7,832 SH   SOLE   460 0 7,372
VORNADO RLTY TR SH BEN INT 929042109 5,978 63,660 SH   SOLE   11,600 0 52,060
WALGREENS BOOTS ALLIANCE INC COM 931427108 325 4,150 SH   SOLE   0 0 4,150
WESTERN COPPER & GOLD CORP COM 95805v108 10 10,000 SH   SOLE   0 0 10,000
WEYERHAEUSER CO COM 962166104 1,608 48,000 SH   SOLE   16,000 0 32,000
WILLIAMS COS INC DEL COM 969457100 1,570 51,850 SH   SOLE   15,000 0 36,850