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
Lexington Realty Pr C PREFERRED 529043309 542 11,061 SH   SOLE   11,061 0 0
RamcoGershenson Pr D Conv PREFERRED 751452608 3,691 69,467 SH   SOLE   55,567 0 13,900
American Homes 4 Rent COM 02665T306 19,414 875,300 SH   SOLE   875,300 0 0
Brandywine Realty Trust COM 105368203 25,725 1,524,000 SH   SOLE   1,452,800 0 71,200
Brixmor Property Group Inc. COM 11120U105 24,599 1,411,300 SH   SOLE   1,338,800 0 72,500
Brookdale Senior Living Inc COM 112463104 9,701 1,067,200 SH   SOLE   1,067,200 0 0
CatchMark Timber Trust COM 14912Y202 3,998 314,100 SH   SOLE   246,900 0 67,200
City Office REIT Inc. COM 178587101 24,980 1,946,982 SH   SOLE   1,851,982 0 95,000
Cousins Property COM 222795106 22,321 2,303,500 SH   SOLE   2,303,500 0 0
Empire State Realty Trust COM 292104106 15,817 925,000 SH   SOLE   925,000 0 0
Equinix Inc COM 29444U700 2,250 5,235 SH   SOLE   5,235 0 0
Five Points Holdings, LLC COM 33833Q106 2,216 197,000 SH   SOLE   197,000 0 0
Gramercy Property Trust COM 385002308 4,579 167,600 SH   SOLE   129,900 0 37,700
HCP Inc. COM 40414L109 30,093 1,165,500 SH   SOLE   1,108,900 0 56,600
Hersha Hospitality COM 427825500 22,875 1,066,446 SH   SOLE   1,011,046 0 55,400
Howard Hughes Co. COM 44267D107 17,119 129,200 SH   SOLE   129,200 0 0
IShares DJ US R.E. COM 464287739 290 3,600 SH   SOLE   3,600 0 0
IStar Inc. COM 45031U101 22,515 2,086,700 SH   SOLE   2,086,700 0 0
JBG Smith Proper COM 46590V100 11,727 321,550 SH   SOLE   321,550 0 0
Jernigan Capital Inc. COM 476405105 10,754 564,200 SH   SOLE   564,200 0 0
Kennedy Wilson Hldgs COM 489398107 31,733 1,500,400 SH   SOLE   1,430,500 0 69,900
Liberty Property Trust COM 531172104 24,040 542,300 SH   SOLE   510,800 0 31,500
Mid-America Apartment COM 59522J103 2,899 28,800 SH   SOLE   22,200 0 6,600
New York REIT COM 64976L208 3,341 183,180 SH   SOLE   183,180 0 0
R.E. Select Sector SPDR COM 81369Y860 7,376 225,500 SH   SOLE   225,500 0 0
RLJ Lodging Trust COM 74965L101 19,811 898,471 SH   SOLE   872,071 0 26,400
Rayonier Inc. COM 754907103 11,429 295,400 SH   SOLE   295,400 0 0
Vereit Inc COM 92339V100 25,971 3,490,700 SH   SOLE   3,325,700 0 165,000
William Lyon Homes COM 552074700 13,643 588,039 SH   SOLE   588,039 0 0