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 929 18,861 SH   SOLE   18,861 0 0
Lexington Realty Pr C PREFERRED 529043309 49 1,000 SH   OTR   1,000 0 0
RamcoGershenson Pr D Conv PREFERRED 751452608 3,739 69,467 SH   SOLE   55,567 0 13,900
American Homes 4 Rent COM 02665T306 12,817 585,500 SH   SOLE   585,500 0 0
Brandywine Realty Trust COM 105368203 21,048 1,338,900 SH   SOLE   1,267,700 0 71,200
Brixmor Property Group Inc. COM 11120U105 23,674 1,352,000 SH   SOLE   1,279,500 0 72,500
Brookdale Senior Living Inc COM 112463104 9,946 1,011,800 SH   SOLE   1,011,800 0 0
CatchMark Timber Trust COM 14912Y202 5,432 475,219 SH   SOLE   379,719 0 95,500
City Office REIT Inc. COM 178587101 18,650 1,477,774 SH   SOLE   1,382,774 0 95,000
Cousins Property COM 222795106 20,069 2,257,500 SH   SOLE   2,257,500 0 0
Empire State Realty Trust COM 292104106 13,841 833,300 SH   SOLE   833,300 0 0
Equinix Inc COM 29444U700 5,502 12,710 SH   SOLE   12,710 0 0
Five Points Holdings, LLC COM 33833Q106 1,848 196,400 SH   SOLE   196,400 0 0
Gramercy Property Trust COM 385002308 4,034 147,000 SH   SOLE   129,900 0 17,100
HCP Inc. COM 40414L109 23,817 904,900 SH   SOLE   848,300 0 56,600
Hersha Hospitality COM 427825500 17,112 754,846 SH   SOLE   699,446 0 55,400
Howard Hughes Co. COM 44267D107 18,273 147,100 SH   SOLE   147,100 0 0
IStar Inc. COM 45031U101 20,752 1,857,800 SH   SOLE   1,857,800 0 0
JBG Smith Proper COM 46590V100 2,922 79,350 SH   SOLE   79,350 0 0
Jernigan Capital Inc. COM 476405105 10,247 531,200 SH   SOLE   531,200 0 0
Kennedy Wilson Hldgs COM 489398107 26,899 1,251,100 SH   SOLE   1,186,500 0 64,600
Liberty Property Trust COM 531172104 17,310 409,700 SH   SOLE   378,200 0 31,500
Mid-America Apartment COM 59522J103 2,885 28,800 SH   SOLE   22,200 0 6,600
R.E. Select Sector SPDR COM 81369Y860 796 24,400 SH   SOLE   24,400 0 0
RLJ Lodging Trust COM 74965L101 8,615 391,056 SH   SOLE   364,656 0 26,400
Rayonier Inc. COM 754907103 9,068 268,200 SH   SOLE   268,200 0 0
Stag Industrial COM 85254J102 3,407 123,900 SH   SOLE   112,500 0 11,400
Vereit Inc COM 92339V100 20,785 2,863,000 SH   SOLE   2,698,000 0 165,000
Weingarten Realty COM 948741103 3,348 112,500 SH   SOLE   86,400 0 26,100
William Lyon Homes COM 552074700 15,448 972,160 SH   SOLE   972,160 0 0