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
RLJ Lodging Trust Pr A PREFERRED 74965l200 2,426 84,500 SH   SOLE   62,200 0 22,300
Lexington Realty Pr C PREFERRED 529043309 2,364 41,461 SH   SOLE   36,261 0 5,200
Lexington Realty Pr C PREFERRED 529043309 80 1,400 SH   OTR   1,400 0 0
RPT Realty Pr D Conv PREFERRED 74971D200 3,165 52,867 SH   SOLE   40,067 0 12,800
American Homes 4 Rent COM 02665T306 3,489 133,100 SH   SOLE   133,100 0 0
American Homes 4 Rent COM 02665T306 51 1,940 SH   SOLE   1,940 0 0
Brandywine Realty Trust COM 105368203 11,219 712,300 SH   SOLE   623,800 0 88,500
Brixmor Property Group Inc. COM 11120U105 10,999 509,000 SH   SOLE   442,300 0 66,700
CatchMark Timber Trust COM 14912Y202 7,985 696,200 SH   SOLE   595,900 0 100,300
Century Communities COM 156504300 4,461 163,103 SH   SOLE   163,103 0 0
Century Communities COM 156504300 11 400 SH   SOLE   400 0 0
City Office REIT Inc. COM 178587101 2,309 170,811 SH   SOLE   128,511 0 42,300
Cousins Property COM 222795502 5,675 137,750 SH   SOLE   137,750 0 0
Cousins Property COM 222795502 55 1,340 SH   SOLE   1,340 0 0
Equinix Inc COM 29444U700 4,442 7,610 SH   SOLE   7,610 0 0
Equinix Inc COM 29444U700 58 100 SH   SOLE   100 0 0
Forestar Group Inc COM 346232101 3,030 145,316 SH   SOLE   145,316 0 0
Gaming & Leisure Properties COM 36467J108 2,923 67,900 SH   SOLE   55,100 0 12,800
Healthpeak Properties Inc. COM 42250P103 8,345 242,100 SH   SOLE   208,500 0 33,600
Hersha Hospitality COM 427825500 7,161 492,189 SH   SOLE   411,889 0 80,300
Howard Hughes Co. COM 44267D107 5,009 39,500 SH   SOLE   39,500 0 0
Howard Hughes Co. COM 44267D107 55 430 SH   SOLE   430 0 0
IStar Inc. COM 45031U101 5,153 355,100 SH   SOLE   355,100 0 0
Jernigan Capital Inc. COM 476405105 2,364 123,500 SH   SOLE   123,500 0 0
Kennedy Wilson Hldgs COM 489398107 7,569 339,400 SH   SOLE   305,400 0 34,000
Liberty Property Trust COM 531172104 733 12,200 SH   SOLE   12,200 0 0
Liberty Property Trust COM 531172104 42 700 SH   SOLE   700 0 0
MGM Resorts Int'l COM 552953101 4,362 131,100 SH   SOLE   131,100 0 0
MGM Resorts Int'l COM 552953101 56 1,680 SH   SOLE   1,680 0 0
Mack Cali COM 554489104 4,892 211,500 SH   SOLE   211,500 0 0
Mack Cali COM 554489104 34 1,480 SH   SOLE   1,480 0 0
RLJ Lodging Trust Pr A COM 74965L200 2,015 70,200 SH   SOLE   70,200 0 0
Seritage Growth Properties COM 81752R100 3,299 82,300 SH   SOLE   82,300 0 0
Seritage Growth Properties COM 81752R100 37 920 SH   SOLE   920 0 0
Simon Property Group COM 828806109 804 5,400 SH   SOLE   5,400 0 0
Spirit Realty Capital Inc. COM 84860W300 7,446 151,400 SH   SOLE   138,000 0 13,400
Spirit Realty Capital Inc. COM 84860W300 51 1,040 SH   SOLE   1,040 0 0
Stag Industrial COM 85254J102 7,823 247,800 SH   SOLE   211,700 0 36,100
Vanguard Specialized REIT COM 922908553 2,969 32,000 SH   SOLE   32,000 0 0
Vereit Inc COM 92339V100 9,135 988,600 SH   SOLE   864,000 0 124,600
WPT Industrial COM 92937G109 5,988 431,400 SH   SOLE   372,800 0 58,600
Weingarten Realty COM 948741103 9,147 292,800 SH   SOLE   253,700 0 39,100