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 905 51,700 SH   SOLE   40,700 0 11,000
Lexington Realty Pr C PREFERRED 529043309 1,643 37,335 SH   SOLE   30,015 0 7,320
Lexington Realty Pr C PREFERRED 529043309 62 1,400 SH   OTR   1,400 0 0
RPT Realty Pr D Conv PREFERRED 74971D200 1,618 52,867 SH   SOLE   40,067 0 12,800
Alexanders Inc. COM 014752109 3,008 10,900 SH   SOLE   8,100 0 2,800
American Homes 4 Rent COM 02665T306 2,594 111,800 SH   SOLE   111,800 0 0
American Homes 4 Rent COM 02665T306 45 1,940 SH   SOLE   1,940 0 0
Brandywine Realty Trust COM 105368203 7,133 678,000 SH   SOLE   589,500 0 88,500
Brixmor Property Group Inc. COM 11120U105 4,715 496,300 SH   SOLE   429,600 0 66,700
CatchMark Timber Trust COM 14912Y202 4,287 593,700 SH   SOLE   560,400 0 33,300
Century Communities COM 156504300 2,625 180,903 SH   SOLE   180,903 0 0
Century Communities COM 156504300 9 600 SH   SOLE   600 0 0
City Office REIT Inc. COM 178587101 1,235 170,811 SH   SOLE   128,511 0 42,300
Cousins Property COM 222795502 3,656 124,900 SH   SOLE   124,900 0 0
Cousins Property COM 222795502 43 1,480 SH   SOLE   1,480 0 0
Equinix Inc COM 29444U700 1,699 2,720 SH   SOLE   2,720 0 0
Equinix Inc COM 29444U700 53 85 SH   SOLE   85 0 0
Forestar Group Inc COM 346232101 1,628 157,336 SH   SOLE   157,336 0 0
Gaming & Leisure Properties COM 36467J108 1,272 45,900 SH   SOLE   35,000 0 10,900
Healthcare Trust of America COM 42225P501 1,248 51,400 SH   SOLE   51,400 0 0
Healthcare Trust of America COM 42225P501 8 325 SH   SOLE   325 0 0
Healthpeak Properties Inc. COM 42250P103 5,836 244,700 SH   SOLE   211,100 0 33,600
Hersha Hospitality COM 427825500 817 228,189 SH   SOLE   228,189 0 0
Howard Hughes Co. COM 44267D107 1,839 36,395 SH   SOLE   36,395 0 0
Howard Hughes Co. COM 44267D107 22 430 SH   SOLE   430 0 0
IRT Property Co. COM 45378A106 596 66,700 SH   SOLE   66,700 0 0
IStar Inc. COM 45031U101 2,523 237,800 SH   SOLE   237,800 0 0
Kennedy Wilson Hldgs COM 489398107 4,053 302,000 SH   SOLE   275,200 0 26,800
MGM Resorts Int'l COM 552953101 1,912 162,000 SH   SOLE   162,000 0 0
MGM Resorts Int'l COM 552953101 23 1,980 SH   SOLE   1,980 0 0
Mack Cali COM 554489104 3,128 205,400 SH   SOLE   205,400 0 0
R.E. Select Sector SPDR COM 81369Y860 2,864 92,400 SH   SOLE   92,400 0 0
RLJ Lodging Trust Pr A PREFERRED 74965L200 772 44,100 SH   SOLE   44,100 0 0
Seritage Growth Properties COM 81752R100 925 101,500 SH   SOLE   101,500 0 0
Seritage Growth Properties COM 81752R100 10 1,100 SH   SOLE   1,100 0 0
Simon Property Group COM 828806109 296 5,400 SH   SOLE   5,400 0 0
Spirit Realty Capital Inc. COM 84860W300 3,909 149,500 SH   SOLE   136,100 0 13,400
Spirit Realty Capital Inc. COM 84860W300 30 1,160 SH   SOLE   1,160 0 0
Stag Industrial COM 85254J102 5,691 252,700 SH   SOLE   216,600 0 36,100
Vanguard Specialized REIT COM 922908553 2,221 31,800 SH   SOLE   31,800 0 0
Vereit Inc COM 92339V100 4,775 976,500 SH   SOLE   851,900 0 124,600
WPT Industrial COM 92937G109 5,651 614,900 SH   SOLE   531,700 0 83,200
Weingarten Realty COM 948741103 4,183 289,900 SH   SOLE   250,800 0 39,100