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 1,134 39,700 SH   SOLE   28,700 0 11,000
Lexington Realty Pr C PREFERRED 529043309 1,214 20,174 SH   SOLE   15,154 0 5,020
Lexington Realty Pr C PREFERRED 529043309 84 1,400 SH   OTR   1,400 0 0
RPT Realty Pr D Conv PREFERRED 74971D200 3,003 52,670 SH   SOLE   39,270 0 13,400
RPT Realty Pr D Conv PREFERRED 74971D200 57 1,000 SH   OTR   1,000 0 0
Alexander & Baldwin, Inc. COM 014491104 4,382 239,210 SH   SOLE   239,210 0 0
Alexanders Inc. COM 014752109 3,638 13,576 SH   SOLE   10,422 0 3,154
American Campus COM 024835100 3,569 76,400 SH   SOLE   56,700 0 19,700
Apartment Income REIT COM 03750L109 7,641 161,100 SH   SOLE   141,900 0 19,200
Avalon Bay COM 053484101 3,934 18,850 SH   SOLE   18,850 0 0
BSR Reit COM 05585D103 1,209 91,500 SH   SOLE   62,200 0 29,300
BSR Reit- Pink Sheet COM 05585D103 205 15,500 SH   SOLE   15,500 0 0
Brandywine Realty Trust COM 105368203 7,602 554,500 SH   SOLE   491,200 0 63,300
Brixmor Property Group Inc. COM 11120U105 7,618 332,800 SH   SOLE   294,000 0 38,800
CatchMark Timber Trust COM 14912Y202 7,562 646,336 SH   SOLE   560,336 0 86,000
Century Communities COM 156504300 3,234 48,600 SH   SOLE   48,600 0 0
City Office REIT Inc. COM 178587101 1,591 127,999 SH   SOLE   95,899 0 32,100
Cousins Property COM 222795502 912 24,800 SH   SOLE   24,800 0 0
DigitalBridge Group Inc COM 25401T108 3,779 478,400 SH   SOLE   478,400 0 0
Forestar Group Inc COM 346232101 3,065 146,600 SH   SOLE   146,600 0 0
Healthcare Trust of America COM 42225P501 9,083 340,200 SH   SOLE   296,600 0 43,600
Healthpeak Properties Inc. COM 42250P103 7,237 217,400 SH   SOLE   188,500 0 28,900
Hersha Hospitality COM 427825500 3,794 352,600 SH   SOLE   352,600 0 0
Howard Hughes Co. COM 44267D107 3,771 38,690 SH   SOLE   38,690 0 0
IRT Property Co. COM 45378A106 4,388 240,700 SH   SOLE   240,700 0 0
IStar Inc. COM 45031U101 4,109 198,200 SH   SOLE   198,200 0 0
Kennedy Wilson Hldgs COM 489398107 8,077 406,494 SH   SOLE   356,994 0 49,500
Mack Cali COM 554489104 3,890 226,800 SH   SOLE   226,800 0 0
Physicians Realty Trust COM 71943U104 619 33,500 SH   SOLE   33,500 0 0
R.E. Select Sector SPDR COM 81369Y860 2,952 66,600 SH   SOLE   66,600 0 0
RLJ Lodging Trust Pr A PREFERRED 74965L200 523 18,300 SH   SOLE   18,300 0 0
Regency Center COM 758849103 6,477 101,100 SH   SOLE   87,800 0 13,300
Ryman Hospitality COM 78377T107 3,987 50,500 SH   SOLE   50,500 0 0
Spirit Realty Capital Inc. COM 84860W300 6,291 131,500 SH   SOLE   116,800 0 14,700
Stag Industrial COM 85254J102 6,240 166,700 SH   SOLE   139,700 0 27,000
UMH Properties, Inc COM 903002103 6,819 312,500 SH   SOLE   268,500 0 44,000
Urban Edge Properties COM 91704F104 3,417 178,900 SH   SOLE   178,900 0 0
Vereit Inc COM 92339V308 3,129 68,120 SH   SOLE   57,040 0 11,080
Vornado Realty Trust COM 929042109 3,430 73,500 SH   SOLE   54,000 0 19,500
WPT Industrial COM 92937G109 5,992 330,500 SH   SOLE   274,100 0 56,400
WPT Industrial COM 92937G109 1,198 66,000 SH   SOLE   66,000 0 0
Weingarten Realty COM 948741103 423 13,200 SH   SOLE   13,200 0 0