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 1,155 39,700 SH   SOLE   28,700 0 11,000
Lexington Realty Pr C PREFERRED 529043309 1,309 20,174 SH   SOLE   15,154 0 5,020
Lexington Realty Pr C PREFERRED 529043309 91 1,400 SH   OTR   1,400 0 0
RPT Realty Pr D Conv PREFERRED 74971D200 3,463 58,085 SH   SOLE   44,685 0 13,400
RPT Realty Pr D Conv PREFERRED 74971D200 60 1,000 SH   OTR   1,000 0 0
Alexander & Baldwin, Inc. COM 014491104 4,322 184,386 SH   SOLE   184,386 0 0
Alexanders Inc. COM 014752109 3,825 14,676 SH   SOLE   11,222 0 3,454
American Campus COM 024835100 3,702 76,400 SH   SOLE   56,700 0 19,700
Apartment Income REIT COM 03750L109 7,268 148,900 SH   SOLE   131,400 0 17,500
Avalon Bay COM 053484101 3,118 14,070 SH   SOLE   14,070 0 0
BSR Reit COM 05585D103 2,504 158,800 SH   SOLE   108,900 0 49,900
BSR Reit- Pink Sheet COM 05585D103 796 50,400 SH   SOLE   50,400 0 0
Brandywine Realty Trust COM 105368203 8,944 666,500 SH   SOLE   580,300 0 86,200
Brixmor Property Group Inc. COM 11120U105 7,082 320,300 SH   SOLE   281,500 0 38,800
CatchMark Timber Trust COM 14912Y202 7,447 627,400 SH   SOLE   541,400 0 86,000
Century Communities COM 156504300 2,728 44,400 SH   SOLE   44,400 0 0
City Office REIT Inc. COM 178587101 4,247 237,810 SH   SOLE   181,610 0 56,200
Cousins Property COM 222795502 283 7,600 SH   SOLE   7,600 0 0
DigitalBridge Group Inc COM 25401T108 3,087 512,000 SH   SOLE   512,000 0 0
Forestar Group Inc COM 346232101 2,860 153,502 SH   SOLE   153,502 0 0
Healthcare Trust of America COM 42225P501 9,708 327,300 SH   SOLE   283,700 0 43,600
Healthpeak Properties Inc. COM 42250P103 6,806 203,300 SH   SOLE   174,400 0 28,900
Hersha Hospitality COM 427825500 3,670 393,400 SH   SOLE   393,400 0 0
Howard Hughes Co. COM 44267D107 3,652 41,590 SH   SOLE   41,590 0 0
IRT Property Co. COM 45378A106 4,090 201,000 SH   SOLE   201,000 0 0
IStar Inc. COM 45031U101 3,105 123,800 SH   SOLE   123,800 0 0
Kennedy Wilson Hldgs COM 489398107 8,577 410,000 SH   SOLE   357,100 0 52,900
Mack Cali COM 554489104 3,434 200,600 SH   SOLE   200,600 0 0
Phillips Edison & Co COM 71844V201 4,539 147,812 SH   SOLE   125,712 0 22,100
Physicians Realty Trust COM 71943U104 590 33,500 SH   SOLE   33,500 0 0
R.E. Select Sector SPDR COM 81369Y860 2,871 64,600 SH   SOLE   64,600 0 0
RLJ Lodging Trust Pr A COM 74965L200 512 17,600 SH   SOLE   17,600 0 0
Regency Center COM 758849103 6,363 94,500 SH   SOLE   81,200 0 13,300
Ryman Hospitality COM 78377T107 3,499 41,800 SH   SOLE   41,800 0 0
Spirit Realty Capital Inc. COM 84860W300 5,723 124,300 SH   SOLE   109,600 0 14,700
Stag Industrial COM 85254J102 6,033 153,700 SH   SOLE   128,400 0 25,300
UMH Properties, Inc COM 903002103 6,401 279,500 SH   SOLE   240,200 0 39,300
Urban Edge Properties COM 91704F104 4,512 246,400 SH   SOLE   246,400 0 0
Vornado Realty Trust COM 929042109 4,314 102,700 SH   SOLE   78,300 0 24,400
WPT Industrial COM 92937G109 4,709 217,200 SH   SOLE   180,200 0 37,000
WPT Industrial COM 92937G109 1,166 53,800 SH   SOLE   53,800 0 0