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
APOLLO COMMERCIAL REAL ESTATE COM 03762U105 1,234 76,813 SH   OTR 1 0 76,813 0
BLUEROCK RESIDENTIAL GROWTH COM 09627J102 108 8,300 SH   OTR 1 0 8,300 0
BOSTON PROPERTIES INC COM 101121101 1,293 9,800 SH   OTR 1 0 9,800 0
CARE CAPITAL PROPERTIES INC COM 141624106 2,393 91,300 SH   OTR 1 0 91,300 0
CHATHAM LODGING TRUST COM 16208T102 1,326 60,347 SH   OTR 1 0 60,347 0
EPR PROPERTIES COM 26884U109 1,369 16,974 SH   OTR 1 0 16,974 0
ESSEX PROPERTY TRUST INC COM 297178105 981 4,300 SH   OTR 1 0 4,300 0
GENERAL GROWTH PROPERTIES COM 370023103 82 2,741 SH   OTR 1 0 2,741 0
HUDSON PACIFIC PROPERTIES INC COM 444097109 1,619 55,476 SH   OTR 1 0 55,476 0
HOST HOTELS & RESORTS INC COM 44107P104 85 5,222 SH   OTR 1 0 5,222 0
MACERICH CO/THE COM 554382101 2,182 25,559 SH   OTR 1 0 25,559 0
OUTFRONT MEDIA INC COM 69007J106 155 6,409 SH   OTR 1 0 6,409 0
PARKWAY PROPERTIES INC COM 70159Q104 67 3,992 SH   OTR 1 0 3,992 0
QTS REALTY TRUST INC-CL A COM 74736A103 1,602 28,619 SH   OTR 1 0 28,619 0
SABRA HEALTH CARE REIT INC COM 78573L106 46 2,219 SH   OTR 1 0 2,219 0
SL GREEN REALTY CORP COM 78440X101 117 1,100 SH   OTR 1 0 1,100 0
SENIOR HOUSING PROP TRUST COM 81721M109 4 216 SH   OTR 1 0 216 0
SPIRIT REALTY CAPITAL INC COM 84860W102 1,438 112,573 SH   OTR 1 0 112,573 0
STAG INDUSTRIAL INC COM 85254J102 1,361 57,170 SH   OTR 1 0 57,170 0
EXTENDED STAY AMERICA INC COM 30224P200 543 36,307 SH   OTR 1 0 36,307 0
STARWOOD PROPERTY TRUST INC COM 85571B105 1,470 70,953 SH   OTR 1 0 70,953 0
VENTAS INC COM 92276F100 109 1,500 SH   OTR 1 0 1,500 0
WP GLIMCHER INC COM 92939N102 1,365 122,000 SH   OTR 1 0 122,000 0
ASHFORD Hospitality Trust Pr E Pfd 044103505 3,498 136,105 SH   OTR 1 0 136,105 0
APOLLO COMMERCIAL REAL ESTATE COM 03762U105 659 41,013 SH   SOLE   41,013 0 0
BLUEROCK RESIDENTIAL GROWTH COM 09627J102 439 33,794 SH   SOLE   33,794 0 0
CARE CAPITAL PROPERTIES INC COM 141624106 532 20,300 SH   SOLE   20,300 0 0
CHATHAM LODGING TRUST COM 16208T102 342 15,569 SH   SOLE   15,569 0 0
DIGITAL REALTY TRUST INC COM 253868103 520 4,772 SH   SOLE   4,772 0 0
EPR PROPERTIES COM 26884U109 577 7,156 SH   SOLE   7,156 0 0
GEO GROUP INC/THE COM 36162J106 294 8,595 SH   SOLE   8,595 0 0
HOST HOTELS & RESORTS INC COM 44107P104 261 16,108 SH   SOLE   16,108 0 0
LEXINGTON REALTY TRUST COM 529043101 479 47,333 SH   SOLE   47,333 0 0
OMEGA HEALTHCARE INVESTORS COM 681936100 538 15,834 SH   SOLE   15,834 0 0
OUTFRONT MEDIA INC COM 69007J106 270 11,177 SH   SOLE   11,177 0 0
QTS REALTY TRUST INC-CL A COM 74736A103 380 6,786 SH   SOLE   6,786 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 525 25,425 SH   SOLE   25,425 0 0
SPIRIT REALTY CAPITAL INC COM 84860W102 581 45,529 SH   SOLE   45,529 0 0
STAG INDUSTRIAL INC COM 85254J102 413 17,354 SH   SOLE   17,354 0 0
STARWOOD PROPERTY TRUST INC COM 85571B105 689 33,241 SH   SOLE   33,241 0 0
VEREIT INC COM 92339V100 292 28,753 SH   SOLE   28,753 0 0
VENTAS INC COM 92276F100 158 2,167 SH   SOLE   2,167 0 0
WP GLIMCHER INC COM 92939N102 374 33,400 SH   SOLE   33,400 0 0
ASHFORD Hospitality Trust Pr E Pfd 044103505 661 25,710 SH   SOLE   25,710 0 0