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
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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
Accenture Common G1151C101 21,696 177,589 SH   SOLE   177,589 0 0
Agree Realty Corporation COM 008492100 20,204 408,660 SH   DFND 1 408,660 0 0
Air Transport Services Group COM 00922R105 8,526 594,163 SH   SOLE   594,163 0 0
Aircastle LTD Common G0129K104 12,934 651,286 SH   SOLE   651,286 0 0
Alexandria Real Estate Equities Inc. COM 015271109 71,106 653,730 SH   DFND 1 653,730 0 0
Amer Campus Communities, Inc. COM 024835100 37,405 735,314 SH   DFND 1 735,314 0 0
American Homes 4 Rent Prfd A Preferred Class A 02665T405 15,107 698,110 SH   SOLE   698,110 0 0
American Tower COM 03027X100 64,823 571,984 SH   DFND 1 571,984 0 0
Apartment Investment and Management Company COM 03748R101 41,256 898,648 SH   DFND 1 898,648 0 0
Atrion Corp. COM 049904105 5,964 13,982 SH   SOLE   13,982 0 0
Avalonbay Communities Inc COM 53484101 43,590 245,112 SH   DFND 1 245,112 0 0
BlackBox COM 091826107 6,315 454,318 SH   SOLE   454,318 0 0
Boston Properties, Inc. COM 101121101 55,683 408,568 SH   DFND 1 408,568 0 0
Brixmor Property Group Inc COM 11120U105 49,955 1,797,607 SH   DFND 1 1,797,607 0 0
Cedar Fair LP MLP 150185106 4,503 78,607 SH   SOLE   78,607 0 0
Ceva Inc COM 157210105 8,579 244,635 SH   SOLE   244,635 0 0
Cisco Systems Common 17275R102 17,837 562,348 SH   SOLE   562,348 0 0
Comtech Telecommunications COM 205826209 2,836 221,424 SH   SOLE   221,424 0 0
Consolidated Water Co. Ltd. COM G23773107 5,279 454,338 SH   SOLE   454,338 0 0
Crown Castle International Corp COM 22822V101 69,278 735,361 SH   DFND 1 735,361 0 0
Cube Smart COM 229663109 49,008 1,797,834 SH   DFND 1 1,797,834 0 0
Cummins Engine Common 231021106 13,658 106,583 SH   SOLE   106,583 0 0
Dominion Resources Common 25746U109 13,189 177,592 SH   SOLE   177,592 0 0
Douglas Dynamics COM 25960R105 7,070 221,371 SH   SOLE   221,371 0 0
Dynamic Materials COM 267888105 7,452 699,063 SH   SOLE   699,063 0 0
Eastgroup Properties Inc COM 277276101 42,072 571,954 SH   DFND 1 571,954 0 0
Eaton Corporation Common G29183103 11,670 177,601 SH   SOLE   177,601 0 0
Eaton Vance Tax-Managed Global Buy-Write Opp Fd Closed End Fund 27829C105 11,082 1,006,586 SH   SOLE   1,006,586 0 0
Education Realty Trust, Inc. COM 28140H203 38,776 898,848 SH   DFND 1 898,848 0 0
Energy Transfer Partners LP MLP 29273R109 5,088 137,527 SH   SOLE   137,527 0 0
Enterprise Products Partners LP MLP 293792107 5,157 186,661 SH   SOLE   186,661 0 0
ePlus, Inc. COM 294268107 6,599 69,906 SH   SOLE   69,906 0 0
EPR Properties Common 26884U109 20,977 266,418 SH   SOLE   266,418 0 0
EPR Properties COM 26884U109 64,333 817,036 SH   DFND 1 817,036 0 0
EQT Midstream Partners LP MLP 26885B100 5,240 68,778 SH   SOLE   68,778 0 0
ETRACS Alerian MLP Index ETN 90267B682 49,602 2,502,631 SH   SOLE   2,502,631 0 0
Farmland Partners COM 31154R109 6,785 605,870 SH   SOLE   605,870 0 0
Federal Realty Investment Trust COM 313747206 62,880 408,503 SH   DFND 1 408,503 0 0
First Industrial Realty Trust, Inc. COM 32054K103 41,501 1,470,650 SH   DFND 1 1,470,650 0 0
Fly Leasing COM 34407D109 4,456 384,490 SH   SOLE   384,490 0 0
FreightCar America COM 357023100 3,015 209,672 SH   SOLE   209,672 0 0
General Electric Company Common 369604103 15,783 532,877 SH   SOLE   532,877 0 0
Genesis Energy LP MLP 371927104 4,475 117,878 SH   SOLE   117,878 0 0
Gramercy Propty Trust Inc COM 38489R605 32,297 3,350,340 SH   DFND 1 3,350,340 0 0
Health Care Reit, Inc. COM 42217K106 48,878 653,716 SH   DFND 1 653,716 0 0
Holly Energy Partners MLP 435763107 4,666 137,545 SH   SOLE   137,545 0 0
Home Depot Common 437076102 22,853 177,600 SH   SOLE   177,600 0 0
Honeywell International Inc. Common 438516106 20,704 177,586 SH   SOLE   177,586 0 0
Hospitality Properties Trust Common 44106M102 15,837 532,881 SH   SOLE   532,881 0 0
Hospitality Property COM 44106M102 51,000 1,716,016 SH   DFND 1 1,716,016 0 0
Host Hotels and Resorts Inc COM 44107P104 41,975 2,695,892 SH   DFND 1 2,695,892 0 0
Iron Mountain Common 46284V101 16,662 443,974 SH   SOLE   443,974 0 0
Iron Mountain Inc COM 46284V101 52,126 1,388,917 SH   DFND 1 1,388,917 0 0
IShares S&P U.S.Preferred Stock Index ETF 464288687 22,218 562,492 SH   SOLE   562,492 0 0
Kite Realty Group Trust COM 49803T300 29,441 1,062,095 SH   DFND 1 1,062,095 0 0
Kraton Performance Polymers Inc. COM 50077C106 11,838 337,849 SH   SOLE   337,849 0 0
LTC Properties Inc COM 502175102 33,978 653,553 SH   DFND 1 653,553 0 0
Magellan Midstream Partners LP MLP 559080106 2,362 33,390 SH   SOLE   33,390 0 0
MagicJack COM M6787E101 1,419 233,075 SH   SOLE   233,075 0 0
Materion Corporation COM 576690101 5,366 174,741 SH   SOLE   174,741 0 0
Merck & Co, Inc Common 58933Y105 14,780 236,831 SH   SOLE   236,831 0 0
MFS Government Market Income Trust Closed End Fund 552939100 10,868 2,012,743 SH   SOLE   2,012,743 0 0
MGP Ingredients COM 55303J106 11,328 279,587 SH   SOLE   279,587 0 0
Mistras Group COM 60649T107 5,742 244,691 SH   SOLE   244,691 0 0
Monarch Casino COM 609027107 5,571 221,355 SH   SOLE   221,355 0 0
MPLX MLP 55336V100 4,990 147,371 SH   SOLE   147,371 0 0
National Retail Properties, Inc. COM 637417106 14,965 294,305 SH   DFND 1 294,305 0 0
Neogenomics Inc. COM 64049M209 7,278 885,427 SH   SOLE   885,427 0 0
Northstar Realty COM 66704R704 21,526 1,634,478 SH   DFND 1 1,634,478 0 0
OHA Investment COM 67091U102 2,269 722,662 SH   SOLE   722,662 0 0
Oil Drill Corp of America COM 677864100 6,578 174,764 SH   SOLE   174,764 0 0
Omega Healthcare Investors Common 681936100 15,742 444,069 SH   SOLE   444,069 0 0
Orchids Paper Products Co. COM 68572N104 4,757 174,733 SH   SOLE   174,733 0 0
Outfront Media Inc Common 69007J106 13,302 562,476 SH   SOLE   562,476 0 0
Outfront Media Inc COM 69007J106 30,926 1,307,670 SH   DFND 1 1,307,670 0 0
Park City Group Inc. COM 700215304 5,636 477,685 SH   SOLE   477,685 0 0
Paychex Common 704326107 13,706 236,845 SH   SOLE   236,845 0 0
Pennsylvania Real Estate Investment Trust COM 709102107 16,940 735,569 SH   DFND 1 735,569 0 0
PetMed Express, Inc. COM 716382106 8,506 419,474 SH   SOLE   419,474 0 0
Pfizer Inc Common 717081103 20,051 592,022 SH   SOLE   592,022 0 0
Plains All American Pipeline LP MLP 726503105 5,553 176,804 SH   SOLE   176,804 0 0
Powershares Senior Bank Loan ETF 73936Q769 13,053 562,398 SH   SOLE   562,398 0 0
Psychemedics Corp. COM 744375205 9,006 454,421 SH   SOLE   454,421 0 0
Saga Communications COM 786598300 5,810 128,153 SH   SOLE   128,153 0 0
Simon Property Group Inc Common 828806109 13,480 65,120 SH   SOLE   65,120 0 0
Simon Property Group Inc COM 828806109 152,232 735,389 SH   DFND 1 735,389 0 0
Sotherly Hotels COM 83600C103 3,691 699,054 SH   SOLE   699,054 0 0
Spectra Energy Partners LP MLP 84756N109 4,292 98,252 SH   SOLE   98,252 0 0
Strattec COM 863111100 2,879 81,583 SH   SOLE   81,583 0 0
Symantec Corporation Common 871503108 13,373 532,821 SH   SOLE   532,821 0 0
TEGNA Inc Common 87901J105 11,646 532,773 SH   SOLE   532,773 0 0
Terreno Realty COM 88146M101 33,717 1,225,631 SH   DFND 1 1,225,631 0 0
The Geo Group Inc COM 36162J106 21,379 899,041 SH   DFND 1 899,041 0 0
Tortoise Energy Infrastructure Closed End Fund 89147L100 29,301 951,961 SH   SOLE   951,961 0 0
Trex Company Inc. COM 89531P105 8,210 139,816 SH   SOLE   139,816 0 0
Unifi Inc. COM 904677200 5,487 186,443 SH   SOLE   186,443 0 0
Vascular Solutions Inc COM 92231M109 6,182 128,182 SH   SOLE   128,182 0 0
Ventas, Inc. COM 92276F100 28,853 408,519 SH   DFND 1 408,519 0 0
Vornado Realty Trust COM 929042109 33,080 326,851 SH   DFND 1 326,851 0 0
Waterstone Financial COM 941888109 6,136 361,176 SH   SOLE   361,176 0 0
Weingarten Realty Investors COM 948741103 38,221 980,539 SH   DFND 1 980,539 0 0
Western Refining Logistics MLP 95931Q205 4,554 196,490 SH   SOLE   196,490 0 0
Weyerhaeuser Co COM 962166104 54,802 1,715,797 SH   DFND 1 1,715,797 0 0
WP Glimcher Common 92939N105 15,760 1,273,027 SH   SOLE   1,273,027 0 0