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
ACAIDA REALTY TRUST COMMON STOCK 004239109 154 4,655 SH   SOLE 0 4,655 0 0
ACAIDA REALTY TRUST COMMON STOCK 004239109 4,310 130,000 SH   OTR 1 130,000 0 0
ALEXANDRIA REAL ESTATE COMMON STOCK 015271109 526 5,822 SH   SOLE 0 5,822 0 0
ALEXANDRIA REAL ESTATE COMMON STOCK 015271109 7,057 78,100 SH   OTR 1 78,100 0 0
AMERICAN TOWER CORP COMMON STOCK 03027X100 482 4,969 SH   SOLE 0 4,969 0 0
AMERICAN TOWER CORP COMMON STOCK 03027X100 6,787 70,000 SH   OTR 1 70,000 0 0
BOSTON PROPERTIES INC COMMON STOCK 101121101 204 1,601 SH   SOLE 0 1,601 0 0
BOSTON PROPERTIES INC COMMON STOCK 101121101 3,673 28,800 SH   OTR 1 28,800 0 0
BROOKFIELD INFRASTRUCTURE PA COMMON STOCK G16252101 317 8,349 SH   SOLE 0 8,349 0 0
BROOKFIELD INFRASTRUCTURE PA COMMON STOCK G16252101 5,675 149,700 SH   OTR 1 149,700 0 0
CADIZ INC NEW COMMON STOCK 127537207 329 62,529 SH   SOLE 0 62,529 0 0
CADIZ INC NEW COMMON STOCK 127537207 4,744 901,957 SH   OTR 1 901,957 0 0
CROWN CASTLE INTERNATIONAL CORP COMMON STOCK 22822V101 351 4,062 SH   SOLE 0 4,062 0 0
CROWN CASTLE INTERNATIONAL CORP COMMON STOCK 22822V101 4,323 50,000 SH   OTR 1 50,000 0 0
CUBESMART COMMON STOCK 229663109 420 13,702 SH   SOLE 0 13,702 0 0
CUBESMART COMMON STOCK 229663109 4,661 152,209 SH   OTR 1 152,209 0 0
CYRUSONE INC COM COMMON STOCK 23283R100 636 16,994 SH   SOLE 0 16,994 0 0
CYRUSONE INC COM COMMON STOCK 23283R100 7,757 207,135 SH   OTR 1 207,135 0 0
DIAMOND RESORTS INTL INC COMMON STOCK 25272T104 307 12,037 SH   SOLE 0 12,037 0 0
DIAMOND RESORTS INTL INC COMMON STOCK 25272T104 6,133 240,431 SH   OTR 1 240,431 0 0
EPR PROPERTIES 9% SER E PREFERRED STOCK 26884U307 701 22,447 SH   OTR 1 22,447 0 0
EQUINX INC COMMON STOCK 29444U502 587 1,940 SH   SOLE 0 1,940 0 0
EQUINX INC COMMON STOCK 29444U502 6,929 22,914 SH   OTR 1 22,914 0 0
EQUITY LIFESTYLE PPTYS INC COMMON STOCK 29472R108 383 5,738 SH   SOLE 0 5,738 0 0
EQUITY LIFESTYLE PPTYS INC COMMON STOCK 29472R108 2,880 43,200 SH   OTR 1 43,200 0 0
EXTRA SPACE STORAGE INC COMMON STOCK 30225T102 541 6,134 SH   SOLE 0 6,134 0 0
EXTRA SPACE STORAGE INC COMMON STOCK 30225T102 4,675 53,000 SH   OTR 1 53,000 0 0
FEDERAL REALTY INVESTMENT TRUST COMMON STOCK 313747206 300 2,051 SH   SOLE 0 2,051 0 0
FEDERAL REALTY INVESTMENT TRUST COMMON STOCK 313747206 438 3,000 SH   OTR 1 3,000 0 0
HEALTHCARE TRUST OF AMERICA CL A COMMON STOCK 42225P501 388 14,399 SH   SOLE 0 14,399 0 0
HEALTHCARE TRUST OF AMERICA CL A COMMON STOCK 42225P501 2,873 106,524 SH   OTR 1 106,524 0 0
HILTON WORLDWIDE HOLDINGS INC COMMON STOCK 43300A104 221 10,326 SH   SOLE 0 10,326 0 0
HILTON WORLDWIDE HOLDINGS INC COMMON STOCK 43300A104 3,724 174,000 SH   OTR 1 174,000 0 0
HUDSON PACIFIC PROPERTIES INC COMMON STOCK 444097109 317 11,264 SH   SOLE 0 11,264 0 0
HUDSON PACIFIC PROPERTIES INC COMMON STOCK 444097109 4,925 175,000 SH   OTR 1 175,000 0 0
INFRAREIT INC COM COMMON STOCK 45685L100 2,785 150,552 SH   OTR 1 150,522 0 0
MGM RESORTS INTERNATIONAL COMMON STOCK 552953101 431 18,960 SH   SOLE 0 18,960 0 0
MGM RESORTS INTERNATIONAL COMMON STOCK 552953101 6,690 294,446 SH   OTR 1 294,446 0 0
NEW RESIDENTIAL INVESTMENT CORP COMMON STOCK 64828T201 595 48,942 SH   SOLE 0 48,942 0 0
NEW RESIDENTIAL INVESTMENT CORP COMMON STOCK 64828T201 8,399 690,695 SH   OTR 1 690,695 0 0
NEWCASTLE INVESTMENT CORP COMMON STOCK 64828T201 378 92,568 SH   SOLE 0 92,568 0 0
NEWCASTLE INVESTMENT CORP COMMON STOCK 64828T201 5,146 1,261,343 SH   OTR 1 1,261,343 0 0
NORTHSTAR REALTY EUROPE CORP COMMON STOCK 66706L101 35 2,999 SH   SOLE 0 2,999 0 0
NORTHSTAR REALTY EUROPE CORP COMMON STOCK 66706L101 481 40,766 SH   OTR 1 40,766 0 0
NORTHSTAR REALTY FINANCE CORP COMMON STOCK 66704R704 307 18,041 SH   SOLE 0 18,041 0 0
QTS REALTY TRUST INC COMMON STOCK 74736A103 646 14,322 SH   SOLE 0 14,322 0 0
QTS REALTY TRUST INC COMMON STOCK 74736A103 8,319 184,408 SH   OTR 1 184,408 0 0
RADIAN GROUP INC COMMON STOCK 750236101 2,731 203,981 SH   OTR 1 203,981 0 0
RESTORATION HARDWARE HLDGS INC COMMON STOCK 761283100 269 3,382 SH   SOLE 0 3,382 0 0
RESTORATION HARDWARE HLDGS INC COMMON STOCK 761283100 3,218 40,500 SH   OTR 1 40,500 0 0
SBA COMMUNICATIONS CORP CL A COMMON STOCK 78388J106 367 3,497 SH   SOLE 0 3,497 0 0
SBA COMMUNICATIONS CORP CL A COMMON STOCK 78388J106 4,572 43,518 SH   OTR 1 43,518 0 0
SUN COMMUNITIES COMMON STOCK 866674104 465 6,780 SH   SOLE 0 6,780 0 0
SUN COMMUNITIES COMMON STOCK 866674104 4,900 71,500 SH   OTR 1 71,500 0 0
TAUBMAN CENTERS INC COMMON STOCK 876664103 364 4,751 SH   SOLE 0 4,751 0 0
TAUBMAN CENTERS INC COMMON STOCK 876664103 2,363 30,800 SH   OTR 1 30,800 0 0
VAIL RESORTS INC COMMON STOCK 91879Q109 240 1,878 SH   SOLE 0 1,878 0 0
VAIL RESORTS INC COMMON STOCK 91879Q109 175 1,369 SH   OTR 1 1,369 0 0
VENTAS INC COMMON STOCK 92276F100 198 3,500 SH   SOLE 0 3,500 0 0
VENTAS INC COMMON STOCK 92276F100 1,129 20,000 SH   OTR 1 20,000 0 0