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
ACADIA REALTY TRUST COM 004239109 2,206 67,500 SH   OTR 1 67,500 0 0
ACADIA REALTY TRUST COM 004239109 3 78 SH   SOLE 0 78 0 0
ALEXANDRIA REAL ESTATE COM 015271109 6,112 55,000 SH   OTR 1 55,000 0 0
ALEXANDRIA REAL ESTATE COM 015271109 250 2,250 SH   SOLE 0 2,250 0 0
AMERICAN TOWER CORP COM 03027X100 6,489 61,400 SH   OTR 1 61,400 0 0
AMERICAN TOWER CORP COM 03027X100 280 2,650 SH   SOLE 0 2,650 0 0
BOSTON PROPERTIES INC COM 101121101 2,516 20,000 SH   OTR 1 20,000 0 0
BOSTON PROPERTIES INC COM 101121101 92 732 SH   SOLE 0 732 0 0
BROOKFIELD INFRAST PARTNERS LP INT UNIT G16252101 4,753 142,000 SH   OTR 1 142,000 0 0
BROOKFIELD INFRAST PARTNERS LP INT UNIT G16252101 225 6,716 SH   SOLE 0 6,716 0 0
CADIZ INC NEW COM 127537207 10,676 854,060 SH   OTR 1 854,060 0 0
CADIZ INC NEW COM 127537207 447 35,737 SH   SOLE 0 35,737 0 0
CORESITE RLTY CORP COM 21870Q105 6,508 82,000 SH   OTR 1 82,000 0 0
CORESITE RLTY CORP COM 21870Q105 324 4,083 SH   SOLE 0 4,083 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 5,328 61,400 SH   OTR 1 61,400 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 256 2,953 SH   SOLE 0 2,953 0 0
CUBESMART COM 229663109 3,694 138,000 SH   OTR 1 138,000 0 0
CUBESMART COM 229663109 221 8,249 SH   SOLE 0 8,249 0 0
CYRUSONE INC COM 23283R100 7,045 157,500 SH   OTR 1 157,500 0 0
CYRUSONE INC COM 23283R100 396 8,858 SH   SOLE 0 8,858 0 0
DRIVE SHACK INC COM 262077100 6,859 1,824,320 SH   OTR 1 1,824,320 0 0
DRIVE SHACK INC COM 262077100 278 73,967 SH   SOLE 0 73,967 0 0
EDUCATION REALTY TRUST INC COM 28140H203 212 5,000 SH   SOLE 0 5,000 0 0
EQUINIX INC COM 29444U700 5,719 16,000 SH   OTR 1 16,000 0 0
EQUINIX INC COM 29444U700 341 953 SH   SOLE 0 953 0 0
EQUITY LIFESTYLE PROPERTIES INC COM 29472R108 1,464 20,300 SH   OTR 1 20,300 0 0
EQUITY LIFESTYLE PROPERTIES INC COM 29472R108 156 2,157 SH   SOLE 0 2,157 0 0
ESSEX PPTY TR INC COM 297178105 4,906 21,100 SH   OTR 0 21,100 0 0
ESSEX PPTY TR INC COM 297178105 5 21 SH   SOLE 0 21 0 0
EXTRA SPACE STORAGE INC COM 30225T102 4,186 54,200 SH   OTR 1 54,200 0 0
EXTRA SPACE STORAGE INC COM 30225T102 238 3,082 SH   SOLE 0 3,082 0 0
FEDERAL REALTY INVESTMENT TRUST COM 313747206 5,471 38,500 SH   OTR 1 38,500 0 0
FEDERAL REALTY INVESTMENT TRUST COM 313747206 250 1,627 SH   SOLE 0 1,627 0 0
HEALTHCARE RLTY TR COM 421946104 3,638 120,000 SH   OTR 1 120,000 0 0
HEALTHCARE TRUST AMERICA INC COM 42225P501 4,628 159,000 SH   OTR 1 159,000 0 0
HEALTHCARE TRUST AMERICA INC COM 42225P501 174 5,982 SH   SOLE 0 5,982 0 0
HUDSON PACIFIC PROPERTIES INC COM 444097109 4,160 119,600 SH   OTR 1 119,600 0 0
HUDSON PACIFIC PROPERTIES INC COM 444097109 339 9,739 SH   SOLE 0 9,739 0 0
LAS VEGAS SANDS CORP COM 517834107 5,074 95,000 SH   OTR 1 95,000 0 0
LAS VEGAS SANDS CORP COM 517834107 35 664 SH   SOLE 0 664 0 0
MGM RESORTS INTERNATIONAL COM 552953101 6,469 224,400 SH   OTR 1 224,400 0 0
MGM RESORTS INTERNATIONAL COM 552953101 377 13,067 SH   SOLE 0 13,067 0 0
NATIONAL STORAGE AFFILIATES COM 637870106 4,568 207,000 SH   OTR 1 207,000 0 0
NATIONAL STORAGE AFFILIATES COM 637870106 224 10,128 SH   SOLE 0 10,128 0 0
NEW RESIDENTIAL INVT CORP COM 64828T201 7,624 485,000 SH   OTR 1 485,000 0 0
NEW RESIDENTIAL INVT CORP COM 64828T201 452 28,781 SH   SOLE 0 28,781 0 0
NORTHSTAR ASSET MANAGEMENT COM 66705Y104 1,446 96,900 SH   OTR 1 96,900 0 0
NORTHSTAR ASSET MANAGEMENT COM 66705Y104 99 6,665 SH   SOLE 0 6,665 0 0
NORTHSTAR REALTY FINANCIAL CORP COM 66704R803 3,894 257,000 SH   OTR 1 257,000 0 0
NORTHSTAR REALTY FINANCIAL CORP COM 66704R803 135 8,886 SH   SOLE 0 8,886 0 0
QTS REALTY TRUST INC COM 74736A103 6,936 139,700 SH   OTR 1 139,700 0 0
QTS REALTY TRUST INC COM 74736A103 329 6,617 SH   SOLE 0 6,617 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 1,204 57,000 SH   OTR 1 57,000 0 0
SBA COMMUNICATIONS CORP COM 78388J106 1,941 18,800 SH   OTR 1 18,800 0 0
SBA COMMUNICATIONS CORP COM 78388J106 210 2,037 SH   SOLE 0 2,037 0 0
SIMON PROPERTY GROUP INC NEW COM 828806109 1,954 11,000 SH   OTR 1 11,000 0 0
SIMON PROPERTY GROUP INC NEW COM 828806109 2 14 SH   SOLE 0 14 0 0
SUN COMMUNITIES INC COM 866674104 5,646 73,700 SH   OTR 1 73,700 0 0
SUN COMMUNITIES INC COM 866674104 289 3,769 SH   SOLE 0 3,769 0 0
TAUBMAN CENTERS INC COM 876664103 2,033 27,500 SH   OTR 1 27,500 0 0
TAUBMAN CENTERS INC COM 876664103 187 2,536 SH   SOLE 0 2,536 0 0
VAIL RESORTS INC COM 91879Q109 161 1,000 SH   OTR 1 1,000 0 0
VAIL RESORTS INC COM 91879Q109 48 300 SH   SOLE 0 300 0 0