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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 307 2,820 SH   SOLE 1 0 0 2,820
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 854 7,855 SH   OTR 1 0 0 7,855
ALPHABET INC CAP STK CL A 02079K305 111 138 SH   OTR 1 0 0 138
ALPHABET INC CAP STK CL A 02079K305 265 329 SH   SOLE 1 0 0 329
ALPHABET INC CAP STK CL C 02079K107 40 52 SH   OTR 1 0 0 52
ALPHABET INC CAP STK CL C 02079K107 312 401 SH   SOLE 1 0 0 401
ALPS ETF TR ALERIAN MLP 00162Q866 372 29,359 SH   SOLE 1 0 0 29,359
AMERICAN ASSETS TR INC COM 024013104 870 20,050 SH   OTR 1 0 0 20,050
AMERICAN ASSETS TR INC COM 024013104 308 7,100 SH   SOLE 1 0 0 7,100
AMERICAN TOWER CORP NEW COM 03027X100 1,239 10,934 SH   OTR 1 0 0 10,934
AMERICAN TOWER CORP NEW COM 03027X100 457 4,031 SH   SOLE 1 0 0 4,031
AON PLC SHS CL A G0408V102 216 1,919 SH   SOLE 1 0 0 1,919
APOLLO COML REAL EST FIN INC NOTE 5.500% 3/1 03762UAA3 32 31,000 PRN   SOLE 1 0 0 31,000
APPLE INC COM 037833100 134 1,185 SH   OTR 1 0 0 1,185
APPLE INC COM 037833100 122 1,075 SH   SOLE 1 0 0 1,075
ARMADA HOFFLER PPTYS INC COM 04208T108 284 21,260 SH   SOLE 1 0 0 21,260
ARMADA HOFFLER PPTYS INC COM 04208T108 778 58,095 SH   OTR 1 0 0 58,095
AT&T INC COM 00206R102 124 3,050 SH   OTR 1 0 0 3,050
AT&T INC COM 00206R102 111 2,731 SH   SOLE 1 0 0 2,731
AVALONBAY CMNTYS INC COM 053484101 1,580 8,886 SH   OTR 1 0 0 8,886
AVALONBAY CMNTYS INC COM 053484101 559 3,142 SH   SOLE 1 0 0 3,142
BLACKBERRY LTD COM 09228F103 141 17,611 SH   SOLE 1 0 0 17,611
BLACKBERRY LTD COM 09228F103 2 3,500 SH Call SOLE 1 0 0 3,500
BOSTON PROPERTIES INC COM 101121101 2,059 15,109 SH   OTR 1 0 0 15,109
BOSTON PROPERTIES INC COM 101121101 723 5,305 SH   SOLE 1 0 0 5,305
BRISTOL MYERS SQUIBB CO COM 110122108 71 1,315 SH   OTR 1 0 0 1,315
BRISTOL MYERS SQUIBB CO COM 110122108 247 4,581 SH   SOLE 1 0 0 4,581
CAMDEN PPTY TR SH BEN INT 133131102 1,306 15,594 SH   OTR 1 0 0 15,594
CAMDEN PPTY TR SH BEN INT 133131102 448 5,354 SH   SOLE 1 0 0 5,354
CHEVRON CORP NEW COM 166764100 248 2,409 SH   SOLE 1 0 0 2,409
COCA COLA CO COM 191216100 413 9,769 SH   SOLE 1 0 0 9,769
COUSINS PPTYS INC COM 222795106 643 61,626 SH   OTR 1 0 0 61,626
COUSINS PPTYS INC COM 222795106 224 21,405 SH   SOLE 1 0 0 21,405
CROWN CASTLE INTL CORP NEW COM 22822V101 1,336 14,185 SH   OTR 1 0 0 14,185
CROWN CASTLE INTL CORP NEW COM 22822V101 469 4,975 SH   SOLE 1 0 0 4,975
CYRUSONE INC COM 23283R100 1,136 23,886 SH   OTR 1 0 0 23,886
CYRUSONE INC COM 23283R100 397 8,340 SH   SOLE 1 0 0 8,340
EASTGROUP PPTY INC COM 277276101 1,006 13,675 SH   OTR 1 0 0 13,675
EASTGROUP PPTY INC COM 277276101 317 4,315 SH   SOLE 1 0 0 4,315
EMPIRE ST RLTY TR INC CL A 292104106 828 39,525 SH   OTR 1 0 0 39,525
EMPIRE ST RLTY TR INC CL A 292104106 293 14,005 SH   SOLE 1 0 0 14,005
ENTERPRISE PRODS PARTNERS L COM 293792107 91 3,300 SH   OTR 1 0 0 3,300
ENTERPRISE PRODS PARTNERS L COM 293792107 223 8,087 SH   SOLE 1 0 0 8,087
EQUITY RESIDENTIAL SH BEN INT 29476L107 196 3,050 SH   SOLE 1 0 0 3,050
EQUITY RESIDENTIAL SH BEN INT 29476L107 594 9,240 SH   OTR 1 0 0 9,240
ESSEX PPTY TR INC COM 297178105 1,342 6,029 SH   OTR 1 0 0 6,029
ESSEX PPTY TR INC COM 297178105 479 2,151 SH   SOLE 1 0 0 2,151
EXONE CO COM 302104104 193 12,676 SH   SOLE 1 0 0 12,676
EXTRA SPACE STORAGE INC COM 30225T102 586 7,376 SH   OTR 1 0 0 7,376
EXTRA SPACE STORAGE INC COM 30225T102 222 2,794 SH   SOLE 1 0 0 2,794
EXXON MOBIL CORP COM 30231G102 528 6,054 SH   SOLE 1 0 0 6,054
EZCORP INC NOTE 2.625% 6/1 302301AB2 173 176,000 PRN   SOLE 1 0 0 176,000
FACEBOOK INC CL A 30303M102 195 1,514 SH   OTR 1 0 0 1,514
FACEBOOK INC CL A 30303M102 81 627 SH   SOLE 1 0 0 627
FLEXSHARES TR IBOXX 5YR TRGT 33939L605 5,351 210,005 SH   SOLE 1 0 0 210,005
FLUIDIGM CORP DEL NOTE 2.750% 2/0 34385PAA6 376 620,000 PRN   SOLE 1 0 0 620,000
GENERAL GROWTH PPTYS INC NEW COM 370023103 448 16,207 SH   SOLE 1 0 0 16,207
GENERAL GROWTH PPTYS INC NEW COM 370023103 1,248 45,220 SH   OTR 1 0 0 45,220
GLOBAL X FDS GLB X SUPERDIV 37950E549 676 31,466 SH   SOLE 1 0 0 31,466
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 1,012 56,155 SH   OTR 1 0 0 56,155
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 358 19,900 SH   SOLE 1 0 0 19,900
HOST HOTELS & RESORTS INC COM 44107P104 478 30,725 SH   OTR 1 0 0 30,725
HOST HOTELS & RESORTS INC COM 44107P104 168 10,790 SH   SOLE 1 0 0 10,790
ISHARES MIN VOL EMRG MKT 464286533 2,884 53,341 SH   SOLE 1 0 0 53,341
ISHARES TR CORE S&P MCP ETF 464287507 2,537 16,401 SH   SOLE 1 0 0 16,401
ISHARES TR EAFE GRWTH ETF 464288885 3,139 45,913 SH   SOLE 1 0 0 45,913
ISHARES TR GLOB TELECOM ETF 464287275 380 6,157 SH   SOLE 1 0 0 6,157
ISHARES TR INTL SEL DIV ETF 464288448 3,703 123,525 SH   SOLE 1 0 0 123,525
ISHARES TR MIN VOL EAFE ETF 46429B689 2,875 42,496 SH   SOLE 1 0 0 42,496
KILROY RLTY CORP COM 49427F108 278 4,010 SH   SOLE 1 0 0 4,010
KILROY RLTY CORP COM 49427F108 760 10,969 SH   OTR 1 0 0 10,969
KITE RLTY GROUP TR COM NEW 49803T300 1,139 41,110 SH   OTR 1 0 0 41,110
KITE RLTY GROUP TR COM NEW 49803T300 396 14,276 SH   SOLE 1 0 0 14,276
LIFE STORAGE INC COM 53223X107 1,842 20,704 SH   OTR 1 0 0 20,704
LIFE STORAGE INC COM 53223X107 650 7,315 SH   SOLE 1 0 0 7,315
MACERICH CO COM 554382101 604 7,475 SH   OTR 1 0 0 7,475
MACERICH CO COM 554382101 228 2,821 SH   SOLE 1 0 0 2,821
MACYS INC COM 55616P104 305 8,220 SH   SOLE 1 0 0 8,220
MARRIOTT INTL INC NEW CL A 571903202 536 7,955 SH   OTR 1 0 0 7,955
MARRIOTT INTL INC NEW CL A 571903202 274 4,076 SH   SOLE 1 0 0 4,076
MICROSOFT CORP COM 594918104 215 3,730 SH   SOLE 1 0 0 3,730
NVIDIA CORP COM 67066G104 808 11,796 SH   SOLE 1 0 0 11,796
PDL BIOPHARMA INC NOTE 4.000% 2/0 69329YAF1 1,014 1,043,000 PRN   SOLE 1 0 0 1,043,000
POWERSHARES ETF TR II PFD PORTFOLIO 73936T565 678 44,850 SH   SOLE 1 0 0 44,850
POWERSHARES ETF TR II S&P500 LOW VOL 73937B779 3,241 78,130 SH   SOLE 1 0 0 78,130
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 810 6,818 SH   SOLE 1 0 0 6,818
PRICE T ROWE GROUP INC COM 74144T108 998 15,000 SH   SOLE 1 0 0 15,000
PROLOGIS INC COM 74340W103 987 18,435 SH   OTR 1 0 0 18,435
PROLOGIS INC COM 74340W103 360 6,720 SH   SOLE 1 0 0 6,720
PROSPECT CAPITAL CORPORATION NOTE 5.375%10/1 74348TAK8 204 200,000 PRN   SOLE 1 0 0 200,000
RETAIL OPPORTUNITY INVTS COR COM 76131N101 527 23,990 SH   OTR 1 0 0 23,990
RETAIL OPPORTUNITY INVTS COR COM 76131N101 196 8,895 SH   SOLE 1 0 0 8,895
SIMON PPTY GROUP INC NEW COM 828806109 3,140 15,168 SH   OTR 1 0 0 15,168
SIMON PPTY GROUP INC NEW COM 828806109 1,128 5,450 SH   SOLE 1 0 0 5,450
SINCLAIR BROADCAST GROUP INC CL A 829226109 856 29,659 SH   SOLE 1 0 0 29,659
SPDR INDEX SHS FDS ASIA PACIF ETF 78463X301 3,630 44,049 SH   SOLE 1 0 0 44,049
STANLEY BLACK & DECKER INC COM 854502101 353 2,867 SH   SOLE 1 0 0 2,867
TANGER FACTORY OUTLET CTRS I COM 875465106 209 5,370 SH   SOLE 1 0 0 5,370
TANGER FACTORY OUTLET CTRS I COM 875465106 553 14,185 SH   OTR 1 0 0 14,185
TARGET CORP COM 87612E106 368 5,359 SH   SOLE 1 0 0 5,359
UDR INC COM 902653104 244 6,770 SH   SOLE 1 0 0 6,770
UDR INC COM 902653104 633 17,600 SH   OTR 1 0 0 17,600
UNITED TECHNOLOGIES CORP COM 913017109 369 3,636 SH   SOLE 1 0 0 3,636
VANGUARD BD INDEX FD INC INTERMED TERM 921937819 207 2,365 SH   SOLE 1 0 0 2,365
VANGUARD INDEX FDS GROWTH ETF 922908736 2,174 19,355 SH   SOLE 1 0 0 19,355
VANGUARD INDEX FDS SML CP GRW ETF 922908595 2,545 19,314 SH   SOLE 1 0 0 19,314
VANGUARD INDEX FDS VALUE ETF 922908744 2,906 33,395 SH   SOLE 1 0 0 33,395
VANGUARD WORLD FDS UTILITIES ETF 92204A876 323 3,023 SH   SOLE 1 0 0 3,023
VISA INC COM CL A 92826C839 68 825 SH   OTR 1 0 0 825
VISA INC COM CL A 92826C839 190 2,294 SH   SOLE 1 0 0 2,294
VORNADO RLTY TR SH BEN INT 929042109 1,247 12,320 SH   OTR 1 0 0 12,320
VORNADO RLTY TR SH BEN INT 929042109 453 4,472 SH   SOLE 1 0 0 4,472
WEINGARTEN RLTY INVS SH BEN INT 948741103 271 6,945 SH   SOLE 1 0 0 6,945
WEINGARTEN RLTY INVS SH BEN INT 948741103 722 18,530 SH   OTR 1 0 0 18,530