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
ABBOTT LABS COM 002824100 1,489 44,850 SH   SOLE 4,000 0 40,850
ABBVIE INC COM 00287y109 2,042 45,655 SH   SOLE 4,000 0 41,655
AFLAC INC COM 001055102 2,479 39,988 SH   SOLE 0 0 39,988
ALLSTATE CORP COM 020002101 2,477 49,000 SH   SOLE 15,000 0 34,000
ALPS ETF TR ALERIAN MLP 00162q866 1,305 74,200 SH   SOLE 15,000 0 59,200
AMERICAN EXPRESS CO COM 025816109 1,344 17,800 SH   SOLE 3,000 0 14,800
AMERICAN INTL GROUP INC COM NEW 026874784 486 10,000 SH   OTR 0 0 10,000
AMERICAN INTL GROUP INC COM NEW 026874784 1,780 36,602 SH   SOLE 0 0 36,602
AMERICAN RLTY CAP PPTYS INC COM 02917t104 1,110 91,000 SH   OTR 0 0 91,000
AMERICAN RLTY CAP PPTYS INC COM 02917t104 4,584 375,730 SH   SOLE 62,000 0 313,730
AMERICAN TOWER CORP NEW COM 03027x100 4,018 54,200 SH   SOLE 5,900 0 48,300
APOLLO COML REAL EST FIN INC COM 03762u105 458 30,000 SH   OTR 0 0 30,000
APOLLO GROUP INC CL A 037604105 614 29,500 SH   SOLE 0 0 29,500
APPLE INC COM 037833100 1,089 2,285 SH   SOLE 0 0 2,285
ARBOR RLTY TR INC COM 038923108 34 5,000 SH   SOLE 0 0 5,000
ARBOR RLTY TR INC COM 038923108 339 50,000 SH   OTR 0 0 50,000
ARES CAP CORP COM 04010l103 346 20,000 SH   OTR 0 0 20,000
ARES CAP CORP COM 04010l103 86 5,000 SH   SOLE 5,000 0 0
ARES COML REAL ESTATE CORP COM 04013v108 93 7,500 SH   OTR 0 0 7,500
ARES COML REAL ESTATE CORP COM 04013v108 134 10,800 SH   SOLE 0 0 10,800
ASHFORD HOSPITALITY TR INC COM SHS 044103109 185 15,000 SH   OTR 0 0 15,000
ASHFORD HOSPITALITY TR INC COM SHS 044103109 74 6,000 SH   SOLE 0 0 6,000
AT&T INC COM 00206r102 490 14,477 SH   SOLE 0 0 14,477
AUTOMATIC DATA PROCESSING IN COM 053015103 5,863 81,000 SH   SOLE 8,800 0 72,200
BAIDU INC SPON ADR REP A 056752108 310 2,000 SH   SOLE 0 0 2,000
BAKER HUGHES INC COM 057224107 1,473 30,000 SH   SOLE 2,900 0 27,100
BANK OF AMERICA CORPORATION COM 060505104 139 10,040 SH   SOLE 0 0 10,040
BERKSHIRE HATHAWAY INC DEL CL A 084670108 7,498 44 SH   SOLE 0 0 44
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 5,590 49,250 SH   SOLE 0 0 49,250
BLACKROCK INC COM 09247x101 1,150 4,250 SH   SOLE 0 0 4,250
BLACKSTONE MTG TR INC COM CL A 09257w100 468 18,578 SH   OTR 0 0 18,578
BLACKSTONE MTG TR INC COM CL A 09257w100 13 509 SH   SOLE 0 0 509
BOEING CO COM 097023105 363 3,087 SH   SOLE 0 0 3,087
BRISTOL MYERS SQUIBB CO COM 110122108 500 10,810 SH   SOLE 10,000 0 810
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 1,563 41,800 SH   SOLE 9,000 0 32,800
CALPINE CORP COM NEW 131347304 279 14,338 SH   SOLE 1,367 0 12,971
CAPSTONE TURBINE CORP COM 14067d102 23 20,000 SH   SOLE 0 0 20,000
CATERPILLAR INC DEL COM 149123101 584 7,000 SH   SOLE 0 0 7,000
CHESAPEAKE ENERGY CORP COM 165167107 735 28,400 SH   SOLE 0 0 28,400
CHEVRON CORP NEW COM 166764100 1,493 12,292 SH   SOLE 1,500 0 10,792
CHUBB CORP COM 171232101 446 5,000 SH   SOLE 0 0 5,000
CIGNA CORPORATION COM 125509109 461 6,000 SH   SOLE 0 0 6,000
CITIGROUP INC COM NEW 172967424 834 17,200 SH   SOLE 0 0 17,200
COCA COLA CO COM 191216100 1,977 52,200 SH   SOLE 8,500 0 43,700
COHEN & STEERS QUALITY RLTY COM 19247l106 244 25,000 SH   SOLE 14,000 0 11,000
COLE REAL ESTATE INVTS INC COM 19329v105 368 30,000 SH   OTR 0 0 30,000
COLGATE PALMOLIVE CO COM 194162103 996 16,800 SH   SOLE 0 0 16,800
COMCAST CORP NEW CL A 20030n101 1,921 42,576 SH   SOLE 0 0 42,576
CONAGRA FOODS INC COM 205887102 1,214 40,000 SH   SOLE 16,500 0 23,500
CONOCOPHILLIPS COM 20825c104 620 8,926 SH   SOLE 0 0 8,926
COPART INC COM 217204106 477 15,000 SH   OTR 0 0 15,000
COPART INC COM 217204106 286 9,000 SH   SOLE 0 0 9,000
CORRECTIONS CORP AMER NEW COM NEW 22025y407 1,036 30,000 SH   OTR 0 0 30,000
CORRECTIONS CORP AMER NEW COM NEW 22025y407 242 7,000 SH   SOLE 0 0 7,000
CUBESMART COM 229663109 357 20,000 SH   OTR 0 0 20,000
CUBESMART COM 229663109 89 5,000 SH   SOLE 5,000 0 0
DDR CORP COM 23317h102 785 50,000 SH   OTR 0 0 50,000
DDR CORP COM 23317h102 3,167 201,600 SH   SOLE 23,000 0 178,600
DIAGEO P L C SPON ADR NEW 25243q205 381 3,000 SH   OTR 0 0 3,000
DIAGEO P L C SPON ADR NEW 25243q205 9,761 76,807 SH   SOLE 3,787 0 73,020
DIAMONDROCK HOSPITALITY CO COM 252784301 373 35,000 SH   OTR 0 0 35,000
DIRECTV COM 25490a309 2,031 33,979 SH   SOLE 0 0 33,979
DISNEY WALT CO COM DISNEY 254687106 7,242 112,300 SH   SOLE 14,200 0 98,100
DUN & BRADSTREET CORP DEL NE COM 26483e100 441 4,250 SH   SOLE 0 0 4,250
DYAX CORP COM 26746e103 11,854 1,728,035 SH   SOLE 0 0 1,728,035
DYAX CORP COM 26746e103 309 45,000 SH   OTR 0 0 45,000
ECOLAB INC COM 278865100 1,031 10,436 SH   SOLE 0 0 10,436
EQUITY ONE COM 294752100 219 10,000 SH   SOLE 3,000 0 7,000
ETFS PLATINUM TR SH BEN INT 26922v101 412 3,000 SH   SOLE 0 0 3,000
EXCO RESOURCES INC COM 269279402 67 10,000 SH   SOLE 0 0 10,000
EXPRESS SCRIPTS HLDG CO COM 30219g108 995 16,100 SH   SOLE 0 0 16,100
EXXON MOBIL CORP COM 30231g102 1,938 22,528 SH   SOLE 2,400 0 20,128
FACEBOOK INC CL A 30303m102 617 12,275 SH   SOLE 0 0 12,275
FIFTH THIRD BANCORP COM 316773100 271 15,000 SH   OTR 0 0 15,000
FIRST TR SR FLG RTE INCM FD COM 33733u108 256 17,900 SH   SOLE 0 0 17,900
FORD MTR CO DEL COM PAR $0.01 345370860 472 28,000 SH   SOLE 5,000 0 23,000
FOREST CITY ENTERPRISES INC CL A 345550107 814 43,000 SH   OTR 0 0 43,000
FOREST CITY ENTERPRISES INC CL A 345550107 1,371 72,400 SH   SOLE 5,000 0 67,400
FREEPORT-MCMORAN COPPER & GO COM 35671d857 662 20,000 SH   SOLE 0 0 20,000
FUELCELL ENERGY INC COM 35952h106 1,229 953,082 SH   SOLE 0 0 953,082
GENERAL ELECTRIC CO COM 369604103 3,741 156,600 SH   SOLE 7,500 0 149,100
GENERAL GROWTH PPTYS INC NEW COM 370023103 386 20,000 SH   OTR 0 0 20,000
GENERAL GROWTH PPTYS INC NEW COM 370023103 3,585 185,823 SH   SOLE 24,042 0 161,781
GLAXOSMITHKLINE PLC SPONSORED ADR 37733w105 602 12,000 SH   SOLE 5,000 0 7,000
GOOGLE INC CL A 38259p508 1,389 1,586 SH   SOLE 80 0 1,506
GRAMERCY PPTY TR INC COM 38489r100 166 40,000 SH   OTR 0 0 40,000
GRAMERCY PPTY TR INC COM 38489r100 54 13,000 SH   SOLE 0 0 13,000
GULFMARK OFFSHORE INC CL A NEW 402629208 957 18,800 SH   SOLE 0 0 18,800
HALLIBURTON CO COM 406216101 1,613 33,500 SH   SOLE 6,000 0 27,500
HERSHA HOSPITALITY TR SH BEN INT A 427825104 279 50,000 SH   OTR 0 0 50,000
HERSHA HOSPITALITY TR SH BEN INT A 427825104 420 75,200 SH   SOLE 20,000 0 55,200
HONEYWELL INTL INC COM 438516106 739 8,900 SH   SOLE 7,000 0 1,900
HOST HOTELS & RESORTS INC COM 44107p104 2,349 132,962 SH   SOLE 20,723 0 112,239
HOWARD HUGHES CORP COM 44267D107 356 3,165 SH   SOLE 0 0 3,165
INTEL CORP COM 458140100 442 19,300 SH   SOLE 4,000 0 15,300
INTERNATIONAL BUSINESS MACHS COM 459200101 2,369 12,795 SH   SOLE 220 0 12,575
INTERSECTIONS INC COM 460981301 291 33,235 SH   SOLE 0 0 33,235
INVESCO LTD SHS g491bt108 1,978 62,000 SH   SOLE 11,500 0 50,500
IRON MTN INC COM 462846106 540 20,000 SH   SOLE 0 0 20,000
ISHARES GLOBAL 100 ETF 464287572 604 8,400 SH   SOLE 0 0 8,400
ISHARES MSCI EAFE ETF 464287465 4,262 66,800 SH   SOLE 12,800 0 54,000
ISHARES MSCI FRANCE ETF 464286707 1,156 43,000 SH   SOLE 0 0 43,000
ISHARES MSCI SZ CAP ETF 464286749 3,321 106,179 SH   SOLE 7,000 0 99,179
ISHARES SELECT DIVID ETF 464287168 934 14,075 SH   SOLE 0 0 14,075
ISHARES U.S. PFD STK ETF 464288687 1,148 30,200 SH   SOLE 3,000 0 27,200
ISHARES U.S. REAL ES ETF 464287739 255 4,000 SH   SOLE 4,000 0 0
ISTAR FINL INC COM 45031u101 241 20,000 SH   SOLE 5,000 0 15,000
ISTAR FINL INC COM 45031u101 602 50,000 SH   OTR 0 0 50,000
JOHNSON & JOHNSON COM 478160104 3,875 44,700 SH   SOLE 5,900 0 38,800
JPMORGAN CHASE & CO COM 46625h100 1,241 24,000 SH   SOLE 6,000 0 18,000
KIMCO RLTY CORP COM 49446r109 1,792 88,800 SH   SOLE 15,500 0 73,300
KRAFT FOODS GROUP INC COM 50076q106 491 9,348 SH   SOLE 2,382 0 6,966
LABORATORY CORP AMER HLDGS COM NEW 50540r409 535 5,400 SH   SOLE 0 0 5,400
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 570 20,000 SH   OTR 0 0 20,000
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 456 16,000 SH   SOLE 4,000 0 12,000
LEUCADIA NATL CORP COM 527288104 215 7,900 SH   SOLE 0 0 7,900
LEXINGTON REALTY TRUST COM 529043101 337 30,000 SH   OTR 0 0 30,000
LEXINGTON REALTY TRUST COM 529043101 56 5,000 SH   SOLE 0 0 5,000
LIBERTY MEDIA CORP DELAWARE CL A 531229102 440 2,992 SH   SOLE 0 0 2,992
LINCOLN NATL CORP IND COM 534187109 630 15,000 SH   OTR 0 0 15,000
LINCOLN NATL CORP IND COM 534187109 743 17,700 SH   SOLE 3,500 0 14,200
LOEWS CORP COM 540424108 561 12,000 SH   SOLE 0 0 12,000
MACERICH CO COM 554382101 231 4,100 SH   SOLE 3,000 0 1,100
MARKET VECTORS ETF TR GOLD MINER ETF 57060u100 3,463 138,400 SH   SOLE 8,000 0 130,400
MARRIOTT INTL INC NEW CL A 571903202 631 15,000 SH   OTR 0 0 15,000
MARRIOTT INTL INC NEW CL A 571903202 42 1,000 SH   SOLE 0 0 1,000
MARTEN TRANS LTD COM 573075108 172 10,000 SH   OTR 0 0 10,000
MASTERCARD INC CL A 57636q104 1,833 2,725 SH   SOLE 200 0 2,525
MERCK & CO INC NEW COM 58933y105 833 17,500 SH   SOLE 7,500 0 10,000
METLIFE INC COM 59156r108 2,026 43,150 SH   SOLE 6,500 0 36,650
MONDELEZ INTL INC CL A 609207105 1,027 32,670 SH   SOLE 8,150 0 24,520
MONMOUTH REAL ESTATE INVT CO CL A 609720107 362 39,892 SH   SOLE 10,000 0 29,892
NEW RESIDENTIAL INVT CORP COM 64828t102 172 26,000 SH   SOLE 0 0 26,000
NEWCASTLE INVT CORP COM 65105m108 146 26,000 SH   SOLE 0 0 26,000
NEWMONT MINING CORP COM 651639106 225 8,000 SH   SOLE 1,000 0 7,000
NOBLE ENERGY INC COM 655044105 603 9,000 SH   SOLE 0 0 9,000
NORTHSTAR RLTY FIN CORP COM 66704r100 464 50,000 SH   OTR 0 0 50,000
NORTHSTAR RLTY FIN CORP COM 66704r100 1,452 156,500 SH   SOLE 30,000 0 126,500
NOVARTIS A G SPONSORED ADR 66987v109 2,779 36,225 SH   SOLE 8,850 0 27,375
NOVO-NORDISK A S ADR 670100205 880 5,200 SH   SOLE 0 0 5,200
OAKTREE CAP GROUP LLC UNIT 99/99/9999 674001201 209 4,000 SH   SOLE 0 0 4,000
ONEOK INC NEW COM 682680103 299 5,600 SH   SOLE 0 0 5,600
PALO ALTO NETWORKS INC COM 697435105 229 5,000 SH   SOLE 0 0 5,000
PARKWAY PPTYS INC COM 70159q104 498 28,000 SH   SOLE 10,000 0 18,000
PARKWAY PPTYS INC COM 70159q104 711 40,000 SH   OTR 0 0 40,000
PEABODY ENERGY CORP COM 704549104 243 14,100 SH   SOLE 4,500 0 9,600
PEPSICO INC COM 713448108 1,584 19,930 SH   SOLE 0 0 19,930
PFIZER INC COM 717081103 4,630 161,200 SH   SOLE 40,600 0 120,600
PHILIP MORRIS INTL INC COM 718172109 3,518 40,625 SH   SOLE 525 0 40,100
PHILLIPS 66 COM 718546104 258 4,462 SH   SOLE 0 0 4,462
PIONEER NAT RES CO COM 723787107 1,133 6,000 SH   SOLE 2,000 0 4,000
PROCTER & GAMBLE CO COM 742718109 4,458 58,973 SH   SOLE 6,675 0 52,298
QUALCOMM INC COM 747525103 1,417 21,050 SH   SOLE 0 0 21,050
RAIT FINANCIAL TRUST COM NEW 749227609 177 25,000 SH   OTR 0 0 25,000
RAIT FINANCIAL TRUST COM NEW 749227609 513 72,500 SH   SOLE 10,000 0 62,500
REPUBLIC SVCS INC COM 760759100 627 18,800 SH   SOLE 3,000 0 15,800
RETAIL OPPORTUNITY INVTS COR *W EXP 10/23/201 76131n119 21 10,000 SH   SOLE 0 0 10,000
RETAIL OPPORTUNITY INVTS COR COM 76131n101 276 20,000 SH   OTR 0 0 20,000
RETAIL OPPORTUNITY INVTS COR COM 76131n101 179 13,000 SH   SOLE 0 0 13,000
SABRA HEALTH CARE REIT INC COM 78573l106 230 10,000 SH   OTR 0 0 10,000
SANDRIDGE ENERGY INC COM 80007p307 237 40,500 SH   SOLE 0 0 40,500
SCHLUMBERGER LTD COM 806857108 2,288 25,896 SH   SOLE 0 0 25,896
SELECT SECTOR SPDR TR SBI CONS STPLS 81369y308 1,523 38,258 SH   SOLE 16,000 0 22,258
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369y209 2,586 51,126 SH   SOLE 16,000 0 35,126
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369y506 7,059 85,146 SH   SOLE 15,600 0 69,546
SELECT SECTOR SPDR TR SBI INT-INDS 81369y704 5,873 126,560 SH   SOLE 24,840 0 101,720
SELECT SECTOR SPDR TR TECHNOLOGY 81369y803 481 15,000 SH   SOLE 0 0 15,000
SIMON PPTY GROUP INC NEW COM 828806109 460 3,100 SH   SOLE 0 0 3,100
SL GREEN RLTY CORP COM 78440x101 1,333 15,000 SH   OTR 0 0 15,000
SPDR GOLD TRUST GOLD SHS 78463v107 17,188 134,092 SH   SOLE 14,365 0 119,727
SPDR INDEX SHS FDS DJ INTL RL ETF 78463x863 506 12,000 SH   SOLE 0 0 12,000
SPDR S&P 500 ETF TR TR UNIT 78462f103 1,936 11,523 SH   SOLE 0 0 11,523
SPDR SERIES TRUST S&P BK ETF 78464a797 781 26,000 SH   SOLE 13,000 0 13,000
SPDR SERIES TRUST S&P DIVID ETF 78464a763 607 8,800 SH   SOLE 0 0 8,800
STAG INDL INC COM 85254j102 201 10,000 SH   OTR 0 0 10,000
STAG INDL INC COM 85254j102 40 2,000 SH   SOLE 1,000 0 1,000
STARBUCKS CORP COM 855244109 1,312 17,050 SH   SOLE 5,000 0 12,050
STARWOOD PPTY TR INC COM 85571b105 479 20,000 SH   OTR 0 0 20,000
STARWOOD PPTY TR INC COM 85571b105 1,708 71,250 SH   SOLE 13,000 0 58,250
STRATEGIC HOTELS & RESORTS I COM 86272t106 608 70,000 SH   OTR 0 0 70,000
STRATEGIC HOTELS & RESORTS I COM 86272t106 798 91,988 SH   SOLE 10,000 0 81,988
SUMMIT HOTEL PPTYS COM 866082100 551 60,000 SH   OTR 0 0 60,000
SUMMIT HOTEL PPTYS COM 866082100 423 46,000 SH   SOLE 0 0 46,000
SUNSTONE HOTEL INVS INC NEW COM 867892101 115 9,000 SH   SOLE 0 0 9,000
SUNSTONE HOTEL INVS INC NEW COM 867892101 382 30,000 SH   OTR 0 0 30,000
TAUBMAN CTRS INC COM 876664103 1,326 19,700 SH   SOLE 2,000 0 17,700
TERRENO RLTY CORP COM 88146m101 309 17,400 SH   SOLE 0 0 17,400
TIME WARNER CABLE INC COM 88732j207 329 2,951 SH   SOLE 0 0 2,951
TIME WARNER INC COM NEW 887317303 6,700 101,808 SH   SOLE 16,750 0 85,058
TJX COS INC NEW COM 872540109 479 8,500 SH   SOLE 5,000 0 3,500
TRANSCANADA CORP COM 89353d107 2,152 49,000 SH   SOLE 7,000 0 42,000
TWENTY FIRST CENTY FOX INC CL A 90130a101 670 20,000 SH   OTR 0 0 20,000
TWENTY FIRST CENTY FOX INC CL A 90130a101 4,738 141,400 SH   SOLE 6,800 0 134,600
TWO HBRS INVT CORP COM 90187b101 194 20,000 SH   OTR 0 0 20,000
UBS AG SHS NEW h89231338 718 35,000 SH   SOLE 0 0 35,000
UNILEVER N V N Y SHS NEW 904784709 5,745 152,297 SH   SOLE 22,800 0 129,497
UNITED TECHNOLOGIES CORP COM 913017109 927 8,600 SH   SOLE 5,000 0 3,600
URSTADT BIDDLE PPTYS INC COM 917286106 368 18,500 SH   SOLE 4,500 0 14,000
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 801 14,700 SH   SOLE 0 0 14,700
VECTOR GROUP LTD COM 92240m108 440 27,300 SH   SOLE 0 0 27,300
VERIZON COMMUNICATIONS INC COM 92343v104 364 7,800 SH   SOLE 0 0 7,800
VIACOM INC NEW CL B 92553p201 4,263 51,000 SH   SOLE 8,600 0 42,400
VISA INC COM CL A 92826c839 602 3,150 SH   SOLE 0 0 3,150
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857w209 283 8,041 SH   SOLE 1,750 0 6,291
WALGREEN CO COM 931422109 4,051 75,300 SH   SOLE 13,600 0 61,700
WAL-MART STORES INC COM 931142103 444 6,000 SH   SOLE 5,700 0 300
WEATHERFORD INTERNATIONAL LT REG SHS h27013103 460 30,000 SH   OTR 0 0 30,000
WEATHERFORD INTERNATIONAL LT REG SHS h27013103 2,273 148,250 SH   SOLE 14,900 0 133,350
WESTERN UN CO COM 959802109 187 10,000 SH   SOLE 0 0 10,000
WILLIAMS COS INC DEL COM 969457100 8,560 235,420 SH   SOLE 35,400 0 200,020
WINTHROP RLTY TR SH BEN INT NEW 976391300 111 10,000 SH   SOLE 10,000 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717w851 359 7,500 SH   SOLE 0 0 7,500