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
AFLAC INC COM 001055102 2,525 39,988 SH   SOLE 0 0 39,988
AGNICO EAGLE MINES LTD COM 008474108 452 12,500 SH   SOLE 0 0 12,500
ALPHABET INC CAP STK CL A 02079k305 500 656 SH   SOLE 0 0 656
ALPHABET INC CAP STK CL C 02079k107 639 858 SH   SOLE 0 0 858
AMAZON COM INC COM 023135106 861 1,450 SH   SOLE 0 0 1,450
AMERICAN ELEC PWR INC COM 025537101 890 13,400 SH   SOLE 0 0 13,400
AMERICAN EXPRESS CO COM 025816109 577 9,400 SH   SOLE 1,000 0 8,400
AMERICAN HOMES 4 RENT CL A 02665t306 318 20,000 SH   OTR 0 0 20,000
AMERICAN HOMES 4 RENT CL A 02665t306 3,296 207,250 SH   SOLE 23,200 0 184,050
AMERICAN INTL GROUP INC COM NEW 026874784 1,216 22,502 SH   SOLE 0 0 22,502
APARTMENT INVT & MGMT CO CL A 03748r101 418 10,000 SH   OTR 0 0 10,000
APARTMENT INVT & MGMT CO CL A 03748r101 251 6,000 SH   SOLE 3,000 0 3,000
APPLE INC COM 037833100 1,787 16,400 SH   SOLE 0 0 16,400
ASHFORD HOSPITALITY TR INC COM SHS 044103109 191 30,000 SH   OTR 0 0 30,000
AT&T INC COM 00206r102 7,900 201,693 SH   SOLE 28,500 0 173,193
AUTOMATIC DATA PROCESSING IN COM 053015103 601 6,700 SH   SOLE 0 0 6,700
BAIDU INC SPON ADR REP A 056752108 382 2,000 SH   SOLE 0 0 2,000
BANK AMER CORP COM 060505104 406 30,040 SH   SOLE 30,000 0 40
BANK NEW YORK MELLON CORP COM 064058100 3,926 106,604 SH   SOLE 40,500 0 66,104
BERKSHIRE HATHAWAY INC DEL CL A 084670108 9,392 44 SH   SOLE 0 0 44
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 7,059 49,750 SH   SOLE 0 0 49,750
BLACKROCK INC COM 09247x101 1,022 3,000 SH   SOLE 0 0 3,000
BOEING CO COM 097023105 201 1,587 SH   SOLE 0 0 1,587
BRISTOL MYERS SQUIBB CO COM 110122108 4,070 63,710 SH   SOLE 20,700 0 43,010
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 522 15,000 SH   OTR 0 0 15,000
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 3,343 96,073 SH   SOLE 31,500 0 64,573
CATERPILLAR INC DEL COM 149123101 849 11,100 SH   SOLE 500 0 10,600
CELGENE CORP COM 151020104 325 3,250 SH   SOLE 0 0 3,250
CHATHAM LODGING TR COM 16208t102 643 30,000 SH   OTR 0 0 30,000
CHATHAM LODGING TR COM 16208t102 107 5,000 SH   SOLE 0 0 5,000
CHESAPEAKE ENERGY CORP COM 165167107 109 26,400 SH   SOLE 0 0 26,400
CHEVRON CORP NEW COM 166764100 2,309 24,200 SH   SOLE 0 0 24,200
CHIMERA INVT CORP COM NEW 16934q208 87 6,400 SH   SOLE 0 0 6,400
CHIMERA INVT CORP COM NEW 16934q208 217 16,000 SH   OTR 0 0 16,000
CHUBB LIMITED COM h1467j104 4,457 37,400 SH   SOLE 20,300 0 17,100
CIGNA CORPORATION COM 125509109 823 6,000 SH   SOLE 0 0 6,000
CISCO SYS INC COM 17275r102 285 10,000 SH   SOLE 10,000 0 0
COCA COLA CO COM 191216100 325 7,000 SH   SOLE 0 0 7,000
COLGATE PALMOLIVE CO COM 194162103 904 12,800 SH   SOLE 0 0 12,800
COLONY STARWOOD HOMES COM 19625x102 381 15,400 SH   SOLE 1,400 0 14,000
COMCAST CORP NEW CL A 20030n101 1,669 27,322 SH   SOLE 0 0 27,322
CONOCOPHILLIPS COM 20825c104 258 6,397 SH   SOLE 0 0 6,397
CONTRAFECT CORP COM 212326102 87 25,725 SH   SOLE 0 0 25,725
COVANTA HLDG CORP COM 22282e102 253 15,000 SH   OTR 0 0 15,000
CREDIT SUISSE GROUP SPONSORED ADR 225401108 141 10,000 SH   SOLE 0 0 10,000
CVS HEALTH CORP COM 126650100 1,349 13,000 SH   SOLE 12,000 0 1,000
DDR CORP COM 23317h102 2,875 161,600 SH   SOLE 3,000 0 158,600
DIAGEO P L C SPON ADR NEW 25243q205 6,348 58,850 SH   SOLE 15,550 0 43,300
DIAMONDROCK HOSPITALITY CO COM 252784301 202 20,000 SH   OTR 0 0 20,000
DIAMONDROCK HOSPITALITY CO COM 252784301 909 89,850 SH   SOLE 4,900 0 84,950
DISNEY WALT CO COM DISNEY 254687106 1,798 18,100 SH   SOLE 0 0 18,100
DOLLAR GEN CORP NEW COM 256677105 890 10,400 SH   SOLE 2,000 0 8,400
DUN & BRADSTREET CORP DEL NE COM 26483e100 438 4,250 SH   SOLE 0 0 4,250
ECOLAB INC COM 278865100 1,181 10,593 SH   SOLE 0 0 10,593
EMPIRE ST RLTY TR INC CL A 292104106 175 10,000 SH   OTR 0 0 10,000
EMPIRE ST RLTY TR INC CL A 292104106 105 6,000 SH   SOLE 0 0 6,000
EQUITY ONE COM 294752100 860 30,000 SH   OTR 0 0 30,000
EQUITY ONE COM 294752100 1,118 39,000 SH   SOLE 18,000 0 21,000
EXCO RESOURCES INC COM 269279402 10 10,000 SH   SOLE 0 0 10,000
EXPRESS SCRIPTS HLDG CO COM 30219g108 824 12,000 SH   SOLE 0 0 12,000
EXXON MOBIL CORP COM 30231g102 7,392 88,428 SH   SOLE 18,200 0 70,228
FACEBOOK INC CL A 30303m102 1,229 10,775 SH   SOLE 0 0 10,775
FELCOR LODGING TR INC COM 31430f101 162 20,000 SH   OTR 0 0 20,000
FIRST REP BK SAN FRANCISCO C COM 33616c100 467 7,000 SH   SOLE 3,000 0 4,000
FOREST CITY RLTY TR INC COM CL A 345605109 1,118 53,000 SH   OTR 0 0 53,000
FOREST CITY RLTY TR INC COM CL A 345605109 1,603 76,000 SH   SOLE 5,000 0 71,000
FRANCO NEVADA CORP COM 351858105 544 6,850 SH   SOLE 0 0 6,850
FRONTIER COMMUNICATIONS CORP COM 35906a108 180 32,144 SH   SOLE 0 0 32,144
FUELCELL ENERGY INC COM NEW 35952h502 56 8,333 SH   OTR 0 0 8,333
FUELCELL ENERGY INC COM NEW 35952h502 994 146,846 SH   SOLE 412 0 146,434
GENERAL ELECTRIC CO COM 369604103 4,683 147,316 SH   SOLE 21,500 0 125,816
GENERAL GROWTH PPTYS INC NEW COM 370023103 2,700 90,802 SH   SOLE 8,021 0 82,781
GENTEX CORP COM 371901109 235 15,000 SH   OTR 0 0 15,000
GOLDCORP INC NEW COM 380956409 420 20,000 SH   SOLE 0 0 20,000
GOLDMAN SACHS GROUP INC COM 38141g104 651 4,150 SH   SOLE 0 0 4,150
GRAMERCY PPTY TR COM 385002100 2,015 238,468 SH   SOLE 37,478 0 200,990
GRAMERCY PPTY TR COM 385002100 674 79,745 SH   OTR 0 0 79,745
GULFMARK OFFSHORE INC CL A NEW 402629208 62 10,100 SH   SOLE 0 0 10,100
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 463 21,725 SH   SOLE 2,500 0 19,225
HILTON WORLDWIDE HLDGS INC COM 43300a104 676 30,000 SH   OTR 0 0 30,000
HILTON WORLDWIDE HLDGS INC COM 43300a104 1,177 52,250 SH   SOLE 16,000 0 36,250
HOST HOTELS & RESORTS INC COM 44107p104 1,934 115,887 SH   SOLE 12,700 0 103,187
INTERSECTIONS INC COM 460981301 117 47,895 SH   SOLE 0 0 47,895
ISHARES MSCI FRANCE ETF 464286707 520 21,500 SH   SOLE 0 0 21,500
ISHARES MSCI SZ CAP ETF 464286749 585 19,679 SH   SOLE 0 0 19,679
ISHARES GOLD TRUST ISHARES 464285105 4,518 294,000 SH   SOLE 0 0 294,000
ISHARES TR GLOBAL 100 ETF 464287572 604 8,400 SH   SOLE 0 0 8,400
ISHARES TR SELECT DIVID ETF 464287168 1,101 13,475 SH   SOLE 0 0 13,475
ISHARES TR U.S. REAL ES ETF 464287739 1,012 13,000 SH   SOLE 10,000 0 3,000
ISHARES TR US HOME CONS ETF 464288752 542 20,000 SH   OTR 0 0 20,000
ISHARES TR US HOME CONS ETF 464288752 5,208 192,300 SH   SOLE 45,300 0 147,000
ISTAR INC COM 45031u101 290 30,000 SH   OTR 0 0 30,000
ISTAR INC COM 45031u101 130 13,500 SH   SOLE 0 0 13,500
JOHNSON & JOHNSON COM 478160104 3,960 36,600 SH   SOLE 4,500 0 32,100
JPMORGAN CHASE & CO COM 46625h100 5,164 87,200 SH   SOLE 5,700 0 81,500
KELLOGG CO COM 487836108 383 5,000 SH   SOLE 5,000 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 438 20,000 SH   OTR 0 0 20,000
KEYCORP NEW COM 493267108 110 10,000 SH   SOLE 10,000 0 0
KIMCO RLTY CORP COM 49446r109 719 25,000 SH   OTR 0 0 25,000
KIMCO RLTY CORP COM 49446r109 2,141 74,400 SH   SOLE 8,500 0 65,900
KRAFT HEINZ CO COM 500754106 9,589 122,050 SH   SOLE 30,600 0 91,450
LABORATORY CORP AMER HLDGS COM NEW 50540r409 1,757 15,000 SH   SOLE 10,000 0 5,000
LENNAR CORP CL A 526057104 4,298 88,875 SH   SOLE 15,700 0 73,175
LINKEDIN CORP COM CL A 53578a108 286 2,500 SH   SOLE 0 0 2,500
MARKET VECTORS ETF TR GOLD MINER ETF 57060u100 1,811 90,700 SH   SOLE 2,000 0 88,700
MARRIOTT VACATIONS WRLDWDE C COM 57164y107 207 3,068 SH   SOLE 180 0 2,888
MARSH & MCLENNAN COS INC COM 571748102 6,209 102,150 SH   SOLE 28,300 0 73,850
METLIFE INC COM 59156r108 2,091 47,566 SH   SOLE 16,200 0 31,366
MICROSOFT CORP COM 594918104 1,409 25,520 SH   SOLE 0 0 25,520
MONDELEZ INTL INC CL A 609207105 903 22,520 SH   SOLE 2,000 0 20,520
MONMOUTH REAL ESTATE INVT CO CL A 609720107 736 61,892 SH   SOLE 10,000 0 51,892
NEWCASTLE INVT CORP NEW COM PAR $0.01 65105m603 43 10,000 SH   OTR 0 0 10,000
NEWCASTLE INVT CORP NEW COM PAR $0.01 65105m603 5 1,166 SH   SOLE 0 0 1,166
NEWELL RUBBERMAID INC COM 651229106 1,683 38,000 SH   SOLE 19,500 0 18,500
NORFOLK SOUTHERN CORP COM 655844108 791 9,500 SH   SOLE 9,000 0 500
PARATEK PHARMACEUTICALS INC COM 699374302 152 10,000 SH   SOLE 0 0 10,000
PEBBLEBROOK HOTEL TR COM 70509v100 221 7,600 SH   OTR 0 0 7,600
PEBBLEBROOK HOTEL TR COM 70509v100 145 5,000 SH   SOLE 0 0 5,000
PEPSICO INC COM 713448108 1,981 19,330 SH   SOLE 0 0 19,330
PFIZER INC COM 717081103 4,247 143,300 SH   SOLE 33,400 0 109,900
PINNACLE WEST CAP CORP COM 723484101 938 12,500 SH   SOLE 0 0 12,500
PROCTER & GAMBLE CO COM 742718109 1,083 13,156 SH   SOLE 0 0 13,156
RAYTHEON CO COM NEW 755111507 245 2,000 SH   SOLE 2,000 0 0
REPUBLIC SVCS INC COM 760759100 810 17,000 SH   SOLE 11,500 0 5,500
RETAIL OPPORTUNITY INVTS COR COM 76131n101 704 35,000 SH   OTR 0 0 35,000
RETAIL OPPORTUNITY INVTS COR COM 76131n101 859 42,700 SH   SOLE 16,500 0 26,200
SCHLUMBERGER LTD COM 806857108 1,836 24,896 SH   SOLE 0 0 24,896
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369y209 678 10,000 SH   SOLE 0 0 10,000
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369y506 6,777 109,500 SH   SOLE 20,300 0 89,200
SELECT SECTOR SPDR TR TECHNOLOGY 81369y803 665 15,000 SH   SOLE 0 0 15,000
SEVENTY SEVEN ENERGY INC COM 818097107 6 10,028 SH   SOLE 0 0 10,028
SIMON PPTY GROUP INC NEW COM 828806109 852 4,100 SH   SOLE 0 0 4,100
SPDR GOLD TRUST GOLD SHS 78463v107 22,372 190,171 SH   SOLE 7,365 0 182,806
SPDR INDEX SHS FDS EURO STOXX 50 78463x202 5,927 178,350 SH   SOLE 12,800 0 165,550
SPDR S&P 500 ETF TR TR UNIT 78462f103 3,437 16,723 SH   SOLE 0 0 16,723
SPDR SERIES TRUST S&P BK ETF 78464a797 304 10,000 SH   SOLE 5,000 0 5,000
SPDR SERIES TRUST S&P DIVID ETF 78464a763 703 8,800 SH   SOLE 0 0 8,800
SPDR SERIES TRUST S&P HOMEBUILD 78464a888 677 20,000 SH   OTR 0 0 20,000
SPDR SERIES TRUST S&P HOMEBUILD 78464a888 1,862 55,000 SH   SOLE 23,000 0 32,000
SUMMIT HOTEL PPTYS COM 866082100 381 31,800 SH   SOLE 0 0 31,800
TANGER FACTORY OUTLET CTRS I COM 875465106 895 24,600 SH   SOLE 7,000 0 17,600
TARGET CORP COM 87612e106 1,893 23,000 SH   SOLE 4,800 0 18,200
TAUBMAN CTRS INC COM 876664103 1,054 14,800 SH   SOLE 1,000 0 13,800
TECO ENERGY INC COM 872375100 1,101 40,000 SH   SOLE 0 0 40,000
TERRENO RLTY CORP COM 88146m101 434 18,500 SH   SOLE 0 0 18,500
TIME WARNER CABLE INC COM 88732j207 604 2,951 SH   SOLE 0 0 2,951
TIME WARNER INC COM NEW 887317303 3,632 50,050 SH   SOLE 3,350 0 46,700
TJX COS INC NEW COM 872540109 9,084 115,950 SH   SOLE 27,600 0 88,350
TOTAL S A SPONSORED ADR 89151e109 227 5,000 SH   SOLE 0 0 5,000
UBS GROUP AG SHS h42097107 160 10,000 SH   SOLE 0 0 10,000
UMH PPTYS INC COM 903002103 178 17,908 SH   SOLE 0 0 17,908
UNILEVER N V N Y SHS NEW 904784709 3,440 77,000 SH   SOLE 19,000 0 58,000
UNION PAC CORP COM 907818108 830 10,432 SH   SOLE 3,000 0 7,432
UNITED PARCEL SERVICE INC CL B 911312106 5,242 49,700 SH   SOLE 7,400 0 42,300
UNITED TECHNOLOGIES CORP COM 913017109 250 2,500 SH   SOLE 0 0 2,500
URSTADT BIDDLE PPTYS INC CL A 917286205 408 19,500 SH   SOLE 4,500 0 15,000
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 1,201 14,500 SH   SOLE 0 0 14,500
VANGUARD INDEX FDS EXTEND MKT ETF 922908652 1,234 14,900 SH   SOLE 0 0 14,900
VANGUARD INDEX FDS TOTAL STK MKT 922908769 5,859 55,900 SH   SOLE 0 0 55,900
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 830 19,230 SH   SOLE 0 0 19,230
VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF 922042718 289 3,100 SH   SOLE 0 0 3,100
VANTIV INC CL A 92210h105 269 5,000 SH   SOLE 0 0 5,000
VECTOR GROUP LTD COM 92240m108 1,156 50,598 SH   SOLE 0 0 50,598
VERIZON COMMUNICATIONS INC COM 92343v104 613 11,345 SH   SOLE 460 0 10,885
WALGREENS BOOTS ALLIANCE INC COM 931427108 350 4,150 SH   SOLE 0 0 4,150
WAL-MART STORES INC COM 931142103 479 7,000 SH   SOLE 3,000 0 4,000
WELLS FARGO & CO NEW COM 949746101 3,867 79,958 SH   SOLE 25,300 0 54,658
WESTERN COPPER & GOLD CORP COM 95805v108 6 10,000 SH   SOLE 0 0 10,000
WEYERHAEUSER CO COM 962166104 1,611 52,000 SH   SOLE 16,000 0 36,000
WINTHROP RLTY TR SH BEN INT NEW 976391300 131 10,000 SH   SOLE 10,000 0 0