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 989 16,500 SH   SOLE 0 0 16,500
ABBVIE INC COM 00287y109 1,182 12,480 SH   SOLE 0 0 12,480
AETNA INC NEW COM 00817y108 845 5,000 SH   SOLE 0 0 5,000
AGNICO EAGLE MINES LTD COM 008474108 484 11,500 SH   SOLE 0 0 11,500
ALLERGAN PLC SHS g0177j108 1,043 6,200 SH   SOLE 0 0 6,200
ALLSTATE CORP COM 020002101 8,499 89,650 SH   SOLE 7,600 0 82,050
ALPHABET INC CAP STK CL A 02079k305 633 610 SH   SOLE 0 0 610
ALPHABET INC CAP STK CL C 02079k107 1,145 1,110 SH   SOLE 0 0 1,110
ALPS ETF TR ALERIAN MLP 00162q866 4,563 486,900 SH   SOLE 34,100 0 452,800
AMAZON COM INC COM 023135106 1,447 1,000 SH   SOLE 0 0 1,000
AMERICAN ELEC PWR INC COM 025537101 1,509 22,000 SH   SOLE 0 0 22,000
AMERICAN EXPRESS CO COM 025816109 4,132 44,300 SH   SOLE 4,500 0 39,800
AMERICAN HOMES 4 RENT CL A 02665t306 4,106 204,466 SH   SOLE 20,875 0 183,591
AMERICAN INTL GROUP INC COM NEW 026874784 408 7,500 SH   SOLE 0 0 7,500
AMGEN INC COM 031162100 682 4,000 SH   SOLE 0 0 4,000
AON PLC SHS CL A g0408v102 912 6,500 SH   SOLE 0 0 6,500
APPLE INC COM 037833100 602 3,590 SH   SOLE 0 0 3,590
ARAMARK COM 03852u106 1,365 34,500 SH   SOLE 3,000 0 31,500
ARMADA HOFFLER PPTYS INC COM 04208t108 137 10,000 SH   SOLE 5,000 0 5,000
AT&T INC COM 00206r102 3,462 97,136 SH   SOLE 0 0 97,136
AUTOMATIC DATA PROCESSING IN COM 053015103 454 4,000 SH   SOLE 0 0 4,000
BANK AMER CORP COM 060505104 6,629 221,050 SH   SOLE 65,000 0 156,050
BANK NEW YORK MELLON CORP COM 064058100 8,731 169,425 SH   SOLE 16,000 0 153,425
BERKSHIRE HATHAWAY INC DEL CL A 084670108 6,580 22 SH   SOLE 0 0 22
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 10,174 51,000 SH   SOLE 0 0 51,000
BRIXMOR PPTY GROUP INC COM 11120u105 426 28,000 SH   SOLE 0 0 28,000
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 3,161 81,073 SH   SOLE 25,500 0 55,573
CATERPILLAR INC DEL COM 149123101 3,655 24,800 SH   SOLE 8,500 0 16,300
CELGENE CORP COM 151020104 387 4,330 SH   SOLE 0 0 4,330
CELSIUS HOLDINGS INC COM NEW 15118v207 104 24,000 SH   SOLE 0 0 24,000
CHARTER COMMUNICATIONS INC N CL A 16119p108 453 1,457 SH   SOLE 0 0 1,457
CHESAPEAKE ENERGY CORP COM 165167107 79 26,300 SH   SOLE 0 0 26,300
CHEVRON CORP NEW COM 166764100 2,070 18,150 SH   SOLE 0 0 18,150
CHUBB LIMITED COM h1467j104 2,593 22,600 SH   SOLE 3,000 0 19,600
CISCO SYS INC COM 17275r102 94 2,200 SH   SOLE 0 0 2,200
CITIZENS FINL GROUP INC COM 174610105 210 5,000 SH   SOLE 0 0 5,000
COCA COLA CO COM 191216100 311 7,175 SH   SOLE 0 0 7,175
COMCAST CORP NEW CL A 20030n101 2,802 82,000 SH   SOLE 0 0 82,000
COMERICA INC COM 200340107 288 3,000 SH   SOLE 0 0 3,000
CONOCOPHILLIPS COM 20825c104 391 6,597 SH   SOLE 0 0 6,597
CONTRAFECT CORP COM 212326102 42 25,725 SH   SOLE 0 0 25,725
CVS HEALTH CORP COM 126650100 622 10,000 SH   SOLE 0 0 10,000
D R HORTON INC COM 23331a109 526 12,000 SH   SOLE 0 0 12,000
DIAGEO P L C SPON ADR NEW 25243q205 7,712 56,950 SH   SOLE 4,350 0 52,600
DIAMONDROCK HOSPITALITY CO COM 252784301 685 65,650 SH   SOLE 3,400 0 62,250
DISNEY WALT CO COM DISNEY 254687106 2,472 24,609 SH   SOLE 0 0 24,609
DOWDUPONT INC COM 26078j100 1,841 28,892 SH   SOLE 0 0 28,892
DUKE REALTY CORP COM NEW 264411505 689 26,000 SH   SOLE 15,000 0 11,000
DUN & BRADSTREET CORP DEL NE COM 26483e100 497 4,250 SH   SOLE 0 0 4,250
ECOLAB INC COM 278865100 1,430 10,436 SH   SOLE 0 0 10,436
EMPIRE ST RLTY TR INC CL A 292104106 256 15,300 SH   SOLE 0 0 15,300
EXXON MOBIL CORP COM 30231g102 3,888 52,106 SH   SOLE 3,400 0 48,706
FACEBOOK INC CL A 30303m102 2,110 13,205 SH   SOLE 0 0 13,205
FOREST CITY RLTY TR INC COM CL A 345605109 1,967 97,088 SH   SOLE 10,000 0 87,088
FRANCO NEVADA CORP COM 351858105 397 5,800 SH   SOLE 0 0 5,800
GGP INC COM 36174x101 4,427 216,374 SH   SOLE 29,021 0 187,353
GLOBAL SELF STORAGE INC COM 37955n106 44 10,000 SH   SOLE 0 0 10,000
GRAMERCY PPTY TR COM NEW 385002308 2,997 137,922 SH   SOLE 10,859 0 127,063
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 186 10,350 SH   SOLE 0 0 10,350
HOME DEPOT INC COM 437076102 320 1,800 SH   SOLE 0 0 1,800
HONEYWELL INTL INC COM 438516106 2,803 19,400 SH   SOLE 8,500 0 10,900
HOST HOTELS & RESORTS INC COM 44107p104 2,587 138,749 SH   SOLE 14,605 0 124,144
HOWARD HUGHES CORP COM 44267d107 696 5,000 SH   SOLE 1,000 0 4,000
ILLINOIS TOOL WKS INC COM 452308109 3,165 20,200 SH   SOLE 1,900 0 18,300
INTEL CORP COM 458140100 213 4,100 SH   SOLE 0 0 4,100
INTERSECTIONS INC COM 460981301 96 58,895 SH   SOLE 0 0 58,895
INVITATION HOMES INC COM 46187w107 5,531 242,228 SH   SOLE 34,469 0 207,759
ISHARES GOLD TRUST ISHARES 464285105 3,743 294,000 SH   SOLE 0 0 294,000
ISHARES INC MSCI FRANCE ETF 464286707 675 21,500 SH   SOLE 0 0 21,500
JBG SMITH PPTYS COM 46590v100 881 26,120 SH   SOLE 2,300 0 23,820
JOHNSON & JOHNSON COM 478160104 3,960 30,900 SH   SOLE 2,500 0 28,400
KEYCORP NEW COM 493267108 293 15,000 SH   SOLE 0 0 15,000
LABORATORY CORP AMER HLDGS COM NEW 50540r409 1,132 7,000 SH   SOLE 0 0 7,000
LILLY ELI & CO COM 532457108 959 12,400 SH   SOLE 0 0 12,400
MARRIOTT VACATIONS WRLDWDE C COM 57164y107 279 2,095 SH   SOLE 180 0 1,915
METLIFE INC COM 59156r108 1,647 35,900 SH   SOLE 4,200 0 31,700
MICROSOFT CORP COM 594918104 4,246 46,520 SH   SOLE 2,500 0 44,020
MONDELEZ INTL INC CL A 609207105 904 21,656 SH   SOLE 0 0 21,656
MONMOUTH REAL ESTATE INVT CO CL A 609720107 3,181 211,445 SH   SOLE 28,000 0 183,445
MONSANTO CO NEW COM 61166w101 2,334 20,000 SH   SOLE 0 0 20,000
NEXTERA ENERGY INC COM 65339f101 1,143 7,000 SH   SOLE 0 0 7,000
NOBLE ENERGY INC COM 655044105 1,878 62,000 SH   SOLE 7,000 0 55,000
NOVARTIS A G SPONSORED ADR 66987v109 866 10,700 SH   SOLE 0 0 10,700
NOVO-NORDISK A S ADR 670100205 985 20,000 SH   SOLE 0 0 20,000
PARK HOTELS RESORTS INC COM 700517105 265 9,837 SH   SOLE 3,462 0 6,375
PEPSICO INC COM 713448108 4,355 39,900 SH   SOLE 0 0 39,900
PINNACLE WEST CAP CORP COM 723484101 997 12,500 SH   SOLE 0 0 12,500
PROCTER AND GAMBLE CO COM 742718109 3,542 44,680 SH   SOLE 3,300 0 41,380
PROGRESSIVE CORP OHIO COM 743315103 2,194 36,000 SH   SOLE 1,000 0 35,000
PROLOGIS INC COM 74340w103 1,206 19,150 SH   SOLE 5,000 0 14,150
QUEST DIAGNOSTICS INC COM 74834l100 351 3,500 SH   SOLE 0 0 3,500
RETAIL OPPORTUNITY INVTS COR COM 76131n101 1,425 80,690 SH   SOLE 12,500 0 68,190
REXFORD INDL RLTY INC COM 76169c100 835 29,000 SH   SOLE 15,000 0 14,000
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 319 5,000 SH   SOLE 0 0 5,000
SCHLUMBERGER LTD COM 806857108 3,589 55,396 SH   SOLE 4,000 0 51,396
SIMON PPTY GROUP INC NEW COM 828806109 617 4,000 SH   SOLE 0 0 4,000
SL GREEN RLTY CORP COM 78440x101 508 5,250 SH   SOLE 0 0 5,250
SPDR GOLD TRUST GOLD SHS 78463v107 18,807 149,512 SH   SOLE 5,365 0 144,147
SPDR S&P 500 ETF TR TR UNIT 78462f103 3,931 14,940 SH   SOLE 0 0 14,940
SPDR SERIES TRUST S&P REGL BKG 78464a698 846 14,000 SH   SOLE 10,000 0 4,000
STRYKER CORP COM 863667101 515 3,200 SH   SOLE 0 0 3,200
SUMMIT HOTEL PPTYS INC COM 866082100 632 46,400 SH   SOLE 10,000 0 36,400
SUNTRUST BKS INC COM 867914103 272 4,000 SH   SOLE 0 0 4,000
TANGER FACTORY OUTLET CTRS I COM 875465106 341 15,500 SH   SOLE 1,000 0 14,500
TARGET CORP COM 87612e106 1,111 16,000 SH   SOLE 2,000 0 14,000
TAUBMAN CTRS INC COM 876664103 552 9,700 SH   SOLE 0 0 9,700
THERMO FISHER SCIENTIFIC INC COM 883556102 697 3,380 SH   SOLE 0 0 3,380
TIME WARNER INC COM NEW 887317303 1,349 14,264 SH   SOLE 0 0 14,264
TOTAL S A SPONSORED ADR 89151e109 288 5,000 SH   SOLE 0 0 5,000
TRANSCANADA CORP COM 89353d107 929 22,500 SH   SOLE 0 0 22,500
UBS GROUP AG SHS h42097107 530 30,000 SH   SOLE 0 0 30,000
UMH PPTYS INC COM 903002103 1,405 104,816 SH   SOLE 8,000 0 96,816
UNITED TECHNOLOGIES CORP COM 913017109 309 2,450 SH   SOLE 0 0 2,450
URSTADT BIDDLE PPTYS INC CL A 917286205 376 19,500 SH   SOLE 4,500 0 15,000
VANECK VECTORS ETF TR GOLD MINERS ETF 92189f106 3,522 160,218 SH   SOLE 1,000 0 159,218
VECTOR GROUP LTD COM 92240m108 518 25,418 SH   SOLE 0 0 25,418
VERIZON COMMUNICATIONS INC COM 92343v104 365 7,624 SH   SOLE 0 0 7,624
VORNADO RLTY TR SH BEN INT 929042109 3,671 54,540 SH   SOLE 4,600 0 49,940
WESTERN COPPER & GOLD CORP COM 95805v108 8 10,000 SH   SOLE 0 0 10,000
WEYERHAEUSER CO COM 962166104 1,295 37,000 SH   SOLE 5,000 0 32,000
WILLIAMS COS INC DEL COM 969457100 2,712 109,100 SH   SOLE 7,000 0 102,100
WORLDPAY INC CL A 981558109 411 5,000 SH   SOLE 0 0 5,000