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 RLTY TR COM SH BEN INT 004239109 954 33,370 SH   SOLE   33,370 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,034 6,715 SH   SOLE   6,715 0 0
ALEXANDRIA REAL ESTATE EQ IN PFD CONV SER D 015271505 2 50 SH   SOLE   50 0 0
AMERICAN ASSETS TR INC COM 024013104 468 10,025 SH   SOLE   10,025 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 9,750 588,080 SH   SOLE   588,080 0 0
AVALONBAY CMNTYS INC COM 053484101 885 4,110 SH   SOLE   4,110 0 0
BRAEMAR HOTELS & RESORTS INC 5.5 CUM CV PFD B 10482B200 11,982 574,403 SH   SOLE   574,403 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 8,183 540,120 SH   SOLE   540,120 0 0
BROOKFIELD PROPERTY PARTRS L UNIT LTD PARTN G16249107 8,813 434,150 SH   SOLE   434,150 0 0
CHATHAM LODGING TR COM 16208T102 13,993 770,990 SH   SOLE   770,990 0 0
CLIPPER RLTY INC COM 18885T306 9,788 960,485 SH   SOLE   960,485 0 0
COLONY CAP INC NEW CL A COM 19626G108 9,812 1,629,983 SH   SOLE   1,629,983 0 0
CONSOLIDATED TOMOKA LD CO NOTE 4.500% 3/1 210226AB2 13,269 12,780,000 SH   SOLE   12,780,000 0 0
DIGITAL RLTY TR INC COM 253868103 987 7,600 SH   SOLE   7,600 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 11,256 290,110 SH   SOLE   290,110 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 8,284 248,700 SH   SOLE   248,700 0 0
EQUINIX INC COM 29444U700 692 1,200 SH   SOLE   1,200 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 1,626 47,472 SH   SOLE   47,472 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,029 11,940 SH   SOLE   11,940 0 0
EXANTAS CAP CORP COM NEW 30068N105 9,210 810,000 SH   SOLE   810,000 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 8,267 564,650 SH   SOLE   564,650 0 0
FARMLAND PARTNERS INC COM 31154R109 602 90,200 SH   SOLE   90,200 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 983 7,220 SH   SOLE   7,220 0 0
GENESIS HEALTHCARE INC CL A COM 37185X106 0 320 SH   SOLE   320 0 0
HCP INC COM 40414L109 8,373 235,000 SH   SOLE   235,000 0 0
HOWARD HUGHES CORP COM 44267D107 1,001 7,720 SH   SOLE   7,720 0 0
INTERXION HOLDING N.V SHS N47279109 980 12,025 SH   SOLE   12,025 0 0
INVESCO QQQ TR UNIT SER 1 46090E103 65,607 347,471 SH   SOLE   343,245 0 4,226
ISHARES TR RUSSELL 2000 ETF 464287655 22 148 SH   SOLE   148 0 0
JERNIGAN CAP INC COM 476405105 10,280 534,000 SH   SOLE   534,000 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 16,877 293,564 SH   SOLE   293,564 0 0
MID AMER APT CMNTYS INC COM 59522J103 1,079 8,300 SH   SOLE   8,300 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 718 21,540 SH   SOLE   21,540 0 0
PARAMOUNT GROUP INC COM 69924R108 823 61,680 SH   SOLE   61,680 0 0
PROLOGIS INC COM 74340W103 1,111 13,040 SH   SOLE   13,040 0 0
QTS RLTY TR INC 6.50% CON PFD B 74736A301 7,715 63,500 SH   SOLE   63,500 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 768 42,100 SH   SOLE   42,100 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 15,517 574,912 SH   SOLE   574,912 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 12,054 525,000 SH   SOLE   525,000 0 0
SL GREEN RLTY CORP COM 78440X101 697 8,520 SH   SOLE   8,520 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 31 114 SH   SOLE   114 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 108,603 365,953 SH   SOLE   361,483 0 4,470
SPDR SERIES TRUST SPDR BLOOMBERG 78468R663 243,657 2,660,295 SH   SOLE   2,627,324 0 32,971
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 469 9,800 SH   SOLE   9,800 0 0
STAG INDL INC COM 85254J102 6,191 210,000 SH   SOLE   210,000 0 0
SUMMIT HOTEL PPTYS INC COM 866082100 320 27,590 SH   SOLE   27,590 0 0
URSTADT BIDDLE PPTYS INC PFD-G CV 6.75% 917286809 11,432 450,080 SH   SOLE   450,080 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 9 338 SH   SOLE   338 0 0
VENTAS INC COM 92276F100 529 7,240 SH   SOLE   7,240 0 0
VORNADO RLTY TR SH BEN INT 929042109 9,105 143,000 SH   SOLE   143,000 0 0
WEYERHAEUSER CO COM 962166104 900 32,500 SH   SOLE   32,500 0 0