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 Realty Trust COM SH BEN INT 004239109 7,583 264,958 SH   SOLE   264,958 0 0
American Tower Corporation COM 03027X100 11,988 87,705 SH   SOLE   87,705 0 0
Ashford Hospitality Prime, Inc. COM 044102101 3,369 354,636 SH   SOLE   354,636 0 0
Brixmor Property Group, Inc. COM 11120U105 4,687 249,300 SH   SOLE   249,300 0 0
CatchMark Timber Trust, Inc. Class A CL A 14912Y202 4,707 373,267 SH   SOLE   373,267 0 0
Chatham Lodging Trust COM 16208T102 4,380 205,431 SH   SOLE   205,431 0 0
Chesapeake Lodging Trust SH BEN INT 165240102 4,054 150,300 SH   SOLE   150,300 0 0
Colony NorthStar, Inc. Class A CL A COM 19625W104 34,601 2,754,877 SH   SOLE   2,754,877 0 0
CoreCivic, Inc. COM 21871N101 14,618 546,064 SH   SOLE   546,064 0 0
CoreSite Realty Corporation COM 21870Q105 8,529 76,216 SH   SOLE   76,216 0 0
Education Realty Trust, Inc. COM NEW 28140H203 2,960 82,386 SH   SOLE   82,386 0 0
Ellington Financial LLC COM 288522303 10,840 677,062 SH   SOLE   677,062 0 0
Ellington Residential Mortgage REIT COM SHS BEN INT 288578107 1,987 136,831 SH   SOLE   136,831 0 0
Equinix, Inc. COM PAR $0.001 29444U700 11,158 25,000 SH   SOLE   25,000 0 0
Extra Space Storage Inc. COM 30225T102 13,059 163,403 SH   SOLE   163,403 0 0
GEO Group Inc COM 36162J106 3,194 118,731 SH   SOLE   118,731 0 0
Jernigan Capital, Inc. COM 476405105 9,722 473,074 SH   SOLE   473,074 0 0
Kennedy-Wilson Holdings, Inc. COM 489398107 22,781 1,228,081 SH   SOLE   1,228,081 0 0
New Senior Investment Group Inc COM 648691103 4,900 535,569 SH   SOLE   535,569 0 0
New York REIT, Inc. COM 64976L109 11,445 1,457,926 SH   SOLE   1,457,926 0 0
NorthStar Realty Europe Corp. COM 66706L101 11,351 886,126 SH   SOLE   886,126 0 0
Park Hotels & Resorts, Inc. COM 700517105 3,096 112,347 SH   SOLE   112,347 0 0
PennyMac Mortgage Investment Trust COM 70931T103 2,504 143,983 SH   SOLE   143,983 0 0
Physicians Realty Trust COM 71943U104 6,856 386,709 SH   SOLE   386,709 0 0
Regency Centers Corporation COM 758849103 9,519 153,430 SH   SOLE   153,430 0 0
Select Income REIT COM SHS BEN INT 81618T100 9,381 400,535 SH   SOLE   400,535 0 0
Sun Communities, Inc. COM 866674104 8,913 104,030 SH   SOLE   104,030 0 0