The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| ALEXANDER & BALDWIN INC NEW | COM | 014491104 | 2,808,994 | 149,973 | SH | SOLE | 149,973 | 0 | 0 | ||
| ALEXANDERS INC | COM | 014752109 | 1,166,758 | 5,302 | SH | SOLE | 5,302 | 0 | 0 | ||
| ALICO INC | COM | 016230104 | 307,207 | 12,870 | SH | SOLE | 12,870 | 0 | 0 | ||
| AMERICAN TOWER CORP NEW | COM | 03027X100 | 5,197,138 | 24,531 | SH | SOLE | 24,531 | 0 | 0 | ||
| APARTMENT INCOME REIT CORP | COM | 03750L109 | 3,295,167 | 96,041 | SH | SOLE | 96,041 | 0 | 0 | ||
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 | 41,741,186 | 1,971,714 | SH | SOLE | 1,971,714 | 0 | 0 | ||
| BRAEMAR HOTELS & RESORTS INC | 5.5 CUM CV PFD B | 10482B200 | 2,118,369 | 135,880 | SH | SOLE | 135,880 | 0 | 0 | ||
| BRANDYWINE RLTY TR | SH BEN INT NEW | 105368203 | 2,316,705 | 376,700 | SH | SOLE | 376,700 | 0 | 0 | ||
| BRIXMOR PPTY GROUP INC | COM | 11120U105 | 3,447,676 | 152,081 | SH | SOLE | 152,081 | 0 | 0 | ||
| CENTURY CMNTYS INC | COM | 156504300 | 1,013,453 | 20,265 | SH | SOLE | 20,265 | 0 | 0 | ||
| DIAMONDROCK HOSPITALITY CO | COM | 252784301 | 85,635 | 10,456 | SH | SOLE | 10,456 | 0 | 0 | ||
| EPR PPTYS | PFD C CV 5.75% | 26884U208 | 5,861,580 | 326,187 | SH | SOLE | 326,187 | 0 | 0 | ||
| EPR PPTYS | CONV PFD 9% SR E | 26884U307 | 8,133,021 | 316,091 | SH | SOLE | 316,091 | 0 | 0 | ||
| GAMING & LEISURE PPTYS INC | COM | 36467J108 | 10,307,517 | 197,879 | SH | SOLE | 197,879 | 0 | 0 | ||
| GLOBAL NET LEASE INC | COM NEW | 379378201 | 1,300,392 | 103,452 | SH | SOLE | 103,452 | 0 | 0 | ||
| HEALTHCARE RLTY TR | CL A COM | 42226K105 | 3,967,886 | 205,910 | SH | SOLE | 205,910 | 0 | 0 | ||
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 | 3,916,109 | 156,207 | SH | SOLE | 156,207 | 0 | 0 | ||
| HERSHA HOSPITALITY TR | PR SHS BEN INT | 427825500 | 1,304,855 | 153,152 | SH | SOLE | 153,152 | 0 | 0 | ||
| HOWARD HUGHES CORP | COM | 44267D107 | 1,589,689 | 20,802 | SH | SOLE | 20,802 | 0 | 0 | ||
| INDEPENDENCE RLTY TR INC | COM | 45378A106 | 1,067,053 | 63,289 | SH | SOLE | 63,289 | 0 | 0 | ||
| INVENTRUST PPTYS CORP | COM NEW | 46124J201 | 1,700,926 | 71,860 | SH | SOLE | 71,860 | 0 | 0 | ||
| KENNEDY-WILSON HOLDINGS INC | COM | 489398107 | 3,641,747 | 231,516 | SH | SOLE | 231,516 | 0 | 0 | ||
| KITE RLTY GROUP TR | COM NEW | 49803T300 | 1,515,158 | 71,979 | SH | SOLE | 71,979 | 0 | 0 | ||
| LXP INDUSTRIAL TRUST | PFD CONV SER C | 529043309 | 1,012,510 | 21,316 | SH | SOLE | 21,316 | 0 | 0 | ||
| PHILLIPS EDISON & CO INC | COMMON STOCK | 71844V201 | 2,576,843 | 80,931 | SH | SOLE | 80,931 | 0 | 0 | ||
| PHYSICIANS RLTY TR | COM | 71943U104 | 1,464,176 | 101,187 | SH | SOLE | 101,187 | 0 | 0 | ||
| PIEDMONT OFFICE REALTY TR IN | COM CL A | 720190206 | 1,740,833 | 189,840 | SH | SOLE | 189,840 | 0 | 0 | ||
| RLJ LODGING TR | CUM CONV PFD A | 74965L200 | 7,036,939 | 295,794 | SH | SOLE | 295,794 | 0 | 0 | ||
| RPT REALTY | 7.25 PFD D CONV | 74971D200 | 15,417,181 | 308,467 | SH | SOLE | 308,467 | 0 | 0 | ||
| RYMAN HOSPITALITY PPTYS INC | COM | 78377T107 | 1,282,310 | 15,680 | SH | SOLE | 15,680 | 0 | 0 | ||
| SELECT SECTOR SPDR TR | RL EST SEL SEC | 81369Y860 | 3,161,393 | 85,605 | SH | SOLE | 85,605 | 0 | 0 | ||
| SL GREEN RLTY CORP | COM | 78440X887 | 21,962,139 | 651,309 | SH | SOLE | 651,309 | 0 | 0 | ||
| SPIRIT RLTY CAP INC NEW | COM NEW | 84860W300 | 4,867,347 | 121,897 | SH | SOLE | 121,897 | 0 | 0 | ||
| STAG INDL INC | COM | 85254J102 | 3,432,744 | 106,244 | SH | SOLE | 106,244 | 0 | 0 | ||
| STARWOOD PPTY TR INC | COM | 85571B105 | 424,028 | 23,133 | SH | SOLE | 23,133 | 0 | 0 | ||
| UMH PPTYS INC | COM | 903002103 | 3,429,992 | 213,043 | SH | SOLE | 213,043 | 0 | 0 | ||
| URBAN EDGE PPTYS | COM | 91704F104 | 3,280,687 | 232,838 | SH | SOLE | 232,838 | 0 | 0 | ||
| VERIS RESIDENTIAL INC | COM | 554489104 | 2,795,683 | 175,498 | SH | SOLE | 175,498 | 0 | 0 | ||
| VORNADO RLTY TR | SH BEN INT | 929042109 | 878,453 | 42,213 | SH | SOLE | 42,213 | 0 | 0 | ||