LDR Capital Management 13F-HR Quarterly holdings report by institutional manager

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
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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	2,152,398	128,655	SH		SOLE		128,655	0	0
ALICO INC	COM	016230104	390,924	15,662	SH		SOLE		15,662	0	0
AMERICAN TOWER CORP NEW	COM	03027X100	950,357	5,779	SH		SOLE		5,779	0	0
APARTMENT INCOME REIT CORP	COM	03750L109	4,006,964	130,520	SH		SOLE		130,520	0	0
AVALONBAY CMNTYS INC	COM	053484101	995,749	5,798	SH		SOLE		5,798	0	0
BLACKSTONE MTG TR INC	COM CL A	09257W100	38,305,882	1,761,190	SH		SOLE		1,761,190	0	0
BRAEMAR HOTELS & RESORTS INC	5.5 CUM CV PFD B	10482B200	1,595,683	133,530	SH		SOLE		133,530	0	0
BRANDYWINE RLTY TR	SH BEN INT NEW	105368203	1,703,322	375,181	SH		SOLE		375,181	0	0
BRIXMOR PPTY GROUP INC	COM	11120U105	3,001,983	144,465	SH		SOLE		144,465	0	0
CENTURY CMNTYS INC	COM	156504300	739,856	11,079	SH		SOLE		11,079	0	0
CHATHAM LODGING TR	COM	16208T102	108,141	11,300	SH		SOLE		11,300	0	0
CROWN CASTLE INC	COM	22822V101	984,169	10,694	SH		SOLE		10,694	0	0
DIAMONDROCK HOSPITALITY CO	COM	252784301	84,733	10,552	SH		SOLE		10,552	0	0
EPR PPTYS	PFD C CV 5.75%	26884U208	5,981,429	320,205	SH		SOLE		320,205	0	0
EPR PPTYS	CONV PFD 9% SR E	26884U307	7,938,460	309,854	SH		SOLE		309,854	0	0
EQUINIX INC	COM	29444U700	1,016,764	1,400	SH		SOLE		1,400	0	0
GLOBAL NET LEASE INC	COM NEW	379378201	1,007,878	104,878	SH		SOLE		104,878	0	0
HEALTHCARE RLTY TR	CL A COM	42226K105	4,566,707	299,064	SH		SOLE		299,064	0	0
HEALTHPEAK PROPERTIES INC	COM	42250P103	3,985,497	217,075	SH		SOLE		217,075	0	0
HERSHA HOSPITALITY TR	PR SHS BEN INT	427825500	1,146,028	116,230	SH		SOLE		116,230	0	0
HOWARD HUGHES HOLDINGS INC	COM	44267T102	1,272,812	17,170	SH		SOLE		17,170	0	0
INDEPENDENCE RLTY TR INC	COM	45378A106	954,832	67,863	SH		SOLE		67,863	0	0
INVENTRUST PPTYS CORP	COM NEW	46124J201	1,721,487	72,301	SH		SOLE		72,301	0	0
INVITATION HOMES INC	COM	46187W107	980,584	30,943	SH		SOLE		30,943	0	0
KENNEDY-WILSON HOLDINGS INC	COM	489398107	3,603,547	244,474	SH		SOLE		244,474	0	0
KITE RLTY GROUP TR	COM NEW	49803T300	1,779,359	83,070	SH		SOLE		83,070	0	0
LXP INDUSTRIAL TRUST	PFD CONV SER C	529043309	1,488,797	33,033	SH		SOLE		33,033	0	0
PHYSICIANS RLTY TR	COM	71943U104	1,294,005	106,153	SH		SOLE		106,153	0	0
PROLOGIS INC.	COM	74340W103	968,597	8,632	SH		SOLE		8,632	0	0
PUBLIC STORAGE	COM	74460D109	1,087,020	4,125	SH		SOLE		4,125	0	0
RLJ LODGING TR	CUM CONV PFD A	74965L200	7,021,855	291,969	SH		SOLE		291,969	0	0
RPT REALTY	7.25 PFD D CONV	74971D200	3,122,957	61,403	SH		SOLE		61,403	0	0
SABRA HEALTH CARE REIT INC	COM	78573L106	7,076,111	507,612	SH		SOLE		507,612	0	0
SELECT SECTOR SPDR TR	RL EST SEL SEC	81369Y860	4,009,664	117,689	SH		SOLE		117,689	0	0
SL GREEN RLTY CORP	COM	78440X887	26,188,591	702,107	SH		SOLE		702,107	0	0
SPIRIT RLTY CAP INC NEW	COM NEW	84860W300	5,540,598	165,243	SH		SOLE		165,243	0	0
STAG INDL INC	COM	85254J102	3,293,738	95,443	SH		SOLE		95,443	0	0
STARWOOD PPTY TR INC	COM	85571B105	1,512,686	78,175	SH		SOLE		78,175	0	0
UMH PPTYS INC	COM	903002103	3,519,567	251,039	SH		SOLE		251,039	0	0
URBAN EDGE PPTYS	COM	91704F104	3,715,276	243,465	SH		SOLE		243,465	0	0
VERIS RESIDENTIAL INC	COM	554489104	1,913,604	115,976	SH		SOLE		115,976	0	0
VICI PPTYS INC	COM	925652109	1,009,828	34,702	SH		SOLE		34,702	0	0
WELLTOWER INC	COM	95040Q104	1,031,455	12,591	SH		SOLE		12,591	0	0