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

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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	2,129,498	111,961	SH		SOLE		111,961	0	0
ALICO INC	COM	016230104	511,110	17,576	SH		SOLE		17,576	0	0
AMERICAN TOWER CORP NEW	COM	03027X100	1,948,749	9,027	SH		SOLE		9,027	0	0
APARTMENT INCOME REIT CORP	COM	03750L109	4,161,765	119,832	SH		SOLE		119,832	0	0
AVALONBAY CMNTYS INC	COM	053484101	1,779,339	9,504	SH		SOLE		9,504	0	0
BLACKSTONE MTG TR INC	COM CL A	09257W100	38,206,152	1,796,246	SH		SOLE		1,796,246	0	0
BRAEMAR HOTELS & RESORTS INC	5.5 CUM CV PFD B	10482B200	1,990,744	142,808	SH		SOLE		142,808	0	0
BRANDYWINE RLTY TR	SH BEN INT NEW	105368203	1,566,891	290,165	SH		SOLE		290,165	0	0
BRIXMOR PPTY GROUP INC	COM	11120U105	3,361,701	144,465	SH		SOLE		144,465	0	0
BROOKFIELD INFRASTRUCTURE CO	COM SB VTG SHS A	11275Q107	1,363,219	38,640	SH		SOLE		38,640	0	0
CBRE GROUP INC	CL A	12504L109	870,578	9,352	SH		SOLE		9,352	0	0
CENTURY CMNTYS INC	COM	156504300	710,345	7,794	SH		SOLE		7,794	0	0
CHATHAM LODGING TR	COM	16208T102	121,136	11,300	SH		SOLE		11,300	0	0
CROWN CASTLE INC	COM	22822V101	2,085,169	18,102	SH		SOLE		18,102	0	0
DIAMONDROCK HOSPITALITY CO	COM	252784301	99,083	10,552	SH		SOLE		10,552	0	0
EPR PPTYS	PFD C CV 5.75%	26884U208	7,025,613	329,841	SH		SOLE		329,841	0	0
EPR PPTYS	CONV PFD 9% SR E	26884U307	8,665,038	308,145	SH		SOLE		308,145	0	0
EQUINIX INC	COM	29444U700	1,790,382	2,223	SH		SOLE		2,223	0	0
GLOBAL NET LEASE INC	COM NEW	379378201	977,080	98,199	SH		SOLE		98,199	0	0
HEALTHCARE RLTY TR	CL A COM	42226K105	5,109,126	296,525	SH		SOLE		296,525	0	0
HEALTHPEAK PROPERTIES INC	COM	42250P103	4,562,593	230,434	SH		SOLE		230,434	0	0
HOWARD HUGHES HOLDINGS INC	COM	44267T102	1,468,893	17,170	SH		SOLE		17,170	0	0
INDEPENDENCE RLTY TR INC	COM	45378A106	1,151,830	75,283	SH		SOLE		75,283	0	0
INVENTRUST PPTYS CORP	COM NEW	46124J201	1,345,326	53,091	SH		SOLE		53,091	0	0
INVITATION HOMES INC	COM	46187W107	1,739,746	51,004	SH		SOLE		51,004	0	0
KENNEDY-WILSON HOLDINGS INC	COM	489398107	3,729,586	301,259	SH		SOLE		301,259	0	0
KITE RLTY GROUP TR	COM NEW	49803T300	1,898,980	83,070	SH		SOLE		83,070	0	0
LXP INDUSTRIAL TRUST	PFD CONV SER C	529043309	1,939,298	40,093	SH		SOLE		40,093	0	0
PHYSICIANS RLTY TR	COM	71943U104	1,406,481	105,671	SH		SOLE		105,671	0	0
PROLOGIS INC.	COM	74340W103	1,956,577	14,678	SH		SOLE		14,678	0	0
PUBLIC STORAGE	COM	74460D109	2,043,805	6,701	SH		SOLE		6,701	0	0
RLJ LODGING TR	CUM CONV PFD A	74965L200	7,308,563	291,759	SH		SOLE		291,759	0	0
RPT REALTY	7.25 PFD D CONV	74971D200	2,975,273	52,079	SH		SOLE		52,079	0	0
SABRA HEALTH CARE REIT INC	COM	78573L106	6,202,898	434,681	SH		SOLE		434,681	0	0
SELECT SECTOR SPDR TR	RL EST SEL SEC	81369Y860	5,354,820	133,670	SH		SOLE		133,670	0	0
SL GREEN RLTY CORP	COM	78440X887	31,714,173	702,107	SH		SOLE		702,107	0	0
STAG INDL INC	COM	85254J102	3,055,802	77,835	SH		SOLE		77,835	0	0
STARWOOD PPTY TR INC	COM	85571B105	2,309,341	109,864	SH		SOLE		109,864	0	0
UMH PPTYS INC	COM	903002103	3,845,917	251,039	SH		SOLE		251,039	0	0
URBAN EDGE PPTYS	COM	91704F104	4,279,309	233,842	SH		SOLE		233,842	0	0
VERIS RESIDENTIAL INC	COM	554489104	2,392,580	152,103	SH		SOLE		152,103	0	0
VICI PPTYS INC	COM	925652109	1,814,737	56,924	SH		SOLE		56,924	0	0