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	COM	014491104	2,391	144,265	SH		SOLE	None	144,265	0	0
Alexanders Inc	COM	014752109	1,458	6,981	SH		SOLE	None	6,981	0	0
Alico Inc	COM	016230104	363	12,870	SH		SOLE	None	12,870	0	0
Apartment Income Reit Corp	COM	03750L109	2,941	76,168	SH		SOLE	None	76,168	0	0
Blackstone Mtg Tr Inc Cl A	COM CL A	09257W100	43,899	1,880,855	SH		SOLE	None	1,880,855	0	0
Braemar Hotels Resorts Inc	COM	10482B101	45	10,517	SH		SOLE	None	10,517	0	0
Braemar Hotels Resorts Inc 5	5.5 CUM CV PFD B	10482B200	1,976	133,707	SH		SOLE	None	133,707	0	0
Brandywine Realty Trust New	SH BEN INT NEW	105368203	2,542	376,700	SH		SOLE	None	376,700	0	0
Brixmor Property Group Inc	COM	11120U105	2,643	143,107	SH		SOLE	None	143,107	0	0
Century Communities Inc	COM	156504300	769	17,983	SH		SOLE	None	17,983	0	0
Crown Castle Inc Com	COM	22822V101	4,887	33,813	SH		SOLE	None	33,813	0	0
Diamondrock Hospitality Co	COM	252784301	78	10,456	SH		SOLE	None	10,456	0	0
Epr Properties Conv Pfd 9 Sr	CONV PFD 9% SR E	26884U307	7,650	298,033	SH		SOLE	None	298,033	0	0
Epr Properties Conv Pfd C 5.75	PFD C CV 5.75%	26884U208	6,225	360,280	SH		SOLE	None	360,280	0	0
Forestar Group Inc	COM	346232101	199	17,816	SH		SOLE	None	17,816	0	0
Gaming Leisure Properties In	COM	36467J108	8,606	194,548	SH		SOLE	None	194,548	0	0
Healthcare Realty Trust Inc	CL A COM	42226K105	3,156	151,370	SH		SOLE	None	151,370	0	0
Healthpeak Properties Inc	COM	42250P103	2,907	126,846	SH		SOLE	None	126,846	0	0
Hersha Hospitality Tr Pr Ben	PR SHS BEN INT	427825500	4,198	526,146	SH		SOLE	None	526,146	0	0
Highwoods Properties Inc	COM	431284108	988	36,653	SH		SOLE	None	36,653	0	0
Howard Hughes Corp	COM	44267D107	1,215	21,953	SH		SOLE	None	21,953	0	0
Independence Realty Trust Inc	COM	45378A106	1,034	61,811	SH		SOLE	None	61,811	0	0
Inventrust Properties Corp New	COM NEW	46124J201	812	38,100	SH		SOLE	None	38,100	0	0
Istar Inc	COM	45031U101	446	48,250	SH		SOLE	None	48,250	0	0
KennedyWilson Holdings Inc	COM	489398107	3,316	214,538	SH		SOLE	None	214,538	0	0
Kite Realty Group Tr	COM NEW	49803T300	1,210	70,299	SH		SOLE	None	70,299	0	0
Ladder Cap Corp Cl A	CL A	505743104	3,479	388,365	SH		SOLE	None	388,365	0	0
Lxp Industrial Trust Conv Pfd	PFD CONV SER C	529043309	998	20,628	SH		SOLE	None	20,628	0	0
Pebblebrook Hotel Tr	COM	70509V100	790	54,452	SH		SOLE	None	54,452	0	0
Phillips Edison Co Inc Commo	COMMON STOCK	71844V201	2,262	80,654	SH	��	SOLE	None	80,654	0	0
Physicians Realty Trust	COM	71943U104	1,187	78,953	SH		SOLE	None	78,953	0	0
Piedmont Office Realty Trust I	COM CL A	720190206	1,682	159,296	SH		SOLE	None	159,296	0	0
Plymouth INDL REIT Inc	COM	729640102	4,531	269,562	SH		SOLE	None	269,562	0	0
Real Estate Select Sector Spdr	RL EST SEL SEC	81369Y860	1,927	53,519	SH		SOLE	None	53,519	0	0
Rlj Lodging Tr Cum Conv Pfd A	CUM CONV PFD A	74965L200	6,817	277,369	SH		SOLE	None	277,369	0	0
Rpt Realty 7.25 Pfd D Conv	7.25 PFD D CONV	74971D200	12,938	295,258	SH		SOLE	None	295,258	0	0
Ryman Hospitality Properties I	COM	78377T107	1,211	16,464	SH		SOLE	None	16,464	0	0
Sl Green Realty Corp	COM	78440X887	25,505	635,109	SH		SOLE	None	635,109	0	0
Spirit Realty Cap Inc	COM NEW	84860W300	1,370	37,893	SH		SOLE	None	37,893	0	0
Stag Industrial Inc	COM	85254J102	2,651	93,267	SH		SOLE	None	93,267	0	0
Starwood Property Tr Inc	COM	85571B105	930	51,067	SH		SOLE	None	51,067	0	0
The Necessity Retail Reit Inc	COM CLASS A	02607T109	1,176	200,000	SH		SOLE	None	200,000	0	0
Umh Properties Inc	COM	903002103	2,710	167,810	SH		SOLE	None	167,810	0	0
Urban Edge Properties	COM	91704F104	3,052	228,824	SH		SOLE	None	228,824	0	0
Veris Residential Inc	COM	554489104	2,064	181,609	SH		SOLE	None	181,609	0	0
Vornado Realty Trust	SH BEN INT	929042109	1,166	50,364	SH		SOLE	None	50,364	0	0
Granite Pt Mtg Tr Inc	NOTE 6.375%10/0	38741LAC1	5,886	6,041,000	PRN		SOLE	None	6,041,000	0	0
Apollo Coml Real Estate Fin	NOTE 5.375%10/1	03762UAC9	3,497	3,594,000	PRN		SOLE	None	3,594,000	0	0
Corenergy Infrastructure Tr In	NOTE 5.875% 8/1	21870UAC0	1,381	1,905,000	PRN		SOLE	None	1,905,000	0	0
Two Harbors Inventment Corp	NOTE 6.250% 1/1	90187BAB7	2,711	3,279,000	PRN		SOLE	None	3,279,000	0	0