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
3M CO COM 88579Y101 1,837 8,756 SH   SOLE 8,756 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 2,568 89,700 SH   SOLE 89,700 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 778 5,757 SH   SOLE 5,757 0 0
ACUITY BRANDS INC COM 00508Y102 276 1,609 SH   SOLE 1,609 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 1,816 39,200 SH   SOLE 39,200 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 2,129 17,900 SH   SOLE 17,900 0 0
ALEXANDRIA REAL ESTATE EQ IN PFD CONV SER D 015271505 3,675 102,798 SH   SOLE 102,798 0 0
AMBEV SA SPONSORED ADR 02319V103 2,782 422,168 SH   SOLE 422,168 0 0
AMERICAN ASSETS TR INC COM 024013104 2,537 63,800 SH   SOLE 63,800 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 530 12,000 SH   SOLE 12,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 5,303 244,276 SH   SOLE 244,276 0 0
AMGEN INC COM 031162100 987 5,298 SH   SOLE 5,298 0 0
APOGEE ENTERPRISES INC COM 037598109 121 2,515 SH   SOLE 2,515 0 0
APPLE INC COM 037833100 1,500 9,739 SH   SOLE 9,739 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 3,468 365,000 SH   SOLE 365,000 0 0
ASHFORD HOSPITALITY PRIME IN PFD CV SER B 044102507 56,616 2,800,000 SH   SOLE 2,800,000 0 0
AVALONBAY CMNTYS INC COM 053484101 1,784 10,000 SH   SOLE 10,000 0 0
BANKUNITED INC COM 06652K103 192 5,400 SH   SOLE 5,400 0 0
BECTON DICKINSON & CO COM 075887109 1,205 6,149 SH   SOLE 6,149 0 0
BELMOND LTD CL A G1154H107 2,980 218,300 SH   SOLE 218,300 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 422 2,300 SH   SOLE 2,300 0 0
BLACK KNIGHT FINL SVCS INC CL A 09214X100 274 6,372 SH   SOLE 6,372 0 0
BLACKROCK INC COM 09247X101 1,598 3,574 SH   SOLE 3,574 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 297 8,900 SH   SOLE 8,900 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 156 8,914 SH   SOLE 8,914 0 0
BRIGHTHOUSE FINL INC COM 10922N103 52 848 SH   SOLE 848 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 1,311 69,700 SH   SOLE 69,700 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 543 6,705 SH   SOLE 6,705 0 0
BROOKDALE SR LIVING INC COM 112463104 10,306 972,200 SH   SOLE 972,200 0 0
BT GROUP PLC ADR 05577E101 488 25,320 SH   SOLE 25,320 0 0
CANADA GOOSE HOLDINGS INC SHS SUB VTG 135086106 212 10,320 SH   SOLE 10,320 0 0
CAPITAL SR LIVING CORP COM 140475104 1,769 141,000 SH   SOLE 141,000 0 0
CARDINAL HEALTH INC COM 14149Y108 1,248 18,660 SH   SOLE 18,660 0 0
CASEYS GEN STORES INC COM 147528103 417 3,812 SH   SOLE 3,812 0 0
CATALENT INC COM 148806102 269 6,743 SH   SOLE 6,743 0 0
CBL & ASSOC PPTYS INC COM 124830100 5,159 615,000 SH   SOLE 615,000 0 0
CECO ENVIRONMENTAL CORP COM 125141101 29 3,416 SH   SOLE 3,416 0 0
CENTERSTATE BK CORP COM 15201P109 448 16,686 SH   SOLE 16,686 0 0
CHATHAM LODGING TR COM 16208T102 32,895 1,542,938 SH   SOLE 1,542,938 0 0
CHEVRON CORP NEW COM 166764100 925 7,883 SH   SOLE 7,883 0 0
CHINA YUCHAI INTL LTD COM G21082105 6,107 274,388 SH   SOLE 274,388 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 231 750 SH   SOLE 750 0 0
CIM COML TR CORP COM 125525105 328 19,545 SH   SOLE 19,545 0 0
CISCO SYS INC COM 17275R102 869 25,850 SH   SOLE 25,850 0 0
CLIPPER RLTY INC COM 18885T306 11,097 1,036,196 SH   SOLE 1,036,196 0 0
CME GROUP INC COM CL A 12572Q105 1,409 10,379 SH   SOLE 10,379 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 37,956 3,021,954 SH   SOLE 3,021,954 0 0
COMCAST CORP NEW CL A 20030N101 2,332 60,601 SH   SOLE 60,601 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 280 113,000 SH   SOLE 113,000 0 0
CONSOLIDATED TOMOKA LD CO NOTE 4.500% 3/1 210226AB2 22,086 20,450,000 SH   SOLE 20,450,000 0 0
COOPER COS INC COM NEW 216648402 517 2,180 SH   SOLE 2,180 0 0
CORE LABORATORIES N V COM N22717107 294 2,977 SH   SOLE 2,977 0 0
CORENERGY INFRASTRUCTURE TR DEP SHS REPSTG 21870U304 13,000 500,000 SH   SOLE 500,000 0 0
CORENERGY INFRASTRUCTURE TR NOTE 7.000% 6/1 21870UAA4 22,111 19,000,000 SH   SOLE 19,000,000 0 0
CORESITE RLTY CORP COM 21870Q105 3,099 27,700 SH   SOLE 27,700 0 0
COSTCO WHSL CORP NEW COM 22160K105 82 500 SH   SOLE 500 0 0
CREDIT SUISSE NASSAU BRH INVRS VIX STERM 22542D795 278 2,851 SH   SOLE 2,851 0 0
DDR CORP COM 23317H102 21,672 2,365,900 SH   SOLE 2,365,900 0 0
DEUTSCHE BANK A G NOTE 7.500%12/3 251525AN1 316 300,000 SH   SOLE 300,000 0 0
DIGITAL RLTY TR INC COM 253868103 2,875 24,300 SH   SOLE 24,300 0 0
DIREXION SHS ETF TR 20YR TRES BULL 25459W540 75 3,578 SH   SOLE 3,578 0 0
DISNEY WALT CO COM DISNEY 254687106 657 6,662 SH   SOLE 6,662 0 0
DST SYS INC DEL COM 233326107 405 7,364 SH   SOLE 7,364 0 0
EASTMAN CHEM CO COM 277432100 1,129 12,474 SH   SOLE 12,474 0 0
EATON CORP PLC SHS G29183103 982 12,798 SH   SOLE 12,798 0 0
ENSTAR GROUP LIMITED SHS G3075P101 291 1,309 SH   SOLE 1,309 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 23,104 644,101 SH   SOLE 644,101 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 6,891 248,700 SH   SOLE 248,700 0 0
EQUINIX INC COM PAR $0.001 29444U700 669 1,500 SH   SOLE 1,500 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,854 43,300 SH   SOLE 43,300 0 0
ESSEX PPTY TR INC COM 297178105 2,413 9,500 SH   SOLE 9,500 0 0
EVERCORE INC CLASS A 29977A105 420 5,235 SH   SOLE 5,235 0 0
EXXON MOBIL CORP COM 30231G102 15 181 SH   SOLE 181 0 0
FARMLAND PARTNERS INC COM 31154R109 831 91,900 SH   SOLE 91,900 0 0
FIRST AMERN FINL CORP COM 31847R102 430 8,605 SH   SOLE 8,605 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 1,277 13,353 SH   SOLE 13,353 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 1,985 77,800 SH   SOLE 77,800 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 19,853 1,869,400 SH   SOLE 1,869,400 0 0
GENERAL DYNAMICS CORP COM 369550108 1,447 7,039 SH   SOLE 7,039 0 0
GENESIS HEALTHCARE INC CL A COM 37185X106 615 529,700 SH   SOLE 529,700 0 0
GENTHERM INC COM 37253A103 209 5,639 SH   SOLE 5,639 0 0
GGP INC COM 36174X101 1,441 69,400 SH   SOLE 69,400 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 1,521 37,433 SH   SOLE 37,433 0 0
GLOBAL X FDS MSCI PAKISTAN 37950E689 522 35,940 SH   SOLE 35,940 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 22,455 1,196,300 SH   SOLE 1,196,300 0 0
GPO AEROPORTUARIO DEL PAC SA SPON ADR B 400506101 707 6,900 SH   SOLE 6,900 0 0
HCP INC COM 40414L109 681 24,500 SH   SOLE 24,500 0 0
HFF INC CL A 40418F108 812 20,527 SH   SOLE 20,527 0 0
HOEGH LNG PARTNERS LP COM UNIT LTD Y3262R100 373 20,100 SH   SOLE 20,100 0 0
HOME DEPOT INC COM 437076102 966 5,907 SH   SOLE 5,907 0 0
HOWARD HUGHES CORP COM 44267D107 1,239 10,500 SH   SOLE 10,500 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 13 255 SH   SOLE 255 0 0
INFOSYS LTD SPONSORED ADR 456788108 4,544 311,381 SH   SOLE 311,381 0 0
INSTEEL INDUSTRIES INC COM 45774W108 161 6,185 SH   SOLE 6,185 0 0
INTERPUBLIC GROUP COS INC COM 460690100 890 42,797 SH   SOLE 42,797 0 0
INTERXION HOLDING N.V SHS N47279109 1,141 22,400 SH   SOLE 22,400 0 0
INVESCO LTD SHS G491BT108 975 27,815 SH   SOLE 27,815 0 0
ISHARES INDIA 50 ETF 464289529 1 18 SH   SOLE 18 0 0
ISHARES INC CORE MSCI EMKT 46434G103 1 12 SH   SOLE 12 0 0
ISHARES INC EM MKTS DIV ETF 464286319 1 15 SH   SOLE 15 0 0
ISHARES INC MSCI FRNTR100ETF 464286145 1 21 SH   SOLE 21 0 0
ISHARES INC MSCI GBL ETF NEW 46434G848 1 20 SH   SOLE 20 0 0
ISHARES INC MSCI TAIWAN ETF 46434G772 1,077 29,845 SH   SOLE 29,845 0 0
ISHARES INC MSCI TURKEY ETF 464286715 10 250 SH   SOLE 250 0 0
ISHARES TR CORE MSCI EAFE 46432F842 1 10 SH   SOLE 10 0 0
ISHARES TR CORE MSCI TOTAL 46432F834 1 11 SH   SOLE 11 0 0
ISHARES TR CORE S&P MCP ETF 464287507 62 347 SH   SOLE 347 0 0
ISHARES TR CORE S&P SCP ETF 464287804 12 151 SH   SOLE 151 0 0
ISHARES TR CORE S&P500 ETF 464287200 86 339 SH   SOLE 339 0 0
ISHARES TR EAFE SML CP ETF 464288273 1 11 SH   SOLE 11 0 0
ISHARES TR EUROPE ETF 464287861 14 289 SH   SOLE 289 0 0
ISHARES TR IBOXX HI YD ETF 464288513 202 2,275 SH   SOLE 2,275 0 0
ISHARES TR IBOXX INV CP ETF 464287242 162 1,338 SH   SOLE 1,338 0 0
ISHARES TR INTL SEL DIV ETF 464288448 1 19 SH   SOLE 19 0 0
ISHARES TR INTRMD CR BD ETF 464288638 1,314 11,933 SH   SOLE 11,933 0 0
ISHARES TR JPMORGAN USD EMG 464288281 192 1,648 SH   SOLE 1,648 0 0
ISHARES TR MBS ETF 464288588 900 8,416 SH   SOLE 8,416 0 0
ISHARES TR MICRO-CAP ETF 464288869 1 7 SH   SOLE 7 0 0
ISHARES TR MSCI AC ASIA ETF 464288182 1 9 SH   SOLE 9 0 0
ISHARES TR MSCI ACWI EX US 464288240 5,075 104,960 SH   SOLE 104,960 0 0
ISHARES TR MSCI CHINA ETF 46429B671 1 10 SH   SOLE 10 0 0
ISHARES TR MSCI EAFE ETF 464287465 104 1,517 SH   SOLE 1,517 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 67 1,485 SH   SOLE 1,485 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 33,822 228,250 SH   SOLE 224,459 0 3,791
ISHARES TR S&P SML 600 GWT 464287887 1 4 SH   SOLE 4 0 0
ISTAR INC COM 45031U101 460 39,000 SH   SOLE 39,000 0 0
JBG SMITH PPTYS COM 46590V100 509 14,899 SH   SOLE 14,899 0 0
JERNIGAN CAP INC COM 476405105 29,574 1,439,100 SH   SOLE 1,439,100 0 0
JOHN BEAN TECHNOLOGIES CORP COM 477839104 845 8,358 SH   SOLE 8,358 0 0
JOHNSON & JOHNSON COM 478160104 1,307 10,055 SH   SOLE 10,055 0 0
JPMORGAN CHASE & CO COM 46625H100 1,259 13,178 SH   SOLE 13,178 0 0
KIMCO RLTY CORP COM 49446R109 797 40,800 SH   SOLE 40,800 0 0
KITE RLTY GROUP TR COM NEW 49803T300 15,226 751,948 SH   SOLE 751,948 0 0
KLA-TENCOR CORP COM 482480100 1,797 16,956 SH   SOLE 16,956 0 0
KOREA ELECTRIC PWR SPONSORED ADR 500631106 530 31,600 SH   SOLE 31,600 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 16,169 316,455 SH   SOLE 316,455 0 0
LITTELFUSE INC COM 537008104 401 2,045 SH   SOLE 2,045 0 0
MACERICH CO COM 554382101 1,210 22,000 SH   SOLE 22,000 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 2,376 11,100 SH   SOLE 11,100 0 0
MCDONALDS CORP COM 580135101 110 700 SH   SOLE 700 0 0
MEDEQUITIES RLTY TR INC COM 58409L306 25,334 2,156,000 SH   SOLE 2,156,000 0 0
METLIFE INC COM 59156R108 497 9,562 SH   SOLE 9,562 0 0
MICROSOFT CORP COM 594918104 1,903 25,544 SH   SOLE 25,544 0 0
MILLER HERMAN INC COM 600544100 184 5,124 SH   SOLE 5,124 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 559 53,500 SH   SOLE 53,500 0 0
MONRO INC COM 610236101 154 2,747 SH   SOLE 2,747 0 0
MONSANTO CO NEW COM 61166W101 331 2,758 SH   SOLE 2,758 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 5,336 220,136 SH   SOLE 220,136 0 0
NEENAH PAPER INC COM 640079109 587 6,864 SH   SOLE 6,864 0 0
NEW JERSEY RES COM 646025106 18 426 SH   SOLE 426 0 0
NOVARTIS A G SPONSORED ADR 66987V109 2,662 31,013 SH   SOLE 31,013 0 0
OWENS CORNING NEW COM 690742101 533 6,903 SH   SOLE 6,903 0 0
PARAMOUNT GROUP INC COM 69924R108 3,005 187,800 SH   SOLE 187,800 0 0
PEPSICO INC COM 713448108 577 5,178 SH   SOLE 5,178 0 0
PFIZER INC COM 717081103 1,403 39,304 SH   SOLE 39,304 0 0
PHILLIPS 66 COM 718546104 1,120 12,222 SH   SOLE 12,222 0 0
PIMCO ETF TR ENHAN SHRT MA AC 72201R833 137 1,350 SH   SOLE 1,350 0 0
POOL CORPORATION COM 73278L105 608 5,621 SH   SOLE 5,621 0 0
PRA HEALTH SCIENCES INC COM 69354M108 415 5,442 SH   SOLE 5,442 0 0
PROCTER AND GAMBLE CO COM 742718109 830 9,124 SH   SOLE 9,124 0 0
PROLOGIS INC COM 74340W103 702 11,066 SH   SOLE 11,066 0 0
PRUDENTIAL PLC ADR 74435K204 1,844 38,484 SH   SOLE 38,484 0 0
PUBLIC STORAGE COM 74460D109 261 1,218 SH   SOLE 1,218 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 13,297 245,700 SH   SOLE 245,700 0 0
RESOURCE CAP CORP COM NEW 76120W708 15,467 1,434,800 SH   SOLE 1,434,800 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 1,922 101,100 SH   SOLE 101,100 0 0
RITCHIE BROS AUCTIONEERS COM 767744105 203 6,413 SH   SOLE 6,413 0 0
ROBERT HALF INTL INC COM 770323103 1,544 30,682 SH   SOLE 30,682 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 32,515 1,482,025 SH   SOLE 1,482,025 0 0
SCHLUMBERGER LTD COM 806857108 4,355 62,427 SH   SOLE 62,427 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 3,927 151,859 SH   SOLE 151,859 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 3,924 69,090 SH   SOLE 69,090 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 3,219 139,897 SH   SOLE 139,897 0 0
SL GREEN RLTY CORP COM 78440X101 2,503 24,703 SH   SOLE 24,703 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 33,838 151,186 SH   SOLE 148,677 0 2,509
SPDR S&P 500 ETF TR TR UNIT 78462F103 99,873 397,541 SH   SOLE 390,939 0 6,602
STAG INDL INC COM 85254J102 21,334 776,606 SH   SOLE 776,606 0 0
STERLING BANCORP DEL COM 85917A100 482 19,572 SH   SOLE 19,572 0 0
SUNCOR ENERGY INC NEW COM 867224107 154 4,400 SH   SOLE 4,400 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 5,432 144,629 SH   SOLE 144,629 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 1,925 78,800 SH   SOLE 78,800 0 0
TAUBMAN CTRS INC COM 876664103 12,562 252,750 SH   SOLE 252,750 0 0
TEXAS INSTRS INC COM 882508104 1,433 15,987 SH   SOLE 15,987 0 0
TIME WARNER INC COM NEW 887317303 582 5,678 SH   SOLE 5,678 0 0
TRAVELCENTERS AMER LLC COM 894174101 1,692 398,000 SH   SOLE 398,000 0 0
UBS GROUP AG SHS H42097107 1,668 97,266 SH   SOLE 97,266 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 463 19,450 SH   SOLE 19,450 0 0
UNILEVER PLC SPON ADR NEW 904767704 3,382 58,354 SH   SOLE 58,354 0 0
UNITED TECHNOLOGIES CORP COM 913017109 1,515 13,049 SH   SOLE 13,049 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 1,986 91,500 SH   SOLE 91,500 0 0
URSTADT BIDDLE PPTYS INC PFD-G CV 6.75% 917286809 11,842 450,000 SH   SOLE 450,000 0 0
US BANCORP DEL COM NEW 902973304 1,606 29,953 SH   SOLE 29,953 0 0
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 117 2,691 SH   SOLE 2,691 0 0
VANGUARD WORLD FDS INDUSTRIAL ETF 92204A603 3,922 29,209 SH   SOLE 29,209 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 3,913 25,742 SH   SOLE 25,742 0 0
VANTIV INC CL A 92210H105 536 7,601 SH   SOLE 7,601 0 0
VARIAN MED SYS INC COM 92220P105 368 3,677 SH   SOLE 3,677 0 0
VIRTU FINL INC CL A 928254101 497 30,678 SH   SOLE 30,678 0 0
VORNADO RLTY TR SH BEN INT 929042109 2,291 29,800 SH   SOLE 29,800 0 0
WAL-MART STORES INC COM 931142103 890 11,389 SH   SOLE 11,389 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 5,482 658,000 SH   SOLE 658,000 0 0
WELLTOWER INC COM 95040Q104 1,265 18,000 SH   SOLE 18,000 0 0
WEX INC COM 96208T104 354 3,156 SH   SOLE 3,156 0 0
WEYERHAEUSER CO COM 962166104 3,345 98,300 SH   SOLE 98,300 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 8,658 390,000 SH   SOLE 390,000 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 4,500 200,000 SH   SOLE 200,000 0 0
WISDOMTREE CONTINUOUS COMMOD SHS BEN INT 97718W108 217 11,585 SH   SOLE 11,585 0 0
WPP PLC NEW ADR 92937A102 3,591 38,689 SH   SOLE 38,689 0 0