<TABLE>
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Agree Realty Corporation REIT 008492100 2622 157700 SH SOLE 157700
American Industrial Properties REIT 026791202 6973 514110 SH SOLE 514110
Apartment Invt & Mgmt Co REIT 03748R101 746 17250 SH SOLE 17250
Apartment Invt & Mgmt Co Pfd D REIT 03748R309 2902 144200 SH SOLE 144200
Apartment Invt & Mgmt Co Pfd G REIT 03748R408 733 35200 SH SOLE 35200
Apex Mortgage Capital Inc. REIT 037564101 173 20300 SH SOLE 20300
Archstone Communities Trust REIT 039581103 436 20700 SH SOLE 20700
Archstone Communities Trust PF REIT 039581400 431 20000 SH SOLE 20000
Avalon Bay Communities, Inc. REIT 053484101 933 22340 SH SOLE 22340
BRE Properties Inc Cl A REIT 05564E106 289 10000 SH SOLE 10000
Banyan Strategic Realty Trust REIT 06683M102 11289 1963356 SH SOLE 1963356
Bedford Properties REIT 076446301 460 24800 SH SOLE 24800
Boddie-Noell Properties, Incor REIT 096903109 410 48900 SH SOLE 48900
Boston Properties, Incorporate REIT 101121101 2768 71670 SH SOLE 71670
Boykin Lodging Company REIT 103430104 425 31500 SH SOLE 31500
Brandywine Realty Trust REIT 105368203 5063 264730 SH SOLE 264730
Brookdale Living Communities REIT 112462106 4420 304800 SH SOLE 304800
Burnham Pacific Properties, In REIT 12232C108 5037 732700 SH SOLE 732700
CarrAmerica Realty Corp. Pfd S REIT 144418209 778 37700 SH SOLE 37700
Catellus REIT 149111106 372 24800 SH SOLE 24800
Chastain Capital Corporation REIT 161697107 13 30000 SH SOLE 30000
Commercial Net Lease REIT 202218103 136 13000 SH SOLE 13000
Cornerstone Properties REIT 21922H103 1580 87200 SH SOLE 87200
Cornerstone Realty Income Comp REIT 21922V102 170 17000 SH SOLE 17000
Corporate Office Properties Tr REIT 22002T108 2702 294100 SH SOLE 294100
Corporate Office Properties Tr REIT 22002T207 2776 120700 SH SOLE 120700
Crescent Real Estate Equ.Co. REIT 225756105 717 35000 SH SOLE 35000
Crescent Real Estate Equ.Co.Se REIT 225756204 500 32000 SH SOLE 32000
Crown American Realty Trust REIT 228186102 677 125900 SH SOLE 125900
Crown American Realty Trust Pf REIT 228186201 9858 261150 SH SOLE 261150
Developers Diversified Realty REIT 251591103 1695 113500 SH SOLE 113500
Equity Office Properties Tr REIT 294741103 2157 78275 SH SOLE 78275
Equity Residential Ppty REIT 29476L107 6575 142930 SH SOLE 142930
Equity Residential Ppty Pfd Se REIT 29476L206 2448 103600 SH SOLE 103600
Felcor Lodging Trust Inc. REIT 31430F101 1171 63300 SH SOLE 63300
First Industrial Realty Trust REIT 32054K103 3528 119600 SH SOLE 119600
First Industrial Realty Trust REIT 294741608 477 24800 SH SOLE 24800
First Union R/E Equity & Mortg REIT 337400105 2335 794871 SH SOLE 794871
G&L Realty Corp. Pfd Ser A REIT 361271208 400 27600 SH SOLE 27600
Gables Residential Tr REIT 362418105 958 37200 SH SOLE 37200
General Growth Properties, Inc REIT 370021107 400 12600 SH SOLE 12600
Glenborough Realty Trust REIT 37803P105 2759 158200 SH SOLE 158200
Glenborough Realty Trust Pfd S REIT 37803P204 1549 89800 SH SOLE 89800
Glimcher Realty Trust REIT 379302102 4505 313400 SH SOLE 313400
Glimcher Realty Trust Pfd Ser REIT 379302201 1677 100500 SH SOLE 100500
Golf Trust of America REIT 38168B103 344 21700 SH SOLE 21700
Hallwood Realty Part Lp Deposi REIT 40636T203 675 19700 SH SOLE 19700
Highwoods Properties, Inc. REIT 431284108 4164 173520 SH SOLE 173520
Home Properties of NY REIT 437306103 1081 36050 SH SOLE 36050
Hospitality Pptys Tr REIT 44106M102 2999 132900 SH SOLE 132900
IRT Property Company REIT 450058102 127 15000 SH SOLE 15000
Istar Financial Inc. REIT 45031U101 3896 186100 SH SOLE 186100
Istar Financial Inc. Pfd Ser B REIT 45031U200 1062 60700 SH SOLE 60700
Istar Financial Inc. Pfd Ser C REIT 45031U309 424 24400 SH SOLE 24400
Koger Equity REIT 500228101 7541 446850 SH SOLE 446850
Kramont Realty Trust REIT 50075Q107 340 36300 SH SOLE 36300
Liberty Property Trust REIT 531172104 1245 48000 SH SOLE 48000
Lodgian Inc. REIT 54021P106 147 60500 SH SOLE 60500
Mack-Cali Realty corporation REIT 554489104 6363 247700 SH SOLE 247700
Malan Realty Investors, Inc. REIT 561063108 7332 526050 SH SOLE 526050
Meristar Hospitality Corp. REIT 58984Y103 559 26600 SH SOLE 26600
Mid-America Apt. Comm Pfd Ser REIT 59522J400 205 11000 SH SOLE 11000
New Plan Excel Realty Trust REIT 648053106 799 61500 SH SOLE 61500
PS Business Parks Inc. (New) REIT 69360J107 900 37500 SH SOLE 37500
Pacific Gateway Properties, In REIT 694330101 246 20600 SH SOLE 20600
Parkway Properties Inc. REIT 70159Q104 1476 48400 SH SOLE 48400
Phillips International RE REIT 718333107 5133 295400 SH SOLE 295400
Pinnacle Holdings, Inc. REIT 72346N101 275 5095 SH SOLE 5095
Prentiss Properties Trust REIT 740706106 2256 94000 SH SOLE 94000
Prime Group Realty Trust REIT 74158J103 2763 181900 SH SOLE 181900
Prime Group Realty Trust Pfd S REIT 74158J202 686 38400 SH SOLE 38400
Prime Retail Inc. Pfd Ser A 10 REIT 741570204 602 65300 SH SOLE 65300
Prime Retail Inc. Pfd Ser B 8. REIT 741570303 1175 167900 SH SOLE 167900
Prologis Trust REIT 743410102 829 38900 SH SOLE 38900
Prologis Trust Pfd Sh Ben Int REIT 743410607 286 12700 SH SOLE 12700
Public Storage Inc. REIT 74460D109 1702 72600 SH SOLE 72600
RFS Hotel Investors REIT 74955J108 2612 222300 SH SOLE 222300
Ramco-Gershenson Properties Tr REIT 751452202 2691 173600 SH SOLE 173600
Reckson Assocs Rlty. Corp. REIT 75621K106 1781 75000 SH SOLE 75000
Resource Asset Investment Trus REIT 761196104 324 29500 SH SOLE 29500
SPG Ppty Inc Pfd B 8.750% REIT 78462M207 389 17500 SH SOLE 17500
Security Cap Group Inc Class B REIT 81413P204 195 11500 SH SOLE 11500
Simon Property Group Ppty Inc REIT 828806109 1464 66000 SH SOLE 66000
Sizeler Property Investment In REIT 830137105 176 23500 SH SOLE 23500
Sovran Realty Self Storage REIT 84610H108 532 24800 SH SOLE 24800
Speiker Properties REIT 848497103 920 20000 SH SOLE 20000
St. Joe Co Com REIT 790148100 1293 43100 SH SOLE 43100
Starwood Hotels & Resorts Worl REIT 85590A203 983 30200 SH SOLE 30200
Taubman Centers Inc. REIT 876664103 203 18500 SH SOLE 18500
Trizec Hahn REIT 896938107 3620 202500 SH SOLE 202500
United Dominion Realty Tr REIT 910197102 2071 188250 SH SOLE 188250
United Dominion Realty Tr Pfd REIT 910197300 230 11000 SH SOLE 11000
United Investors Realty Trust REIT 910741107 174 29400 SH SOLE 29400
Vornado Realty Trust REIT 929042109 466 13400 SH SOLE 13400
Wellsford Real Properties, Inc REIT 950240101 3400 224767 SH SOLE 224767
Westfield America Inc. REIT 959910100 818 60900 SH SOLE 60900
Winston Hotels Inc. REIT 97563A102 3142 419000 SH SOLE 419000
Winston Hotels Inc. Pfd Ser A REIT 97563A201 472 28400 SH SOLE 28400
Capital Senior Living Corp. COM 140475104 387 131900 SH SOLE 131900
Excel Legacy Group COM 300665106 27 10100 SH SOLE 10100
Host Marriott Corporation COM 44107P104 94 10000 SH SOLE 10000
Public Storage Inc. Dep Shs Re PFD 74460D729 207 11500 SH SOLE 11500
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