<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>
Aegis Realty Inc Com REIT 00760P104 195 22800 SH SOLE 22800
Agree Realty Corporation REIT 008492100 1476 113000 SH SOLE 113000
American Industrial Properties REIT 026791202 4697 397610 SH SOLE 397610
Apartment Invt & Mgmt Co REIT 03748R101 241 6310 SH SOLE 6310
Apartment Invt & Mgmt Co Pfd D REIT 03748R309 768 44500 SH SOLE 44500
Apartment Invt & Mgmt Co Pfd G REIT 03748R408 662 35200 SH SOLE 35200
Archstone Communities Trust REIT 039581103 508 25500 SH SOLE 25500
Archstone Communities Trust PF REIT 039581400 481 24000 SH SOLE 24000
Arden Realty, Incorporated REIT 039793104 292 14000 SH SOLE 14000
Banyan Strategic Realty Trust REIT 06683M102 8516 1622106 SH SOLE 1622106
Bedford Properties REIT 076446301 209 13000 SH SOLE 13000
Boddie-Noell Properties, Incor REIT 096903109 394 50900 SH SOLE 50900
Boston Properties, Incorporate REIT 101121101 2391 75170 SH SOLE 75170
Brandywine Realty Trust REIT 105368203 4186 244410 SH SOLE 244410
Brookdale Living Communities REIT 112462106 1684 152200 SH SOLE 152200
Burnham Pacific Properties, In REIT 12232C108 4837 684900 SH SOLE 684900
Camden Property Trust Pfd. Ser REIT 133131201 215 9700 SH SOLE 9700
Capital Automotive REIT REIT 139733109 689 57400 SH SOLE 57400
CarrAmerica Realty Corp. REIT 144418100 327 15400 SH SOLE 15400
CarrAmerica Realty Corp. Pfd S REIT 144418209 660 34600 SH SOLE 34600
Catellus REIT 149111106 473 34100 SH SOLE 34100
Commercial Net Lease REIT 202218103 136 13000 SH SOLE 13000
Cornerstone Properties REIT 21922H103 1215 69700 SH SOLE 69700
Corporate Office Properties Tr REIT 22002T108 2363 288600 SH SOLE 288600
Corporate Office Properties Tr REIT 22002T207 1598 76100 SH SOLE 76100
Crescent Real Estate Equ.Co.Se REIT 225756204 452 32000 SH SOLE 32000
Crown American Realty Trust REIT 228186102 172 32300 SH SOLE 32300
Crown American Realty Trust Pf REIT 228186201 1292 34800 SH SOLE 34800
Developers Diversified Realty REIT 251591103 1128 81300 SH SOLE 81300
Equity Office Properties Tr REIT 294741103 1507 60000 SH SOLE 60000
Equity Residential Ppty REIT 29476L107 4484 111570 SH SOLE 111570
Equity Residential Ppty Pfd Se REIT 29476L206 2325 103600 SH SOLE 103600
Essex REIT 297178105 266 7400 SH SOLE 7400
Felcor Lodging Trust Inc. REIT 31430F101 324 18100 SH SOLE 18100
First Industrial Realty Trust REIT 32054K103 545 20000 SH SOLE 20000
First Industrial Realty Trust REIT 294741608 463 25200 SH SOLE 25200
First Union R/E Equity & Mortg REIT 337400105 2255 819871 SH SOLE 819871
G&L Realty Corp. Pfd Ser A REIT 361271208 416 27600 SH SOLE 27600
Gables Residential Tr REIT 362418105 664 29500 SH SOLE 29500
General Growth Properties, Inc REIT 370021107 913 30000 SH SOLE 30000
Glenborough Realty Trust REIT 37803P105 1691 116600 SH SOLE 116600
Glenborough Realty Trust Pfd S REIT 37803P204 1347 89800 SH SOLE 89800
Glimcher Realty Trust REIT 379302102 2539 188100 SH SOLE 188100
Glimcher Realty Trust Pfd Ser REIT 379302201 947 64200 SH SOLE 64200
Golf Trust of America REIT 38168B103 280 17000 SH SOLE 17000
Health & Retirement REIT 422169102 111 12800 SH SOLE 12800
Highwoods Properties, Inc. REIT 431284108 2846 133140 SH SOLE 133140
Home Properties of NY REIT 437306103 911 34050 SH SOLE 34050
Homestead REIT 437851108 1383 433900 SH SOLE 433900
Hospitality Pptys Tr REIT 44106M102 290 14300 SH SOLE 14300
Istar Financial Inc. REIT 45031U101 1533 87000 SH SOLE 87000
Istar Financial Inc. Pfd Ser B REIT 45031U200 403 26000 SH SOLE 26000
Koger Equity REIT 500228101 7020 406950 SH SOLE 406950
Kramont Realty Trust REIT 50075Q107 306 35000 SH SOLE 35000
Lodgian Inc. REIT 54021P106 189 50500 SH SOLE 50500
Mack-Cali Realty corporation REIT 554489104 4416 173180 SH SOLE 173180
Malan Realty Investors, Inc. REIT 561063108 6412 531550 SH SOLE 531550
Meristar Hospitality Corp. REIT 58984Y103 255 14600 SH SOLE 14600
Mid-America Apt. Comm Pfd Ser REIT 59522J400 190 11000 SH SOLE 11000
PS Business Parks Inc. (New) REIT 69360J107 638 31300 SH SOLE 31300
Pacific Gateway Properties, In REIT 694330101 385 35800 SH SOLE 35800
Pacific Gulf Properties, Inc. REIT 694396102 438 22300 SH SOLE 22300
Parkway Properties Inc. REIT 70159Q104 1166 39600 SH SOLE 39600
Prentiss Properties Trust REIT 740706106 1584 71000 SH SOLE 71000
Prime Group Realty Trust REIT 74158J103 2409 168300 SH SOLE 168300
Prime Group Realty Trust Pfd S REIT 74158J202 590 37900 SH SOLE 37900
Prime Retail Inc. Pfd Ser A 10 REIT 741570204 839 63300 SH SOLE 63300
Prime Retail Inc. Pfd Ser B 8. REIT 741570303 1333 166600 SH SOLE 166600
Prologis Trust Pfd Sh Ben Int REIT 743410607 275 12700 SH SOLE 12700
Public Storage Inc. REIT 74460D109 1546 73600 SH SOLE 73600
Ramco-Gershenson Properties Tr REIT 751452202 2307 161900 SH SOLE 161900
Resource Asset Investment Trus REIT 761196104 317 29500 SH SOLE 29500
SPG Ppty Inc Pfd B 8.750% REIT 78462M207 412 20800 SH SOLE 20800
Simon Property Group Ppty Inc REIT 828806109 373 16000 SH SOLE 16000
Sovran Realty Self Storage REIT 84610H108 318 15700 SH SOLE 15700
St. Joe Co Com REIT 790148100 1302 45000 SH SOLE 45000
Trizec Hahn REIT 896938107 1530 102000 SH SOLE 102000
United Dominion Realty Tr REIT 910197102 694 68950 SH SOLE 68950
United Investors Realty Trust REIT 910741107 147 29400 SH SOLE 29400
Vornado Realty Trust REIT 929042109 1444 43100 SH SOLE 43100
W.P. Carey LLC REIT 92930Y107 376 22600 SH SOLE 22600
Wellsford Real Properties, Inc REIT 950240101 3240 372934 SH SOLE 372934
Westfield America Inc. REIT 959910100 416 30700 SH SOLE 30700
Winston Hotels Inc. REIT 97563A102 2108 272000 SH SOLE 272000
Winston Hotels Inc. Pfd Ser A REIT 97563A201 247 15000 SH SOLE 15000
Capital Senior Living Corp. COM 140475104 301 96400 SH SOLE 96400
Excel Legacy Group COM 300665106 34 10100 SH SOLE 10100
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