<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>
AMB Property Corporation REIT 00163T109 201 8200 SH SOLE 8200
Agree Realty Corporation REIT 008492100 2935 195700 SH SOLE 195700
American Industrial Properties REIT 026791202 9624 675370 SH SOLE 675370
Apartment Invt & Mgmt Co REIT 03748R101 772 16750 SH SOLE 16750
Apartment Invt & Mgmt Co Pfd D REIT 03748R309 3974 188100 SH SOLE 188100
Apartment Invt & Mgmt Co Pfd G REIT 03748R408 759 35200 SH SOLE 35200
Apex Mortgage Capital Inc. REIT 037564101 148 20300 SH SOLE 20300
Archstone Communities Trust REIT 039581103 361 14700 SH SOLE 14700
Arden Realty, Incorporated REIT 039793104 536 20000 SH SOLE 20000
Banyan Strategic Realty Trust REIT 06683M102 13464 2267556 SH SOLE 2267556
Bedford Properties REIT 076446301 904 44500 SH SOLE 44500
Boddie-Noell Properties, Incor REIT 096903109 416 48900 SH SOLE 48900
Boston Properties, Incorporate REIT 101121101 1669 38870 SH SOLE 38870
Boykin Lodging Company REIT 103430104 275 26500 SH SOLE 26500
Brandywine Realty Trust REIT 105368203 6124 302430 SH SOLE 302430
Burnham Pacific Properties, In REIT 12232C108 4199 692600 SH SOLE 692600
CarrAmerica Realty Corp. Pfd S REIT 144418209 811 37700 SH SOLE 37700
Catellus REIT 149111106 255 14600 SH SOLE 14600
Chastain Capital Corporation REIT 161697107 0 30000 SH SOLE 30000
Commercial Net Lease REIT 202218103 135 13000 SH SOLE 13000
Corporate Office Properties Tr REIT 22002T108 2846 286400 SH SOLE 286400
Corporate Office Properties Tr REIT 22002T207 3062 134600 SH SOLE 134600
Crescent Real Estate Equ.Co. REIT 225756105 1145 51300 SH SOLE 51300
Crescent Real Estate Equ.Co.Se REIT 225756204 522 32000 SH SOLE 32000
Crown American Realty Trust REIT 228186102 1376 227000 SH SOLE 227000
Crown American Realty Trust Pf REIT 228186201 10435 271050 SH SOLE 271050
Developers Diversified Realty REIT 251591103 1432 111200 SH SOLE 111200
Duke Realty Trust REIT 264411505 1443 59800 SH SOLE 59800
Equity Office Properties Tr REIT 294741103 2859 92034 SH SOLE 92034
Equity Residential Ppty REIT 29476L107 5781 120430 SH SOLE 120430
Equity Residential Ppty Pfd Se REIT 29476L206 3143 130300 SH SOLE 130300
Felcor Lodging Trust Inc. REIT 31430F101 1922 83100 SH SOLE 83100
First Industrial Realty Trust REIT 32054K103 3020 98200 SH SOLE 98200
First Industrial Realty Trust REIT 294741608 521 24800 SH SOLE 24800
First Union R/E Equity & Mortg REIT 337400105 2860 1039971 SH SOLE 1039971
G&L Realty Corp. Pfd Ser A REIT 361271208 412 27600 SH SOLE 27600
Gables Residential Tr REIT 362418105 685 25200 SH SOLE 25200
Glenborough Realty Trust REIT 37803P105 4676 259800 SH SOLE 259800
Glenborough Realty Trust Pfd S REIT 37803P204 1527 89800 SH SOLE 89800
Glimcher Realty Trust REIT 379302102 5318 356000 SH SOLE 356000
Glimcher Realty Trust Pfd Ser REIT 379302201 2210 117100 SH SOLE 117100
Golf Trust of America REIT 38168B103 256 19000 SH SOLE 19000
Hallwood Realty Part Lp Deposi REIT 40636T203 1022 24400 SH SOLE 24400
Health & Retirement REIT 422169102 5227 746700 SH SOLE 746700
Highwoods Properties, Inc. REIT 431284108 4669 197620 SH SOLE 197620
Hospitality Pptys Tr REIT 44106M102 3420 146300 SH SOLE 146300
IRT Property Company REIT 450058102 350 40000 SH SOLE 40000
IShares TR REIT 464287739 3787 50000 SH SOLE 50000
Istar Financial Inc. REIT 45031U101 6119 272700 SH SOLE 272700
Istar Financial Inc. Pfd Ser B REIT 45031U200 1480 77400 SH SOLE 77400
Istar Financial Inc. Pfd Ser C REIT 45031U309 574 32000 SH SOLE 32000
KEYSTONE PPTY TR CORP COM REIT 493596100 424 34800 SH SOLE 34800
Kimco Realty Corporation REIT 49446R109 435 10300 SH SOLE 10300
Koger Equity REIT 500228101 7811 459450 SH SOLE 459450
Kramont Realty Trust REIT 50075Q107 566 60400 SH SOLE 60400
Lexington Corporate Properties REIT 529043101 193 17200 SH SOLE 17200
Liberty Property Trust REIT 531172104 3941 143300 SH SOLE 143300
Lodgian Inc. REIT 54021P106 141 49200 SH SOLE 49200
Mack-Cali Realty corporation REIT 554489104 9443 335000 SH SOLE 335000
Malan Realty Investors, Inc. REIT 561063108 6773 526050 SH SOLE 526050
Meristar Hospitality Corp. REIT 58984Y103 2570 126900 SH SOLE 126900
Mid-America Apt. Comm Pfd Ser REIT 59522J202 248 11900 SH SOLE 11900
Mid-America Apt. Comm Pfd Ser REIT 59522J400 220 11000 SH SOLE 11000
New Plan Excel Realty Trust REIT 648053106 430 31400 SH SOLE 31400
PS Business Parks Inc. (New) REIT 69360J107 504 18500 SH SOLE 18500
Pacific Gulf Properties, Inc. REIT 694396102 2006 75000 SH SOLE 75000
Parkway Properties Inc. REIT 70159Q104 1806 59200 SH SOLE 59200
Phillips International RE REIT 718333107 6831 396000 SH SOLE 396000
Post Properties Inc. REIT 737464107 327 7500 SH SOLE 7500
Prentiss Properties Trust REIT 740706106 4588 175600 SH SOLE 175600
Prime Group Realty Trust REIT 74158J103 2282 144900 SH SOLE 144900
Prime Group Realty Trust Pfd S REIT 74158J202 701 38400 SH SOLE 38400
Prime Retail Inc. Pfd Ser A 10 REIT 741570204 450 64800 SH SOLE 64800
Prime Retail Inc. Pfd Ser B 8. REIT 741570303 609 170900 SH SOLE 170900
Prologis Trust REIT 743410102 211 8900 SH SOLE 8900
Prologis Trust Pfd Sh Ben Int REIT 743410607 252 10700 SH SOLE 10700
Public Storage Inc. REIT 74460D109 1183 49400 SH SOLE 49400
RFS Hotel Investors REIT 74955J108 4481 354900 SH SOLE 354900
Ramco-Gershenson Properties Tr REIT 751452202 2998 202400 SH SOLE 202400
Resource Asset Investment Trus REIT 761196104 173 13700 SH SOLE 13700
SPG Ppty Inc Pfd B 8.750% REIT 78462M207 321 13300 SH SOLE 13300
Security Cap Group Inc Class B REIT 81413P204 218 11500 SH SOLE 11500
Security Capital US Realty REI REIT 814136206 857 40100 SH SOLE 40100
Simon Property Group Ppty Inc REIT 828806109 2670 113900 SH SOLE 113900
Sizeler Property Investment In REIT 830137105 487 63900 SH SOLE 63900
Sovran Realty Self Storage Pfd REIT 84610H207 518 24100 SH SOLE 24100
Speiker Properties REIT 848497103 2130 37000 SH SOLE 37000
St. Joe Co Com REIT 790148100 1196 43100 SH SOLE 43100
Starwood Hotels & Resorts Worl REIT 85590A203 2497 79900 SH SOLE 79900
Trizec Hahn REIT 896938107 1086 64600 SH SOLE 64600
United Dominion Realty Tr REIT 910197102 2160 198650 SH SOLE 198650
United Dominion Realty Tr Pfd REIT 910197300 213 9200 SH SOLE 9200
United Investors Realty Trust REIT 910741107 250 44400 SH SOLE 44400
Vornado Realty Trust REIT 929042109 2209 59500 SH SOLE 59500
Wellsford Real Properties, Inc REIT 950240101 7250 367067 SH SOLE 367067
Westfield America Inc. REIT 959910100 672 48900 SH SOLE 48900
Winston Hotels Inc. REIT 97563A102 4515 523500 SH SOLE 523500
Winston Hotels Inc. Pfd Ser A REIT 97563A201 508 28900 SH SOLE 28900
Capital Senior Living Corp. COM 140475104 507 197900 SH SOLE 197900
Excel Legacy Group COM 300665106 24 10100 SH SOLE 10100
FINOVA GROUP INC COM COM 317928109 707 97500 SH SOLE 97500
Public Storage Inc. Dep Shs Re PFD 74460D729 401 17300 SH SOLE 17300
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