<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 212 8200 SH SOLE 8200
Agree Realty Corporation REIT 008492100 2709 197000 SH SOLE 197000
American Industrial Properties REIT 026791202 8112 662220 SH SOLE 662220
Apartment Invt & Mgmt Co Pfd D REIT 03748R309 4353 230600 SH SOLE 230600
BRE Properties Inc Cl A REIT 05564E106 2256 71200 SH SOLE 71200
Banyan Strategic Realty Trust REIT 06683M102 13591 2471056 SH SOLE 2471056
Boddie-Noell Properties, Incor REIT 096903109 292 39000 SH SOLE 39000
Boston Properties, Incorporate REIT 101121101 3696 84970 SH SOLE 84970
Boykin Lodging Company REIT 103430104 711 83600 SH SOLE 83600
Brandywine Realty Trust REIT 105368203 5616 271450 SH SOLE 271450
Burnham Pacific Properties, In REIT 12232C108 2116 457500 SH SOLE 457500
CarrAmerica Realty Corp. REIT 144418100 1018 32500 SH SOLE 32500
CarrAmerica Realty Corp. Pfd S REIT 144418209 787 37700 SH SOLE 37700
Corporate Office Properties Tr REIT 22002T108 2473 248900 SH SOLE 248900
Corporate Office Properties Tr REIT 22002T207 3165 145500 SH SOLE 145500
Crescent Real Estate Equ.Co. REIT 225756105 1437 64600 SH SOLE 64600
Crescent Real Estate Equ.Co.Se REIT 225756204 587 37000 SH SOLE 37000
Crown American Realty Trust REIT 228186102 742 139600 SH SOLE 139600
Crown American Realty Trust Pf REIT 228186201 10689 283150 SH SOLE 283150
Developers Diversified Realty REIT 251591103 1559 117100 SH SOLE 117100
Duke Realty Trust REIT 264411505 2247 91250 SH SOLE 91250
EastGroup Properties Inc. REIT 277276101 2242 100200 SH SOLE 100200
Equity Inns Inc. REIT 294703103 62 10000 SH SOLE 10000
Equity Inns Inc. Pfd Ser A 9.5 REIT 294703202 176 10900 SH SOLE 10900
Equity Office Properties Tr REIT 294741103 3856 118201 SH SOLE 118201
Equity Residential Ppty REIT 29476L107 5677 102635 SH SOLE 102635
Equity Residential Ppty Pfd Se REIT 29476L206 3351 135400 SH SOLE 135400
Equity Residential Ppty Pfd Se REIT 29476L875 447 18100 SH SOLE 18100
FEDERAL REALTY INVT TR PFD A 7 REIT 313747404 690 34500 SH SOLE 34500
Felcor Lodging Trust Inc. Pfd REIT 31430F408 283 15500 SH SOLE 15500
First Industrial Realty Trust REIT 32054K103 2370 69700 SH SOLE 69700
First Industrial Realty Trust REIT 294741608 453 21700 SH SOLE 21700
First Union R/E Equity & Mortg REIT 337400105 4996 1949721 SH SOLE 1949721
G&L Realty Corp. Pfd Ser A REIT 361271208 243 17600 SH SOLE 17600
Gables Residential Tr REIT 362418105 1770 63200 SH SOLE 63200
Glenborough Realty Trust REIT 37803P105 5627 323875 SH SOLE 323875
Glenborough Realty Trust Pfd S REIT 37803P204 1380 81800 SH SOLE 81800
Glimcher Realty Trust REIT 379302102 4032 322600 SH SOLE 322600
Glimcher Realty Trust Pfd Ser REIT 379302201 2238 143800 SH SOLE 143800
HEARTLAND PARTNERS L P UT LTD REIT 422357103 288 15700 SH SOLE 15700
HRPT Properties Trust REIT 422169102 5813 768600 SH SOLE 768600
Hallwood Realty Part Lp Deposi REIT 40636T203 1318 28500 SH SOLE 28500
Health Care Properties REIT 421915109 523 17500 SH SOLE 17500
HealthCare Properties Pfd Ser REIT 421915604 242 13100 SH SOLE 13100
Healthcare Properties Pfd Ser REIT 421915406 197 10700 SH SOLE 10700
Highwoods Properties, Inc. REIT 431284108 4983 200320 SH SOLE 200320
Hospitality Pptys Tr REIT 44106M102 3610 159570 SH SOLE 159570
Istar Financial Inc. REIT 45031U101 4189 212800 SH SOLE 212800
Istar Financial Inc. Pfd Ser B REIT 45031U200 2541 138300 SH SOLE 138300
Istar Financial Inc. Pfd Ser C REIT 45031U309 1538 83700 SH SOLE 83700
KEYSTONE PPTY TR CORP COM REIT 493596100 584 45800 SH SOLE 45800
Koger Equity REIT 500228101 6966 447600 SH SOLE 447600
Liberty Property Trust REIT 531172104 3733 130700 SH SOLE 130700
Lodgian Inc. REIT 54021P106 196 59200 SH SOLE 59200
Mack-Cali Realty corporation REIT 554489104 7673 268650 SH SOLE 268650
Malan Realty Investors, Inc. REIT 561063108 5589 526050 SH SOLE 526050
Meristar Hospitality Corp. REIT 58984Y103 957 48600 SH SOLE 48600
Mid-America Apt. Comm Pfd Ser REIT 59522J400 201 11000 SH SOLE 11000
Nationwide Health Property REIT 638620104 1428 110900 SH SOLE 110900
Parkway Properties Inc. REIT 70159Q104 3114 104900 SH SOLE 104900
Phillips International RE REIT 718333107 2956 727600 SH SOLE 727600
Post Properties Inc. REIT 737464107 2235 59500 SH SOLE 59500
Prentiss Properties Trust REIT 740706106 4529 168120 SH SOLE 168120
Prime Group Realty Trust REIT 74158J103 1639 114000 SH SOLE 114000
Prime Group Realty Trust Pfd S REIT 74158J202 568 35900 SH SOLE 35900
Prime Retail Inc. Pfd Ser A 10 REIT 741570204 411 59300 SH SOLE 59300
Prime Retail Inc. Pfd Ser B 8. REIT 741570303 967 162900 SH SOLE 162900
Prologis Trust REIT 743410102 1480 66500 SH SOLE 66500
Prologis Trust Pfd Sh Ben Int REIT 743410201 260 11200 SH SOLE 11200
Prologis Trust Pfd Sh Ben Int REIT 743410607 237 10700 SH SOLE 10700
RFS Hotel Investors REIT 74955J108 5262 402800 SH SOLE 402800
Ramco-Gershenson Properties Tr REIT 751452202 2670 206400 SH SOLE 206400
Resource Asset Investment Trus REIT 761196104 124 10100 SH SOLE 10100
SL Green REIT 78440X101 398 14200 SH SOLE 14200
SPG Ppty Inc Pfd B 8.750% REIT 78462M207 241 10300 SH SOLE 10300
Security Cap Group Inc Class B REIT 81413P204 2177 108500 SH SOLE 108500
Simon Property Group Ppty Inc REIT 828806109 1128 47000 SH SOLE 47000
Sizeler Property Investment In REIT 830137105 919 132400 SH SOLE 132400
Sovran Realty Self Storage Pfd REIT 84610H207 617 29100 SH SOLE 29100
Speiker Properties REIT 848497103 4172 83230 SH SOLE 83230
TAUBMAN CTRS INC PFD A 8.3% REIT 876664202 724 43200 SH SOLE 43200
Taubman Centers Inc. REIT 876664103 492 45000 SH SOLE 45000
United Dominion Realty Tr REIT 910197102 1281 118520 SH SOLE 118520
United Investors Realty Trust REIT 910741107 235 55200 SH SOLE 55200
Wellsford Real Properties, Inc REIT 950240200 6500 412667 SH SOLE 412667
Westfield America Inc. REIT 959910100 1281 88700 SH SOLE 88700
Winston Hotels Inc. REIT 97563A102 3446 483700 SH SOLE 483700
Winston Hotels Inc. Pfd Ser A REIT 97563A201 521 33900 SH SOLE 33900
Capital Senior Living Corp. COM 140475104 69 28500 SH SOLE 28500
Public Storage Inc. Dep Shs Re PFD 74460D729 2180 96900 SH SOLE 96900
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