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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO
SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER
Report for the Calendar Year or Quarter Ended: August 13, 1999.
- --------------------------------------------------------------------------------
(Please read instructions before preparing form.)
- --------------------------------------------------------------------------------
If amended report check here: [ ]
Heitman/PRA Securities Advisors LLC
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Name of Institutional Investment Manager
180 North LaSalle Street, Suite 3600 Chicago IL 60601
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Business Address (Street) (City) (State) (Zip)
Nancy B. Lynn, 312/849-4153, Vice President Compliance
- --------------------------------------------------------------------------------
Name, Phone No., and Title of Person Duly Authorized to Submit This Report.
ATTENTION
- --------------------------------------------------------------------------------
Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
- --------------------------------------------------------------------------------
The institutional investment manager submitting this Form and its attachments
and the person by whom it is signed represent hereby that all information
contained therein is true, correct and complete. It is understood that all
required items, statements and schedules are considered integral parts of this
Form and that the submission of any amendment represents that all unamended
items, statements and schedules remain true, correct and complete as previously
submitted.
Pursuant to the requirements of Securities Exchange Act of 1934, the
undersigned institutional investment manager has caused this report to be signed
on its behalf in the City of Chicago and State of Illinois on the 13th day of
August, 1999.
Heitman/PRA Securities Advisors LLC
---------------------------------------------
(Name of Institutional Investment Manager)
---------------------------------------------
(Manual Signature of Person Duly Authorized
to Submit This Report)
Name and 13F file numbers of ALL Institutional Investment Managers with respect
to which this schedule is filled (other than the one filing this report): (List
in alphabetical order).
13F File Numbers will be assigned to Institutional Investment Managers after
they file their first report.
Name: 13F File No.: Name: 13F File No.:
- ---------------------- ------------- ----------------------- -------------
1. 6.
- ---------------------- ------------- ------------------------ -------------
2. 7.
- ---------------------- ------------- ------------------------ -------------
3. 8.
- ---------------------- ------------- ------------------------ -------------
4. 9.
- ---------------------- ------------- ------------------------ -------------
5. 10.
- ---------------------- ------------- ------------------------ -------------
SEC 1685 (5/91)
<PAGE>
<TABLE>
<CAPTION>
FORM 13F (SEC USE ONLY)
Page 1 of 5 Name of Reporting Manager: Heitman/PRA Securities Advisors LLC
- ---------------------------------------------------------------------------------------------------------------------------------
Item 6:
Investment Discretion
/4/ Item 5: ------------------------------------
Item 3: Item 4: Shares of (b) Shared- (c)
Item 1: Item 2: CUSIP Fair Market Principal As Defined Shared-
Name of Issuer Title of Class Number Value Amount (a) Sole in Instr. V Other
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Amli, Residential common 001735109 $ 7,380,000 329,845 329,845
Propeties, Inc. shares
beneficial
interest
- ---------------------------------------------------------------------------------------------------------------------------------
Apartment Investment & Common 03748R101 $ 20,598,000 481,812 481,812
Management Company Stock
- ---------------------------------------------------------------------------------------------------------------------------------
Archstone Communities Trust Common 039581103 $ 28,893,000 1,317,035 1,317,035
Stock
- ---------------------------------------------------------------------------------------------------------------------------------
Arden Realty Common 039793104 $ 22,153,000 899,628 899,628
Stock
- ---------------------------------------------------------------------------------------------------------------------------------
AMB Property Corp Common 00163T109 $ 1,281,000 54,500 54,500
Stock
- ---------------------------------------------------------------------------------------------------------------------------------
Bedford Property Common 076446301 $ 26,939,000 1,507,096 1,507,096
Investor Stock
- ---------------------------------------------------------------------------------------------------------------------------------
BRE Properties Shares of 05564E106 $ 410,000 125,903 15,800
Class A
Common
Stock
- ---------------------------------------------------------------------------------------------------------------------------------
Berkshire Realty Common 084710102 $ 6,885,000 595,442 595,442
Stock
- ---------------------------------------------------------------------------------------------------------------------------------
Cadillac Fairview Corp. common 126929207 $ 9,720,000 514,990 514,990
shares
beneficial
interest
- ---------------------------------------------------------------------------------------------------------------------------------
CenterPoint Properties Common 151895109 $ 8,316,000 227,066 227,066
Trust Stock
- ---------------------------------------------------------------------------------------------------------------------------------
Centertrust Retail Common 152038105 $ 12,786,000 1,088,187 1,088,187
Properties Stock
- ---------------------------------------------------------------------------------------------------------------------------------
Charles E. Smith Common 83219710 $ 692,000 20,400 20,400
Residential Realty Inc. Stock
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COLUMN TOTALS Subtotal $146,053,000
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</TABLE>
<TABLE>
<CAPTION>
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/5/ Item 8:
Item 7: Voting Authority (Shares)
Item 1: Managers -----------------------------------
Name of Issuer See Instr. V (a) Sole (b) Shared (c) None
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Amli, Residential 327,505 2,340
Propeties, Inc.
- ---------------------------------------------------------------------------------------------------------------------------------
Apartment Investment & 477,138 4,674
Management Company
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Archstone Communities Trust 1,305,344 11,691
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Arden Realty 891,505 8,123
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AMB Property Corp 53,700 800
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Bedford Property 1,492,452 14,644
Investor
- ---------------------------------------------------------------------------------------------------------------------------------
BRE Properties 15,800
- ---------------------------------------------------------------------------------------------------------------------------------
Berkshire Realty 588,869 6,573
- ---------------------------------------------------------------------------------------------------------------------------------
Cadillac Fairview Corp. 509,195 5,795
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CenterPoint Properties 224,526 2,540
Trust
- ---------------------------------------------------------------------------------------------------------------------------------
Centertrust Retail 1,074,476 13,711
Properties
- ---------------------------------------------------------------------------------------------------------------------------------
Charles E. Smith 20,400
Residential Realty Inc.
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COLUMN TOTALS
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</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 2 of 5 Name of Reporting Manager: Heitman/PRA Securities Advisors LLC
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Item 6:
Investment Discretion
/4/ Item 5: ------------------------------------
Item 3: Item 4: Shares of (b) Shared- (c)
Item 1: Item 2: CUSIP Fair Market Principal As Defined Shared-
Name of Issuer Title of Class Number Value Amount (a) Sole in Instr. V Other
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Chelsea GCA Realty, Inc. Common 163262108 $ 20,744,000 558,773 558,773
Stock
- ------------------------------------------------------------------------------------------------------
Developers Diversified Common 251591103 $ 13,330,000 801,808 801,808
Realty Corp. Stock
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Duke-Weeks Realty Common 264411505 $ 428,000 18,695 18,695
Corporation Stock
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EastGroup Properties Common 277276101 $ 13,202,000 658,062 658,062
Stock
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Equity Office Properties common 294741103 $ 38,124,000 1,487,761 1,487,761
shares
beneficial
interest
- ------------------------------------------------------------------------------------------------------
Equity Residential common 29476L107 $ 24,383,000 541,102 541,102
Properties Trust shares
beneficial
interest
- ------------------------------------------------------------------------------------------------------
Essex Property Trust, Common 297178105 $ 32,231,000 911,121 911,121
Inc. Stock
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Excel Legacy Corp. Common 300665106 $ 11,590,000 2,439,982 2,439,982
Stock
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Franchise Finance Corp of Common 351807102 $ 15,582,000 708,271 708,271
America Stock
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Home Properties of New Common 437306103 $ 12,988,000 470,157 470,157
York Stock
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Kilroy Realty Common 49427F108 $ 23,859,000 981,344 981,344
Stock
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Kimco Realty Corporation Common 49446R109 $ 17,093,000 436,888 436,888
Stock
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COLUMN TOTALS Subtotal $223,554,000
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/5/ Item 8:
Item 7: Voting Authority (Shares)
Item 1: Managers -----------------------------------
Name of Issuer See Instr. V (a) Sole (b) Shared (c) None
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Chelsea GCA Realty, Inc. 553,594 5,179
- ----------------------------------------------------------------------------------------
Developers Diversified 795,096 6,712
Realty Corp.
- ----------------------------------------------------------------------------------------
Duke-Weeks Realty 18,855 110
Corporation
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EastGroup Properties 652,259 5,803
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Equity Office Properties 1,123,316 364,445
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Equity Residential 536,154 4,948
Properties Trust
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Essex Property Trust, 902,987 8,134
Inc.
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Excel Legacy Corp. 2,416,103 23,879
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Franchise Finance Corp of 701,474 6,797
America
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Home Properties of New 464,765 5,392
York
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Kilroy Realty 971,511 9,833
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Kimco Realty Corporation 433,028 3,860
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</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 13F (SEC USE ONLY)
Page 3 of 5 Name of Reporting Manager: Heitman/PRA Securities Advisors LLC
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Item 6:
Investment Discretion
/4/ Item 5: ------------------------------------
Item 3: Item 4: Shares of (b) Shared- (c)
Item 1: Item 2: CUSIP Fair Market Principal As Defined Shared-
Name of Issuer Title of Class Number Value Amount (a) Sole in Instr. V Other
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Mack-Cali Realty Corp. Common 554489104 $ 28,738,000 928,901 928,901
Stock
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Manufactured Home Common 56468210 $ 3,364,000 129,387 129,387
Communities, Inc. Stock
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New Plan Excel Realty Common 648053106 $ 11,840,000 657,762 657,762
Trust, Inc. Stock
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PS Business Parks Inc./CA Common 69360J107 $ 6,833,000 280,314 280,314
Stock
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Pan Pacific Realty Common 69806L104 $ 608,000 31,400 31,400
Stock
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Parkway Properties Inc. Common 70159Q104 $ 15,322,000 462,541 462,541
Stock
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Philips International Common 718333107 $ 17,343,000 1,027,738 1,027,738
Realty Stock
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Prentiss Properties Trust common 740706106 $ 10,554,000 449,087 449,087
shares
beneficial
interest
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Prologis Trust Common 743410102 $ 27,574,000 1,361,656 1,361,656
Stock
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Public Storage, Inc. Common 74460D109 $ 24,398,000 871,345 871,345
Stock
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Reckson Associates Realty Common 75621K304 $ 29,773,000 1,247,037 1,247,037
Stock
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COLUMN TOTALS Subtotal $176,347,000
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</TABLE>
<TABLE>
<CAPTION>
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/5/ Item 8:
Item 7: Voting Authority (Shares)
Item 1: Managers -----------------------------------
Name of Issuer See Instr. V (a) Sole (b) Shared (c) None
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Mack-Cali Realty Corp. 920,573 8,328
- ----------------------------------------------------------------------------------------
Manufactured Home 127,944 1,443
Communities, Inc.
- ----------------------------------------------------------------------------------------
New Plan Excel Realty 652,011 5,751
Trust, Inc.
- ----------------------------------------------------------------------------------------
PS Business Parks Inc./CA 277,361 2,953
- ----------------------------------------------------------------------------------------
Pan Pacific Realty 31,400 31,400
- ----------------------------------------------------------------------------------------
Parkway Properties Inc. 458,071 4,470
- ----------------------------------------------------------------------------------------
Philips International 1,016,370 11,368
Realty
- ----------------------------------------------------------------------------------------
Prentiss Properties Trust 444,310 4,777
- ----------------------------------------------------------------------------------------
Prologis Trust 1,348,937 12,719
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Public Storage, Inc. 863,596 7,749
- ----------------------------------------------------------------------------------------
Reckson Associates Realty 1,234,896 12,141
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COLUMN TOTALS
- ----------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 13F (SEC USE ONLY)
Page 1 of 5 Name of Reporting Manager: Heitman/PRA Securities Advisors LLC
- ---------------------------------------------------------------------------------------------------------------------------------
Item 6:
Investment Discretion
/4/ Item 5: ------------------------------------
Item 3: Item 4: Shares of (b) Shared- (c)
Item 1: Item 2: CUSIP Fair Market Principal As Defined Shared-
Name of Issuer Title of Class Number Value Amount (a) Sole in Instr. V Other
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Regency Realty Corp. Common 758939102 $ 16,299,000 742,994 742,994
Stock
Security Capital Group, Common 81413P204 $ 31,986,000 2,196,494 2,196,494
Inc. Stock
Sovran Self Storage, Inc. Common 84610H108 $ 12,859,000 477,362 477,362
Stock
Storage USA., Inc. Common 861907103 $ 622,000 19,500 19,500
Stock
Sun Communities, Inc. Common 86667410 $ 5,182,000 145,984 145,984
Stock
Taubman Centers, Inc. Common 87666410 $ 8,148,000 617,861 617,861
Stock
Trizec Hahn Corporation Common 896938107 $ 30,538,000 1,498,800 1,498,800
Stock
US Restaurant Properties Common 902971100 $ 8,289,000 390,049 390,049
Stock
Walden Residential Common 931210108 $ 14,915,000 693,736 693,736
Properties Stock
Weeks Corporation Common 94856P102 $ 19,743,000 647,315 647,315
Stock
Vornado Realty Trust Common 929042109 $ 2,443,000 69,174 69,174
Stock
COLUMN TOTALS Subtotal $151,024,000
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
/5/ Item 8:
Item 7: Voting Authority (Shares)
Item 1: Managers -----------------------------------
Name of Issuer See Instr. V (a) Sole (b) Shared (c) None
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Regency Realty Corp. 736,035 6,959
Security Capital Group, 2,176,062 20,432
Inc.
Sovran Self Storage, Inc. 472,576 4,786
Storage USA., Inc. 19,500
Sun Communities, Inc. 144,252 1,732
Taubman Centers, Inc. 612,185 5,676
Trizec Hahn Corporation 1,485,399 13,401
US Restaurant Properties 386,491 3,558
Walden Residential 686,317 7,419
Properties
Weeks Corporation 641,353 5,962
Vornado Realty Trust 69,174
COLUMN TOTALS
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 13F (SEC USE ONLY)
Page 1 of 5 Name of Reporting Manager: Heitman/PRA Securities Advisors LLC
- ---------------------------------------------------------------------------------------------------------------------------------
Item 6:
Investment Discretion
Item 4: Item 5: ------------------------------------
Item 3: Fair Shares of (b) Shared- (c)
Item 1: Item 2: CUSIP Market Principal As Defined Shared-
Name of Issuer Title of Class Number Value Amount (a) Sole in Instr. V Other
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Apartment Investment & Cumulative 03748R200 $ 304,000 12,700 12,700
Mgmt Co. Series C Preferred Stock
- ---------------------------------------------------------------------------------------------------------------------------------
Carr America 8.57% Series B Cumulative 144418209 $ 2,155,000 91,200 91,200
Redeemable
Preferred stock
- ---------------------------------------------------------------------------------------------------------------------------------
Equity Residential Cumulative 29476L792 $ 1,464,000 65,600 65,600
Properties 7.625% Series L Redeemable
Preferred
stock
- ---------------------------------------------------------------------------------------------------------------------------------
Health Care Property Cumulative 421915307 $ 1,904,000 83,900 83,900
7.875% Series A Redeemable
Preferred
- ---------------------------------------------------------------------------------------------------------------------------------
Highwoods Properties Cumulative 431284306 $ 3,191,000 136,500 136,500
8% Perpetual Pfd. Series C Redeemable
Preferred
- ---------------------------------------------------------------------------------------------------------------------------------
Prologis Trust 8.54% Cumulative 743410409 $ 2,286,000 52,870 52,870
Series C preferred shares
of beneficial
interest
- ---------------------------------------------------------------------------------------------------------------------------------
Prologis Trust 7.92% Cumulative 743410508 $ 4,322,000 180,100 180,100
Series D preferred shares
of beneficial
interest
- ---------------------------------------------------------------------------------------------------------------------------------
Taubman Centers, Inc. Cumulative 876664202 $12,496,000 544,800 544,800
8.3% Series A Redeemable
Preferred
stock
- ---------------------------------------------------------------------------------------------------------------------------------
Vornado Realty Trust Convertible 929042208 $22,849,000 452,452 452,452
6.5% Series A Preferred shares
of beneficial
interest
- ---------------------------------------------------------------------------------------------------------------------------------
Subtotal $ 50,971,000
- ---------------------------------------------------------------------------------------------------------------------------------
Total of
COLUMN TOTALS pages 1-5 $747,949,000
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Item 8:
Item 7: Voting Authority (Shares)
Item 1: Managers -----------------------------------
Name of Issuer See Instr. V (a) Sole (b) Shared (c) None
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Apartment Investment & 12,700
Mgmt Co. Series C
- ----------------------------------------------------------------------------------------
Carr America 8.57% Series B 91,200
- ----------------------------------------------------------------------------------------
Equity Residential 65,600
Properties 7.625% Series L
- ----------------------------------------------------------------------------------------
Health Care Property 83,900
7.875% Series A
- ----------------------------------------------------------------------------------------
Highwoods Properties 134,000 2,500
8% Perpetual Pfd. Series C
- ----------------------------------------------------------------------------------------
Prologis Trust 8.54% Series C 51,770 1,100
- ----------------------------------------------------------------------------------------
Prologis Trust 7.92% Series D 176,500 3,600
- ----------------------------------------------------------------------------------------
Taubman Centers, Inc. 538,700 6,100
8.3% Series A
- ----------------------------------------------------------------------------------------
Vornado Realty Trust 447,474 4,978
6.5% Series A
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
COLUMN TOTALS
- ----------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
master
June 30, 1999 soleinvs
June 30, 1999
Market
Security Cusip Quantity Value Security Quantity
- ------------------------------ -------- ---------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Apartment Investment & Management 03748R101 481,812 20,597,463 Apartme 481,812
AMB Property Corp 00163T109 54,500 1,280,750 AMB Pro 54,500
Amli Residential Properties, I 001735109 329,845 7,380,282 Amli Resi 329,845
Arden Realty, Inc. 039793104 899,628 22,153,340 Arden Re 899,628
Archstone Communities Trust 039581103 1,317,035 28,892,455 Archstone 1,317,035
Bedford Property Investor 076446301 1,507,096 26,939,341 Bedford 1,507,096
BRE Properties 05564E106 15,800 409,813 BRE Prop 15,800
Berkshire Realty 084710102 595,442 6,884,798 Berkshire 595,442
Cadillac Fairview Corp. 126929207 514,990 9,720,436 Cadillac 514,990
CenterPoint Properties Trust 151895109 227,066 8,316,292 CenterPo 227,066
Centertrust Retail Properties 152038105 1,088,187 12,786,197 Centertru 1,088,187
Charles E. Smith Residential R 83219710 20,400 692,325 Charles E. 20,400
146,053,492
Chelsea GCA Realty, Inc. 163262108 558,773 20,744 Chelsea 558,773
Developers Diversified Realty 251591103 801,808 13,330 Develope 801,808
Duke-Weeks Realty Corporation 264411505 18,965 428 Duke-We 18,965
EastGroup Properties 277276101 658,062 13,202 EastGrou 658,062
Equity Office Properties 294741103 1,487,761 38,124 Equity Of 1,487,761
Equity Residential Properties 29476L107 541,102 24,383 Equity R 541,102
Essex Property Trust Inc. 297178105 911,121 32,231 Essex Pr 911,121
Excel Legacy Corp. 300665106 2,439,982 11,590 Excel Le 2,439,982
Franchise Finance Corp of Am 351807102 708,271 15,582 Franchis 708,271
Home Properties of New York 437306103 470,157 12,988 Home Pr 470,157
Kimco Realty Corporation 49446R109 436,888 17,093 Kimco R 436,888
Kilroy Realty 49427F108 981,344 23,859 Kilroy Re 981,344
223,554
Mack-Cali Realty Corporation 554489104 928,901 28,738 Mack-Cal 928,901
Manufactured Home Communities, 56468210 129,387 3,364 Manufac 129,387
</TABLE>
<TABLE>
<CAPTION>
master
June 30, 1999
solevote novote
June 30, 1999 June 30, 1999
Security Quantity Security Quantity
- ------------ -------- ----------- ---------
<S> <C> <C> <C> <C>
Apartme 477,138 Apartme 4,674 481,812
AMB Pro 53,700 AMB Pro 800 54,500
Amli Resi 327,505 Amli Resi 2,340 329,845
Arden Re 891,505 Arden Re 8,123 899,628
Archstone 1,305,344 Archstone 11,691 1,317,035
Bedford 1,492,452 Bedford 14,644 1,507,096
BRE Prop 15,800
Berkshire 588,869 Berkshire 6,573 595,442
Cadillac 509,195 Cadillac 5,795 514,990
CenterPo 224,526 CenterPo 2,540 227,066
Centertru 1,074,476 Centertru 13,711 1,088,187
Charles E 20,400 20,400
Chelsea 553,594 Chelsea 5,179 558,773
Develope 795,096 Develope 6,712 801,808
Duke-We 18,855 Duke-We 110 18,965
EastGrou 652,259 EastGrou 5,803 658,062
Equity Of 1,123,316 Equity Of 364,445 1,487,761
Equity R 536,154 Equity R 4,948 541,102
Essex Pr 902,987 Essex Pr 8,134 911,121
Excel Le 2,416,103 Excel Le 23,879 2,439,982
Franchis 701,474 Franchis 6,797 708,271
Home Pr 464,765 Home Pr 5,392 470,157
Kimco R 433,028 Kimco R 3,860 436,888
Kilroy Re 971,511 Kilroy Re 9,833 981,344
Mack-Cal 920,573 Mack-Cal 8,328 928,901
Manufac 127,944 Manufac 1,443 129,387
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
New Plan Excel Realty Trust, I 648053106 657,762 11,840 657,762 652,011 5,751 657,762
Philips International Realty 718333107 1,027,738 17,343 1,027,738 1,016,370 11,368 1,027,738
Parkway Properties Inc. 70159Q104 462,541 15,322 462,541 458,071 4,470 462,541
Prologis Trust 743410102 1,361,656 27,574 1,361,656 1,348,937 12,719 1,361,656
Pan Pacific Realty 69806L104 31,400 608 31,400 31,400 0 31,400
Prentiss Properties Trust 740706106 449,087 10,554 449,087 444,310 4,777 449,087
Public Storage, Inc. 74460D109 871,345 24,398 871,345 863,596 7,749 871,345
PS Business Parks Inc./CA 69360J107 280,314 6,833 280,314 277,361 2,953 280,314
Reckson Associates Realty Corp 75621K304 1,247,037 29,773 1,247,037 1,234,896 12,141 1,247,037
176,347
Regency Realty Corp. 758939102 742,994 16,299,431 742,994 736,035 6,959 742,994
Security Capital Group Series 81413P204 2,196,494 31,986,444 2,196,494 2,176,062 20,432 2,196,494
Sovran Self Storage, Inc. 84610H108 477,362 12,858,939 477,362 472,576 4,786 477,362
Sun Communities, Inc. 86667410 145,984 5,182,432 145,984 144,252 1,732 145,984
Storage USA, Inc. 861907103 19,500 621,563 19,500 19,500 19,500
Taubman Centers, Inc. 87666410 617,861 8,148,042 617,861 612,185 5,676 617,861
Trizec Hahn Corporation 896938107 1,498,800 30,538,050 1,498,800 1,485,399 13,401 1,498,800
US Restaurant Properties 902971100 390,049 8,288,541 390,049 386,491 3,558 390,049
Vornado Realty Trust 929042109 69,174 2,442,707 69,174 69,174 69,174
Walden Residential Props. 931210108 693,736 14,915,324 693,736 686,317 7,419 693,736
Weeks Corporation 94856P102 647,315 19,743,108 647,315 641,353 5,962 647,315
151,024,580
Apartment Investment & Mgmt Co 03748R200 12,700 304,006 12,700 12,700 12,700
Carr America 8.57% 144418209 91,200 2,154,600 91,200 91,200 91,200
Equity Residential Properties 29476L792 65,600 1,463,700 65,600 65,600 65,600
Health Care Property 7.875% Se 421915307 83,900 1,903,481 83,900 83,900 83,900
Highwoods Properties-8% Perpet 431284306 136,500 3,190,688 136,500 134,000 2,500 136,500
Prologis Trust 8.54% Series C 743410409 52,870 2,286,099 52,870 51,770 1,100 52,870
Prologis Trust 7.92% Series D 743410508 180,100 4,322,400 180,100 176,500 3,600 180,100
Taubman Centers Inc. 8.3% Seri 876664202 544,800 12,496,350 544,800 538,700 6,100 544,800
Vornado Realty Trust 6.5% Seri 929042208 452,452 22,848,826 452,452 447,474 4,978 452,452
50,970,150
</TABLE>
