COHEN & STEERS CAPITAL MANAGEMENT INC
13F-HR, 1999-05-14
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 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:    March 31, 1999

If amended report check here: [  ]

Name of Institutional Investment Manager Filing this Report:

Name:     Cohen & Steers Capital Management, Inc.
Address:  757 Third Avenue
          New York, NY  10017

13F File Number:    

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.

Person Signing this Report on Behalf of Reporting Manager:

Name:     Jennifer E. Dailey
Title:    Administrator
Phone:    (212) 832-3232
Signature, Place and Date of Signing:

Jennifer E. Dailey  New York, New York  May 14, 1999


Report Type (Check only one):
[X] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT.

I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
<PAGE>

                             FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:      1

Form 13F Information Table Entry Total: 93

Form 13F Information Table Value Total: $3,613,832

List of Other Included Managers:

No.  13F File Number     Name
01   28-2762             Frank Russell Investment Management Co.
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Cohen & Steers Capital Management
FORM 13F
"March 31, 1999"
                                                                                                                Voting Authority
                                                                                                                ----------------
                                                  Value         Shares/ Sh/     Put/    Invstmt Other
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>  
AMB Property 144        COM                           0           17825   SH              Sole                  17825           
Alexanders Inc.         COM            014752109   6186           91300   SH              Sole                  62200         29100
Alterra                 COM            02145K107   3148          157400   SH              Sole                  91900         65500
American Health         COM            026494104   2064          113500   SH              Sole                 113500        
American Retirement     COM            028913101   8434          586700   SH              Sole                 557000         29700
Anthracite Capital Inc. COM            037023108   6895          919300   SH              Sole                 723700        195600
Apartment Investment    COM            03748R101 198483         5475400   SH              Sole                4746900        728500
Arden Realty Group      COM            039793104 156415         7029900   SH              Sole                6071500        958400
Assisted Living         COM            04543L109   2457          689700   SH              Sole                 413200        276500
AvalonBay Comm.         COM            053484101 170334         5343800   SH              Sole                4511000        832800
Brandywine Realty Tr.   COM            105368203   5101          313900   SH              Sole                 246400         67500
Brookfield Properties   COM            112900105  18833         1600600   SH              Sole                1143800        456800
CarrAmerica Realty      COM            144418100   5167          234200   SH              Sole                 183500         50700
Charles E. Smith        COM            832197107  39190         1271900   SH              Sole                1067800        204100
Colonial Property Tr    COM            195872106    892           35000   SH              Sole                                35000
Cousins Properties      COM            222795106  61460         2123900   SH              Sole                1810300        313600
Crescent Operating      COM            22575M100   4080         1125400   SH              Sole                 887400        238000
Crescent Real Estate    COM            225756105 112234         5220200   SH              Sole                4433200        787000
Developers Divers.      COM            251591103  75013         5241100   SH              Sole                4479100        762000
Elder Trust             COM            284560109   2155          239500   SH              Sole                 204400         35100
Entertainment PropertiesCOM            29380T105   3585          207800   SH              Sole                 167600         40200
Equity Office Pptys     COM            294741103  85572         3372300   SH              Sole                2626600        745700
Essex Property Tr.      COM            297178105  60320         2308900   SH              Sole                2058400        250500
Federal Realty Inv.     COM            313747206   9492          448000   SH              Sole                 412600         35400
FelCor Lodging Tr       COM            31430F101  20783          896300   SH              Sole                 846800         49500
First Industrial Rlty   COM            32054K103  68890         2877900   SH              Sole                2298700        579200
Forest City Enterprises COM            345550107   2649          109500   SH              Sole                  61900         47600
General Growth          COM            370021107  88418         2725800   SH              Sole                2336900        388900
HCR Manor Care          COM            404134108  34180         1498300   SH              Sole                1414900         83400
Health Care Ppty        COM            421915109  62865         2186600   SH              Sole                1749400        437200
Healthcare Rlty Tr.     COM            421946104  20579         1083100   SH              Sole                 820400        262700
Highwoods Properties    COM            431284108 170675         7243500   SH              Sole                6228900       1014600
Host Marriott           COM            44107P104  27557         2477022   SH              Sole                1892900        584122
Innkeepers USA          COM            4576J0104   3920          420900   SH              Sole                 336100         84800
J.P. Realty             COM            46624A106  28628         1454100   SH              Sole                1170400        283700
Kimco Realty Corp.      COM            49446R109 115647         3136200   SH              Sole                2608600        527600
LNR Property Corp.      COM            501940100  53680         2718000   SH              Sole                2579200        138800
Liberty Property Tr     COM            531172104   2602          125400   SH              Sole                 125400          
Macerich                COM            554382101  76026         3351000   SH              Sole                2876600        474400
Mack-Cali Realty Corp.  COM            554489104 252669         8601500   SH              Sole                7364400       1237100
Marriott Int'l          COM            571903202  54516         1621300   SH              Sole                1354300        267000
Mills Corp              COM            601148109   3153          175800   SH              Sole                 136600         39200
Nationwide Health       COM            638620104  87187         4588800   SH              Sole                3808400        780400
Newhall Land            COM            651426108  13578          568700   SH              Sole                 568700          
Omega Worldwide         COM            68210B108   1605          428100   SH              Sole                 253200        174900
PS Business Parks       COM            69360J107  35311         1609624   SH              Sole                1034300        575324
Pacific Gulf Pptys      COM            694396102   6583          365700   SH              Sole                 295600         70100
Pan Pacific             COM            69806L104  11174          629500   SH              Sole                 584300         45200
Pennsylvania REIT       COM            709102107   1583           84700   SH              Sole                  66400         18300
Post Properties         COM            737464107   3723          102700   SH              Sole                  90400         12300
Prime Group             COM            74158J103  21978         1658700   SH              Sole                1658700         
ProLogis                COM            743410102 122280         5964900   SH              Sole                4944000       1020900
Promus Hotel            COM            74342P106  23440          644400   SH              Sole                 499900        144500
Public Storage Inc.     COM            74460D109  73795         2951800   SH              Sole                2457500        494300
Reckson Assoc           COM            75621K106 120912         5880200   SH              Sole                5101500        778700
Reckson Services        COM            75621J109  13061         2902444   SH              Sole                2427100        475344
Rouse Co.               COM            779273101  48635         2192000   SH              Sole                1770800        421200
SL Green Realty         COM            78440X101  64634         3435700   SH              Sole                2840500        595200
Security Capital Gp     COM            81413P204   1572          117500   SH              Sole                               117500
Simon Property Group    COM            828806109  55256         2013900   SH              Sole                1656500        357400
Spieker Properties      COM            848497103 155780         4419300   SH              Sole                3674700        744600
Starwood Hotels         COM            85590A203 220548         7721600   SH              Sole                6362100       1359500
Station Casinos         COM            857689103   4748          372400   SH              Sole                 209800        162600
Summit Properties       COM            866239106   5847          350400   SH              Sole                 282500         67900
Tower Realty Trust      COM            89185E109   2077          109700   SH              Sole                  86700         23000
Trammell Crow           COM            89288R106   1850          100000   SH              Sole                  58300         41700
TriNet Corp. Rlty Tr.   COM            896287109  27638         1089200   SH              Sole                 757900        331300
Ventas Inc.             COM            92276F100   5204          867300   SH              Sole                 615600        251700
Vornado Operating Co    COM            92904N103   1929          321470   SH              Sole                 269775         51695
Vornado Realty Tr.      COM            929042109 314802         9124700   SH              Sole                7897000       1227700
American Health Pr.B    PFD            026494401    463           23900   SH              Sole                                23900
Apartment Inv. Pr.C     PFD            03748R200   2471          112300   SH              Sole                  81000         31300
Apartment Inv. Pr.D     PFD            03748R309    698           31900   SH              Sole                                31900
Apartment Inv. Pr.G     PFD            03748R408   5863          255600   SH              Sole                 225100         30500
Bradley R.E. cv Pr.A    PFD            104580204   1682           74760   SH              Sole                  74760
Camden Ppty Pr.A        PFD            133131201   6061          259300   SH              Sole                 259300  
CarrAmerica Rlty Pr.B   PFD            144418209    459           21600   SH              Sole                                21600
CarrAmerica Rlty Pr.C   PFD            144418407    674           32100   SH              Sole                                32100
Centerpoint Pptys Pr.A  PFD            151895208    736           31300   SH              Sole                                31300
Colonial Property Pr.A  PFD            195872205    675           30000   SH              Sole                  30000
Crown Amer. 11% Pfd     PFD            228186201   3113           65200   SH              Sole                  65200   
Felcor Suites Pr.B      PFD            31430F408    719           31100   SH              Sole                                31100
General Growth Pr.A     PFD            370021206   1417           62300   SH              Sole                  44000         18300
Health Care REIT Pr.B   PFD            42217K205    702           32100   SH              Sole                                32100
Healthcare Rlty Pr.A    PFD            421946203    457           25200   SH              Sole                                25200
Liberty Property Pr.A   PFD            531172203    694           29600   SH              Sole                  29600
Mid America Pr.C        PFD            59522J400    826           36900   SH              Sole                                36900
Parkway Properties Pr.A PFD            70159Q302    872           39100   SH              Sole                                39100
Prime Group Pr.B        PFD            74158J202    768           42500   SH              Sole                                42500
Prime Retail cv Pr.B    PFD            741570303   2125          132840   SH              Sole                 132840
Reckson Assoc Pr. A     PFD            75621K205   5740          281700   SH              Sole                 229100         52600
SL Green Realty Pr.A    PFD            78440X200   4563          222600   SH              Sole                 196000         26600
TriNet Corp. Pr.C       PFD            896287406    376           18400   SH              Sole                                18400
REPORT SUMMARY 93 DATA RECORDS                  3613832    1 OTHER MANAGER ON WHOSE BEHALF REPORT IS FILED
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