UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
Under the Securities Exchange Act of 1934
(Amendment No. ____)*
Philips International Realty Corp.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
718333107
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(CUSIP Number)
CHECK THE APPROPRIATE BOX TO DESIGNATE THE RULE PURSUANT TO WHICH THIS SCHEDULE
IS FILED:
X Rule 13d-1(b)
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*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
CUSIP NO. 718333107
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1 NAME OF REPORTING PERSON
Heitman/PRA Securities Advisors, Inc.
IRS ID# 36-3988233
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) ----
(b) X
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
5 SOLE VOTING POWER
NUMBER OF SHARES 878,205
BENEFICIALLY OWNED
BY EACH REPORTING 6 SHARED VOTING POWER
PERSON WITH 0
7 SOLE DISPOSITIVE POWER
878,205
8 SHARED DISPOSITIVE POWER
10,900
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
889,105
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
12.1%
12 TYPE OF REPORTING PERSON (See Instructions)
IA
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ITEM 1 (A) NAME OF ISSUER:
Philips International Realty Corp.
ITEM 1 (B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE
OFFICES:
417 Fifth Avenue
New York, New York 10016
ITEM 2 (A) NAME OF PERSON FILING:
Heitman/PRA Securities Advisors, Inc.
ITEM 2 (B) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF
NONE, RESIDENCE:
180 North LaSalle Street, Suite 3600
Chicago, Illinois 60601
ITEM 2 (C) CITIZENSHIP:
Illinois
ITEM 2 (D) TITLE OF CLASS OF SECURITIES:
Common Stock
ITEM 2 (E) CUSIP NUMBER: 718333107
ITEM 3 IF THIS STATEMENT IS FILED PURSUANT TO RULE
13D-1(B) OR 13D-2(B) OR (C), CHECK WHETHER THE
PERSON FILING IS A:
ITEM 3 (E) An Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E).
ITEM 4 OWNERSHIP:
ITEM 4 (A) AMOUNT BENEFICIALLY OWNED:
889,105
ITEM 4 (B) PERCENT OF CLASS:
12.1
ITEM 4 (C) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
(i) sole power to vote or to
direct the vote 878,205
(ii) shared power to vote or to
direct the vote 0
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(iii) sole power to dispose or
to direct the disposition of 878,205
(iv) shared power to dispose or to
direct the disposition of 10,900
ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF
OF ANOTHER PERSON.
Heitman/PRA Securities Advisors, Inc. serves as investment adviser for
the Heitman Real Estate Portfolio, one of the Portfolios of UAM Funds Trust, a
registered investment company, and thirty (30) separate account clients.
Heitman Real Estate Portfolio, and 29 separate clients have given
dispositive power to Heitman/PRA Securities Advisors, Inc. the right to receive
or the power to direct the receipt of dividends from, or proceeds from the sale
of 878,205 shares (12.0%) of this issuer. One (1) separate account has the
right to vote and the right to receive or the power to direct the receipt of
dividends, or proceeds from the sale of 10,900 shares (0.1%) of this issuer.
ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable.
ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF
THE GROUP.
Not applicable.
ITEM 9 NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10 CERTIFICATIONS.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction having
such purposes or effect.
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After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: December 18, 1998
/s/Nancy B. Lynn
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NANCY B. LYNN,
Vice President
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