UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
Under the Securities Exchange Act of 1934
(Amendment No. One)*
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 LLC
IRS ID# 36-4265577
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) ----
(b) X
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
5 SOLE VOTING POWER
NUMBER OF SHARES 867,772
BENEFICIALLY OWNED
BY EACH REPORTING 6 SHARED VOTING POWER
PERSON WITH 0
7 SOLE DISPOSITIVE POWER
867,772
8 SHARED DISPOSITIVE POWER
11,200
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
878,972
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11.98
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 LLC
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:
878,972
ITEM 4 (B) PERCENT OF CLASS:
11.98
ITEM 4 (C) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
(i) sole power to vote or to direct the vote 867,772
(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 867,772
(iv) shared power to dispose or to direct the
disposition of 11,200
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 LLC serves as investment adviser
to the Heitman Real Estate Fund, a registered investment company,
and sixty-one (61) separate account clients.
Heitman Real Estate Portfolio, a Series of UAM Funds Trust, and 60
separate account clients have given dispositive power to Heitman/PRA
Securities Advisors LLC the right to receive or the power to direct the
receipt of dividends from, or proceeds from the sale of 867,772 shares
(11.83%) 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 11,200 shares (0.15%) 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 purpose or effect.
<PAGE>
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: February 10, 1999
/s/Nancy B. Lynn
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NANCY B. LYNN,
Vice President
