UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
Under the Securities Exchange Act of 1934
(Amendment No. Two)*
Philips International Realty Corp.
- ---------------------------------------------------------
(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
<PAGE>
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 985,678
BENEFICIALLY OWNED
BY EACH REPORTING 6 SHARED VOTING POWER
PERSON WITH 0
7 SOLE DISPOSITIVE POWER
985,678
8 SHARED DISPOSITIVE POWER
0
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
985,678
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
13.43
12 TYPE OF REPORTING PERSON (See Instructions)
IA
<PAGE>
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:
Delaware
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:
985,678
ITEM 4 (B) PERCENT OF CLASS:
13.43
ITEM 4 (C) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
(i) sole power to vote or to
direct the vote 985,678
(ii) shared power to vote or to
direct the vote 0
(iii) sole power to dispose or
to direct the disposition of 985,678
(iv) shared power to dispose or to
direct the disposition of 0
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 Portfolio,
a registered investment company, and one hundred ninety-
three (193) separate account clients.
Heitman Real Estate Portfolio, a Series of UAM Funds
Trust, and 193 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 985,678
shares (13.43%) 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.
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: January 28, 2000
/s/Nancy B. Lynn
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NANCY B. LYNN,
Vice President
