-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Jm/MuRYnTRFSyPXetTkSupXrWjFa8CypmVTOIROT0DT7Oxgvt7ZbZKZym/pu2Cz0 OkbLjL79QxymSiPnujvphw== 0000950153-06-001445.txt : 20060518 0000950153-06-001445.hdr.sgml : 20060518 20060518094112 ACCESSION NUMBER: 0000950153-06-001445 CONFORMED SUBMISSION TYPE: 13F-HR/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060331 FILED AS OF DATE: 20060518 DATE AS OF CHANGE: 20060518 EFFECTIVENESS DATE: 20060518 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ING CLARION REAL ESTATE SECURITIES/N L.P. CENTRAL INDEX KEY: 0001033984 IRS NUMBER: 232802869 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR/A SEC ACT: 1934 Act SEC FILE NUMBER: 028-06044 FILM NUMBER: 06850627 BUSINESS ADDRESS: STREET 1: 259 RADNOR CHESTER RD STREET 2: SUITE 205 CITY: RADNOR STATE: PA ZIP: 19087 BUSINESS PHONE: 6109952500 MAIL ADDRESS: STREET 1: 259 NORTH RADNOR CHESTER ROAD STREET 2: SUITE 205 CITY: RADNOR STATE: PA ZIP: 19087 FORMER COMPANY: FORMER CONFORMED NAME: CLARION CRA SECURITIES DATE OF NAME CHANGE: 20000811 FORMER COMPANY: FORMER CONFORMED NAME: CRA REAL ESTATE SECURITIES LP/PA DATE OF NAME CHANGE: 19980227 13F-HR/A 1 p72391e13fvhrza.txt 13F-HR/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 3/31/06 Check Here if Amendment /X/; Amendment Number: 1 This Amendment (Check only one.): / / is a restatement. / / adds new holdings entries. Institutional Investment Manager Filing this Report: Name: ING Clarion Real Estate Securities/n L.P. Address: 259 N. Radnor-Chester Rd., Suite 205 Radnor, PA 19087 ------------------------------ Form 13F File Number: 28-06044 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person to contact for further information: Name: Jonathan Blome Phone: 610-995-7341 Person Signing this Report on Behalf of Reporting Manager: Name: T. Ritson Ferguson Title: Managing Director Phone: 610-995-8902 Signature, Place, and Date of Signing: /s/ T. Ritson Ferguson Radnor, PA May 15, 2006 - ------------------------ ------------------ ----------------- [Signature] [City, State] [Date] Report Type (Check only one.): / / 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) / / 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) /X/ 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F INFORMATION TABLE
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Centro Properties Group COM 6037745 84688 18356935 SH SOLE 3595253 54400 14707282 Commonwealth Property Office COM 6150664 46580 47337600 SH SOLE 354900 46982700 DB RREEF Trust COM B033YN6 101075 96428584 SH SOLE 37913341 132500 58382743 GPT Group COM 6365866 154804 52567137 SH SOLE 8674881 135500 43756756 Galileo Shopping America COM B04SF60 46520 52826467 SH SOLE 52826467 Investa Property Group COM 6954145 139532 90594294 SH SOLE 39567494 88600 50938200 Lend Lease Corporation Ltd COM 6512004 853 86400 SH SOLE 86400 Macquarie CountryWide Trust COM 6225595 78569 55232173 SH SOLE 20585401 90800 34555972 Macquarie DDR Trust COM 6712343 44108 51548200 SH SOLE 51548200 Macquarie Goodman Group COM B03FYZ4 82234 23158162 SH SOLE 13614590 37500 9506072 Macquarie Office Trust COM 6703994 36257 36980000 SH SOLE 36980000 Macquarie Prologis Trust COM 6616274 27467 32100500 SH SOLE 28584000 3516500 Mirvac Group COM 6161978 83596 27585281 SH SOLE 2746281 44500 24794500 Multiplex Group COM 6715245 1456 665000 SH SOLE 665000 Reckson New York Property Trus COM B0JK2F9 12927 24334662 SH SOLE 24334662 Stockland COM 6850856 87566 18274659 SH SOLE 251400 18023259 Tishman Speyer Office Fund COM B04NW19 54041 32951800 SH SOLE 155700 32796100 Valad Property Group COM 6570121 280 291800 SH SOLE 291800 Westfield Group COM B01BTX7 562787 46156071 SH SOLE 13337180 70900 32747991 Boardwalk Real Estate Investme COM 096631106 34389 1761900 SH SOLE 1761900 CROMBIE Real Estate Investment COM 227107307 4860 500000 SH SOLE 500000 Calloway Real Estate Investmen COM 131253205 9629 423900 SH SOLE 200100 223800 Can Hotel Inc Property Trust COM 2248400 1159 108600 SH SOLE 108600 Canadian Apartment Properties COM 134921105 1700 120000 SH SOLE 120000 Canadian Apartment Realty 144A COM 134921105 28159 1987300 SH SOLE 1987300 Cominar REIT COM 199910100 395 22800 SH SOLE 22800 Dundee Real Estate Investment COM 265270108 24666 1035100 SH SOLE 613500 421600 Dundee Real Estate Investment COM 265270108 3217 135000 SH SOLE 135000 H&R Real Estate Investment-UTS COM 403925100 39659 2103000 SH SOLE 884800 1218200 Innvest Real Estate Investment COM 45771T108 72094 6444800 SH SOLE 2295300 4149500 Innvest Real Estate Investment COM 45771T108 4922 440000 SH SOLE 440000 Primaris Retail Real Estate COM 74157U109 22409 1429300 SH SOLE 1429300 Primaris Retail Real Estate - COM 74157U307 10975 700000 SH SOLE 700000 Retirement Residences REIT COM 76130C106 9103 1117800 SH SOLE 1117800 Retirement Residences REIT - R COM 76130C106 7165 879900 SH SOLE 879900 RioCan Real Estate Investment COM 766910103 122414 6192900 SH SOLE 3215200 13500 2964200 Summit Real Estate Inv TR-UT COM 865916100 110211 4879420 SH SOLE 2971460 13200 1894760 Sunrise Senior Living Real Est COM 86770Q109 27386 2564100 SH SOLE 2564100
Page 1 Sunrise Senior Living Real Est COM 86770Q208 7380 691000 SH SOLE 691000 Beni Stabili COM 5808135 10091 8971260 SH SOLE 6156760 104800 2709700 Citycon OYJ COM 4491097 834 167600 SH SOLE 105100 62500 Cofinimmo COM 4177988 20899 125600 SH SOLE 125600 Corio NV COM 4929286 43727 678565 SH SOLE 116780 561785 Deutsche Wohnen AG-REG COM 5812200 18843 59318 SH SOLE 41228 600 17490 EuroCastle Investment Ltd COM B0TRNT1 16011 399119 SH SOLE 399119 Eurocommercial Properties COM 4798271 14102 363586 SH SOLE 358601 4985 IVG Immobilien AG COM 5740378 5985 199265 SH SOLE 144365 2000 52900 Inmobiliaria Colonial S.A. COM 5800056 21754 309929 SH SOLE 214289 3300 92340 Klepierre COM 7582556 34074 273630 SH SOLE 115970 2000 155660 Nexity COM B037JC2 13666 199340 SH SOLE 136440 2200 60700 Nieuwe Steen Investments NV COM 5436064 52744 1854669 SH SOLE 1136730 717939 Patrizia Immobilien AG COM B11Y3K8 12976 459200 SH SOLE 312200 5100 141900 Rodamco Continental Europe NV COM 5727360 174780 1743246 SH SOLE 855936 5600 881710 Sponda OYJ COM 5472563 20458 1921012 SH SOLE 1552412 13600 355000 Ste De La Tour Eiffel COM 4900140 90666 847040 SH SOLE 520940 2300 323800 Unibail COM 7076242 169058 937578 SH SOLE 619728 1880 315970 Vastned Offices/Industrial COM 4927172 39671 1153878 SH SOLE 10500 1143378 Vastned Retail COM 4927194 85437 1066471 SH SOLE 462871 700 602900 Wereldhave COM 4948623 126037 1122300 SH SOLE 935400 186900 Atlas Estate Limited COM B0WDBP8 11060 1845600 SH SOLE 1233500 29200 582900 British Land Co COM 0136701 73663 3422100 SH SOLE 2711500 24300 686300 Capital and Regional COM 0174154 25077 1253877 SH SOLE 867962 13400 372515 Derwent Valley Holdings PLC COM 0265274 24204 862422 SH SOLE 598722 8900 254800 Hammerson COM 0406501 52133 2423846 SH SOLE 2051364 13400 359082 ING UK Real Estate Income Tr COM B0LCW20 34962 16762000 SH SOLE 15495600 1266400 Insight Foundation Property Tr COM B01HM14 10338 4620000 SH SOLE 4620000 Land Securities Group COM 3180943 142304 4255249 SH SOLE 3442940 29000 783309 Liberty International COM 0683434 25307 1239580 SH SOLE 1125280 4200 110100 Mapeley Ltd COM B0BHCR0 9503 156395 SH SOLE 116535 2100 37760 Slough Estates COM 0814104 64252 5553640 SH SOLE 5068340 18200 467100 Agile Property Holdings Ltd COM B0PR2F4 71422 85926000 SH SOLE 71309000 14617000 Cheung Kong Holdings Ltd COM 6190273 38161 3600300 SH SOLE 2320200 39000 1241100 China Overseas Land & Investme COM 6192150 23578 34521000 SH SOLE 28779000 5742000 China Resources Land Ltd COM 6193766 505 676000 SH SOLE 676000 Chinese Estates Holdings Ltd COM 6191180 322 225000 SH SOLE 225000 Fortune REIT COM 6677174 6879 8540770 SH SOLE 276000 8264770 Great Eagle Holdings LTD COM 6387406 17661 5075800 SH SOLE 3649300 1426500 Guangzhou R&F Properties Co., COM B0C9GY0 487 92000 SH SOLE 92000 Hang Lung Group Ltd COM 6408352 15313 6713380 SH SOLE 4672680 68000 1972700 Hang Lung Properties Ltd COM 6030506 15459 8133000 SH SOLE 8133000 Hysan Development Co COM 6449629 21402 7514892 SH SOLE 5341392 2173500 Kerry Properties Ltd COM 6486314 22746 6215000 SH SOLE 4551000 113000 1551000
Page 2 Link Reit COM B0PB4M7 15013 6934300 SH SOLE 4266800 2667500 New World Development Co Ltd COM 6633767 10828 6178258 SH SOLE 4318919 1859339 Sino Land Co Ltd COM 6810429 182 127000 SH SOLE 127000 Sun Hung Kai Properties Ltd COM 6859927 77347 7616800 SH SOLE 6146500 45000 1425300 Wharf Holdings Ltd COM 6435576 19381 5277100 SH SOLE 3701100 1576000 Wheelock & Co Ltd COM 6981488 652 364000 SH SOLE 364000 Aeon Mall Co Ltd COM 6534202 586 11800 SH SOLE 11800 Japan Hotel and Resort Inc COM B0XPSY1 2832 495 SH SOLE 91 404 Japan Logistics Fund Inc COM B07NL19 31073 4375 SH SOLE 1130 3245 Japan Retail Fund Investment COM 6513342 28288 3628 SH SOLE 2428 1200 Leopalace21 Corp COM 6598424 11347 302900 SH SOLE 205500 97400 Mitsubishi Estate Co Ltd COM 6596729 147975 6257900 SH SOLE 4704800 57000 1496100 Mitsui Fudosan Co Ltd COM 6597603 112735 4917400 SH SOLE 3659100 41000 1217300 NTT Urban Development Corp COM B031SG1 467 54 SH SOLE 54 Nippon Building Fund COM 6396800 50089 5422 SH SOLE 2510 2912 Sumitomo Realty and Developmen COM 6858902 88674 3209400 SH SOLE 2251200 30000 928200 Tokyu Land Corp COM 6895084 624 70000 SH SOLE 70000 Ayala Land Inc COM 6055112 422 1918000 SH SOLE 1918000 SP Setia Berhad COM 6868774 357 350000 SH SOLE 350000 Starhill Real Estate Investmen COM B0JVKJ2 53 202900 SH SOLE 131600 71300 Kiwi Income Property Trust COM 6495172 25826 33012000 SH SOLE 33012000 Castellum COM B0XP0T0 23139 547300 SH SOLE 377400 5500 164400 Ascendas Real Estate Inv Trt COM 6563875 17959 13392000 SH SOLE 302000 13090000 Capitacommercial Trust COM B011YD2 5784 5229000 SH SOLE 429000 4800000 Capitaland Ltd COM 6309303 34100 11400500 SH SOLE 8124500 3276000 Capitamall Trust COM 6420129 18192 12420600 SH SOLE 12420600 City Devs Ltd COM 6197928 14249 2134882 SH SOLE 1491582 643300 Macquarie MEAG Prime Reit COM B0HZGR6 418 719600 SH SOLE 719600 Mapletree Logistics Trust COM B0D6P43 413 637000 SH SOLE 150000 487000 Sunshine Holdings Ltd. COM B1215D5 759 3724000 SH SOLE 3724000 Suntec REIT COM B04PZ72 13688 16780000 SH SOLE 16780000 Central Pattana Public Co., Lt COM B013L59 633 1303000 SH SOLE 1303000 AMB Property Corp. COM 00163T109 169330 3120135 SH SOLE 1577875 7800 1534460 Acadia Realty Trust COM 004239109 15734 668100 SH SOLE 463350 204750 American Campus Communities COM 024835100 29381 1133970 SH SOLE 1044570 89400 American Financial Realty Trus COM 02607p305 2643 226900 SH SOLE 226900 Apartment Investment and Manag COM 03748R101 61950 1320900 SH SOLE 289000 1031900 Archstone-Smith Trust COM 039583109 280994 5761608 SH SOLE 3054765 11100 2695743 Arden Realty Inc COM 039793104 25742 570400 SH SOLE 570400 AvalonBay Communities Inc COM 053484101 157045 1439462 SH SOLE 869912 4650 564900 BNP Residential Pptys Inc COM 05564T103 5418 322500 SH SOLE 322500 BRE Properties Inc COM 05564E106 96430 1721971 SH SOLE 803586 3500 914885 Biomed Realty Trust Inc COM 09063H107 35850 1209499 SH SOLE 874719 4700 330080 Boston Properties Inc. COM 101121101 256766 2753526 SH SOLE 1336841 5700 1410985
Page 3 Brandywine Realty Trust SBI COM 105368203 89391 2814563 SH SOLE 1569583 1244980 Brookfield Properties Corp. COM 112900105 3302 96700 SH SOLE 76400 20300 CBL and Associates Properties COM 124830100 8770 206600 SH SOLE 206600 Camden Property Trust COM 133131102 264424 3670011 SH SOLE 2108941 4500 1556570 CarrAmerica Realty Corp COM 144418100 55242 1238343 SH SOLE 325861 912482 Cedar Shopping Centers Inc COM 150602209 19958 1260000 SH SOLE 1260000 Colonial Properties Trust SBI COM 195872106 53338 1064000 SH SOLE 621000 443000 Commercial Net Lease Realty COM 202218103 21455 920800 SH SOLE 920800 Corporate Office Properties Tr COM 22002T108 69036 1509320 SH SOLE 720435 3200 785685 Crescent Real Estate Equities COM 225756105 31348 1487800 SH SOLE 1487800 Developers Diversified Realty COM 251591103 170739 3118517 SH SOLE 1205872 5000 1907645 Digital Realty Trust Inc COM 253868103 6057 215000 SH SOLE 215000 Duke Realty Corporation COM 264411505 32610 859300 SH SOLE 859300 Eastgroup Properties COM 277276101 8844 186429 SH SOLE 186429 Education Realty Trust Inc. COM 28140H104 1798 117500 SH SOLE 117500 Equity Inns Inc COM 294703103 6670 411720 SH SOLE 325070 86650 Equity Office Properties Trust COM 294741103 166317 4952846 SH SOLE 1740061 7150 3205635 Equity Residential COM 29476L107 240616 5142457 SH SOLE 1827402 13050 3302005 Essex Property Trust Inc COM 297178105 6980 64200 SH SOLE 64200 Extra Space Storage Inc COM 30225T102 55103 3205520 SH SOLE 1707620 1497900 Federal Realty Investment Trus COM 313747206 105737 1406080 SH SOLE 823995 3100 578985 First Industrial Realty Trust COM 32054K103 122678 2873700 SH SOLE 1521800 1351900 GMH Communities Trust COM 36188G102 13668 1174200 SH SOLE 1033800 140400 General Growth Properties Inc COM 370021107 92723 1897339 SH SOLE 1260214 8100 629025 Glenborough Realty Trust Inc COM 37803P105 17787 817800 SH SOLE 315000 502800 Glimcher Realty Trust COM 379302102 12851 452500 SH SOLE 452500 Gramercy Capital Corp COM 384871109 16828 675000 SH SOLE 675000 HRPT Properties Trust COM 40426W101 53524 4559084 SH SOLE 941484 3617600 Health Care Props. COM 421915109 18318 645000 SH SOLE 645000 Health Care REIT Inc COM 42217K106 123273 3235500 SH SOLE 1503700 1731800 Heritage Property Investment T COM 42725M107 204294 5160230 SH SOLE 3303330 1856900 Hersha Hospitality Trust COM 427825104 3632 371000 SH SOLE 371000 Highland Hospitality Corp COM 430141101 4990 392600 SH SOLE 392600 Highwoods Properties Inc COM 431284108 89406 2650635 SH SOLE 1258930 6400 1385305 Hong Kong Land Hlds Ltd USD COM 6434915 29924 8044000 SH SOLE 5903000 2141000 Hospitality Properties Trust COM 44106M102 47290 1082900 SH SOLE 348100 734800 Host Hotels & Resorts Inc. COM 44107P104 86351 4035116 SH SOLE 969496 7100 3058520 Istar Finl Inc. COM 45031u101 34777 908500 SH SOLE 908500 Kilroy Realty Corp COM 49427F108 53333 690300 SH SOLE 279710 1800 408790 Kingdom Hotel Investments GDR COM B0Z7LK2 1573 170000 SH SOLE 170000 LaSalle Hotels and Properties COM 517942108 13254 323260 SH SOLE 206460 116800 Liberty Property Trust COM 531172104 225757 4787054 SH SOLE 2887294 4000 1895760 Lotte Shopping Co-GDR 144A COM 54569T106 384 20000 SH SOLE 20000 Macerich Co COM 554382101 197612 2672235 SH SOLE 1621080 6400 1044755
Page 4 Mack-Cali Realty Corp COM 554489104 4536 94500 SH SOLE 44500 50000 Maguire Properties COM 559775101 252825 6926725 SH SOLE 4925095 6900 1994730 Mid-America Apt. Comm. COM 59522J103 45585 832600 SH SOLE 832600 Nationwide Health Properties I COM 638620104 128989 5999500 SH SOLE 2961700 3037800 New Plan Excel Realty Trust In COM 648053106 101736 3921980 SH SOLE 1705260 4400 2212320 NewCastle Investment Corp COM 65105M108 5863 245100 SH SOLE 245100 Omega Healthcare Investors COM 681936100 104470 7451475 SH SOLE 4317930 14800 3118745 Pan Pacific Retail Properties COM 69806L104 97828 1379805 SH SOLE 1092755 4500 282550 Pennsylvania Real Estate COM 709102107 88280 2006353 SH SOLE 1250753 755600 Post Properties Inc COM 737464107 82152 1846111 SH SOLE 993661 5400 847050 Potlatch Corp COM 737630103 3714 86700 SH SOLE 86700 Prologis COM 743410102 190065 3552622 SH SOLE 2276462 11700 1264460 Public Storage Inc COM 74460D109 79578 979663 SH SOLE 650813 4200 324650 Reckson Associates Realty Corp COM 75621K106 188027 4103606 SH SOLE 2295336 8100 1800170 Regency Centers Corporation COM 758849103 115865 1724431 SH SOLE 1051731 4400 668300 SL Green Realty Corp. COM 78440X101 188919 1861267 SH SOLE 1279717 4300 577250 Senior Housing Properties Trus COM 81721M109 34410 1901117 SH SOLE 216000 1685117 Shurgard Storage Centers Inc COM 82567D104 32154 482577 SH SOLE 327722 2100 152755 Simon Property Group Inc COM 828806109 352545 4189984 SH SOLE 1449062 9800 2731122 Sizeler Prop. Inv. COM 830137105 4466 302600 SH SOLE 302600 Sovran Storage COM 84610H108 14556 263700 SH SOLE 263700 Spirit Finance Corp COM 848568309 25693 2106000 SH SOLE 1313000 793000 Starwood Hotels and Resorts Wo COM 85590A401 91914 1357065 SH SOLE 1043360 4300 309405 Strategic Hotels & Resorts, In COM 86272T106 106357 4568587 SH SOLE 2480627 8200 2079760 Sunstone Hotel Investors Inc COM 867892101 51042 1761904 SH SOLE 652724 4900 1104280 Taubman Centers Inc. COM 876664103 53255 1278013 SH SOLE 755149 3300 519564 Trizec Properties Inc COM 89687p107 150618 5853797 SH SOLE 3722902 16200 2114695 Trustreet Properties COM 898404108 17333 1141100 SH SOLE 1046600 94500 U-Store-It Trust COM 91274F104 24990 1240218 SH SOLE 943818 6400 290000 United Dominion Realty Trust I COM 910197102 72693 2547048 SH SOLE 586748 5000 1955300 Ventas Inc COM 92276F100 86586 2609588 SH SOLE 958214 7400 1643974 Verde Realty Master Limited Pa COM 10000 303030 SH SOLE 303030 Vornado Realty Trust COM 929042109 145292 1513457 SH SOLE 879787 5100 628570 Weingarten Realty Investors COM 948741103 16618 407800 SH SOLE 407800 AMB Property 7% Series O 00163T505 15690 600000 SH SOLE 600000 Affordable Residential 8.25% S 008273203 4400 200800 SH SOLE 200800 Alexandria Real Estate 8.375% 015271406 20217 773700 SH SOLE 450000 323700 Apartment Invt & Mgmt 10.0% 03748R846 1780 70000 SH SOLE 70000 Apartment Invt & Mgmt 7.75% Se 03748R820 10081 403900 SH SOLE 80500 323400 Apartment Invt & Mgmt 7.875% 03748R796 13543 540000 SH SOLE 400000 140000 Apartment Invt & Mgmt Co 8.00% 03748R812 12144 480000 SH SOLE 480000 Assoc Estates Realty 8.70% Ser 045604402 4661 182800 SH SOLE 174000 8800 Bedford Property Invest 7.6250 076446608 3681 170000 SH SOLE 170000 Bedford Property Invest 8.75% 076446400 1747 36000 SH SOLE 36000
Page 5 Brandywine Realty Trust Series 105368401 3251 127000 SH SOLE 127000 CBL & Assoc Prop 7.75% Series 124830506 1301 51000 SH SOLE 51000 CBL & Assoc Prop 7.375% Series 124830605 19152 754000 SH SOLE 754000 Cedar Shopping Centers 8.8750% 150602308 13408 500000 SH SOLE 272700 227300 Corporate Office Prop. Series 22002T603 1370 55000 SH SOLE 55000 Cousins Property 7.50% series 222795403 9467 373000 SH SOLE 373000 Crescent Real Estate 6.75% Ser 225756204 1079 50000 SH SOLE 50000 Developers Diversified Series 251591780 10451 414900 SH SOLE 414900 Digital Realty 7.875% PFD Seri 253868301 13043 525000 SH SOLE 125000 400000 Duke Realty Corp 6.95% Series 264411729 21930 850000 SH SOLE 200800 649200 Eagle Hospitality Properties T 26959T201 6359 250000 SH SOLE 126800 123200 Equity Inns Inc 8% Series C 294703400 20240 800000 SH SOLE 388000 412000 Federal Realty Invs Trst 8.5% 313747503 1537 59600 SH SOLE 59600 Felcor Lodging Trust Inc 1.950 31430F200 24835 993400 SH SOLE 974000 19400 Felcor Lodging Trust Inc. 8.00 31430F507 13010 520000 SH SOLE 20000 500000 First Ind Realty Trust 7.25% S 32054K798 1298 50000 SH SOLE 50000 Glimcher Realty Trust 8.1250% 379302409 14424 570100 SH SOLE 515700 54400 Glimcher Realty Trust 8.75% Se 379302300 2423 95000 SH SOLE 20000 75000 Health Care Reit Inc 7.6250% S 42217K403 21668 849400 SH SOLE 520000 329400 Hersha Hospitality Trust 8.00% 427825203 4992 200000 SH SOLE 200000 Highland Hospitality 7.875% Se 430141200 4866 200000 SH SOLE 200000 Host Marriott 8.8750% Series E 44107P609 27498 1036500 SH SOLE 905600 130900 Innkeepers USA Trust 8.0% Seri 4576J0401 16322 658400 SH SOLE 352600 305800 Istar Financial 7.50% Series I 45031U804 25223 1015000 SH SOLE 1015000 Istar Financial 7.80% Series F 45031U606 3825 150000 SH SOLE 150000 Kilroy Realty 7.50% Series F 49427F504 7728 309100 SH SOLE 309100 LTC Properties Inc 8.00% Serie 502175607 25165 1000000 SH SOLE 1000000 LaSalle Hotel 8.00% PFD 517942504 15263 600000 SH SOLE 600000 LaSalle Hotel Properties 7.5 % 517942405 20953 850000 SH SOLE 200000 650000 LaSalle Hotel Properties 8.375 517942306 4600 180600 SH SOLE 170000 10600 Maguire Properties Inc 7.625% 559775200 11154 444200 SH SOLE 341800 102400 Mid-America Apartment 8.3000% 59522J806 13401 529700 SH SOLE 200000 329700 Nationwide Health Prop 7.6770% 638620203 3640 35000 SH SOLE 35000 Omega Healthcare 8.375% Series 681936407 3119 120000 SH SOLE 120000 PS Business Parks, Inc. Series 69360J875 1306 52860 SH SOLE 52860 Pennsylvania Reit 11.0% Series 709102206 4640 82200 SH SOLE 82200 Public Storage 7.00% PFD 74460D364 18248 725000 SH SOLE 725000 RAIT Investment Trust 7.75% Se 749227203 5830 240000 SH SOLE 240000 Rait Investment Trust 8.375% S 749227302 4080 160000 SH SOLE 160000 Ramco-Gershenson 7.95% Series 751452509 6390 200000 SH SOLE 200000 Regency Centers Corp. 6.700% 758849608 15258 614000 SH SOLE 614000 SL Green Realty 7.625% Series 78440X309 6991 280100 SH SOLE 272500 7600 SL Green Realty 7.875% Series 78440X408 15089 597100 SH SOLE 200000 397100 Strategic Hotel Capital 8.25% 86272T403 22006 875000 SH SOLE 520000 355000
Page 6 Strategic Hotel Capital 8.5% P 86272T205 7030 275000 SH SOLE 275000 Sunstone Hotel 8.00% Series A 867892200 11998 464800 SH SOLE 308000 156800 Tanger Factory Outlet 7.5% Ser 875465403 13036 520000 SH SOLE 520000 Taubman Centers Inc. 8.00% Se 876664301 11214 437700 SH SOLE 342600 95100 Taubman Centers Inc. 7.6250% S 876664400 27216 1084300 SH SOLE 573500 510800 The Mills Corp 7.875% Pfd Seri 601148877 22638 1062800 SH SOLE 510800 552000 The Mills Corp 8.75% Series E 601148406 11277 500100 SH SOLE 500100 Urstadt Biddle Props Inc. 7.50 917286502 14756 590000 SH SOLE 590000 Vornado Realty 6.625% Series G 929042802 2414 100000 SH SOLE 100000 Vornado Realty 6.625% Series I 929042877 1073 45000 SH SOLE 45000 Vornado Realty Trust Series E 929042604 1335 53100 SH SOLE 53100 Windrose Medical 7.50% Series 973491202 7308 280000 SH SOLE 280000 Winston Hotels 8.00% Series B 97563A300 11800 472000 SH SOLE 464400 7600 Citycon Rights FI0009502 0 167600 SH SOLE 105100 62500
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