Cohen & Steers Capital Management, Inc.
FORM 13F
June 30, 2005

                                                                              
                                                                               
                                                                               
                                   Title                 Value      Shares/  Sh/
Name of Issuer                     class    CUSIP       (x$1000)    Prn Amt  Prn
----------------------             ------  ---------    --------    -------- ---

AGL Resources                       COM    001204106     22,154       573,196 SH
AMB Property Corp.                  COM    00163T109    178,613     4,112,659 SH
Abbott Laboratories                 COM    002824100      1,742        35,550 SH
Affordable Residential Communities  COM    008273104     78,704     5,895,440 SH
Alexandria Real Estate              COM    015271109      2,878        39,193 SH
Alltel Corp                         COM    020039103      1,763        28,300 SH
Altria Group Inc                    COM    02209S103      4,032        62,350 SH
Ameren Corp                         COM    023608102    134,912     2,439,644 SH
American Campus Communities         COM    024835100     43,262     1,907,500 SH
American Electric Power Co          COM    025537101     26,064       706,908 SH
American Financial Realty Tr        COM    02607P305    149,784     9,738,865 SH
Amli Residential                    COM    001735109    106,553     3,408,600 SH
Amsouth Bancorporation              COM    032165102      3,944       151,700 SH
Apartment Investment                COM    03748R101    173,298     4,235,028 SH
Archstone-Smith Tr.                 COM    039583109    342,202     8,860,750 SH
Arden Realty                        COM    039793104    369,136    10,259,461 SH
Atmos Energy Corp                   COM    049560105      6,194       215,058 SH
AvalonBay Comm.                     COM    053484101    412,344     5,103,275 SH
Avery Dennison Corp.                COM    053611109      1,414        26,700 SH
BRE Properties                      COM    05564E106    160,682     3,839,478 SH
Bank of America Corp.               COM    060505104      4,748       104,100 SH
Bedford Ppty Invs                   COM    076446301      4,514       196,100 SH
Bellsouth Corp                      COM    079860102      4,947       186,200 SH
Bemis Company                       COM    081437105      1,330        50,100 SH
BioMed Property Trust               COM    09063H107     55,587     2,330,695 SH
Boston Properties                   COM    101121101    494,892     7,069,884 SH
Brandywine Realty Tr.               COM    105368203    228,432     7,452,915 SH
Brookfield Properties               COM    112900105    230,306     7,996,736 SH
CBL & Associates                    COM    124830100     68,268     1,585,061 SH
CINergy Corp                        COM    172474108    118,979     2,654,595 SH
CMS Energy Corp                     COM    125896100        789        52,400 SH
CRT Properties                      COM    22876P109     53,249     1,950,500 SH
Camden Ppty Trust                   COM    133131102     84,954     1,580,535 SH
CarrAmerica Realty                  COM    144418100    281,228     7,773,024 SH
Catellus Development                COM    149113102     97,482     2,971,998 SH
Cedar Shopping Centers Inc.         COM    150602209     43,934     2,978,600 SH
ChevronTexaco Corp.                 COM    166764100      3,076        55,000 SH
Citigroup Inc                       COM    172967101      1,470        31,800 SH
Cleco Corporation                   COM    12561W105     11,493       532,816 SH
Coca Cola Co.                       COM    191216100      1,553        37,200 SH
Colonial Property Tr                COM    195872106    128,678     2,924,500 SH
Commercial Net Lease                COM    202218103     30,711     1,500,300 SH
Consolidated Edison Inc             COM    209115104    107,149     2,287,548 SH
Constellation Energy Group          COM    210371100      3,375        58,500 SH
Crescent Real Estate                COM    225756105     34,622     1,846,500 SH
DPL Inc.                            COM    233293109     15,196       553,600 SH
DTE Energy Co                       COM    233331107    105,994     2,266,286 SH
Developers Divers.                  COM    251591103    146,861     3,195,411 SH
Diamondrock Hospitality Company     COM    252784301     28,769     2,545,900 SH
Digital Realty Trust Inc.           COM    253868103      6,222       358,000 SH
Dominion Resources Inc              COM    25746U109     54,715       745,544 SH
Dow Chemical Co                     COM    260543103      1,367        30,700 SH
Du Pont El de Nemours               COM    263534109      2,611        60,700 SH
Duke Energy Corporation             COM    264399106    139,870     4,704,692 SH
Duke Realty Corp                    COM    264411505     73,679     2,327,220 SH
E.ON AG-Spons ADR                   COM    268780103     36,955     1,248,074 SH
Eastgroup Properties                COM    277276101        973        23,100 SH
Edison International                COM    281020107     80,295     1,980,140 SH
Education Realty Trust              COM    28140H104     55,467     3,031,000 SH
El Paso Electric Co                 COM    283677854        254        12,400 SH
Eli Lilly and Company               COM    532457108      3,220        57,800 SH
Emerson Electric Co                 COM    291011104      1,384        22,100 SH
Enel SpA -Spon ADR                  COM    29265W108     15,285       352,100 SH
Energen Corp                        COM    29265N108      1,826        52,106 SH
Energy East Corp                    COM    29266M109     24,105       831,780 SH
Entergy Corp                        COM    29364G103     92,270     1,221,304 SH
Entertainment Properties            COM    29380T105      2,567        55,800 SH
Equitable Resources Inc             COM    294549100     58,100       854,410 SH
Equity Inns Inc                     COM    294703103     22,684     1,705,600 SH
Equity Office Pptys                 COM    294741103    641,219    19,372,192 SH
Equity Residential                  COM    29476L107    282,958     7,684,887 SH
Essex Property Tr.                  COM    297178105    113,176     1,362,583 SH
Exelon Corp                         COM    30161N101    127,473     2,483,397 SH
Extra Space Storage Inc.            COM    30225T102     52,948     3,694,900 SH
FPL Group Inc                       COM    302571104     69,236     1,646,136 SH
Fairpoint Communicationss Inc       COM    305560104     29,070     1,800,000 SH
Federal Realty Inv.                 COM    313747206     97,935     1,659,907 SH
First Horizon National Corp.        COM    320517105      4,309       102,100 SH
First Industrial Rlty               COM    32054K103    171,067     4,287,400 SH
FirstEnergy Corp                    COM    337932107     40,939       850,955 SH
Forest City Enterprises             COM    345550107     14,931       210,300 SH
GMH Communities Trust               COM    36188G102     62,571     4,517,730 SH
Gables Residential Tr               COM    362418105     40,710       941,700 SH
General Electric                    COM    369604103      1,580        45,600 SH
General Growth                      COM    370021107    246,970     6,010,451 SH
General Mills Inc                   COM    370334104      1,521        32,500 SH
Glimcher Realty Tr                  COM    379302102    137,715     4,962,700 SH
HJ Heinz Company                    COM    423074103      3,053        86,200 SH
HRPT Properties Tr.                 COM    40426W101    126,177    10,151,000 SH
Hawaiian Electric Industries        COM    419870100     23,188       864,904 SH
Health Care Ppty                    COM    421915109    232,498     8,598,300 SH
Health Care REIT                    COM    42217K106    185,206     4,913,925 SH
Healthcare Rlty Tr.                 COM    421946104     71,629     1,855,200 SH
Heritage Property Investment        COM    42725M107    153,955     4,396,200 SH
Highwoods Properties                COM    431284108     99,074     3,329,110 SH
Hilton Hotels Corp                  COM    432848109    101,720     4,264,969 SH
Home Properties                     COM    437306103    155,194     3,607,500 SH
Hospitality Pptys Tr                COM    44106M102    154,818     3,513,000 SH
Host Marriott                       COM    44107P104    233,506    13,343,190 SH
Inland Real Estate Corp             COM    457461200     52,770     3,281,700 SH
Kerr McGee Corp.                    COM    492386107      1,463        19,172 SH
KeyCorp                             COM    493267108      4,740       143,000 SH
Keyspan Corp                        COM    49337W100     52,993     1,302,037 SH
Kilroy Realty                       COM    49427F108    158,813     3,344,128 SH
Kimberly-Clark Corp.                COM    494368103      3,004        48,000 SH
Kimco Realty Corp.                  COM    49446R109      5,279        89,610 SH
Lexington Corporate                 COM    529043101     49,981     2,056,000 SH
Liberty Property Tr                 COM    531172104    295,916     6,678,311 SH
Macerich                            COM    554382101    366,986     5,473,311 SH
Mack-Cali Realty                    COM    554489104    302,957     6,687,788 SH
Maguire Properties                  COM    559775101    183,908     6,489,330 SH
Marathon Oil Corp.                  COM    565849106      3,912        73,300 SH
Mid-America Apartment Communities   COM    59522J103     82,133     1,808,300 SH
Mills Corp                          COM    601148109    367,227     6,040,906 SH
Mission West                        COM    605203108     20,862     2,031,400 SH
National City Corp.                 COM    635405103      4,555       133,500 SH
National Grid Transco-ADR           COM    636274300     40,891       838,447 SH
Nationwide Health                   COM    638620104    192,308     8,145,200 SH
New Jersey Resources Corp           COM    646025106        484        10,027 SH
New Plan Excel Rlty                 COM    648053106     87,398     3,216,710 SH
Newcastle Investment Corporation    COM    65105M108    162,472     5,388,776 SH
Newell Rubbermaid Inc.              COM    651229106      5,045       211,600 SH
NiSource Inc                        COM    65473P105     10,428       421,681 SH
Nstar                               COM    67019E107     26,742       867,400 SH
Omega Healthcare                    COM    681936100      4,158       323,300 SH
Oneok Inc                           COM    682680103      3,572       109,400 SH
PG&E Corp                           COM    69331C108     92,754     2,470,807 SH
PPG Industries Inc.                 COM    693506107      1,406        22,400 SH
PPL Corp                            COM    69351T106     51,004       858,939 SH
Pan Pacific                         COM    69806L104    136,081     2,050,037 SH
Pennsylvania REIT                   COM    709102107     19,029       400,600 SH
Pepco Holdings Inc                  COM    713291102     58,826     2,457,210 SH
Pfizer Inc.                         COM    717081103      3,595       130,350 SH
Pinnacle West Capital Corp          COM    723484101     54,765     1,232,050 SH
Pitney Bowes Inc                    COM    724479100      1,502        34,500 SH
Post Properties                     COM    737464107    132,753     3,676,348 SH
Prentiss Properties                 COM    740706106    238,582     6,547,250 SH
ProLogis                            COM    743410102    314,465     7,814,731 SH
Progress Energy Inc                 COM    743263105     58,189     1,286,234 SH
PS Business Parks Inc.              COM    69360J107        125         2,811 SH
Public Service Enterprise Group     COM    744573106    109,923     1,807,343 SH
Public Storage Inc.                 COM    74460D109    215,868     3,412,941 SH
Public Storage-Series A             COM    74460D729     23,423       826,200 SH
Puget Energy Inc                    COM    745310102      6,555       280,365 SH
Questar Corp                        COM    748356102      2,777        42,139 SH
RR Donnelley & Sons                 COM    257867101      3,341        96,800 SH
Ramco-Gershenson                    COM    751452202     47,273     1,614,500 SH
Reckson Assoc                       COM    75621K106    290,891     8,670,385 SH
Regency Centers Corp                COM    758849103     39,022       682,195 SH
Regions Financial Corp              COM    7591EP100      4,452       131,400 SH
SL Green Realty                     COM    78440X101    150,559     2,334,249 SH
Scana Corp Hldg Co.                 COM    80589M102     26,097       611,039 SH
Scottish Power Plc-ADR              COM    81013T705     12,429       349,117 SH
Sempra Energy                       COM    816851109     12,673       306,768 SH
Shurgard Storage                    COM    82567D104    204,859     4,457,345 SH
Simon Property Group                COM    828806109    514,066     7,091,545 SH
Southern Co                         COM    842587107    134,507     3,879,624 SH
Sovran Self Storage                 COM    84610H108     40,205       884,400 SH
Spirit Finance Corp.                COM    848568309     36,028     3,066,200 SH
Starwood Hotels                     COM    85590A203    163,500     2,791,534 SH
Strategic Hotel Capital             COM    86272T106     51,455     2,858,600 SH
Sun Communities                     COM    866674104    112,827     3,033,810 SH
TXU Corp                            COM    873168108     45,836       551,640 SH
Tanger Factory Ctrs                 COM    875465106      5,690       211,300 SH
Taubman Centers                     COM    876664103    168,351     4,938,430 SH
Teekay LNG Partners LP              COM    Y8564M105      4,408       156,300 SH
Temple-Inland Inc                   COM    879868107        279         7,500 SH
Thomas Properties Group             COM    884453101      5,379       430,300 SH
Town & Country                      COM    892081100     48,190     1,690,300 SH
Trizec Properties                   COM    89687P107     37,816     1,838,395 SH
United Domonion Realty Trust        COM    910197102     46,645        46,645 SH
U-Store-It Trust                    COM    91274F104     54,321     2,851,500 SH
US Bancorp                          COM    902973304      4,508       154,400 SH
UST Inc                             COM    902911106      2,822        61,800 SH
Urstadt Biddle Class A              COM    917286205     11,374       656,700 SH
Vectren Corporation                 COM    92240G101     12,734       443,215 SH
Ventas Inc.                         COM    92276F100    360,962    11,952,396 SH
Verizon Communications              COM    92343V104      4,657       134,800 SH
Vornado Realty Tr.                  COM    929042109    540,785     6,726,185 SH
Washington Mutual                   COM    939322103      4,679       115,000 SH
Waste Management Inc                COM    94106L109      2,417        85,300 SH
Weingarten Realty                   COM    948741103      3,722        94,905 SH
Westar Energy                       COM    95709T100        390        16,225 SH
Weyerhaeuser Co                     COM    962166104      1,267        19,900 SH
Whirlpool Corp                      COM    963320106      1,788        25,500 SH
Worthington Industries Inc          COM    981811102      2,135       135,100 SH
Wyeth                               COM    983024100      1,789        40,200 SH
Xcel Energy Inc                     COM    98389B100     71,248     3,650,003 SH
iStar Financial                     COM    45031U101    157,352     3,783,400 SH
Abbey Nat. ADR 7.375% (ANB C)       PFD    002920809     12,983       493,264 SH
Crescent Real Estate Pr.A           PFD    225756204     54,164     2,541,700 SH
Felcor Lodging Pr.A                 PFD    31430F200      5,919       242,300 SH
Royal Bank of Scotland 6.35% (RBS N)PFD    780097770      5,074       200,000 SH
Royal Bank of Scotland Pr.H         PFD    780097879      1,429        55,600 SH
                                             DATA RECORDS          16,500,374
                                                                              



                                                          VOTING AUTHORITY
                                                          -----------------    
                               Put/   Invstmt  Oth                             
                               Call   Dscretn  Mgrs    Sole    Shared    None  
                                ----  -------  ---    ------    ------    ------
AGL Resources                          Sole           573,196        0        0
AMB Property Corp.                    Shared        3,789,050   33,709  289,900
Abbott Laboratories                    Sole            35,550        0        0
Affordable Residential Communities     Sole         5,680,240        0  215,200
Alexandria Real Estate                Shared           35,200    3,993         
Alltel Corp                            Sole            28,300        0        0
Altria Group Inc                       Sole            62,350        0        0
Ameren Corp                            Sole         2,439,644        0        0
American Campus Communities            Sole         1,907,500        0        0
American Electric Power Co             Sole           706,908        0        0
American Financial Realty Tr           Sole         9,398,065        0  340,800
Amli Residential                       Sole         3,408,600        0        0
Amsouth Bancorporation                 Sole           151,700        0        0
Apartment Investment                  Shared        3,992,371   38,357  204,300
Archstone-Smith Tr.                   Shared        8,551,599   69,251  239,900
Arden Realty                          Shared        9,922,456   34,005  303,000
Atmos Energy Corp                      Sole           215,058        0        0
AvalonBay Comm.                       Shared        4,791,981   25,994  285,300
Avery Dennison Corp.                   Sole            26,700        0        0
BRE Properties                        Shared        3,504,806   24,072  310,600
Bank of America Corp.                  Sole           104,100        0        0
Bedford Ppty Invs                      Sole           102,300        0   93,800
Bellsouth Corp                         Sole           186,200        0        0
Bemis Company                          Sole            50,100        0        0
BioMed Property Trust                  Sole         2,128,195        0  202,500
Boston Properties                     Shared        6,574,812   36,172  458,900
Brandywine Realty Tr.                  Sole         7,410,215        0   42,700
Brookfield Properties                  Sole         7,323,786        0  672,950
CBL & Associates                      Shared        1,503,976   16,285   64,800
CINergy Corp                           Sole         2,654,595        0        0
CMS Energy Corp                        Sole            52,400        0        0
CRT Properties                         Sole         1,950,500        0        0
Camden Ppty Trust                     Shared        1,575,600    4,935        0
CarrAmerica Realty                    Shared        7,624,722   26,802  121,500
Catellus Development                   Sole         2,807,409           164,589
Cedar Shopping Centers Inc.            Sole         2,978,600        0        0
ChevronTexaco Corp.                    Sole            55,000        0        0
Citigroup Inc                          Sole            31,800        0        0
Cleco Corporation                      Sole           532,816        0        0
Coca Cola Co.                          Sole            37,200        0        0
Colonial Property Tr                   Sole         2,924,500        0        0
Commercial Net Lease                   Sole         1,500,300        0        0
Consolidated Edison Inc                Sole         2,287,548        0        0
Constellation Energy Group             Sole            58,500        0        0
Crescent Real Estate                   Sole         1,846,500        0        0
DPL Inc.                               Sole           553,600        0        0
DTE Energy Co                          Sole         2,266,286        0        0
Developers Divers.                    Shared        3,058,411    8,800  128,200
Diamondrock Hospitality Company        Sole         2,545,900        0        0
Digital Realty Trust Inc.              Sole           358,000        0        0
Dominion Resources Inc                 Sole           745,544        0        0
Dow Chemical Co                        Sole            30,700        0        0
Du Pont El de Nemours                  Sole            60,700        0        0
Duke Energy Corporation                Sole         4,704,692        0        0
Duke Realty Corp                      Shared        2,279,100   48,120        0
E.ON AG-Spons ADR                      Sole         1,248,074        0        0
Eastgroup Properties                   Sole            23,100        0        0
Edison International                   Sole         1,980,140        0        0
Education Realty Trust                 Sole         3,031,000        0        0
El Paso Electric Co                    Sole            12,400        0        0
Eli Lilly and Company                  Sole            57,800        0        0
Emerson Electric Co                    Sole            22,100        0        0
Enel SpA -Spon ADR                     Sole           352,100        0        0
Energen Corp                           Sole            52,106        0        0
Energy East Corp                       Sole           831,780        0        0
Entergy Corp                           Sole         1,221,304        0        0
Entertainment Properties               Sole            55,800        0        0
Equitable Resources Inc                Sole           854,410        0        0
Equity Inns Inc                        Sole         1,705,600        0        0
Equity Office Pptys                   Shared       18,815,935  144,757  411,500
Equity Residential                    Shared        7,223,724   95,563  365,600
Essex Property Tr.                     Sole         1,252,083        0  110,500
Exelon Corp                            Sole         2,483,397        0        0
Extra Space Storage Inc.               Sole         3,627,700        0   67,200
FPL Group Inc                          Sole         1,646,136        0        0
Fairpoint Communicationss Inc          Sole         1,800,000        0        0
Federal Realty Inv.                    Sole         1,561,407        0   98,500
First Horizon National Corp.           Sole           102,100        0        0
First Industrial Rlty                  Sole         4,287,400        0        0
FirstEnergy Corp                       Sole           850,955        0        0
Forest City Enterprises                Sole           141,300        0   69,000
GMH Communities Trust                  Sole         4,390,930        0  126,800
Gables Residential Tr                  Sole           941,700        0        0
General Electric                       Sole            45,600        0        0
General Growth                        Shared        5,663,073   63,078  284,300
General Mills Inc                      Sole            32,500        0        0
Glimcher Realty Tr                     Sole         4,962,700        0        0
HJ Heinz Company                       Sole            86,200        0        0
HRPT Properties Tr.                    Sole        10,151,000        0        0
Hawaiian Electric Industries           Sole           864,904        0        0
Health Care Ppty                       Sole         8,598,300        0        0
Health Care REIT                       Sole         4,913,925        0        0
Healthcare Rlty Tr.                    Sole         1,855,200        0        0
Heritage Property Investment           Sole         4,396,200        0        0
Highwoods Properties                   Sole         3,329,110        0        0
Hilton Hotels Corp                     Sole         3,884,769        0  380,200
Home Properties                       Shared        3,589,900   17,600        0
Hospitality Pptys Tr                   Sole         3,513,000        0        0
Host Marriott                         Shared       12,184,890   24,5001,133,800
Inland Real Estate Corp                Sole         3,281,700        0        0
Kerr McGee Corp.                       Sole            19,172        0        0
KeyCorp                                Sole           143,000        0        0
Keyspan Corp                           Sole         1,302,037        0        0
Kilroy Realty                          Sole         3,126,928        0  217,200
Kimberly-Clark Corp.                   Sole            48,000        0        0
Kimco Realty Corp.                    Shared           59,500   30,110        0
Lexington Corporate                    Sole         2,056,000        0        0
Liberty Property Tr                   Shared        6,539,240   27,271  111,800
Macerich                              Shared        5,305,191   20,820  147,300
Mack-Cali Realty                      Shared        6,578,613   27,575   81,600
Maguire Properties                    Shared        6,231,630    7,500  250,200
Marathon Oil Corp.                     Sole            73,300        0        0
Mid-America Apartment Communities      Sole         1,808,300        0        0
Mills Corp                             Sole         5,803,506           237,400
Mission West                           Sole         2,031,400        0        0
National City Corp.                    Sole           133,500        0        0
National Grid Transco-ADR              Sole           838,447        0        0
Nationwide Health                      Sole         8,145,200        0        0
New Jersey Resources Corp              Sole            10,027        0        0
New Plan Excel Rlty                   Shared        3,209,800    6,910        0
Newcastle Investment Corporation       Sole         5,388,776        0        0
Newell Rubbermaid Inc.                 Sole           211,600        0        0
NiSource Inc                           Sole           421,681        0        0
Nstar                                  Sole           867,400        0        0
Omega Healthcare                       Sole           323,300        0        0
Oneok Inc                              Sole           109,400        0        0
PG&E Corp                              Sole         2,470,807        0        0
PPG Industries Inc.                    Sole            22,400        0        0
PPL Corp                               Sole           858,939        0        0
Pan Pacific                           Shared        1,880,166   21,971  147,900
Pennsylvania REIT                      Sole           400,600        0        0
Pepco Holdings Inc                     Sole         2,457,210        0        0
Pfizer Inc.                            Sole           130,350        0        0
Pinnacle West Capital Corp             Sole         1,232,050        0        0
Pitney Bowes Inc                       Sole            34,500        0        0
Post Properties                       Shared        3,440,038   24,810  211,500
Prentiss Properties                   Shared        6,456,607   25,243   65,400
ProLogis                              Shared        7,212,906   58,325  543,500
Progress Energy Inc                    Sole         1,286,234        0        0
PS Business Parks Inc.                Shared                0    2,811        0
Public Service Enterprise Group        Sole         1,807,343        0        0
Public Storage Inc.                   Shared        3,173,822   34,219  204,900
Public Storage-Series A                Sole           826,200        0        0
Puget Energy Inc                       Sole           280,365        0        0
Questar Corp                           Sole            42,139        0        0
RR Donnelley & Sons                    Sole            96,800        0        0
Ramco-Gershenson                       Sole         1,614,500        0        0
Reckson Assoc                         Shared        8,361,465   45,520  263,400
Regency Centers Corp                   Sole           646,595        0   35,600
Regions Financial Corp                 Sole           131,400        0        0
SL Green Realty                       Shared        2,178,489   23,060  132,700
Scana Corp Hldg Co.                    Sole           611,039        0        0
Scottish Power Plc-ADR                 Sole           349,117        0        0
Sempra Energy                          Sole           306,768        0        0
Shurgard Storage                      Shared        4,090,919   18,526  347,900
Simon Property Group                  Shared        6,752,148   65,397  274,000
Southern Co                            Sole         3,879,624        0        0
Sovran Self Storage                    Sole           884,400        0        0
Spirit Finance Corp.                   Sole         3,066,200        0        0
Starwood Hotels                        Sole         2,443,334        0  348,200
Strategic Hotel Capital                Sole         2,858,600        0        0
Sun Communities                        Sole         2,869,910        0  163,900
TXU Corp                               Sole           551,640        0        0
Tanger Factory Ctrs                    Sole           121,000        0   90,300
Taubman Centers                       Shared        4,531,373   29,557  377,500
Teekay LNG Partners LP                 Sole           156,300        0        0
Temple-Inland Inc                      Sole             7,500        0        0
Thomas Properties Group                Sole           271,800           158,500
Town & Country                         Sole         1,690,300        0        0
Trizec Properties                      Sole         1,724,295           114,100
United Domonion Realty Trust          Shared                0   46,645         
U-Store-It Trust                       Sole         2,851,500        0        0
US Bancorp                             Sole           154,400        0        0
UST Inc                                Sole            61,800        0        0
Urstadt Biddle Class A                 Sole           656,700        0        0
Vectren Corporation                    Sole           443,215        0        0
Ventas Inc.                            Sole        11,558,896        0  393,500
Verizon Communications                 Sole           134,800        0        0
Vornado Realty Tr.                    Shared        6,393,967   37,218  295,000
Washington Mutual                      Sole           115,000        0        0
Waste Management Inc                   Sole            85,300        0        0
Weingarten Realty                     Shared           65,300   29,605        0
Westar Energy                          Sole            16,225        0        0
Weyerhaeuser Co                        Sole            19,900        0        0
Whirlpool Corp                         Sole            25,500        0        0
Worthington Industries Inc             Sole           135,100        0        0
Wyeth                                  Sole            40,200        0        0
Xcel Energy Inc                        Sole         3,650,003        0        0
iStar Financial                        Sole         3,783,400        0        0
Abbey Nat. ADR 7.375% (ANB C)          Sole           493,264        0        0
Crescent Real Estate Pr.A              Sole         2,541,700        0        0
Felcor Lodging Pr.A                    Sole           242,300        0        0
Royal Bank of Scotland 6.35% (RBS N)   Sole           200,000        0        0
Royal Bank of Scotland Pr.H            Sole            55,600        0        0
                       
                       1     OTHER MANAGERS ON WHOSE BEHALF THIS REPORT IS FILED