UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 2006
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Cohen & Steers Capital Management Inc.
Address: 280 Park Avenue
10th Floor
New York, NY 10017
Form 13F File Number: 28-2405
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 Signing this Report on Behalf of Reporting Manager:
Name: Robert Steers
Title: Co-Chariman and Co-Chief Executive Officer
Phone: (212) 832-3232
Signature, Place, and Dating of Signing:
/s/ Robert Steers New York, NY February 14, 2007
----------------- --------------- ------------------
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).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
028-01190 FRANK RUSSELL COMPANY
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 1
Form 13F Information Table Entry Total: 294
Form 13F Information Table Value Total: 20,255,865 (thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
No. Form 13F File Number Name
01 Houlihan Rovers, SA
FORM 13F INFORMATION TABLE
ITEM 1: ITEM 2: ITEM 3: ITEM 4: ITEM 5: ITEM 6: ITEM 7: ITEM 8:
-------------------------- ------- -------- ------- --------------- ------- -------- --------------------------
TITLE
OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
-------------------------- ------- -------- ------- --------- -------- ------- -------- ------ ------- -------
3M Co COM 88579Y101 1,886 24,200 SH Shared 24,200
AES Corp COM 00130H105 1,366 62,000 SH Shared 62,000
AGL Resources COM 001204106 13,210 339,500 SH Shared 339,500
AIM Select Real Estate Income FunCOM 00888R107 1,167 70,000 SH Shared 70,000
AMB Property Corp. COM 00163T109 111,020 1,894,212 SH Shared 1,817,612 76,600
AT&T Corp COM 00206R102 1,469 41,100 SH Shared 41,100
Abbott Laboratories COM 002824100 3,936 80,800 SH Shared 80,800
Acadia Realty Tr. COM 004239109 16,496 659,300 SH Shared 431,600 227,700
Ace ltd COM G0070K103 806 13,300 SH Shared 13,300
Advent Claymore Cvt Sec& Inc COM 00764C109 2,842 100,500 SH Shared 100,500
Advent/Claymore Enh Gr & Inc COM 00765E104 3,942 203,700 SH Shared 203,700
Aflac Inc COM 001055102 1,596 34,700 SH Shared 34,700
Alcoa Inc. COM 013817101 375 12,500 SH Shared 12,500
Alexandria Real Estate COM 015271109 201,577 2,007,736 SH Shared 1,877,465 130,271
Allegheny Energy, Inc. COM 017361106 2,525 55,000 SH Shared 55,000
Alliant Energy Corp COM 018802108 1,133 30,000 SH Shared 30,000
Allstate Corp COM 020002101 1,087 16,700 SH Shared 16,700
Altria Group Inc COM 02209S103 6,591 76,800 SH Shared 76,800
Ameren Corp COM 023608102 129,661 2,413,200 SH Shared 2,413,200
American Campus Communities COM 024835100 77,680 2,728,500 SH Shared 2,728,500
American Financial Realty Tr COM 02607P305 5,062 442,500 SH Shared 442,500
American International Group COM 026874107 502 7,000 SH Shared 7,000
Anheuser-Busch Co COM 035229103 2,411 49,000 SH Shared 49,000
Apartment Investment COM 03748R101 468,209 8,357,887 SH Shared 7,997,687 360,200
Aquila Inc COM 03840P102 868 184,600 SH Shared 184,600
Archstone-Smith Tr. COM 039583109 524,074 9,003,168 SH Shared 8,764,568 238,600
Ashford Hospitality Trust COM 044103109 15,184 1,219,600 SH Shared 1,219,600
Atmos Energy Corp COM 049560105 6,717 210,500 SH Shared 210,500
AvalonBay Comm. COM 053484101 625,461 4,809,383 SH Shared 4,581,607 227,776
Avery Dennison Corp. COM 053611109 2,038 30,000 SH Shared 30,000
BP plc COM 055622104 711 10,600 SH Shared 10,600
BRE Properties COM 05564E106 299,261 4,602,613 SH Shared 4,311,913 290,700
Baker Hughes Inc COM 057224107 859 11,500 SH Shared 11,500
Bank of America Corp. COM 060505104 7,880 147,600 SH Shared 147,600
Bellsouth Corp COM 079860102 4,791 101,700 SH Shared 101,700
BioMed Property Trust COM 09063H107 148,262 5,183,969 SH Shared 4,891,069 292,900
Blackrock Dividend Achievers COM 09250N107 4,655 308,100 SH Shared 308,100
Blackrock Global Enrg & Res COM 09250U101 10,266 372,625 SH Shared 372,625
Blackrock Health Sciences Tr COM 09250W107 1,015 37,500 SH Shared 37,500
Blackrock Strat Dvd Achv Trs COM 09249Y107 5,677 367,000 SH Shared 367,000
Boeing Co COM 097023105 373 4,200 SH Shared 4,200
Boston Properties COM 101121101 467,091 4,174,927 SH Shared 4,031,227 143,700
Brandywine Realty Tr. COM 105368203 291,658 8,771,658 SH Shared 8,735,172 36,486
Brookfield Properties COM 112900105 426,744 10,850,349 SH Shared 10,136,699 713,650
CBL & Associates COM 124830100 48,703 1,123,485 SH Shared 1,123,485
CMS Energy Corp COM 125896100 2,515 150,600 SH Shared 150,600
Calamos Strat Tot Return Fd COM 128125101 11,428 730,700 SH Shared 730,700
Camden Ppty Trust COM 133131102 197,278 2,671,330 SH Shared 2,621,230 50,100
Carnival Corp. COM 143658300 270 5,500 SH Shared 5,500
Cedar Shopping Centers Inc. COM 150602209 85,322 5,362,800 SH Shared 5,362,800
ChevronTexaco Corp. COM 166764100 5,316 72,300 SH Shared 72,300
Citigroup Inc COM 172967101 7,854 141,000 SH Shared 141,000
Citizens Communications Co. COM 17453B101 33,627 2,340,100 SH Shared 2,340,100
Cleco Corporation COM 12561W105 12,671 502,200 SH Shared 502,200
Clough Global Allocation Fd COM 18913Y103 482 21,700 SH Shared 21,700
Clough Global Equity Fund COM 18914C100 1,946 91,900 SH Shared 91,900
Clough Global Opportunities Fund COM 18914E106 3,614 198,900 SH Shared 198,900
Coca-cola Co/The COM 191216100 2,572 53,300 SH Shared 53,300
Colonial Property Tr COM 195872106 216,670 4,621,795 SH Shared 4,600,995 20,800
Comerica COM 200340107 3,356 57,200 SH Shared 57,200
ConocoPhillips COM 20825C104 3,655 50,800 SH Shared 50,800
Consolidated Edison Inc COM 209115104 110,643 2,301,700 SH Shared 2,301,700
Constellation Energy Group COM 210371100 2,066 30,000 SH Shared 30,000
Contrywide Financial Corp COM 222372104 522 12,300 SH Shared 12,300
Corporate Office Pptys COM 22002T108 252 5,000 SH Shared 5,000
Costco Wholesale Corp COM 22160K105 835 15,800 SH Shared 15,800
Cousins Properties COM 222795106 57,352 1,626,071 SH Shared 1,557,071 69,000
Crescent Real Estate COM 225756105 29,810 1,509,369 SH Shared 1,441,969 67,400
DCP Midstream Partners LP COM 23311P100 13,146 380,500 SH Shared 380,500
DPL Inc. COM 233293109 9,240 332,600 SH Shared 332,600
DTE Energy Co COM 233331107 106,512 2,200,200 SH Shared 2,200,200
DWS RREEF Real Estate Fd II COM 23338X102 6,735 348,600 SH Shared 348,600
DWS RREEF Real Estate Fd Inc COM 233384106 4,149 164,571 SH Shared 164,571
Developers Divers. COM 251591103 144,373 2,293,456 SH Shared 2,231,856 61,600
Devon Energy Corporation COM 25179M103 624 9,300 SH Shared 9,300
Diageo Capital PLC COM 25243Q205 1,015 12,800 SH Shared 12,800
Diamondrock Hospitality Company COM 252784301 82,215 4,564,945 SH Shared 4,564,945
Digital Realty Trust Inc. COM 253868103 12,100 353,500 SH Shared 353,500
ITEM 1: ITEM 2: ITEM 3: ITEM 4: ITEM 5: ITEM 6: ITEM 7: ITEM 8:
--------------------------- ------- --------- ------- ----------------- ------- -------- --------------------------
TITLE
OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER CLASS CUSIP (X1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
--------------------------- ------- -------- ------- -------- --- ---- ------- -------- ---- ------ ------
Dividend Cap Real Inc Alloc COM 25537T105 1,434 88,300 SH Shared 88,300
Dominion Resources Inc COM 25746U109 52,140 621,900 SH Shared 621,900
Dow Chemical Co COM 260543103 3,096 77,600 SH Shared 77,600
Dreman/Claymore Dvd & Income COM 26153R100 3,716 161,700 SH Shared 161,700
Du Pont (E.I.) De Nemours COM 263534109 2,908 59,700 SH Shared 59,700
Duke Energy Corporation COM 26441C105 291,282 8,770,920 SH Shared 8,770,920
Duke Realty Corp COM 264411505 19,556 478,145 SH Shared 478,145
Dws Glbl Commod Stock Fd Inc COM 23338Y100 928 58,900 SH Shared 58,900
E.ON AG-Spons ADR COM 268780103 59,973 1,327,138 SH Shared 1,327,138
Eastgroup Properties COM 277276101 75,520 1,410,006 SH Shared 1,271,606 138,400
Eastman Chemical Company COM 277432100 3,019 50,900 SH Shared 50,900
Eaton Vance Enh Eqt Inc II COM 278277108 3,498 169,300 SH Shared 169,300
Eaton Vance Enhanced Eq Incm COM 278274105 4,974 237,200 SH Shared 237,200
Eaton Vance Ltd Duration Fnd COM 27828H105 5,930 331,100 SH Shared 331,100
Eaton Vance T/A Gl Dvd Incm COM 27828S101 6,421 248,500 SH Shared 248,500
Eaton Vance T/M Buy-Wr In COM 27828X100 3,401 161,200 SH Shared 161,200
Eaton Vance T/M Buy-Write Op COM 27828Y108 5,907 290,000 SH Shared 290,000
Eaton Vance Tax Adv Gl Dvd O COM 27828U106 1,876 60,000 SH Shared 60,000
Eaton Vance Tax Man Glbl Br COM 27829C105 9,483 466,700 SH Shared 466,700
Eaton Vance Tax-Adv Dvd Inc COM 27828G107 3,367 120,800 SH Shared 120,800
Edison International COM 281020107 64,365 1,415,240 SH Shared 1,415,240
Education Realty Trust COM 28140H104 42,752 2,894,500 SH Shared 2,894,500
El Paso Electric Co COM 283677854 1,760 72,200 SH Shared 72,200
Eli Lilly & Co COM 532457108 1,652 31,700 SH Shared 31,700
Energy East Corp COM 29266M109 8,365 337,300 SH Shared 337,300
Energy Income & Growth COM 292697109 1,892 74,500 SH Shared 74,500
Entergy Corp COM 29364G103 117,653 1,274,404 SH Shared 1,274,404
Entertainment Properties COM 29380T105 75,493 1,291,800 SH Shared 1,291,800
Equitable Resources Inc COM 294549100 61,507 1,473,220 SH Shared 1,473,220
Equity Inns Inc COM 294703103 20,574 1,289,100 SH Shared 1,289,100
Equity Office Pptys COM 294741103 1,271,663 26,399,480 SH Shared 25,537,178 862,302
Equity One COM 294752100 39,539 1,483,100 SH Shared 1,483,100
Equity Residential COM 29476L107 647,424 12,757,133 SH Shared 12,210,233 546,900
Essex Property Tr. COM 297178105 218,452 1,690,150 SH Shared 1,578,750 111,400
Exelon Corp COM 30161N101 165,166 2,668,697 SH Shared 2,668,697
Extra Space Storage Inc. COM 30225T102 140,095 7,672,236 SH Shared 7,276,236 396,000
Exxon Mobil Corp COM 30231G102 1,080 14,100 SH Shared 14,100
FPL Group Inc COM 302571104 91,370 1,678,986 SH Shared 1,678,986
Fairpoint Communicationss Inc COM 305560104 34,887 1,841,000 SH Shared 1,841,000
Federal Realty Inv. COM 313747206 261,286 3,073,961 SH Shared 2,854,561 219,400
Fiduciary/Claymore Mlp Oppor COM 31647Q106 2,433 107,200 SH Shared 107,200
Fifth Third Bancorp COM 316773100 3,786 92,500 SH Shared 92,500
First Horizon National Corp. COM 320517105 5,216 124,850 SH Shared 124,850
First Industrial Rlty COM 32054K103 60,211 1,284,100 SH Shared 1,284,100
First Trust Value Line 100 COM 33735D104 1,019 69,400 SH Shared 69,400
FirstEnergy Corp COM 337932107 84,170 1,395,855 SH Shared 1,395,855
Flah & Crum/Claymore Pfd Sec COM 338478100 5,222 243,900 SH Shared 243,900
Forest City Enterprises COM 345550107 20,232 346,432 SH Shared 249,532 96,900
Freddie Mac COM 313400301 760 11,200 SH Shared 11,200
GMH Communities Trust COM 36188G102 47,361 4,666,151 SH Shared 4,590,151 76,000
Gabelli Dividend & Income Tr COM 36242H104 8,005 373,000 SH Shared 373,000
General Dynamics Corp COM 369550108 967 13,000 SH Shared 13,000
General Electric COM 369604103 5,630 151,300 SH Shared 151,300
General Growth COM 370021107 219,079 4,194,507 SH Shared 4,045,207 149,300
General Mills Inc COM 370334104 2,137 37,100 SH Shared 37,100
Glimcher Realty Tr COM 379302102 154,532 5,785,534 SH Shared 5,785,534
GlobalSantaFe Corp COM G3930E101 1,158 19,700 SH Shared 19,700
Gramercy Capital Corp COM 384871109 67,958 2,200,000 SH Shared 2,200,000
HCC Insurance Inc COM 404132102 1,097 34,200 SH Shared 34,200
HJ Heinz Company COM 423074103 3,259 72,400 SH Shared 72,400
HRPT Properties Tr. COM 40426W101 94,926 7,686,300 SH Shared 7,686,300
HSBC Holdings - Spons ADR COM 404280406 1,081 11,800 SH Shared 11,800
Harrah's Entertainment COM 413619107 538 6,500 SH Shared 6,500
Hawaiian Electric Industries COM 419870100 19,836 730,600 SH Shared 730,600
Health Care Ppty COM 421915109 314,856 8,551,234 SH Shared 8,551,234
Health Care REIT COM 42217K106 249,258 5,794,002 SH Shared 5,768,039 25,963
Healthcare Rlty Tr. COM 421946104 7,979 201,800 SH Shared 201,800
Hershey Company COM 427866108 812 16,300 SH Shared 16,300
Highwoods Properties COM 431284108 144,111 3,535,600 SH Shared 3,535,600
Hilton Hotels Corp COM 432848109 192,060 5,503,138 SH Shared 5,238,338 264,800
Home Properties COM 437306103 244,181 4,119,806 SH Shared 4,119,806
Hospitality Pptys Tr COM 44106M102 163,538 3,440,734 SH Shared 3,440,734
Host Hotels & Resorts COM 44107P104 444,056 18,087,825 SH Shared 17,055,182 1,032,643
ING Clarion Gl R/E Income Fd COM 44982G104 7,476 302,900 SH Shared 302,900
ING Clarion Real Estate Income COM 449788108 3,635 179,700 SH Shared 179,700
ING Global Advantage & Pre COM 44982N109 5,030 228,431 SH Shared 228,431
ITC Holdings Corp. COM 465685105 21,761 545,400 SH Shared 545,400
Inland Real Estate Corp COM 457461200 124,383 6,644,400 SH Shared 6,597,900 46,500
Intel Corp COM 458140100 277 13,700 SH Shared 13,700
Intercontinental Hotels - ADR COM 45857P202 657 26,013 SH Shared 26,013
International Business Machines COM 459200101 350 3,600 SH Shared 3,600
J.C. Penney COM 708160106 789 10,200 SH Shared 10,200
ITEM 1: ITEM 2: ITEM 3: ITEM 4: ITEM 5: ITEM 6: ITEM 7: ITEM 8:
--------------------------- ------- --------- ------- ----------------- ------- -------- --------------------------
TITLE
OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER CLASS CUSIP (X1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
--------------------------- ------- --------- ------- -------- --- ---- ------- -------- ------ ------- ------
JPMorgan Chase and Co COM 46625H100 932 19,300 SH Shared 19,300
John Han Bk & Thrift Opp Fd COM 409735107 6,158 611,600 SH Shared 611,600
John Hancock Pfd Income II COM 41013X106 494 19,400 SH Shared 19,400
John Hancock Pfd Income III COM 41021P103 3,189 142,300 SH Shared 142,300
John Hancock T/A Dvd Income COM 41013V100 10,031 492,900 SH Shared 492,900
Johnson Controls COM 478366107 241 2,800 SH Shared 2,800
Johnson and Johnson COM 478160104 1,287 19,500 SH Shared 19,500
Kayne Anderson Energy Tot Rt COM 48660P104 6,435 247,979 SH Shared 247,979
Kellogg Co COM 487836108 4,310 86,100 SH Shared 86,100
KeyCorp COM 493267108 5,267 138,500 SH Shared 138,500
Kilroy Realty COM 49427F108 223,071 2,859,883 SH Shared 2,677,683 182,200
Kimberly-Clark Corp COM 494368103 3,105 45,700 SH Shared 45,700
Kimco Realty Corp. COM 49446R109 11,995 266,846 SH Shared 257,946 8,900
Kite Realty Group Trust COM 49803T102 17,860 959,200 SH Shared 959,200
Leggett & Platt Inc COM 524660107 1,752 73,300 SH Shared 73,300
Lexington Corporate COM 529043101 3,103 138,400 SH Shared 138,400
Liberty All Star Equity Fund COM 530158104 1,465 176,700 SH Shared 176,700
Liberty Property Tr COM 531172104 634,056 12,903,042 SH Shared 12,528,142 374,900
Limited Brands COM 532716107 2,874 99,300 SH Shared 99,300
Linear Technology Corp COM 535678106 628 20,700 SH Shared 20,700
Lockheed Martin Corp COM 539830109 1,142 12,400 SH Shared 12,400
Macerich COM 554382101 450,540 5,204,345 SH Shared 5,077,845 126,500
Mack-Cali Realty COM 554489104 466,977 9,156,405 SH Shared 8,953,349 203,056
Macquarie Global Infr Tot Rt COM 55608D101 3,137 114,600 SH Shared 114,600
Macquarie/Ft Gl Int/Ut Dv In COM 55607W100 1,332 52,200 SH Shared 52,200
Madison/Claymore Covered Cal COM 556582104 526 34,800 SH Shared 34,800
Magellan Midstream Holdings COM 55907R108 888 39,800 SH Shared 39,800
Maguire Properties COM 559775101 213,269 5,331,738 SH Shared 5,259,338 72,400
Masco Corp COM 574599106 1,389 46,500 SH Shared 46,500
Mcdonald's Corp COM 580135101 528 11,900 SH Shared 11,900
Medical Properties Trust COM 58463J304 19,429 1,269,900 SH Shared 1,269,900
Medtronic Inc COM 585055106 974 18,200 SH Shared 18,200
Microchip Technology COM 595017104 693 21,200 SH Shared 21,200
Microsoft Corp COM 594918104 708 23,700 SH Shared 23,700
Mid-America Apartment CommunitiesCOM 59522J103 90,903 1,588,100 SH Shared 1,455,500 132,600
Mission West COM 605203108 37,831 2,887,900 SH Shared 2,887,900
Monsanto Company COM 61166W101 499 9,500 SH Shared 9,500
Morgan Stanley COM 617446448 497 6,100 SH Shared 6,100
NFJ Dvd Interest & Pr Strat COM 65337H109 13,451 535,900 SH Shared 535,900
National City Corp. COM 635405103 5,619 153,700 SH Shared 153,700
National Retail Properties COM 637417106 21,440 934,200 SH Shared 934,200
Nationwide Health COM 638620104 274,937 9,097,855 SH Shared 9,097,855
Neuberger Berman Dvd Adv Fd COM 64127J102 3,901 165,700 SH Shared 165,700
Neuberger Berman Income Opp COM 64126L108 2,664 150,100 SH Shared 150,100
Neuberger Berman Real Estate COM 64190A103 5,743 314,500 SH Shared 314,500
Neuberger Berman Realty Inc COM 64126G109 2,634 108,800 SH Shared 108,800
New Plan Excel Rlty COM 648053106 33,089 1,204,127 SH Shared 1,204,127
Newcastle Investment Corporation COM 65105M108 172,287 5,500,876 SH Shared 5,500,876
Newell Rubbermaid Inc. COM 651229106 4,125 142,500 SH Shared 142,500
NiSource Inc COM 65473P105 4,073 169,000 SH Shared 169,000
Nike Inc. COM 654106103 723 7,300 SH Shared 7,300
Nokia Corporation COM 654902204 219 10,800 SH Shared 10,800
Nordstrom Inc COM 655664100 622 12,600 SH Shared 12,600
Northeast Utilities COM 664397106 18,369 652,300 SH Shared 652,300
Northrop Grumman Corp COM 666807102 623 9,200 SH Shared 9,200
Nstar COM 67019E107 24,983 727,100 SH Shared 727,100
Nuveen Equity Premium Income COM 6706ER101 6,615 344,160 SH Shared 344,160
Nuveen Equity Premuim and Growth COMd 6706EW100 4,142 213,700 SH Shared 213,700
Omega Healthcare COM 681936100 3,333 188,100 SH Shared 188,100
PACCAR Inc. COM 693718108 753 11,600 SH Shared 11,600
PG&E Corp COM 69331C108 113,143 2,390,507 SH Shared 2,390,507
PPG Industries Inc. COM 693506107 1,843 28,700 SH Shared 28,700
PPL Corp COM 69351T106 51,788 1,444,978 SH Shared 1,444,978
Parkway Pptys COM 70159Q104 105,769 2,073,500 SH Shared 1,858,000 215,500
Paychex Inc. COM 704326107 803 20,300 SH Shared 20,300
Pennsylvania REIT COM 709102107 22,447 570,000 SH Shared 570,000
Pepco Holdings Inc COM 713291102 62,424 2,400,000 SH Shared 2,400,000
Petro-Canada COM 71644E102 685 16,700 SH Shared 16,700
Pfizer Inc. COM 717081103 4,595 177,400 SH Shared 177,400
Pinnacle West Capital Corp COM 723484101 67,185 1,325,400 SH Shared 1,325,400
Pitney Bowes Inc COM 724479100 3,820 82,700 SH Shared 82,700
Plum Creek & Timber COM 729251108 132,560 3,326,484 SH Shared 3,210,184 116,300
Post Properties COM 737464107 145,701 3,188,209 SH Shared 3,079,498 108,711
ProLogis COM 743410102 271,252 4,463,579 SH Shared 4,225,494 238,085
Procter & Gamble Company COM 742718109 1,150 17,900 SH Shared 17,900
Progress Energy Inc COM 743263105 98,388 2,004,650 SH Shared 2,004,650
Public Service Enterprise Group COM 744573106 95,656 1,441,043 SH Shared 1,441,043
Public Storage Inc. COM 74460D109 431,223 4,422,795 SH Shared 4,225,122 197,673
Public Storage-Series A COM 74460D729 21,704 826,200 SH Shared 826,200
Questar Corp COM 748356102 1,133 13,639 SH Shared 13,639
RR Donnelley & Sons COM 257867101 3,917 110,200 SH Shared 110,200
Ramco-Gershenson COM 751452202 57,855 1,516,900 SH Shared 1,516,900
Reaves Utility Income Trust COM 756158101 4,073 168,800 SH Shared 168,800
ITEM 1: ITEM 2: ITEM 3: ITEM 4: ITEM 5: ITEM 6: ITEM 7: ITEM 8:
--------------------------- ------- --------- ------- ----------------- ------- -------- --------------------------
TITLE
OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER CLASS CUSIP (X1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
--------------------------- ------- --------- ------- -------- --- ---- ------- -------- ------ ------- ------
Reckson Assoc COM 75621K106 99,491 2,181,828 SH Shared 2,181,828
Regency Centers Corp COM 758849103 85,321 1,091,475 SH Shared 1,047,259 44,216
SL Green Realty COM 78440X101 197079.1 1,484,255 SH Shared 1,425,855 58,400
Scana Corp Hldg Co. COM 80589M102 5402 133,000 SH Shared 133,000
Schlumberger Ltd COM 806857108 549 8,700 SH Shared 8,700
Sempra Energy COM 816851109 11907 212,468 SH Shared 212,468
Senior Housing Pptys COM 81721M109 130332 5,324,000 SH Shared 5,050,000 274,000
Sierra Pacific Resources COM 826428104 2577 153,100 SH Shared 153,100
Simon Property Group COM 828806109 553281.4 5,462,347 SH Shared 5,262,347 200,000
Sonoco Products Co COM 835495102 2067 54,300 SH Shared 54,300
Southern Co COM 842587107 144968 3,932,924 SH Shared 3,932,924
Southern Union Co COM 844030106 1602 57,300 SH Shared 57,300
Sovran Self Storage COM 84610H108 93011 1,623,800 SH Shared 1,623,800
Spirit Finance Corp. COM 848568309 105463 8,457,300 SH Shared 8,457,300
Starwood Hotels COM 85590A401 211255.5 3,380,081 SH Shared 3,154,081 226,000
Strategic Hotel Capital COM 86272T106 218396 10,022,760 SH Shared 9,578,860 443,900
Sun Communities COM 866674104 82675 2,554,862 SH Shared 2,384,162 170,700
Sunamerica Focused Alpha Gr COM 867037103 4171 211,300 SH Shared 211,300
TS&W/Claymore T/A Balanced COM 87280R108 1217 77,200 SH Shared 77,200
TXU Corp COM 873168108 106896 1,971,880 SH Shared 1,971,880
Tanger Factory Ctrs COM 875465106 85479.21 2,187,286 SH Shared 2,103,886 83,400
Taubman Centers COM 876664103 83059.42 1,633,097 SH Shared 1,578,542 54,555
Teco Energy COM 872375100 13594 789,000 SH Shared 789,000
Teekay LNG Partners LP COM Y8564M105 5986 179,700 SH Shared 179,700
Teva Pharmaceutical COM 881624209 578 18,600 SH Shared 18,600
Thomas Properties Group COM 884453101 10085 629,900 SH Shared 421,500 208,400
Time Warner Inc COM 887317105 460 21,100 SH Shared 21,100
U-Store-It Trust COM 91274F104 115289 5,610,154 SH Shared 5,346,554 263,600
US Bancorp COM 902973304 7412 204,800 SH Shared 204,800
United Dominion COM 910197102 163761 5,151,343 SH Shared 5,110,743 40,600
United Parcel Svc COM 911312106 945 12,600 SH Shared 12,600
Urstadt Biddle Class A COM 917286205 33745 1,767,677 SH Shared 1,767,677
Vectren Corporation COM 92240G101 15743 556,667 SH Shared 556,667
Ventas Inc. COM 92276F100 421427 9,958,113 SH Shared 9,890,913 67,200
Verizon Communications COM 92343V104 6510 174,800 SH Shared 174,800
Vodafone Group Plc COM 92857W209 333 11,988 SH Shared 11,988
Vornado Realty Tr. COM 929042109 693370.3 5,706,755 SH Shared 5,568,596 138,159
WPS Resources Corp COM 92931B106 4528 83,800 SH Shared 83,800
Washington Mutual COM 939322103 7101 156,100 SH Shared 156,100
Waste Management Inc COM 94106L109 1349 36,700 SH Shared 36,700
Wells Fargo and Co COM 949746101 1629 45,800 SH Shared 45,800
Weyerhaeuser Co COM 962166104 1406 19,900 SH Shared 19,900
Williams Cos Inc COM 969457100 478 18,300 SH Shared 18,300
Williams Partners LP COM 96950F104 12550 324,300 SH Shared 324,300
Wisconsin Energy Group COM 976657106 1946 41,000 SH Shared 41,000
Xcel Energy Inc COM 98389B100 75720 3,283,603 SH Shared 3,283,603
YUM! Brands COM 988498101 635 10,800 SH Shared 10,800
iStar Financial COM 45031U101 162488 3,397,900 SH Shared 3,397,900
Crescent Real Estate Pr.A PFD 225756204 53061 2,425,100 SH Shared 2,425,100
HSBC Holdings PLC 6.20% (HBC A) PFD 404280604 536 21,100 SH Shared 21,100
Royal Bank of Scotland Pr.H PFD 780097879 3034 120,000 SH Shared 120,000
Royal Bank of Scotland Pr.K PFD 780097820 764 30,600 SH Shared 30,600
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294 Data Records
20,255,865 Value Total
01 Other Manager on whose behalf report is filed