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                          UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549


                          SCHEDULE 13G
            Under the Securities Exchange Act of 1934
                      (Amendment No. Four)*

               Philips International Realty Corp.
     -------------------------------------------------------
                        (Name of Issuer)

                          Common Stock
     -------------------------------------------------------
                 (Title of Class of Securities)

                            718333107
     -------------------------------------------------------
                         (CUSIP Number)


                        December 31, 2001
     -------------------------------------------------------
     (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:

[ ]Rule 13d-1(b)
[ ]Rule 13d-1(c)
[x]Rule 13d-1(d)

*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).

                             Page 1
CUSIP No. 718333107
- -------------------------------------------------------
1.   Names of Reporting Persons.

     I.R.S. Identification Nos. of above persons (entities only).
     Heitman/PRA Securities Advisors LLC
     36-4265577
- -------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group (See
     Instructions)

     (a)  / /
     (b)  /X/
- -------------------------------------------------------
3.   SEC Use Only
- -------------------------------------------------------
4.   Citizenship or Place of Organization

     Delaware
- -------------------------------------------------------
                              5.   Sole Voting Power
Number of                          947,185
- -------------------------------------------------------
Shares                        6.   Shared Voting Power
Beneficially                       0
Owned by
- -------------------------------------------------------
Each Reporting                7.   Sole Dispositive Power
Person With                        947,185
- -------------------------------------------------------
                              8.   Shared Dispositive Power
                                   0
- -------------------------------------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person
     947,185
- -------------------------------------------------------
10.  Check if the Aggregate Amount in Row (9) Excludes Certain
     Shares (See Instructions)
- -------------------------------------------------------
11.  Percent of Class Represented by Amount in Row (9)12.9%
- -------------------------------------------------------
12.  Type of Reporting Person (See Instructions)
     IA
- -------------------------------------------------------

                             Page 2
Item 1.

     (a)  Name of Issuer

          Philips International Realty Corp.

     (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

     (b)  Address of Principal Business Office or, if none,
          Residence

          180 North LaSalle Street, Suite 3600
          Chicago, Illinois  60601

     (c)  Citizenship

          Delaware

     (d)  Title of Class of Securities

          Common Stock

     (e)  CUSIP Number

          718333107


Item 3    If this statement is filed pursuant to 240.13d-1(b)
          or 240.13d-2(b) or (c), check whether the person filing
          is a:

          (e)  [x]  An investment adviser in accordance with
                    240.13d-1(b)(1)(ii)(E);

Item 4. Ownership.

        (a)   Amount beneficially owned:              947,185

        (b)   Percent of class:                       12.90%

        (c)   Number of shares as to which the person has:

               (i)   Sole power to vote or to direct the vote:
                     947,185

               (ii)  Shared power to vote or to direct the
                     vote:0

               (iii) Sole power to dispose or to direct the
                     disposition of:  947,185

               (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 sub-
          investment advisor to the PBHG REIT Fund, a registered
          investment company and 587 separate account clients.

          PBHG REIT Fund, a Series of PBHG Funds Trust, and 587
          separate account clients have given dispositive power
          to Heitman/PRA Securities Advisors LLC and the right to
          receive or the power to direct the receipt of dividends
          from, or proceeds from the sale of 947,185 shares
          (12.90%) 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.  Certification

          Not applicable

SIGNATURE
- ----------------------
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.

January 11, 2002
- ----------------------
Date

/s/ Nancy B. Lynn
- ----------------------
Signature

Vice President
- ----------------------
Name/Title