Centersquare Investment Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Centersquare Investment Management LLC reported 75 stock positions worth $9.7 billion. Its top holding was Welltower (WELL) at 7.9% of the portfolio, followed by Prologis (PLD, 7.8%) and Equinix (EQIX, 7.5%). Compared with Q4 2024, it opened 2 new positions, sold out of 2, added to 37 and reduced 32. The biggest buy was Welltower (WELL, shares +1%) and the biggest sale Vici Properties (VICI, shares −51%).
- Most Recent 13F
- Q2 2026
- Location
- CONSHOHOCKEN, PA
- CIK
- 0001725296
- Portfolio Value
- $9.7B (Q1 2025)
- SEC Filing
- 0001725296-25-000042 ↗ filed May 9, 2025
Holdings Value
Holdings 75 stocks · $9.7B
| WELL Welltower Inc. | 7.87% | 4,962,246 | $760.3M | Add +1.4% |
| PLD Prologis Inc. | 7.77% | 6,708,300 | $749.9M | Add +5.0% |
| EQIX Equinix Inc. | 7.48% | 885,983 | $722.4M | Add +3.7% |
| VTR Ventas Inc. | 4.87% | 6,843,065 | $470.5M | Add +0.2% |
| DLR Digital Realty Trust Inc. | 4.50% | 3,035,478 | $435.0M | Add +2.8% |
| EXR Extra Space Storage Inc. | 4.07% | 2,645,359 | $392.8M | Add +10.6% |
| UDR Udr Inc. | 3.94% | 8,423,229 | $380.5M | Reduce -6.3% |
| INVH Invitation Homes Inc. | 3.92% | 10,853,109 | $378.2M | Reduce -15.9% |
| CPT Camden Property Trust | 3.31% | 2,614,150 | $319.7M | Add +3.6% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 3.17% | 4,277,430 | $306.2M | Reduce -4.0% |
| O Realty Income Corp. | 2.99% | 4,971,123 | $288.4M | Add +27.0% |
| SPG Simon Property Group Inc. | 2.78% | 1,618,038 | $268.7M | Reduce -2.3% |
| DOC Healthpeak Properties Inc. | 2.78% | 13,285,932 | $268.6M | Add +18.5% |
| PSA Public Storage | 2.67% | 862,916 | $258.3M | Add +13.6% |
| BRX Brixmor Property Group Inc. | 2.21% | 8,049,652 | $213.7M | Reduce -1.7% |
| KIM Kimco Realty Corp. | 1.98% | 9,000,485 | $191.2M | Add +8.9% |
| REXR Rexford Industrial Realty Inc. | 1.95% | 4,808,035 | $188.2M | Add +7.0% |
| ADC Agree Realty Corp. | 1.94% | 2,431,960 | $187.7M | Add +10.7% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.79% | 2,008,437 | $172.8M | Add +17.7% |
| BXP BXP Inc. | 1.75% | 2,514,277 | $168.9M | Reduce -0.9% |
| HST Host Hotels & Resorts Inc. | 1.65% | 11,235,809 | $159.7M | Add +1.7% |
| CUZ Cousins Properties Inc. | 1.58% | 5,183,579 | $152.9M | Reduce -7.5% |
| NNN NNN REIT Inc. | 1.40% | 3,168,145 | $135.1M | Add +14.6% |
| KRG Kite Realty Group Trust | 1.38% | 5,960,072 | $133.3M | Add +133.6% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 1.33% | 3,941,964 | $128.6M | Reduce -51.5% |
| FR First Industrial Realty TR | 1.33% | 2,379,896 | $128.4M | Reduce -11.0% |
| AMT American Tower Corp. | 1.25% | 554,287 | $120.6M | Add +30.0% |
| FRT Federal Realty Invs Trust | 1.23% | 1,211,041 | $118.5M | Add +16.2% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 1.13% | 851,000 | $109.5M | Reduce -45.1% |
| AHR American Healthcare REIT Inc. | 1.11% | 3,539,273 | $107.2M | Reduce -6.8% |
| CUBE Cubesmart | 1.08% | 2,437,703 | $104.1M | Add +27.6% |
| VNO Vornado Realty Trust | 0.99% | 2,595,901 | $96.0M | Add +32.2% |
| OHI Omega Healthcare Investors | 0.84% | 2,124,230 | $80.9M | Reduce -21.5% |
| COLD Americold Realty Trust Inc. | 0.83% | 3,722,935 | $79.9M | Reduce -1.9% |
| LAMR Lamar Advertising Co. Class A | 0.77% | 655,886 | $74.6M | Add +8.8% |
| LINE Lineage Inc. | 0.77% | 1,262,475 | $74.0M | Reduce -2.0% |
| MAA Mid-America Apartment Comm | 0.72% | 412,895 | $69.2M | Add +248.0% |
| AMH American Homes 4 Rent- A | 0.71% | 1,825,434 | $69.0M | Add +283.7% |
| BNL Broadstone Net Lease Inc. | 0.70% | 3,954,526 | $67.4M | Reduce -1.4% |
| ARE Alexandria Real Estate Equit | 0.50% | 523,158 | $48.4M | Reduce -1.5% |
| DRH Diamondrock Hospitality Co. | 0.48% | 5,967,761 | $46.1M | Add +12.9% |
| NTST Netstreit Corp. | 0.39% | 2,388,977 | $37.9M | Add +23.8% |
| SBAC SBA Communications Corp. | 0.39% | 170,147 | $37.4M | Reduce -11.7% |
| LXP LXP Industrial Trust | 0.38% | 4,271,470 | $36.9M | Add +1103.9% |
| NHI Natl Health Investors Inc. filed as NATIONAL HEALTH INVS INC | 0.38% | 495,971 | $36.6M | Add +25.7% |
| MAC The Macerich Co. | 0.37% | 2,082,086 | $35.7M | Add +3.3% |
| HR Healthcare Realty Trust Inc. | 0.32% | 1,824,518 | $30.8M | New |
| REG Regency Centers Corp. | 0.31% | 399,700 | $29.5M | Reduce -13.5% |
| ESS Essex Property Trust Inc. | 0.28% | 88,598 | $27.2M | Reduce -11.5% |
| AVB Avalonbay Communities Inc. | 0.26% | 115,790 | $24.9M | No change |
| PEB Pebblebrook Hotel Trust | 0.25% | 2,337,309 | $23.7M | Add +24.4% |
| ESRT Empire State Realty Trust-A | 0.23% | 2,805,998 | $21.9M | Add +6189.6% |
| SHO Sunstone Hotel Investors Inc. | 0.14% | 1,443,154 | $13.6M | Add +9.2% |
| WY Weyerhaeuser Co. | 0.13% | 435,839 | $12.8M | Reduce -1.5% |
| EGP Eastgroup Properties Inc. | 0.10% | 55,722 | $9.8M | Reduce -87.9% |
| ELS Equity Lifestyle Properties | 0.07% | 108,030 | $7.2M | Reduce -0.6% |
| VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP | 0.07% | 305,752 | $7.0M | Reduce -30.9% |
| STAG Stag Industrial Inc. | 0.07% | 184,800 | $6.7M | Add +26.8% |
| CCI Crown Castle Inc. | 0.06% | 57,510 | $6.0M | Reduce -2.6% |
| RHP Ryman Hospitality Properties | 0.06% | 61,180 | $5.6M | Reduce -7.0% |
| TRNO Terreno Realty Corp. | 0.04% | 59,358 | $3.8M | Reduce -3.0% |
| KRC Kilroy Realty Corp. | 0.03% | 90,991 | $3.0M | Reduce -93.0% |
| FVR Frontview REIT Inc. | 0.02% | 164,484 | $2.1M | Add +87.8% |
| CDP Copt Defense Properties | 0.02% | 72,140 | $2.0M | Add +0.4% |
| IRT Independence Realty Trust Inc. | 0.02% | 79,000 | $1.7M | No change |
| DBRG Digitalbridge Group Inc. | 0.02% | 174,000 | $1.5M | Add +4.8% |
| ELME Elme Communities | 0.01% | 78,900 | $1.4M | Reduce -28.1% |
| CBRE CBRE Group Inc. Class A | 0.01% | 10,020 | $1.3M | Reduce -8.1% |
| CSR Centerspace | 0.01% | 14,600 | $945K | No change |
| DEI Douglas Emmett Inc. | 0.01% | 53,000 | $848K | Reduce -95.8% |
| EPRT Essential Properties Realty | 0.01% | 22,591 | $737K | Add +0.1% |
| FCPT Four Corners Property Trust | 0.01% | 21,666 | $622K | No change |
| NEE Nextera Energy Inc. | 0.01% | 8,500 | $603K | Reduce -38.9% |
| JLL Jones Lang Lasalle Inc. | 0.00% | 1,080 | $268K | Reduce -10.0% |
| APLE Apple Hospitality REIT Inc. | 0.00% | 17,600 | $227K | New |
Other holdings (2): bonds, preferreds, convertibles and warrants · $2.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 127,246 | $2.2M | New |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 40,594 | $711K | New |
Total filed on the 13F, all lines: $9.7B.
Portfolio Sells Q4 2024 → Q1 2025
| VICI Vici Properties Inc. | Reduce -51.5% | 1.33% | −1.17 |
| SUI Sun Communities Inc. | Reduce -45.1% | 1.13% | −0.88 |
| EGP Eastgroup Properties Inc. | Reduce -87.9% | 0.10% | −0.68 |
| KRC Kilroy Realty Corp. | Reduce -93.0% | 0.03% | −0.52 |
| INVH Invitation Homes Inc. | Reduce -15.9% | 3.92% | −0.43 |
| IVT Inventrust Properties Corp. | Sold out | 0.00% | −0.28 |
| OHI Omega Healthcare Investors | Reduce -21.5% | 0.84% | −0.24 |
| BXP BXP Inc. | Reduce -0.9% | 1.75% | −0.24 |
| DEI Douglas Emmett Inc. | Reduce -95.8% | 0.01% | −0.24 |
| CUZ Cousins Properties Inc. | Reduce -7.5% | 1.58% | −0.23 |
| SPG Simon Property Group Inc. | Reduce -2.3% | 2.78% | −0.23 |
| VMRK Vivmark Residential | Reduce -4.0% | 3.17% | −0.21 |
| BRX Brixmor Property Group Inc. | Reduce -1.7% | 2.21% | −0.19 |
| UDR Udr Inc. | Reduce -6.3% | 3.94% | −0.18 |
| FR First Industrial Realty TR | Reduce -11.0% | 1.33% | −0.09 |
| REG Regency Centers Corp. | Reduce -13.5% | 0.31% | −0.06 |
| VTMX Corp. Inmobiliaria Vesta-ADR | Reduce -30.9% | 0.07% | −0.05 |
| ARE Alexandria Real Estate Equit | Reduce -1.5% | 0.50% | −0.05 |
| COLD Americold Realty Trust Inc. | Reduce -1.9% | 0.83% | −0.03 |
| LINE Lineage Inc. | Reduce -2.0% | 0.77% | −0.03 |
| AHR American Healthcare REIT Inc. | Reduce -6.8% | 1.11% | −0.03 |
| SBAC SBA Communications Corp. | Reduce -11.7% | 0.39% | −0.03 |
| ESS Essex Property Trust Inc. | Reduce -11.5% | 0.28% | −0.02 |
| RHP Ryman Hospitality Properties | Reduce -7.0% | 0.06% | −0.01 |
| CTRE Caretrust REIT Inc. | Sold out | 0.00% | −0.01 |
| NEE Nextera Energy Inc. | Reduce -38.9% | 0.01% | −0.00 |
| ELME Elme Communities | Reduce -28.1% | 0.01% | −0.00 |
| ELS Equity Lifestyle Properties | Reduce -0.6% | 0.07% | −0.00 |
| CBRE CBRE Group Inc. Class A | Reduce -8.1% | 0.01% | −0.00 |
| JLL Jones Lang Lasalle Inc. | Reduce -10.0% | 0.00% | −0.00 |
| TRNO Terreno Realty Corp. | Reduce -3.0% | 0.04% | +0.00 |
| WY Weyerhaeuser Co. | Reduce -1.5% | 0.13% | +0.00 |
| CCI Crown Castle Inc. | Reduce -2.6% | 0.06% | +0.01 |
| BNL Broadstone Net Lease Inc. | Reduce -1.4% | 0.70% | +0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| WELL Welltower Inc. | Add +1.4% | 7.87% | +1.36 |
| O Realty Income Corp. | Add +27.0% | 2.99% | +0.78 |
| KRG Kite Realty Group Trust | Add +133.6% | 1.38% | +0.70 |
| PLD Prologis Inc. | Add +5.0% | 7.77% | +0.64 |
| VTR Ventas Inc. | Add +0.2% | 4.87% | +0.63 |
| AMH American Homes 4 Rent- A | Add +283.7% | 0.71% | +0.53 |
| MAA Mid-America Apartment Comm | Add +248.0% | 0.72% | +0.52 |
| AMT American Tower Corp. | Add +30.0% | 1.25% | +0.42 |
| DOC Healthpeak Properties Inc. | Add +18.5% | 2.78% | +0.38 |
| LXP LXP Industrial Trust | Add +1103.9% | 0.38% | +0.35 |
| HR Healthcare Realty Trust Inc. | New | 0.32% | +0.32 |
| ADC Agree Realty Corp. | Add +10.7% | 1.94% | +0.31 |
| EXR Extra Space Storage Inc. | Add +10.6% | 4.07% | +0.29 |
| PSA Public Storage | Add +13.6% | 2.67% | +0.27 |
| ESRT Empire State Realty Trust-A | Add +6189.6% | 0.23% | +0.22 |
| CPT Camden Property Trust | Add +3.6% | 3.31% | +0.22 |
| CUBE Cubesmart | Add +27.6% | 1.08% | +0.21 |
| NNN NNN REIT Inc. | Add +14.6% | 1.40% | +0.21 |
| VNO Vornado Realty Trust | Add +32.2% | 0.99% | +0.12 |
| REXR Rexford Industrial Realty Inc. | Add +7.0% | 1.95% | +0.12 |
| NTST Netstreit Corp. | Add +23.8% | 0.39% | +0.10 |
| NHI Natl Health Investors Inc. | Add +25.7% | 0.38% | +0.09 |
| STAG Stag Industrial Inc. | Add +26.8% | 0.07% | +0.02 |
| FVR Frontview REIT Inc. | Add +87.8% | 0.02% | +0.01 |
| APLE Apple Hospitality REIT Inc. | New | 0.00% | +0.00 |
| EPRT Essential Properties Realty | Add +0.1% | 0.01% | +0.00 |
| LAMR Lamar Advertising Co. Class A | Add +8.8% | 0.77% | −0.00 |
| CDP Copt Defense Properties | Add +0.4% | 0.02% | −0.00 |
| DBRG Digitalbridge Group Inc. | Add +4.8% | 0.02% | −0.00 |
| FRT Federal Realty Invs Trust | Add +16.2% | 1.23% | −0.00 |
| PEB Pebblebrook Hotel Trust | Add +24.4% | 0.25% | −0.02 |
| SHO Sunstone Hotel Investors Inc. | Add +9.2% | 0.14% | −0.02 |
| DRH Diamondrock Hospitality Co. | Add +12.9% | 0.48% | −0.03 |
| MAC The Macerich Co. | Add +3.3% | 0.37% | −0.05 |
| KIM Kimco Realty Corp. | Add +8.9% | 1.98% | −0.06 |
| IRM Iron Mountain Inc. | Add +17.7% | 1.79% | −0.10 |
| HST Host Hotels & Resorts Inc. | Add +1.7% | 1.65% | −0.39 |
| EQIX Equinix Inc. | Add +3.7% | 7.48% | −1.02 |
| DLR Digital Realty Trust Inc. | Add +2.8% | 4.50% | −1.02 |
Notes & Other Activity Q4 2024 → Q1 2025
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | New | 127,246 | $2.2M |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | New | 40,594 | $711K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 80 | $11.7B | WELL, EQIX, PLD, DLR, VTR |
| Q1 2026 | 79 | $9.7B | WELL, PLD, EQIX, DLR, VTR |
| Q4 2025 | 79 | $10.1B | WELL, PLD, EQIX, DLR, VTR |
| Q3 2025 | 78 | $10.0B | WELL, PLD, EQIX, DLR, VTR |
| Q2 2025 | 76 | $9.6B | WELL, EQIX, PLD, DLR, VTR |
| Q1 2025 | 75 | $9.7B | WELL, PLD, EQIX, VTR, DLR |
| Q4 2024 | 75 | $9.5B | EQIX, PLD, WELL, DLR, INVH |
| Q3 2024 | 92 | $10.7B | EQIX, PLD, WELL, DLR, EXR |
| Q2 2024 | 71 | $9.2B | PLD, EQIX, WELL, UDR, DLR |
| Q1 2024 | 72 | $8.7B | PLD, EQIX, WELL, O, UDR |