Centersquare Investment Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Centersquare Investment Management LLC reported 78 stock positions worth $10.0 billion. Its top holding was Welltower (WELL) at 9.4% of the portfolio, followed by Prologis (PLD, 7.5%) and Equinix (EQIX, 7.0%). Compared with Q2 2025, it opened 3 new positions, sold out of 1, added to 36 and reduced 37. The biggest buy was Welltower (WELL, shares +5%) and the biggest sale Cubesmart (CUBE, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- CONSHOHOCKEN, PA
- CIK
- 0001725296
- Portfolio Value
- $10.0B (Q3 2025)
- SEC Filing
- 0001725296-25-000049 ↗ filed Nov 12, 2025
Holdings Value
Holdings 78 stocks · $10.0B
| WELL Welltower Inc. | 9.41% | 5,257,190 | $936.5M | Add +5.2% |
| PLD Prologis Inc. | 7.51% | 6,525,094 | $747.3M | Reduce -3.9% |
| EQIX Equinix Inc. | 6.97% | 885,960 | $693.9M | Reduce -1.4% |
| DLR Digital Realty Trust Inc. | 5.42% | 3,118,869 | $539.2M | Add +5.0% |
| VTR Ventas Inc. | 4.56% | 6,484,117 | $453.8M | Reduce -7.5% |
| EXR Extra Space Storage Inc. | 4.14% | 2,920,697 | $411.6M | Add +8.4% |
| PSA Public Storage | 3.33% | 1,145,607 | $330.9M | Add +38.0% |
| UDR Udr Inc. | 3.29% | 8,796,358 | $327.8M | Reduce -1.5% |
| CPT Camden Property Trust | 2.93% | 2,730,472 | $291.6M | Add +1.4% |
| SPG Simon Property Group Inc. | 2.87% | 1,523,981 | $286.0M | Reduce -3.9% |
| BRX Brixmor Property Group Inc. | 2.81% | 10,109,284 | $279.8M | Reduce -3.1% |
| DOC Healthpeak Properties Inc. | 2.72% | 14,127,673 | $270.5M | Reduce -4.3% |
| KIM Kimco Realty Corp. | 2.62% | 11,935,173 | $260.8M | Add +1.6% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 2.58% | 2,514,464 | $256.3M | Add +23.8% |
| O Realty Income Corp. | 2.49% | 4,081,551 | $248.1M | Reduce -11.4% |
| ADC Agree Realty Corp. | 2.07% | 2,896,229 | $205.7M | Add +1.8% |
| INVH Invitation Homes Inc. | 1.88% | 6,375,385 | $187.0M | Reduce -7.7% |
| KRG Kite Realty Group Trust | 1.82% | 8,130,960 | $181.3M | Add +9.9% |
| AMH American Homes 4 Rent- A | 1.76% | 5,271,280 | $175.3M | Add +25.9% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 1.75% | 2,686,937 | $173.9M | Reduce -35.1% |
| HST Host Hotels & Resorts Inc. | 1.67% | 9,754,354 | $166.0M | Reduce -8.9% |
| CUZ Cousins Properties Inc. | 1.65% | 5,668,140 | $164.0M | Add +2.4% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 1.41% | 4,299,483 | $140.2M | Add +1.7% |
| OHI Omega Healthcare Investors | 1.40% | 3,300,195 | $139.3M | Reduce -8.3% |
| ESS Essex Property Trust Inc. | 1.39% | 516,756 | $138.3M | Add +473.5% |
| BXP BXP Inc. | 1.36% | 1,823,510 | $135.6M | Reduce -10.3% |
| AHR American Healthcare REIT Inc. | 1.31% | 3,102,843 | $130.4M | Reduce -8.6% |
| FRT Federal Realty Invs Trust | 1.29% | 1,270,854 | $128.8M | Add +2.2% |
| VNO Vornado Realty Trust | 1.29% | 3,172,261 | $128.6M | Add +1.4% |
| REXR Rexford Industrial Realty Inc. | 1.25% | 3,022,339 | $124.2M | Reduce -30.2% |
| FR First Industrial Realty TR | 1.24% | 2,397,107 | $123.4M | Reduce -4.1% |
| ELS Equity Lifestyle Properties | 1.20% | 1,963,378 | $119.2M | Add +2448.8% |
| BNL Broadstone Net Lease Inc. | 0.91% | 5,052,587 | $90.3M | Add +3.0% |
| NHI Natl Health Investors Inc. filed as NATIONAL HEALTH INVS INC | 0.79% | 986,708 | $78.4M | Add +21.8% |
| HR Healthcare Realty Trust Inc. | 0.78% | 4,325,248 | $78.0M | Reduce -0.5% |
| AMT American Tower Corp. | 0.71% | 369,506 | $71.1M | Reduce -13.8% |
| NTST Netstreit Corp. | 0.64% | 3,533,415 | $63.8M | Add +37.9% |
| NNN NNN REIT Inc. | 0.61% | 1,420,526 | $60.5M | Reduce -24.9% |
| DRH Diamondrock Hospitality Co. | 0.60% | 7,536,975 | $60.0M | Add +6.0% |
| EGP Eastgroup Properties Inc. | 0.51% | 297,319 | $50.3M | Add +619.9% |
| ARE Alexandria Real Estate Equit | 0.48% | 578,318 | $48.2M | Add +5.5% |
| MAC The Macerich Co. | 0.47% | 2,546,325 | $46.3M | Add +8.9% |
| COLD Americold Realty Trust Inc. | 0.41% | 3,295,782 | $40.3M | Reduce -11.6% |
| LAMR Lamar Advertising Co. Class A | 0.36% | 289,004 | $35.4M | Reduce -2.9% |
| SBAC SBA Communications Corp. | 0.30% | 154,065 | $29.8M | Reduce -4.7% |
| LINE Lineage Inc. | 0.27% | 699,550 | $27.0M | Reduce -44.2% |
| ESRT Empire State Realty Trust-A | 0.27% | 3,475,569 | $26.6M | Add +22.0% |
| REG Regency Centers Corp. | 0.26% | 351,963 | $25.7M | Add +5.7% |
| DEI Douglas Emmett Inc. | 0.26% | 1,641,820 | $25.6M | Reduce -0.2% |
| MAA Mid-America Apartment Comm | 0.25% | 178,050 | $24.9M | Add +43.4% |
| AVB Avalonbay Communities Inc. | 0.23% | 118,290 | $22.9M | Add +2.2% |
| CCI Crown Castle Inc. | 0.18% | 183,950 | $17.7M | Add +232.3% |
| SHO Sunstone Hotel Investors Inc. | 0.13% | 1,398,076 | $13.1M | Reduce -45.6% |
| ELME Elme Communities | 0.13% | 773,830 | $13.0M | Reduce -11.9% |
| APLE Apple Hospitality REIT Inc. | 0.12% | 1,024,590 | $12.3M | Reduce -17.9% |
| PDM Piedmont Realty Trust Inc. | 0.12% | 1,348,706 | $12.1M | New |
| WY Weyerhaeuser Co. | 0.12% | 463,179 | $11.5M | Add +12.4% |
| VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP | 0.10% | 366,102 | $10.4M | Add +4.9% |
| HUDSON PAC PPTYS INC | 0.08% | 2,855,185 | $7.9M | Reduce -14.0% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.07% | 51,323 | $6.6M | Reduce -91.7% |
| STAG Stag Industrial Inc. | 0.07% | 184,800 | $6.5M | No change |
| DHC Diversified Healthcare Trust | 0.06% | 1,447,333 | $6.4M | New |
| IVT Inventrust Properties Corp. | 0.05% | 183,894 | $5.3M | New |
| RHP Ryman Hospitality Properties | 0.05% | 52,590 | $4.7M | Add +37.3% |
| LXP LXP Industrial Trust | 0.04% | 404,405 | $3.6M | Reduce -86.5% |
| KRC Kilroy Realty Corp. | 0.04% | 82,995 | $3.5M | Reduce -4.0% |
| TRNO Terreno Realty Corp. | 0.03% | 56,200 | $3.2M | Reduce -5.5% |
| FVR Frontview REIT Inc. | 0.03% | 184,370 | $2.5M | Add +0.6% |
| CDP Copt Defense Properties | 0.02% | 72,000 | $2.1M | Add +2.1% |
| DBRG Digitalbridge Group Inc. | 0.02% | 140,700 | $1.6M | Reduce -1.3% |
| CBRE CBRE Group Inc. Class A | 0.02% | 10,400 | $1.6M | Add +13.8% |
| IRT Independence Realty Trust Inc. | 0.01% | 79,000 | $1.3M | Reduce -95.7% |
| CSR Centerspace | 0.01% | 14,600 | $860K | No change |
| EPRT Essential Properties Realty | 0.01% | 22,923 | $682K | Reduce -0.7% |
| FCPT Four Corners Property Trust | 0.01% | 22,695 | $554K | Add +4.8% |
| NEE Nextera Energy Inc. | 0.00% | 6,500 | $491K | Reduce -23.5% |
| CUBE Cubesmart | 0.00% | 12,035 | $489K | Reduce -99.5% |
| JLL Jones Lang Lasalle Inc. | 0.00% | 1,110 | $331K | Add +12.1% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $3.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 127,246 | $2.6M | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 40,594 | $820K | No change |
Total filed on the 13F, all lines: $10.0B.
Portfolio Sells Q2 2025 → Q3 2025
| CUBE Cubesmart | Reduce -99.5% | 0.00% | −1.18 |
| VMRK Vivmark Residential | Reduce -35.1% | 1.75% | −1.15 |
| SUI Sun Communities Inc. | Reduce -91.7% | 0.07% | −0.74 |
| UDR Udr Inc. | Reduce -1.5% | 3.29% | −0.49 |
| INVH Invitation Homes Inc. | Reduce -7.7% | 1.88% | −0.47 |
| EQIX Equinix Inc. | Reduce -1.4% | 6.97% | −0.45 |
| REXR Rexford Industrial Realty Inc. | Reduce -30.2% | 1.25% | −0.35 |
| IRT Independence Realty Trust Inc. | Reduce -95.7% | 0.01% | −0.33 |
| LINE Lineage Inc. | Reduce -44.2% | 0.27% | −0.29 |
| AMT American Tower Corp. | Reduce -13.8% | 0.71% | −0.27 |
| O Realty Income Corp. | Reduce -11.4% | 2.49% | −0.26 |
| NNN NNN REIT Inc. | Reduce -24.9% | 0.61% | −0.24 |
| COLD Americold Realty Trust Inc. | Reduce -11.6% | 0.41% | −0.24 |
| LXP LXP Industrial Trust | Reduce -86.5% | 0.04% | −0.22 |
| SHO Sunstone Hotel Investors Inc. | Reduce -45.6% | 0.13% | −0.10 |
| SBAC SBA Communications Corp. | Reduce -4.7% | 0.30% | −0.09 |
| BXP BXP Inc. | Reduce -10.3% | 1.36% | −0.06 |
| HST Host Hotels & Resorts Inc. | Reduce -8.9% | 1.67% | −0.04 |
| VTR Ventas Inc. | Reduce -7.5% | 4.56% | −0.03 |
| APLE Apple Hospitality REIT Inc. | Reduce -17.9% | 0.12% | −0.03 |
| LAMR Lamar Advertising Co. Class A | Reduce -2.9% | 0.36% | −0.02 |
| HUDSON PAC PPTYS INC | Reduce -14.0% | 0.08% | −0.02 |
| ELME Elme Communities | Reduce -11.9% | 0.13% | −0.01 |
| BRX Brixmor Property Group Inc. | Reduce -3.1% | 2.81% | −0.01 |
| FR First Industrial Realty TR | Reduce -4.1% | 1.24% | −0.01 |
| TRNO Terreno Realty Corp. | Reduce -5.5% | 0.03% | −0.00 |
| SMA Smartstop Self Storage REIT | Sold out | 0.00% | −0.00 |
| NEE Nextera Energy Inc. | Reduce -23.5% | 0.00% | −0.00 |
| EPRT Essential Properties Realty | Reduce -0.7% | 0.01% | −0.00 |
| DEI Douglas Emmett Inc. | Reduce -0.2% | 0.26% | +0.00 |
| DBRG Digitalbridge Group Inc. | Reduce -1.3% | 0.02% | +0.00 |
| KRC Kilroy Realty Corp. | Reduce -4.0% | 0.04% | +0.00 |
| AHR American Healthcare REIT Inc. | Reduce -8.6% | 1.31% | +0.02 |
| OHI Omega Healthcare Investors | Reduce -8.3% | 1.40% | +0.03 |
| DOC Healthpeak Properties Inc. | Reduce -4.3% | 2.72% | +0.04 |
| HR Healthcare Realty Trust Inc. | Reduce -0.5% | 0.78% | +0.07 |
| PLD Prologis Inc. | Reduce -3.9% | 7.51% | +0.10 |
| SPG Simon Property Group Inc. | Reduce -3.9% | 2.87% | +0.23 |
Portfolio Buys Q2 2025 → Q3 2025
| WELL Welltower Inc. | Add +5.2% | 9.41% | +1.44 |
| ELS Equity Lifestyle Properties | Add +2448.8% | 1.20% | +1.15 |
| ESS Essex Property Trust Inc. | Add +473.5% | 1.39% | +1.13 |
| PSA Public Storage | Add +38.0% | 3.33% | +0.80 |
| EGP Eastgroup Properties Inc. | Add +619.9% | 0.51% | +0.43 |
| IRM Iron Mountain Inc. | Add +23.8% | 2.58% | +0.41 |
| NHI Natl Health Investors Inc. | Add +21.8% | 0.79% | +0.20 |
| AMH American Homes 4 Rent- A | Add +25.9% | 1.76% | +0.19 |
| NTST Netstreit Corp. | Add +37.9% | 0.64% | +0.19 |
| PDM Piedmont Realty Trust Inc. | New | 0.12% | +0.12 |
| CCI Crown Castle Inc. | Add +232.3% | 0.18% | +0.12 |
| BNL Broadstone Net Lease Inc. | Add +3.0% | 0.91% | +0.09 |
| KRG Kite Realty Group Trust | Add +9.9% | 1.82% | +0.08 |
| MAC The Macerich Co. | Add +8.9% | 0.47% | +0.07 |
| ARE Alexandria Real Estate Equit | Add +5.5% | 0.48% | +0.07 |
| FRT Federal Realty Invs Trust | Add +2.2% | 1.29% | +0.07 |
| DHC Diversified Healthcare Trust | New | 0.06% | +0.06 |
| MAA Mid-America Apartment Comm | Add +43.4% | 0.25% | +0.06 |
| KIM Kimco Realty Corp. | Add +1.6% | 2.62% | +0.06 |
| IVT Inventrust Properties Corp. | New | 0.05% | +0.05 |
| VNO Vornado Realty Trust | Add +1.4% | 1.29% | +0.05 |
| DLR Digital Realty Trust Inc. | Add +5.0% | 5.42% | +0.05 |
| DRH Diamondrock Hospitality Co. | Add +6.0% | 0.60% | +0.04 |
| ESRT Empire State Realty Trust-A | Add +22.0% | 0.27% | +0.03 |
| EXR Extra Space Storage Inc. | Add +8.4% | 4.14% | +0.02 |
| REG Regency Centers Corp. | Add +5.7% | 0.26% | +0.01 |
| RHP Ryman Hospitality Properties | Add +37.3% | 0.05% | +0.01 |
| WY Weyerhaeuser Co. | Add +12.4% | 0.12% | +0.01 |
| VTMX Corp. Inmobiliaria Vesta-ADR | Add +4.9% | 0.10% | +0.00 |
| CBRE CBRE Group Inc. Class A | Add +13.8% | 0.02% | +0.00 |
| FVR Frontview REIT Inc. | Add +0.6% | 0.03% | +0.00 |
| CDP Copt Defense Properties | Add +2.1% | 0.02% | +0.00 |
| JLL Jones Lang Lasalle Inc. | Add +12.1% | 0.00% | +0.00 |
| FCPT Four Corners Property Trust | Add +4.8% | 0.01% | −0.00 |
| AVB Avalonbay Communities Inc. | Add +2.2% | 0.23% | −0.01 |
| VICI Vici Properties Inc. | Add +1.7% | 1.41% | −0.02 |
| CUZ Cousins Properties Inc. | Add +2.4% | 1.65% | −0.08 |
| ADC Agree Realty Corp. | Add +1.8% | 2.07% | −0.09 |
| CPT Camden Property Trust | Add +1.4% | 2.93% | −0.22 |
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 |