Centersquare Investment Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Centersquare Investment Management LLC reported 79 stock positions worth $10.1 billion. Its top holding was Welltower (WELL) at 10.2% of the portfolio, followed by Prologis (PLD, 8.3%) and Equinix (EQIX, 6.8%). Compared with Q3 2025, it opened 6 new positions, sold out of 5, added to 41 and reduced 27. The biggest buy was Prologis (PLD, shares +1%) and the biggest sale Healthpeak Properties (DOC, shares −63%).
- Most Recent 13F
- Q2 2026
- Location
- CONSHOHOCKEN, PA
- CIK
- 0001725296
- Portfolio Value
- $10.1B (Q4 2025)
- SEC Filing
- 0001725296-26-000002 ↗ filed Feb 12, 2026
Holdings Value
Holdings 79 stocks · $10.1B
| WELL Welltower Inc. | 10.16% | 5,542,002 | $1.0B | Add +5.4% |
| PLD Prologis Inc. | 8.32% | 6,599,019 | $842.4M | Add +1.1% |
| EQIX Equinix Inc. | 6.76% | 893,230 | $684.4M | Add +0.8% |
| DLR Digital Realty Trust Inc. | 5.04% | 3,301,513 | $510.8M | Add +5.9% |
| VTR Ventas Inc. | 4.96% | 6,491,417 | $502.3M | Add +0.1% |
| EXR Extra Space Storage Inc. | 3.90% | 3,034,077 | $395.1M | Add +3.9% |
| PSA Public Storage | 3.68% | 1,435,967 | $372.6M | Add +25.4% |
| UDR Udr Inc. | 3.40% | 9,389,350 | $344.4M | Add +6.7% |
| BRX Brixmor Property Group Inc. | 3.21% | 12,384,526 | $324.7M | Add +22.5% |
| CPT Camden Property Trust | 3.07% | 2,828,602 | $311.4M | Add +3.6% |
| SPG Simon Property Group Inc. | 2.80% | 1,531,581 | $283.5M | Add +0.5% |
| KIM Kimco Realty Corp. | 2.58% | 12,905,449 | $261.6M | Add +8.1% |
| O Realty Income Corp. | 2.42% | 4,346,751 | $245.0M | Add +6.5% |
| ADC Agree Realty Corp. | 2.35% | 3,299,172 | $237.6M | Add +13.9% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 2.15% | 2,631,453 | $218.3M | Add +4.7% |
| KRG Kite Realty Group Trust | 1.95% | 8,236,790 | $197.4M | Add +1.3% |
| AMH American Homes 4 Rent- A | 1.94% | 6,135,358 | $196.9M | Add +16.4% |
| INVH Invitation Homes Inc. | 1.80% | 6,552,879 | $182.1M | Add +2.8% |
| FR First Industrial Realty TR | 1.50% | 2,649,757 | $151.8M | Add +10.5% |
| CUZ Cousins Properties Inc. | 1.49% | 5,847,176 | $150.7M | Add +3.2% |
| OHI Omega Healthcare Investors | 1.47% | 3,347,215 | $148.4M | Add +1.4% |
| ELS Equity Lifestyle Properties | 1.46% | 2,433,155 | $147.5M | Add +23.9% |
| ESS Essex Property Trust Inc. | 1.42% | 548,017 | $143.4M | Add +6.0% |
| AHR American Healthcare REIT Inc. | 1.40% | 3,021,872 | $142.2M | Reduce -2.6% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 1.39% | 2,238,709 | $141.1M | Reduce -16.7% |
| HST Host Hotels & Resorts Inc. | 1.36% | 7,792,559 | $138.2M | Reduce -20.1% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 1.16% | 4,173,251 | $117.4M | Reduce -2.9% |
| MAC The Macerich Co. | 1.16% | 6,354,661 | $117.3M | Add +149.6% |
| BXP BXP Inc. | 1.16% | 1,735,946 | $117.1M | Reduce -4.8% |
| REXR Rexford Industrial Realty Inc. | 1.09% | 2,862,569 | $110.8M | Reduce -5.3% |
| HR Healthcare Realty Trust Inc. | 1.00% | 5,970,456 | $101.2M | Add +38.0% |
| VNO Vornado Realty Trust | 0.99% | 3,003,497 | $100.0M | Reduce -5.3% |
| NHI Natl Health Investors Inc. filed as NATIONAL HEALTH INVS INC | 0.87% | 1,154,060 | $88.1M | Add +17.0% |
| DOC Healthpeak Properties Inc. | 0.83% | 5,226,384 | $84.0M | Reduce -63.0% |
| ARE Alexandria Real Estate Equit | 0.77% | 1,602,065 | $78.4M | Add +177.0% |
| EGP Eastgroup Properties Inc. | 0.74% | 422,290 | $75.2M | Add +42.0% |
| DRH Diamondrock Hospitality Co. | 0.69% | 7,780,988 | $69.7M | Add +3.2% |
| BNL Broadstone Net Lease Inc. | 0.64% | 3,718,684 | $64.6M | Reduce -26.4% |
| NTST Netstreit Corp. | 0.64% | 3,653,585 | $64.4M | Add +3.4% |
| AMT American Tower Corp. | 0.61% | 353,536 | $62.1M | Reduce -4.3% |
| FRT Federal Realty Invs Trust | 0.60% | 607,641 | $61.3M | Reduce -52.2% |
| SBRA Sabra Health Care REIT Inc. | 0.50% | 2,654,480 | $50.3M | New |
| IVT Inventrust Properties Corp. | 0.36% | 1,287,805 | $36.3M | Add +600.3% |
| SLG SL Green Realty Corp. | 0.30% | 670,360 | $30.7M | New |
| COLD Americold Realty Trust Inc. | 0.29% | 2,320,182 | $29.8M | Reduce -29.6% |
| PDM Piedmont Realty Trust Inc. | 0.28% | 3,429,364 | $28.6M | Add +154.3% |
| DEI Douglas Emmett Inc. | 0.28% | 2,539,450 | $27.9M | Add +54.7% |
| LAMR Lamar Advertising Co. Class A | 0.27% | 212,044 | $26.8M | Reduce -26.6% |
| CCI Crown Castle Inc. | 0.26% | 301,350 | $26.8M | Add +63.8% |
| REG Regency Centers Corp. | 0.24% | 352,034 | $24.3M | Add +0.0% |
| RHP Ryman Hospitality Properties | 0.23% | 248,030 | $23.5M | Add +371.6% |
| ESRT Empire State Realty Trust-A | 0.23% | 3,524,489 | $23.0M | Add +1.4% |
| MAA Mid-America Apartment Comm | 0.22% | 159,582 | $22.2M | Reduce -10.4% |
| AVB Avalonbay Communities Inc. | 0.21% | 118,290 | $21.4M | No change |
| SBAC SBA Communications Corp. | 0.18% | 96,447 | $18.7M | Reduce -37.4% |
| LINE Lineage Inc. | 0.18% | 531,490 | $18.6M | Reduce -24.0% |
| DHC Diversified Healthcare Trust | 0.15% | 3,229,172 | $15.7M | Add +123.1% |
| SHO Sunstone Hotel Investors Inc. | 0.13% | 1,517,366 | $13.6M | Add +8.5% |
| RLJ RLJ Lodging Trust | 0.13% | 1,779,010 | $13.3M | New |
| WY Weyerhaeuser Co. | 0.11% | 454,969 | $10.8M | Reduce -1.8% |
| VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP | 0.10% | 330,340 | $10.1M | Reduce -9.8% |
| STAG Stag Industrial Inc. | 0.07% | 184,800 | $6.8M | No change |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.06% | 51,323 | $6.4M | No change |
| HLT Hilton Worldwide Holdings Inc. | 0.06% | 20,150 | $5.8M | New |
| XHR Xenia Hotels & Resorts Inc. | 0.05% | 332,956 | $4.7M | New |
| TRNO Terreno Realty Corp. | 0.03% | 56,200 | $3.3M | No change |
| LXP LXP Industrial Trust | 0.03% | 64,960 | $3.2M | Reduce -19.7% |
| KRC Kilroy Realty Corp. | 0.03% | 73,170 | $2.7M | Reduce -11.8% |
| CBRE CBRE Group Inc. Class A | 0.02% | 10,470 | $1.7M | Add +0.7% |
| CDP Copt Defense Properties | 0.02% | 57,000 | $1.6M | Reduce -20.8% |
| FVR Frontview REIT Inc. | 0.01% | 94,290 | $1.4M | Reduce -48.9% |
| IRT Independence Realty Trust Inc. | 0.01% | 79,000 | $1.4M | No change |
| DBRG Digitalbridge Group Inc. | 0.01% | 52,000 | $798K | Reduce -63.0% |
| ELME Elme Communities | 0.01% | 39,320 | $684K | Reduce -94.9% |
| EPRT Essential Properties Realty | 0.01% | 16,944 | $503K | Reduce -26.1% |
| NEE Nextera Energy Inc. | 0.00% | 5,250 | $421K | Reduce -19.2% |
| JLL Jones Lang Lasalle Inc. | 0.00% | 1,120 | $377K | Add +0.9% |
| FCPT Four Corners Property Trust | 0.00% | 15,430 | $356K | Reduce -32.0% |
| ZG Zillow Group Inc. Class A | 0.00% | 5,040 | $344K | New |
Other holdings (2): bonds, preferreds, convertibles and warrants · $3.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 127,246 | $2.4M | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 40,594 | $773K | No change |
Total filed on the 13F, all lines: $10.1B.
Portfolio Sells Q3 2025 → Q4 2025
| DOC Healthpeak Properties Inc. | Reduce -63.0% | 0.83% | −1.89 |
| FRT Federal Realty Invs Trust | Reduce -52.2% | 0.60% | −0.69 |
| NNN NNN REIT Inc. | Sold out | 0.00% | −0.61 |
| VMRK Vivmark Residential | Reduce -16.7% | 1.39% | −0.35 |
| VNO Vornado Realty Trust | Reduce -5.3% | 0.99% | −0.31 |
| HST Host Hotels & Resorts Inc. | Reduce -20.1% | 1.36% | −0.30 |
| BNL Broadstone Net Lease Inc. | Reduce -26.4% | 0.64% | −0.27 |
| VICI Vici Properties Inc. | Reduce -2.9% | 1.16% | −0.25 |
| BXP BXP Inc. | Reduce -4.8% | 1.16% | −0.21 |
| REXR Rexford Industrial Realty Inc. | Reduce -5.3% | 1.09% | −0.15 |
| ELME Elme Communities | Reduce -94.9% | 0.01% | −0.12 |
| APLE Apple Hospitality REIT Inc. | Sold out | 0.00% | −0.12 |
| SBAC SBA Communications Corp. | Reduce -37.4% | 0.18% | −0.12 |
| COLD Americold Realty Trust Inc. | Reduce -29.6% | 0.29% | −0.11 |
| AMT American Tower Corp. | Reduce -4.3% | 0.61% | −0.10 |
| LAMR Lamar Advertising Co. Class A | Reduce -26.6% | 0.27% | −0.09 |
| LINE Lineage Inc. | Reduce -24.0% | 0.18% | −0.09 |
| HUDSON PAC PPTYS INC | Sold out | 0.00% | −0.08 |
| MAA Mid-America Apartment Comm | Reduce -10.4% | 0.22% | −0.03 |
| FVR Frontview REIT Inc. | Reduce -48.9% | 0.01% | −0.01 |
| WY Weyerhaeuser Co. | Reduce -1.8% | 0.11% | −0.01 |
| DBRG Digitalbridge Group Inc. | Reduce -63.0% | 0.01% | −0.01 |
| CSR Centerspace | Sold out | 0.00% | −0.01 |
| KRC Kilroy Realty Corp. | Reduce -11.8% | 0.03% | −0.01 |
| CDP Copt Defense Properties | Reduce -20.8% | 0.02% | −0.01 |
| CUBE Cubesmart | Sold out | 0.00% | −0.00 |
| LXP LXP Industrial Trust | Reduce -19.7% | 0.03% | −0.00 |
| VTMX Corp. Inmobiliaria Vesta-ADR | Reduce -9.8% | 0.10% | −0.00 |
| FCPT Four Corners Property Trust | Reduce -32.0% | 0.00% | −0.00 |
| EPRT Essential Properties Realty | Reduce -26.1% | 0.01% | −0.00 |
| NEE Nextera Energy Inc. | Reduce -19.2% | 0.00% | −0.00 |
| AHR American Healthcare REIT Inc. | Reduce -2.6% | 1.40% | +0.09 |
Portfolio Buys Q3 2025 → Q4 2025
| PLD Prologis Inc. | Add +1.1% | 8.32% | +0.81 |
| WELL Welltower Inc. | Add +5.4% | 10.16% | +0.74 |
| MAC The Macerich Co. | Add +149.6% | 1.16% | +0.69 |
| SBRA Sabra Health Care REIT Inc. | New | 0.50% | +0.50 |
| VTR Ventas Inc. | Add +0.1% | 4.96% | +0.40 |
| BRX Brixmor Property Group Inc. | Add +22.5% | 3.21% | +0.39 |
| PSA Public Storage | Add +25.4% | 3.68% | +0.35 |
| IVT Inventrust Properties Corp. | Add +600.3% | 0.36% | +0.31 |
| SLG SL Green Realty Corp. | New | 0.30% | +0.30 |
| ARE Alexandria Real Estate Equit | Add +177.0% | 0.77% | +0.29 |
| ADC Agree Realty Corp. | Add +13.9% | 2.35% | +0.28 |
| ELS Equity Lifestyle Properties | Add +23.9% | 1.46% | +0.26 |
| FR First Industrial Realty TR | Add +10.5% | 1.50% | +0.26 |
| EGP Eastgroup Properties Inc. | Add +42.0% | 0.74% | +0.24 |
| HR Healthcare Realty Trust Inc. | Add +38.0% | 1.00% | +0.22 |
| RHP Ryman Hospitality Properties | Add +371.6% | 0.23% | +0.18 |
| AMH American Homes 4 Rent- A | Add +16.4% | 1.94% | +0.18 |
| PDM Piedmont Realty Trust Inc. | Add +154.3% | 0.28% | +0.16 |
| CPT Camden Property Trust | Add +3.6% | 3.07% | +0.14 |
| RLJ RLJ Lodging Trust | New | 0.13% | +0.13 |
| KRG Kite Realty Group Trust | Add +1.3% | 1.95% | +0.13 |
| UDR Udr Inc. | Add +6.7% | 3.40% | +0.11 |
| DHC Diversified Healthcare Trust | Add +123.1% | 0.15% | +0.09 |
| CCI Crown Castle Inc. | Add +63.8% | 0.26% | +0.09 |
| DRH Diamondrock Hospitality Co. | Add +3.2% | 0.69% | +0.09 |
| NHI Natl Health Investors Inc. | Add +17.0% | 0.87% | +0.08 |
| OHI Omega Healthcare Investors | Add +1.4% | 1.47% | +0.07 |
| HLT Hilton Worldwide Holdings Inc. | New | 0.06% | +0.06 |
| XHR Xenia Hotels & Resorts Inc. | New | 0.05% | +0.05 |
| ESS Essex Property Trust Inc. | Add +6.0% | 1.42% | +0.03 |
| DEI Douglas Emmett Inc. | Add +54.7% | 0.28% | +0.02 |
| ZG Zillow Group Inc. Class A | New | 0.00% | +0.00 |
| SHO Sunstone Hotel Investors Inc. | Add +8.5% | 0.13% | +0.00 |
| JLL Jones Lang Lasalle Inc. | Add +0.9% | 0.00% | +0.00 |
| CBRE CBRE Group Inc. Class A | Add +0.7% | 0.02% | +0.00 |
| NTST Netstreit Corp. | Add +3.4% | 0.64% | −0.01 |
| REG Regency Centers Corp. | Add +0.0% | 0.24% | −0.02 |
| KIM Kimco Realty Corp. | Add +8.1% | 2.58% | −0.04 |
| ESRT Empire State Realty Trust-A | Add +1.4% | 0.23% | −0.04 |
| O Realty Income Corp. | Add +6.5% | 2.42% | −0.07 |
| SPG Simon Property Group Inc. | Add +0.5% | 2.80% | −0.08 |
| INVH Invitation Homes Inc. | Add +2.8% | 1.80% | −0.08 |
| CUZ Cousins Properties Inc. | Add +3.2% | 1.49% | −0.16 |
| EQIX Equinix Inc. | Add +0.8% | 6.76% | −0.22 |
| EXR Extra Space Storage Inc. | Add +3.9% | 3.90% | −0.24 |
| DLR Digital Realty Trust Inc. | Add +5.9% | 5.04% | −0.38 |
| IRM Iron Mountain Inc. | Add +4.7% | 2.15% | −0.42 |
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 |