Duff & Phelps Investment Management Co.

Name: DUFF & PHELPS INVESTMENT MANAGEMENT CO 13F holdings, Q3 2025
Creator: DUFF & PHELPS INVESTMENT MANAGEMENT CO
Published: 2025-11-13

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Duff & Phelps Investment Management Co. reported 151 stock positions worth $8.8 billion. Its top holding was Welltower (WELL) at 5.1% of the portfolio, followed by Equinix (EQIX, 3.9%) and Prologis (PLD, 3.9%). Compared with Q2 2025, it opened 2 new positions, sold out of 5, added to 46 and reduced 79. The biggest buy was a new position in First Industrial Realty TR (FR) and the biggest sale Rexford Industrial Realty (REXR, shares −61%).

Most Recent 13F: Q2 2026
Location: CHICAGO, IL
CIK: 0000765443
Portfolio Value: $8.8B (Q3 2025)
SEC Filing: 0001140361-25-041885 ↗ filed Nov 13, 2025

Holdings Value

Holdings 151 stocks · $8.8B


WELL Welltower Inc.	5.06%	2,504,032	$446.1M	Reduce -0.2%
EQIX Equinix Inc.	3.88%	436,765	$342.1M	Add +7.1%
PLD Prologis Inc.	3.86%	2,971,984	$340.4M	Add +0.1%
DLR Digital Realty Trust Inc.	2.71%	1,385,254	$239.5M	Add +1.0%
SRE Sempra	2.19%	2,143,205	$192.8M	Add +5.2%
NEE Nextera Energy Inc.	2.18%	2,550,122	$192.5M	Reduce -1.9%
XEL Xcel Energy Inc.	2.16%	2,357,297	$190.1M	Add +6.8%
AMT American Tower Corp.	1.98%	910,251	$175.1M	Add +3.7%
AVB Avalonbay Communities Inc.	1.97%	899,849	$173.8M	Add +2.4%
VTR Ventas Inc.	1.92%	2,413,537	$168.9M	Reduce -12.8%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL	1.90%	1,642,074	$167.4M	Add +11.5%
SPG Simon Property Group Inc.	1.74%	817,943	$153.5M	Reduce -4.8%
PSA Public Storage	1.67%	508,821	$147.0M	Reduce -0.5%
CNP Centerpoint Energy Inc.	1.64%	3,728,380	$144.7M	Add +3.7%
ETR Entergy Corp.	1.62%	1,533,052	$142.9M	Reduce -1.3%
AMH American Homes 4 Rent- A	1.59%	4,209,437	$140.0M	Reduce -0.6%
EVRG Evergy Inc.	1.57%	1,819,402	$138.3M	Reduce -6.5%
NI Nisource Inc.	1.53%	3,122,073	$135.2M	Reduce -5.9%
AEE Ameren Corporation	1.48%	1,252,421	$130.7M	Reduce -10.4%
LNT Alliant Energy Corp.	1.45%	1,903,207	$128.3M	Reduce -0.2%
DUK Duke Energy Corp.	1.45%	1,032,820	$127.8M	Reduce -1.0%
ATO Atmos Energy Corp.	1.35%	697,504	$119.1M	Reduce -6.4%
WEC WEC Energy Group Inc.	1.34%	1,028,768	$117.9M	Reduce -8.1%
BRX Brixmor Property Group Inc.	1.31%	4,162,701	$115.2M	Reduce -1.0%
CCI Crown Castle Inc.	1.31%	1,194,047	$115.2M	Add +9.3%
WMB Williams Cos Inc.	1.29%	1,801,290	$114.1M	Reduce -11.7%
MAA Mid-America Apartment Comm	1.24%	781,279	$109.2M	Add +7.7%
SO The Southern Co.	1.24%	1,151,486	$109.1M	Reduce -14.4%
PPL PPL Corp.	1.24%	2,931,810	$108.9M	Reduce -2.6%
CMS CMS Energy Corp.	1.21%	1,453,667	$106.5M	No change
DTE DTE Energy Company	1.17%	727,542	$102.9M	No change
PEG Public Service Enterprise GP	1.12%	1,182,505	$98.7M	Add +13.1%
LNG Cheniere Energy Inc.	1.09%	410,089	$96.4M	Reduce -13.1%
OGE Oge Energy Corp.	1.09%	2,068,714	$95.7M	Reduce -0.5%
CUBE Cubesmart	1.08%	2,339,974	$95.1M	Add +5.4%
TRP TC Energy Corp.	1.06%	1,713,970	$93.3M	Reduce -9.5%
MPLX MPLX LP	1.04%	1,837,479	$91.8M	Add +0.3%
WTRG Essential Utilities Inc.	1.00%	2,202,525	$87.9M	Add +2.8%
ELS Equity Lifestyle Properties	0.99%	1,443,843	$87.6M	Add +0.5%
EPRT Essential Properties Realty	0.99%	2,934,243	$87.3M	Add +22.7%
T AT&T Inc.	0.99%	3,079,500	$87.0M	No change
AEP American Electric Power	0.97%	762,162	$85.7M	No change
SR Spire Inc.	0.95%	1,022,932	$83.4M	Reduce -0.8%
ESS Essex Property Trust Inc.	0.92%	304,446	$81.5M	Add +2.4%
TRGP Targa Resources Corp.	0.91%	478,031	$80.1M	Reduce -3.5%
D Dominion Energy Inc.	0.86%	1,238,640	$75.8M	No change
FR First Industrial Realty TR	0.85%	1,449,075	$74.6M	New
KMI Kinder Morgan Inc.	0.81%	2,531,500	$71.7M	Add +2.2%
AWK American Water Works Co. Inc.	0.77%	486,212	$67.7M	Add +3.9%
ET Energy Transfer LP	0.76%	3,903,464	$67.0M	Reduce -22.6%
PCG P G & E Corp.	0.74%	4,350,186	$65.6M	Reduce -15.7%
ENB Enbridge Inc.	0.72%	1,254,913	$63.3M	Reduce -9.4%
BXP BXP Inc.	0.70%	828,949	$61.6M	Reduce -13.8%
FE Firstenergy Corp.	0.68%	1,304,500	$59.8M	No change
ADC Agree Realty Corp.	0.68%	838,570	$59.6M	Add +311.0%
RHP Ryman Hospitality Properties	0.67%	664,294	$59.5M	Reduce -1.5%
VZ Verizon Communications Inc.	0.67%	1,339,489	$58.9M	No change
XYL Xylem Inc.	0.67%	398,243	$58.7M	Add +1.5%
PECO Phillips Edison & Company Inc.	0.66%	1,697,608	$58.3M	Add +11.5%
OKE Oneok Inc.	0.65%	791,311	$57.7M	Add +3.1%
PNW Pinnacle West Capital	0.64%	624,930	$56.0M	No change
EPD Enterprise Products Partners	0.62%	1,750,560	$54.7M	Add +35.6%
VNO Vornado Realty Trust	0.62%	1,345,231	$54.5M	Add +1.3%
CUZ Cousins Properties Inc.	0.59%	1,813,313	$52.5M	Add +2.5%
DTM DT Midstream Inc.	0.58%	452,797	$51.2M	Reduce -1.2%
FTS Fortis Inc.	0.56%	981,900	$49.8M	No change
REXR Rexford Industrial Realty Inc.	0.53%	1,134,098	$46.6M	Reduce -61.2%
OGS One Gas Inc.	0.53%	576,000	$46.6M	No change
SBRA Sabra Health Care REIT Inc.	0.52%	2,472,988	$46.1M	Reduce -3.0%
NWN Northwest Natural Holding Co.	0.48%	940,470	$42.3M	No change
TU Telus Corp.	0.48%	2,666,500	$42.0M	No change
GLPI Gaming and Leisure Propertie	0.46%	873,202	$40.7M	Add +5.4%
PBA Pembina Pipeline Corp.	0.44%	966,286	$39.1M	Reduce -32.3%
KEYUF Keyera Corp.	0.43%	1,131,679	$38.0M	Reduce -8.9%
ARE Alexandria Real Estate Equit	0.43%	450,062	$37.5M	Add +1725.7%
VLTO Veralto Corp.	0.42%	344,881	$36.8M	Add +3.2%
UNP Union Pacific Corp.	0.41%	153,928	$36.4M	Add +77.3%
SMA Smartstop Self Storage REIT	0.41%	959,547	$36.1M	Add +0.3%
ES Eversource Energy	0.40%	493,027	$35.1M	Add +62.3%
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI	0.38%	1,348,445	$33.6M	Reduce -0.9%
CSX CSX Corp.	0.36%	892,552	$31.7M	Add +11.8%
PAA Plains All Amer Pipeline LP	0.36%	1,856,900	$31.7M	No change
CNI Canadian Natl Railway Co.	0.32%	302,540	$28.5M	Add +71.4%
BCE Bce Inc.	0.32%	1,216,375	$28.5M	No change
CP Canadian Pacific Kansas City	0.32%	379,288	$28.3M	Reduce -3.6%
PNR Pentair PLC	0.30%	242,777	$26.9M	Reduce -0.9%
ECL Ecolab Inc.	0.29%	92,844	$25.4M	Add +5.0%
BKH Black Hills Corp.	0.27%	389,700	$24.0M	No change
COLD Americold Realty Trust Inc.	0.24%	1,724,098	$21.1M	Reduce -11.5%
WMS Advanced Drainage Systems Inc.	0.21%	136,558	$18.9M	Add +7.5%
VMI Valmont Industries	0.21%	47,917	$18.6M	Add +7.8%
KIM Kimco Realty Corp.	0.21%	839,451	$18.3M	Add +78.4%
CNM Core & Main Inc. Class A	0.21%	336,909	$18.1M	Reduce -12.2%
KGS Kodiak Gas Services Inc.	0.20%	472,736	$17.5M	Reduce -2.5%
MWA Mueller Water Products Inc. Class A	0.16%	559,811	$14.3M	Add +11.9%
ACM Aecom	0.16%	105,506	$13.8M	Reduce -10.7%
SPIB SS SPDR P Int C Corp. ETF	0.14%	376,265	$12.8M	Add +1.0%
GFL GFL Environmental Inc.-Sub VT	0.14%	257,232	$12.2M	Reduce -11.0%
VICI Vici Properties Inc. filed as VICI PPTYS INC	0.14%	369,133	$12.0M	Reduce -51.3%
O Realty Income Corp.	0.13%	185,746	$11.3M	Reduce -1.6%
AHR American Healthcare REIT Inc.	0.12%	252,400	$10.6M	Add +129.4%
STN Stantec Inc.	0.11%	92,683	$10.0M	Reduce -0.9%
WTS Watts Water Technologies-A	0.11%	34,621	$9.7M	Reduce -0.9%
BMI Badger Meter Inc.	0.11%	53,061	$9.5M	Reduce -0.9%
FELE Franklin Electric Co. Inc.	0.11%	97,593	$9.3M	Add +49.0%
TTEK Tetra Tech Inc.	0.10%	269,216	$9.0M	Reduce -13.6%
SBAC SBA Communications Corp.	0.10%	46,402	$9.0M	No change
VOD Vodafone Group PLC-SP ADR	0.09%	682,200	$7.9M	No change
IEX Idex Corp.	0.08%	45,641	$7.4M	Reduce -14.3%
ZWS Zurn Elkay Water Solutions C	0.08%	150,351	$7.1M	Reduce -0.9%
TMO Thermo Fisher Scientific Inc.	0.08%	14,166	$6.9M	Reduce -0.9%
EIX Edison International	0.08%	123,600	$6.8M	No change
DHR Danaher Corp.	0.07%	29,432	$5.8M	Reduce -0.9%
KEYUF Keyera Corp.-Sub RCT	0.06%	172,905	$5.6M	Reduce -1.2%
WY Weyerhaeuser Co.	0.06%	218,334	$5.4M	No change
WM Waste Management Inc.	0.06%	23,003	$5.1M	Reduce -21.9%
HST Host Hotels & Resorts Inc.	0.06%	296,029	$5.0M	Reduce -89.0%
ERII Energy Recovery Inc.	0.05%	308,006	$4.7M	Add +23.7%
FSLR First Solar Inc.	0.05%	21,396	$4.7M	Reduce -21.3%
SUN Sunoco LP	0.05%	91,000	$4.6M	Reduce -19.7%
FERG Ferguson Enterprises Inc.	0.05%	19,508	$4.4M	Reduce -26.3%
INVH Invitation Homes Inc.	0.04%	131,626	$3.9M	No change
BE Bloom Energy Corp. Class A	0.03%	34,390	$2.9M	Reduce -47.4%
GNR State Street SPDR S&P Global	0.03%	47,200	$2.8M	Reduce -4.5%
EXR Extra Space Storage Inc.	0.03%	17,103	$2.4M	No change
OMAB Grupo Aeroportuario Cen-ADR	0.03%	23,000	$2.4M	Reduce -32.4%
NXT Nextpower Inc. filed as NEXTRACKER INC	0.03%	32,067	$2.4M	Reduce -20.0%
GDX Vaneck Gold Miners ETF	0.02%	20,980	$1.6M	Reduce -8.5%
KNTK Kinetik Holdings Inc.	0.02%	35,578	$1.5M	Add +91.9%
PAGP Plains GP Holdings LP	0.02%	77,618	$1.4M	Reduce -4.0%
CWEN Clearway Energy Inc. Class C	0.02%	49,977	$1.4M	Reduce -10.5%
VCLN Virtus Duff & Phelps Clean E	0.02%	57,575	$1.4M	No change
SCHP Schwab U.S. Tips ETF	0.01%	41,820	$1.1M	No change
TEL Te Connectivity PLC	0.01%	4,568	$1.0M	Reduce -36.1%
ENPH Enphase Energy Inc.	0.01%	28,254	$1000K	Reduce -20.0%
EGP Eastgroup Properties Inc.	0.01%	5,725	$969K	No change
ORA Ormat Technologies Inc.	0.01%	9,954	$958K	Add +10.2%
CEG Constellation Energy	0.01%	2,697	$888K	Reduce -28.5%
CCJ Cameco Corp.	0.01%	9,066	$760K	Reduce -20.1%
DBC Invesco DB Commodity Index T	0.01%	32,594	$734K	Reduce -20.2%
RUN Sunrun Inc.	0.01%	41,419	$716K	Reduce -20.1%
VLO Valero Energy Corp.	0.01%	4,017	$684K	Reduce -4.0%
SEDG Solaredge Technologies Inc.	0.01%	16,129	$597K	Reduce -20.0%
HUBB Hubbell Inc.	0.01%	1,383	$595K	Reduce -38.9%
DBA Invesco DB Agriculture Fund	0.01%	20,125	$539K	Reduce -1.9%
EQT Eqt Corp.	0.01%	9,592	$522K	New
MP MP Materials Corp.	0.01%	7,519	$504K	Reduce -64.1%
GBNXF Gibson Energy Inc.	0.01%	23,895	$444K	Reduce -0.8%
PLUG Plug Power Inc.	0.00%	174,148	$406K	Reduce -20.0%
GEV GE Vernova Inc.	0.00%	533	$328K	Reduce -61.4%
ARRY Array Technologies Inc.	0.00%	29,097	$237K	Reduce -20.0%

Portfolio Sells Q2 2025 → Q3 2025


REXR Rexford Industrial Realty Inc.	Reduce -61.2%	0.53%	−0.69
HST Host Hotels & Resorts Inc.	Reduce -89.0%	0.06%	−0.43
ET Energy Transfer LP	Reduce -22.6%	0.76%	−0.32
LNG Cheniere Energy Inc.	Reduce -13.1%	1.09%	−0.26
LAMR Lamar Advertising Co. Class A	Sold out	0.00%	−0.24
SO The Southern Co.	Reduce -14.4%	1.24%	−0.22
WMB Williams Cos Inc.	Reduce -11.7%	1.29%	−0.21
AMH American Homes 4 Rent- A	Reduce -0.6%	1.59%	−0.21
PBA Pembina Pipeline Corp.	Reduce -32.3%	0.44%	−0.19
NSC Norfolk Southern Corp.	Sold out	0.00%	−0.16
VICI Vici Properties Inc.	Reduce -51.3%	0.14%	−0.15
HTO H2O America	Sold out	0.00%	−0.14
COLD Americold Realty Trust Inc.	Reduce -11.5%	0.24%	−0.14
VTR Ventas Inc.	Reduce -12.8%	1.92%	−0.14
RHP Ryman Hospitality Properties	Reduce -1.5%	0.67%	−0.11
TRGP Targa Resources Corp.	Reduce -3.5%	0.91%	−0.11
PCG P G & E Corp.	Reduce -15.7%	0.74%	−0.10
PSA Public Storage	Reduce -0.5%	1.67%	−0.10
AEE Ameren Corporation	Reduce -10.4%	1.48%	−0.10
CNM Core & Main Inc. Class A	Reduce -12.2%	0.21%	−0.07
BXP BXP Inc.	Reduce -13.8%	0.70%	−0.06
BMI Badger Meter Inc.	Reduce -0.9%	0.11%	−0.05
CP Canadian Pacific Kansas City	Reduce -3.6%	0.32%	−0.05
KEYUF Keyera Corp.	Reduce -8.9%	0.43%	−0.05
NI Nisource Inc.	Reduce -5.9%	1.53%	−0.04
WEC WEC Energy Group Inc.	Reduce -8.1%	1.34%	−0.03
GFL GFL Environmental Inc.-Sub VT	Reduce -11.0%	0.14%	−0.03
SBRA Sabra Health Care REIT Inc.	Reduce -3.0%	0.52%	−0.03
TTEK Tetra Tech Inc.	Reduce -13.6%	0.10%	−0.03
TRP TC Energy Corp.	Reduce -9.5%	1.06%	−0.03
IEX Idex Corp.	Reduce -14.3%	0.08%	−0.03
WM Waste Management Inc.	Reduce -21.9%	0.06%	−0.02
ENB Enbridge Inc.	Reduce -9.4%	0.72%	−0.02
SUN Sunoco LP	Reduce -19.7%	0.05%	−0.02
FERG Ferguson Enterprises Inc.	Reduce -26.3%	0.05%	−0.02
OMAB Grupo Aeroportuario Cen-ADR	Reduce -32.4%	0.03%	−0.02
DTM DT Midstream Inc.	Reduce -1.2%	0.58%	−0.01
GLNG Golar LNG Ltd.	Sold out	0.00%	−0.01
EVRG Evergy Inc.	Reduce -6.5%	1.57%	−0.01
STN Stantec Inc.	Reduce -0.9%	0.11%	−0.01
ENPH Enphase Energy Inc.	Reduce -20.0%	0.01%	−0.01
CWEN Clearway Energy Inc. Class C	Reduce -10.5%	0.02%	−0.01
GEV GE Vernova Inc.	Reduce -61.4%	0.00%	−0.00
TRNO Terreno Realty Corp.	Sold out	0.00%	−0.00
CEG Constellation Energy	Reduce -28.5%	0.01%	−0.00
HUBB Hubbell Inc.	Reduce -38.9%	0.01%	−0.00
DHR Danaher Corp.	Reduce -0.9%	0.07%	−0.00
TEL Te Connectivity PLC	Reduce -36.1%	0.01%	−0.00
MP MP Materials Corp.	Reduce -64.1%	0.01%	−0.00
PAGP Plains GP Holdings LP	Reduce -4.0%	0.02%	−0.00

Portfolio Buys Q2 2025 → Q3 2025


FR First Industrial Realty TR	New	0.85%	+0.85
ADC Agree Realty Corp.	Add +311.0%	0.68%	+0.50
ARE Alexandria Real Estate Equit	Add +1725.7%	0.43%	+0.40
XEL Xcel Energy Inc.	Add +6.8%	2.16%	+0.39
SRE Sempra	Add +5.2%	2.19%	+0.37
PLD Prologis Inc.	Add +0.1%	3.86%	+0.19
UNP Union Pacific Corp.	Add +77.3%	0.41%	+0.18
ES Eversource Energy	Add +62.3%	0.40%	+0.17
EPD Enterprise Products Partners	Add +35.6%	0.62%	+0.15
IRM Iron Mountain Inc.	Add +11.5%	1.90%	+0.12
CNI Canadian Natl Railway Co.	Add +71.4%	0.32%	+0.11
EPRT Essential Properties Realty	Add +22.7%	0.99%	+0.09
KIM Kimco Realty Corp.	Add +78.4%	0.21%	+0.09
CNP Centerpoint Energy Inc.	Add +3.7%	1.64%	+0.09
PEG Public Service Enterprise GP	Add +13.1%	1.12%	+0.08
AHR American Healthcare REIT Inc.	Add +129.4%	0.12%	+0.07
XYL Xylem Inc.	Add +1.5%	0.67%	+0.07
EQIX Equinix Inc.	Add +7.1%	3.88%	+0.07
WTRG Essential Utilities Inc.	Add +2.8%	1.00%	+0.06
CSX CSX Corp.	Add +11.8%	0.36%	+0.05
WMS Advanced Drainage Systems Inc.	Add +7.5%	0.21%	+0.04
VMI Valmont Industries	Add +7.8%	0.21%	+0.04
FELE Franklin Electric Co. Inc.	Add +49.0%	0.11%	+0.04
PECO Phillips Edison & Company Inc.	Add +11.5%	0.66%	+0.03
VNO Vornado Realty Trust	Add +1.3%	0.62%	+0.02
MWA Mueller Water Products Inc. Class A	Add +11.9%	0.16%	+0.02
VLTO Veralto Corp.	Add +3.2%	0.42%	+0.02
ERII Energy Recovery Inc.	Add +23.7%	0.05%	+0.02
ECL Ecolab Inc.	Add +5.0%	0.29%	+0.01
KNTK Kinetik Holdings Inc.	Add +91.9%	0.02%	+0.01
GLPI Gaming and Leisure Propertie	Add +5.4%	0.46%	+0.01
EQT Eqt Corp.	New	0.01%	+0.01
SMA Smartstop Self Storage REIT	Add +0.3%	0.41%	+0.00
ORA Ormat Technologies Inc.	Add +10.2%	0.01%	+0.00
AWK American Water Works Co. Inc.	Add +3.9%	0.77%	+0.00
SPIB SS SPDR P Int C Corp. ETF	Add +1.0%	0.14%	−0.00
CCI Crown Castle Inc.	Add +9.3%	1.31%	−0.01
MAA Mid-America Apartment Comm	Add +7.7%	1.24%	−0.02
CUZ Cousins Properties Inc.	Add +2.5%	0.59%	−0.03
CUBE Cubesmart	Add +5.4%	1.08%	−0.03
KMI Kinder Morgan Inc.	Add +2.2%	0.81%	−0.04
ELS Equity Lifestyle Properties	Add +0.5%	0.99%	−0.05
ESS Essex Property Trust Inc.	Add +2.4%	0.92%	−0.07
MPLX MPLX LP	Add +0.3%	1.04%	−0.07
OKE Oneok Inc.	Add +3.1%	0.65%	−0.08
DLR Digital Realty Trust Inc.	Add +1.0%	2.71%	−0.10
AVB Avalonbay Communities Inc.	Add +2.4%	1.97%	−0.13
AMT American Tower Corp.	Add +3.7%	1.98%	−0.30

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026Amended	161	$10.6B	WELL, EQIX, PLD, DLR, VTR
Q1 2026Amended	148	$9.6B	WELL, EQIX, PLD, DLR, VTR
Q4 2025	146	$8.8B	WELL, PLD, EQIX, DLR, VTR
Q3 2025	151	$8.8B	WELL, EQIX, PLD, DLR, SRE
Q2 2025	154	$8.5B	WELL, EQIX, PLD, DLR, AMT
Q1 2025	153	$8.5B	WELL, PLD, EQIX, DLR, VTR
Q4 2024	156	$8.4B	EQIX, WELL, PLD, DLR, AVB
Q3 2024	156	$8.7B	EQIX, PLD, WELL, AMT, DLR
Q2 2024	229	$7.8B	PLD, EQIX, WELL, AMT, AVB
Q1 2024	249	$8.4B	PLD, WY, EQIX, AMT, PSA