Heitman Real Estate Securities LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Heitman Real Estate Securities LLC reported 52 stock positions worth $1.8 billion. Its top holding was Prologis (PLD) at 9.7% of the portfolio, followed by Welltower (WELL, 7.5%) and Equinix (EQIX, 6.4%). Compared with Q4 2023, it opened 9 new positions, sold out of 9, added to 16 and reduced 26. The biggest buy was Essex Property Trust (ESS, shares +4584%) and the biggest sale an exit from Invitation Homes (INVH).
- Most Recent 13F
- Q2 2026
- Location
- Chicago, IL
- CIK
- 0001080117
- Portfolio Value
- $1.8B (Q1 2024)
- SEC Filing
- 0001140361-24-026148 ↗ filed May 15, 2024
Holdings Value
Holdings 52 stocks · $1.8B
| PLD Prologis Inc. | 9.69% | 1,306,924 | $170.2M | Reduce -9.8% |
| WELL Welltower Inc. | 7.45% | 1,400,405 | $130.9M | Add +30.2% |
| EQIX Equinix Inc. | 6.36% | 135,384 | $111.7M | Reduce -27.1% |
| EXR Extra Space Storage Inc. | 5.27% | 629,762 | $92.6M | Add +17.9% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 4.29% | 939,333 | $75.3M | Add +46.2% |
| SPG Simon Property Group Inc. | 4.25% | 476,591 | $74.6M | Add +250.0% |
| ESS Essex Property Trust Inc. | 3.61% | 259,044 | $63.4M | Add +4584.3% |
| KIM Kimco Realty Corp. | 3.22% | 2,883,150 | $56.5M | Reduce -27.2% |
| MAA Mid-America Apartment Comm | 3.10% | 413,846 | $54.5M | New |
| EGP Eastgroup Properties Inc. | 2.98% | 291,376 | $52.4M | New |
| AMH American Homes 4 Rent- A | 2.93% | 1,397,864 | $51.4M | Add +1495.7% |
| STAG Stag Industrial Inc. | 2.92% | 1,335,147 | $51.3M | Add +61.5% |
| RHP Ryman Hospitality Properties | 2.88% | 437,798 | $50.6M | Reduce -28.5% |
| DOC Healthpeak Properties Inc. | 2.87% | 2,684,368 | $50.3M | Add +7.5% |
| DLR Digital Realty Trust Inc. | 2.69% | 328,274 | $47.3M | Reduce -15.1% |
| ADC Agree Realty Corp. | 2.67% | 822,363 | $47.0M | Reduce -0.2% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 2.61% | 356,521 | $45.8M | Add +168.1% |
| PSA Public Storage | 2.54% | 153,481 | $44.5M | Add +10.7% |
| CUZ Cousins Properties Inc. | 2.52% | 1,841,033 | $44.3M | Add +39.6% |
| KRG Kite Realty Group Trust | 2.41% | 1,953,837 | $42.4M | Reduce -8.1% |
| NNN NNN REIT Inc. | 2.25% | 923,855 | $39.5M | New |
| LAMR Lamar Advertising Co. Class A | 1.99% | 293,258 | $35.0M | New |
| EPRT Essential Properties Realty | 1.98% | 1,301,587 | $34.7M | Add +24.2% |
| SLG SL Green Realty Corp. | 1.77% | 563,372 | $31.1M | New |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 1.77% | 1,041,352 | $31.0M | Add +357.1% |
| AVB Avalonbay Communities Inc. | 1.75% | 165,429 | $30.7M | Reduce -52.9% |
| O Realty Income Corp. | 1.57% | 509,727 | $27.6M | Reduce -9.5% |
| IRT Independence Realty Trust Inc. | 1.25% | 1,364,199 | $22.0M | New |
| PK Park Hotels & Resorts Inc. | 0.94% | 943,588 | $16.5M | New |
| CCI Crown Castle Inc. | 0.90% | 150,090 | $15.9M | New |
| CSR Centerspace | 0.88% | 271,045 | $15.5M | New |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 0.87% | 901,985 | $15.3M | Reduce -4.2% |
| ARE Alexandria Real Estate Equit | 0.84% | 114,035 | $14.7M | Reduce -14.6% |
| VTR Ventas Inc. | 0.72% | 290,823 | $12.7M | Reduce -68.5% |
| SBAC SBA Communications Corp. | 0.71% | 57,748 | $12.5M | Reduce -43.9% |
| AMT American Tower Corp. | 0.68% | 60,134 | $11.9M | Reduce -73.8% |
| MPT Medical Properties Trust Inc. | 0.36% | 1,327,487 | $6.2M | Reduce -14.7% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.35% | 96,106 | $6.1M | Reduce -49.9% |
| WY Weyerhaeuser Co. | 0.22% | 108,341 | $3.9M | Add +2.5% |
| VNO Vornado Realty Trust | 0.08% | 49,722 | $1.4M | No change |
| TRNO Terreno Realty Corp. | 0.08% | 20,218 | $1.3M | Reduce -1.8% |
| DEI Douglas Emmett Inc. | 0.07% | 94,351 | $1.3M | Reduce -1.2% |
| PGRE Paramount Group Inc. | 0.07% | 278,318 | $1.3M | Add +12.7% |
| HR Healthcare Realty Trust Inc. | 0.07% | 90,327 | $1.3M | Add +17.4% |
| FRT Federal Realty Invs Trust | 0.07% | 12,343 | $1.3M | Reduce -94.1% |
| HUDSON PAC PPTYS INC | 0.07% | 194,157 | $1.3M | Reduce -1.8% |
| AKR Acadia Realty Trust | 0.07% | 72,218 | $1.2M | Reduce -7.3% |
| ESRT Empire State Realty Trust-A | 0.07% | 119,955 | $1.2M | Reduce -8.6% |
| BXP BXP Inc. filed as BOSTON PROPERTIES INC | 0.07% | 18,477 | $1.2M | Reduce -97.3% |
| SHO Sunstone Hotel Investors Inc. | 0.07% | 108,165 | $1.2M | Reduce -8.8% |
| REXR Rexford Industrial Realty Inc. | 0.07% | 23,851 | $1.2M | Reduce -98.0% |
| PEB Pebblebrook Hotel Trust | 0.07% | 76,895 | $1.2M | Reduce -16.5% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $505K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 18,665 | $505K | Reduce -23.4% |
Total filed on the 13F, all lines: $1.8B.
Portfolio Sells Q4 2023 → Q1 2024
| INVH Invitation Homes Inc. | Sold out | 0.00% | −4.27 |
| GLPI Gaming and Leisure Propertie | Sold out | 0.00% | −3.67 |
| REXR Rexford Industrial Realty Inc. | Reduce -98.0% | 0.07% | −3.46 |
| UDR Udr Inc. | Sold out | 0.00% | −3.29 |
| BXP BXP Inc. | Reduce -97.3% | 0.07% | −2.53 |
| NTST Netstreit Corp. | Sold out | 0.00% | −2.28 |
| AMT American Tower Corp. | Reduce -73.8% | 0.68% | −2.00 |
| AVB Avalonbay Communities Inc. | Reduce -52.9% | 1.75% | −1.80 |
| VTR Ventas Inc. | Reduce -68.5% | 0.72% | −1.76 |
| EQIX Equinix Inc. | Reduce -27.1% | 6.36% | −1.71 |
| CPT Camden Property Trust | Sold out | 0.00% | −1.39 |
| KIM Kimco Realty Corp. | Reduce -27.2% | 3.22% | −1.33 |
| TCN Tricon Residential Inc. | Sold out | 0.00% | −1.25 |
| FRT Federal Realty Invs Trust | Reduce -94.1% | 0.07% | −1.08 |
| CTRE Caretrust REIT Inc. | Sold out | 0.00% | −0.94 |
| RHP Ryman Hospitality Properties | Reduce -28.5% | 2.88% | −0.75 |
| PLD Prologis Inc. | Reduce -9.8% | 9.69% | −0.72 |
| SBAC SBA Communications Corp. | Reduce -43.9% | 0.71% | −0.70 |
| VMRK Vivmark Residential | Reduce -49.9% | 0.35% | −0.29 |
| SAFE Safehold Inc. | Sold out | 0.00% | −0.27 |
| KRG Kite Realty Group Trust | Reduce -8.1% | 2.41% | −0.21 |
| O Realty Income Corp. | Reduce -9.5% | 1.57% | −0.17 |
| ADC Agree Realty Corp. | Reduce -0.2% | 2.67% | −0.12 |
| DLR Digital Realty Trust Inc. | Reduce -15.1% | 2.69% | −0.11 |
| ARE Alexandria Real Estate Equit | Reduce -14.6% | 0.84% | −0.08 |
| MPT Medical Properties Trust Inc. | Reduce -14.7% | 0.36% | −0.06 |
| ELS Equity Lifestyle Properties | Sold out | 0.00% | −0.03 |
| HUDSON PAC PPTYS INC | Reduce -1.8% | 0.07% | −0.03 |
| PEB Pebblebrook Hotel Trust | Reduce -16.5% | 0.07% | −0.01 |
| CTO Cto Realty Growth Inc. | Reduce -4.2% | 0.87% | −0.01 |
| AKR Acadia Realty Trust | Reduce -7.3% | 0.07% | −0.00 |
| DEI Douglas Emmett Inc. | Reduce -1.2% | 0.07% | −0.00 |
| SHO Sunstone Hotel Investors Inc. | Reduce -8.8% | 0.07% | −0.00 |
| ESRT Empire State Realty Trust-A | Reduce -8.6% | 0.07% | +0.00 |
| TRNO Terreno Realty Corp. | Reduce -1.8% | 0.08% | +0.01 |
Portfolio Buys Q4 2023 → Q1 2024
| ESS Essex Property Trust Inc. | Add +4584.3% | 3.61% | +3.54 |
| SPG Simon Property Group Inc. | Add +250.0% | 4.25% | +3.20 |
| MAA Mid-America Apartment Comm | New | 3.10% | +3.10 |
| EGP Eastgroup Properties Inc. | New | 2.98% | +2.98 |
| AMH American Homes 4 Rent- A | Add +1495.7% | 2.93% | +2.76 |
| NNN NNN REIT Inc. | New | 2.25% | +2.25 |
| WELL Welltower Inc. | Add +30.2% | 7.45% | +2.22 |
| LAMR Lamar Advertising Co. Class A | New | 1.99% | +1.99 |
| IRM Iron Mountain Inc. | Add +46.2% | 4.29% | +1.86 |
| SLG SL Green Realty Corp. | New | 1.77% | +1.77 |
| SUI Sun Communities Inc. | Add +168.1% | 2.61% | +1.65 |
| VICI Vici Properties Inc. | Add +357.1% | 1.77% | +1.37 |
| IRT Independence Realty Trust Inc. | New | 1.25% | +1.25 |
| STAG Stag Industrial Inc. | Add +61.5% | 2.92% | +1.17 |
| PK Park Hotels & Resorts Inc. | New | 0.94% | +0.94 |
| CCI Crown Castle Inc. | New | 0.90% | +0.90 |
| CSR Centerspace | New | 0.88% | +0.88 |
| CUZ Cousins Properties Inc. | Add +39.6% | 2.52% | +0.79 |
| EXR Extra Space Storage Inc. | Add +17.9% | 5.27% | +0.65 |
| EPRT Essential Properties Realty | Add +24.2% | 1.98% | +0.53 |
| PSA Public Storage | Add +10.7% | 2.54% | +0.25 |
| DOC Healthpeak Properties Inc. | Add +7.5% | 2.87% | +0.20 |
| WY Weyerhaeuser Co. | Add +2.5% | 0.22% | +0.02 |
| PGRE Paramount Group Inc. | Add +12.7% | 0.07% | +0.01 |
| HR Healthcare Realty Trust Inc. | Add +17.4% | 0.07% | +0.00 |
Notes & Other Activity Q4 2023 → Q1 2024
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | Reduce -23.4% | 18,665 | $505K |
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 | 56 | $1.6B | WELL, PLD, EQIX, DLR, SPG |
| Q1 2026 | 56 | $1.4B | WELL, EQIX, PLD, O, SPG |
| Q4 2025 | 53 | $1.4B | WELL, PLD, EQIX, VTR, SPG |
| Q3 2025 | 56 | $1.5B | WELL, PLD, EQIX, SPG, DLR |
| Q2 2025 | 55 | $1.4B | WELL, PLD, EQIX, SPG, EXR |
| Q1 2025 | 53 | $1.5B | WELL, PLD, PSA, EQIX, DLR |
| Q4 2024 | 53 | $1.6B | EQIX, PLD, VMRK, DLR, WELL |
| Q3 2024 | 57 | $1.8B | PLD, EQIX, EXR, WELL, SPG |
| Q2 2024 | 53 | $1.6B | PLD, EQIX, WELL, DLR, SPG |
| Q1 2024 | 52 | $1.8B | PLD, WELL, EQIX, EXR, IRM |