Heitman Real Estate Securities LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Heitman Real Estate Securities LLC reported 56 stock positions worth $1.5 billion. Its top holding was Welltower (WELL) at 11.9% of the portfolio, followed by Prologis (PLD, 10.3%) and Equinix (EQIX, 7.5%). Compared with Q2 2025, it opened 11 new positions, sold out of 10, added to 25 and reduced 17. The biggest buy was Avalonbay Communities (AVB, shares +12048%) and the biggest sale an exit from American Homes 4 Rent- A (AMH).
- Most Recent 13F
- Q2 2026
- Location
- Chicago, IL
- CIK
- 0001080117
- Portfolio Value
- $1.5B (Q3 2025)
- SEC Filing
- 0001140361-25-041959 ↗ filed Nov 13, 2025
Holdings Value
Holdings 56 stocks · $1.5B
| WELL Welltower Inc. | 11.91% | 978,558 | $174.3M | Reduce -3.1% |
| PLD Prologis Inc. | 10.35% | 1,322,457 | $151.4M | Add +22.9% |
| EQIX Equinix Inc. | 7.52% | 140,496 | $110.0M | Add +1.5% |
| SPG Simon Property Group Inc. | 3.95% | 308,099 | $57.8M | Reduce -21.5% |
| DLR Digital Realty Trust Inc. | 3.40% | 287,750 | $49.7M | Reduce -17.9% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 3.30% | 474,368 | $48.4M | Add +2.3% |
| ESS Essex Property Trust Inc. | 3.01% | 164,582 | $44.1M | Reduce -12.8% |
| AVB Avalonbay Communities Inc. | 2.92% | 220,972 | $42.7M | Add +12048.0% |
| O Realty Income Corp. | 2.84% | 684,612 | $41.6M | Add +16.0% |
| EXR Extra Space Storage Inc. | 2.69% | 279,048 | $39.3M | Reduce -32.8% |
| PSA Public Storage | 2.69% | 136,080 | $39.3M | Add +11.4% |
| AKR Acadia Realty Trust | 2.46% | 1,786,162 | $36.0M | Add +51.8% |
| MAA Mid-America Apartment Comm | 2.42% | 253,317 | $35.4M | Add +60.8% |
| INVH Invitation Homes Inc. | 2.37% | 1,180,948 | $34.6M | New |
| GLPI Gaming and Leisure Propertie | 2.25% | 705,123 | $32.9M | New |
| FR First Industrial Realty TR | 2.23% | 635,109 | $32.7M | Add +10.2% |
| KRG Kite Realty Group Trust | 2.15% | 1,412,826 | $31.5M | New |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 2.13% | 242,137 | $31.2M | New |
| OHI Omega Healthcare Investors | 2.00% | 694,517 | $29.3M | New |
| BNL Broadstone Net Lease Inc. | 1.97% | 1,612,726 | $28.8M | Add +91.5% |
| CUZ Cousins Properties Inc. | 1.96% | 992,981 | $28.7M | Add +3.4% |
| REG Regency Centers Corp. | 1.93% | 387,119 | $28.2M | Reduce -22.7% |
| CUBE Cubesmart | 1.74% | 626,616 | $25.5M | Add +76.6% |
| SLG SL Green Realty Corp. | 1.65% | 402,926 | $24.1M | Reduce -10.8% |
| NTST Netstreit Corp. | 1.60% | 1,294,755 | $23.4M | New |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 1.56% | 353,094 | $22.9M | Reduce -54.7% |
| RHP Ryman Hospitality Properties | 1.41% | 230,750 | $20.7M | Reduce -38.4% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 1.41% | 631,907 | $20.6M | Reduce -50.6% |
| VTR Ventas Inc. | 1.33% | 278,247 | $19.5M | Add +0.4% |
| DOC Healthpeak Properties Inc. | 1.32% | 1,012,279 | $19.4M | Add +4697.8% |
| CCI Crown Castle Inc. | 1.16% | 175,880 | $17.0M | Add +91.9% |
| ARE Alexandria Real Estate Equit | 1.07% | 187,236 | $15.6M | Reduce -21.3% |
| PK Park Hotels & Resorts Inc. | 1.02% | 1,348,362 | $14.9M | New |
| HIW Highwoods Properties Inc. | 0.96% | 439,828 | $14.0M | New |
| AMT American Tower Corp. | 0.88% | 67,339 | $13.0M | Add +30.2% |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 0.88% | 786,833 | $12.8M | Add +1.0% |
| LTC LTC Properties Inc. filed as LTC PPTYS INC | 0.87% | 346,614 | $12.8M | Add +0.1% |
| ADC Agree Realty Corp. | 0.37% | 76,380 | $5.4M | Reduce -79.0% |
| WPC WP Carey Inc. | 0.37% | 79,403 | $5.4M | Add +24.2% |
| CURB Curbline Properties Corp. | 0.34% | 221,145 | $4.9M | New |
| AD Array Digital Infrastructure | 0.33% | 97,346 | $4.9M | Add +71.2% |
| EGP Eastgroup Properties Inc. | 0.30% | 26,362 | $4.5M | Reduce -88.2% |
| MPT Medical Properties Trust Inc. | 0.28% | 802,397 | $4.1M | Add +2.2% |
| PCH Potlatchdeltic Corp. | 0.27% | 97,086 | $4.0M | New |
| FCPT Four Corners Property Trust | 0.12% | 71,901 | $1.8M | New |
| VNO Vornado Realty Trust | 0.03% | 10,748 | $436K | Add +11.1% |
| BXP BXP Inc. | 0.03% | 5,725 | $426K | Add +12.0% |
| HR Healthcare Realty Trust Inc. | 0.03% | 23,540 | $424K | Reduce -7.5% |
| REXR Rexford Industrial Realty Inc. | 0.03% | 10,232 | $421K | No change |
| PEB Pebblebrook Hotel Trust | 0.03% | 36,494 | $416K | Reduce -8.7% |
| DEI Douglas Emmett Inc. | 0.03% | 25,832 | $402K | No change |
| FRT Federal Realty Invs Trust | 0.03% | 3,965 | $402K | Reduce -93.0% |
| VRE Veris Residential Inc. | 0.03% | 26,336 | $400K | Add +7.2% |
| TRNO Terreno Realty Corp. | 0.03% | 7,036 | $399K | Add +8.4% |
| SHO Sunstone Hotel Investors Inc. | 0.03% | 40,815 | $382K | No change |
| ESRT Empire State Realty Trust-A | 0.03% | 49,874 | $382K | Reduce -96.1% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $541K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 17,147 | $541K | No change |
Total filed on the 13F, all lines: $1.5B.
Portfolio Sells Q2 2025 → Q3 2025
| AMH American Homes 4 Rent- A | Sold out | 0.00% | −3.03 |
| ELS Equity Lifestyle Properties | Sold out | 0.00% | −2.48 |
| EGP Eastgroup Properties Inc. | Reduce -88.2% | 0.30% | −2.35 |
| VMRK Vivmark Residential | Reduce -54.7% | 1.56% | −2.17 |
| EPRT Essential Properties Realty | Sold out | 0.00% | −1.79 |
| EXR Extra Space Storage Inc. | Reduce -32.8% | 2.69% | −1.65 |
| SBRA Sabra Health Care REIT Inc. | Sold out | 0.00% | −1.61 |
| VICI Vici Properties Inc. | Reduce -50.6% | 1.41% | −1.55 |
| ADC Agree Realty Corp. | Reduce -79.0% | 0.37% | −1.51 |
| RHP Ryman Hospitality Properties | Reduce -38.4% | 1.41% | −1.21 |
| DLR Digital Realty Trust Inc. | Reduce -17.9% | 3.40% | −0.93 |
| UE Urban Edge Properties | Sold out | 0.00% | −0.91 |
| UDR Udr Inc. | Sold out | 0.00% | −0.84 |
| ESS Essex Property Trust Inc. | Reduce -12.8% | 3.01% | −0.78 |
| OUT Outfront Media Inc. | Sold out | 0.00% | −0.73 |
| ESRT Empire State Realty Trust-A | Reduce -96.1% | 0.03% | −0.71 |
| REG Regency Centers Corp. | Reduce -22.7% | 1.93% | −0.60 |
| SPG Simon Property Group Inc. | Reduce -21.5% | 3.95% | −0.52 |
| SBAC SBA Communications Corp. | Sold out | 0.00% | −0.43 |
| FVR Frontview REIT Inc. | Sold out | 0.00% | −0.37 |
| FRT Federal Realty Invs Trust | Reduce -93.0% | 0.03% | −0.36 |
| SLG SL Green Realty Corp. | Reduce -10.8% | 1.65% | −0.34 |
| WY Weyerhaeuser Co. | Sold out | 0.00% | −0.17 |
| ARE Alexandria Real Estate Equit | Reduce -21.3% | 1.07% | −0.16 |
| PEB Pebblebrook Hotel Trust | Reduce -8.7% | 0.03% | +0.00 |
| HR Healthcare Realty Trust Inc. | Reduce -7.5% | 0.03% | +0.00 |
| WELL Welltower Inc. | Reduce -3.1% | 11.91% | +0.90 |
Portfolio Buys Q2 2025 → Q3 2025
| AVB Avalonbay Communities Inc. | Add +12048.0% | 2.92% | +2.89 |
| INVH Invitation Homes Inc. | New | 2.37% | +2.37 |
| PLD Prologis Inc. | Add +22.9% | 10.35% | +2.33 |
| GLPI Gaming and Leisure Propertie | New | 2.25% | +2.25 |
| KRG Kite Realty Group Trust | New | 2.15% | +2.15 |
| SUI Sun Communities Inc. | New | 2.13% | +2.13 |
| OHI Omega Healthcare Investors | New | 2.00% | +2.00 |
| NTST Netstreit Corp. | New | 1.60% | +1.60 |
| DOC Healthpeak Properties Inc. | Add +4697.8% | 1.32% | +1.30 |
| PK Park Hotels & Resorts Inc. | New | 1.02% | +1.02 |
| BNL Broadstone Net Lease Inc. | Add +91.5% | 1.97% | +1.01 |
| HIW Highwoods Properties Inc. | New | 0.96% | +0.96 |
| AKR Acadia Realty Trust | Add +51.8% | 2.46% | +0.91 |
| MAA Mid-America Apartment Comm | Add +60.8% | 2.42% | +0.77 |
| CUBE Cubesmart | Add +76.6% | 1.74% | +0.67 |
| CCI Crown Castle Inc. | Add +91.9% | 1.16% | +0.49 |
| O Realty Income Corp. | Add +16.0% | 2.84% | +0.43 |
| CURB Curbline Properties Corp. | New | 0.34% | +0.34 |
| PCH Potlatchdeltic Corp. | New | 0.27% | +0.27 |
| FR First Industrial Realty TR | Add +10.2% | 2.23% | +0.27 |
| PSA Public Storage | Add +11.4% | 2.69% | +0.14 |
| FCPT Four Corners Property Trust | New | 0.12% | +0.12 |
| VTR Ventas Inc. | Add +0.4% | 1.33% | +0.09 |
| WPC WP Carey Inc. | Add +24.2% | 0.37% | +0.08 |
| AD Array Digital Infrastructure | Add +71.2% | 0.33% | +0.07 |
| AMT American Tower Corp. | Add +30.2% | 0.88% | +0.07 |
| MPT Medical Properties Trust Inc. | Add +2.2% | 0.28% | +0.04 |
| LTC LTC Properties Inc. | Add +0.1% | 0.87% | +0.02 |
| BXP BXP Inc. | Add +12.0% | 0.03% | +0.00 |
| VNO Vornado Realty Trust | Add +11.1% | 0.03% | +0.00 |
| TRNO Terreno Realty Corp. | Add +8.4% | 0.03% | +0.00 |
| VRE Veris Residential Inc. | Add +7.2% | 0.03% | +0.00 |
| IRM Iron Mountain Inc. | Add +2.3% | 3.30% | −0.07 |
| CTO Cto Realty Growth Inc. | Add +1.0% | 0.88% | −0.08 |
| CUZ Cousins Properties Inc. | Add +3.4% | 1.96% | −0.08 |
| EQIX Equinix Inc. | Add +1.5% | 7.52% | −0.29 |
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 |