Heitman Real Estate Securities LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Heitman Real Estate Securities LLC reported 53 stock positions worth $1.4 billion. Its top holding was Welltower (WELL) at 11.7% of the portfolio, followed by Prologis (PLD, 9.2%) and Equinix (EQIX, 7.3%). Compared with Q3 2025, it opened 7 new positions, sold out of 10, added to 17 and reduced 21. The biggest buy was Ventas (VTR, shares +220%) and the biggest sale an exit from Kite Realty Group Trust (KRG).
- Most Recent 13F
- Q2 2026
- Location
- Chicago, IL
- CIK
- 0001080117
- Portfolio Value
- $1.4B (Q4 2025)
- SEC Filing
- 0001140361-26-005350 ↗ filed Feb 13, 2026
Holdings Value
Holdings 53 stocks · $1.4B
| WELL Welltower Inc. | 11.66% | 892,711 | $165.7M | Reduce -8.8% |
| PLD Prologis Inc. | 9.20% | 1,024,250 | $130.8M | Reduce -22.6% |
| EQIX Equinix Inc. | 7.29% | 135,246 | $103.6M | Reduce -3.7% |
| VTR Ventas Inc. | 4.85% | 890,047 | $68.9M | Add +219.9% |
| SPG Simon Property Group Inc. | 4.72% | 362,194 | $67.0M | Add +17.6% |
| MAA Mid-America Apartment Comm | 3.72% | 381,035 | $52.9M | Add +50.4% |
| BRX Brixmor Property Group Inc. | 3.41% | 1,849,851 | $48.5M | New |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 3.37% | 760,684 | $48.0M | Add +115.4% |
| PSA Public Storage | 3.12% | 170,846 | $44.3M | Add +25.6% |
| O Realty Income Corp. | 2.94% | 741,449 | $41.8M | Add +8.3% |
| AKR Acadia Realty Trust | 2.94% | 2,032,412 | $41.7M | Add +13.8% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 2.86% | 490,548 | $40.7M | Add +3.4% |
| DLR Digital Realty Trust Inc. | 2.50% | 229,520 | $35.5M | Reduce -20.2% |
| RHP Ryman Hospitality Properties | 2.43% | 364,735 | $34.5M | Add +58.1% |
| ESS Essex Property Trust Inc. | 2.42% | 131,174 | $34.3M | Reduce -20.3% |
| STAG Stag Industrial Inc. | 2.36% | 912,904 | $33.6M | New |
| INVH Invitation Homes Inc. | 2.28% | 1,168,123 | $32.5M | Reduce -1.1% |
| CUBE Cubesmart | 2.13% | 840,570 | $30.3M | Add +34.1% |
| FR First Industrial Realty TR | 2.08% | 516,256 | $29.6M | Reduce -18.7% |
| CUZ Cousins Properties Inc. | 2.05% | 1,128,612 | $29.1M | Add +13.7% |
| GLPI Gaming and Leisure Propertie | 1.83% | 582,719 | $26.0M | Reduce -17.4% |
| ADC Agree Realty Corp. | 1.79% | 352,980 | $25.4M | Add +362.1% |
| NTST Netstreit Corp. | 1.73% | 1,396,293 | $24.6M | Add +7.8% |
| DOC Healthpeak Properties Inc. | 1.58% | 1,398,494 | $22.5M | Add +38.1% |
| BNL Broadstone Net Lease Inc. | 1.58% | 1,289,541 | $22.4M | Reduce -20.0% |
| OHI Omega Healthcare Investors | 1.46% | 466,944 | $20.7M | Reduce -32.8% |
| EXR Extra Space Storage Inc. | 1.42% | 154,501 | $20.1M | Reduce -44.6% |
| ELS Equity Lifestyle Properties | 1.21% | 283,971 | $17.2M | New |
| SLG SL Green Realty Corp. | 1.04% | 323,735 | $14.8M | Reduce -19.6% |
| OUT Outfront Media Inc. | 0.99% | 583,513 | $14.1M | New |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 0.92% | 708,851 | $13.0M | Reduce -9.9% |
| AVB Avalonbay Communities Inc. | 0.85% | 66,269 | $12.0M | Reduce -70.0% |
| AMT American Tower Corp. | 0.83% | 67,339 | $11.8M | No change |
| HIW Highwoods Properties Inc. | 0.79% | 435,339 | $11.2M | Reduce -1.0% |
| COLD Americold Realty Trust Inc. | 0.72% | 800,750 | $10.3M | New |
| SBAC SBA Communications Corp. | 0.70% | 51,690 | $10.0M | New |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.62% | 71,360 | $8.8M | Reduce -70.5% |
| PK Park Hotels & Resorts Inc. | 0.49% | 667,204 | $7.0M | Reduce -50.5% |
| WY Weyerhaeuser Co. | 0.29% | 174,600 | $4.1M | New |
| ARE Alexandria Real Estate Equit | 0.23% | 67,593 | $3.3M | Reduce -63.9% |
| WPC WP Carey Inc. | 0.17% | 36,987 | $2.4M | Reduce -53.4% |
| FCPT Four Corners Property Trust | 0.12% | 72,097 | $1.7M | Add +0.3% |
| PEB Pebblebrook Hotel Trust | 0.03% | 36,494 | $413K | No change |
| HR Healthcare Realty Trust Inc. | 0.03% | 23,540 | $399K | No change |
| REXR Rexford Industrial Realty Inc. | 0.03% | 10,232 | $396K | No change |
| VRE Veris Residential Inc. | 0.03% | 26,336 | $392K | No change |
| FRT Federal Realty Invs Trust | 0.03% | 3,873 | $390K | Reduce -2.3% |
| BXP BXP Inc. | 0.03% | 5,725 | $386K | No change |
| ESRT Empire State Realty Trust-A | 0.03% | 59,186 | $386K | Add +18.7% |
| TRNO Terreno Realty Corp. | 0.03% | 6,444 | $378K | Reduce -8.4% |
| DEI Douglas Emmett Inc. | 0.03% | 34,327 | $377K | Add +32.9% |
| SHO Sunstone Hotel Investors Inc. | 0.03% | 40,815 | $365K | No change |
| VNO Vornado Realty Trust | 0.03% | 10,748 | $358K | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $513K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 17,147 | $513K | No change |
Total filed on the 13F, all lines: $1.4B.
Portfolio Sells Q3 2025 → Q4 2025
| KRG Kite Realty Group Trust | Sold out | 0.00% | −2.15 |
| AVB Avalonbay Communities Inc. | Reduce -70.0% | 0.85% | −2.07 |
| REG Regency Centers Corp. | Sold out | 0.00% | −1.93 |
| SUI Sun Communities Inc. | Reduce -70.5% | 0.62% | −1.51 |
| VICI Vici Properties Inc. | Sold out | 0.00% | −1.41 |
| EXR Extra Space Storage Inc. | Reduce -44.6% | 1.42% | −1.27 |
| CCI Crown Castle Inc. | Sold out | 0.00% | −1.16 |
| PLD Prologis Inc. | Reduce -22.6% | 9.20% | −1.15 |
| DLR Digital Realty Trust Inc. | Reduce -20.2% | 2.50% | −0.90 |
| LTC LTC Properties Inc. | Sold out | 0.00% | −0.87 |
| ARE Alexandria Real Estate Equit | Reduce -63.9% | 0.23% | −0.83 |
| SLG SL Green Realty Corp. | Reduce -19.6% | 1.04% | −0.60 |
| ESS Essex Property Trust Inc. | Reduce -20.3% | 2.42% | −0.59 |
| OHI Omega Healthcare Investors | Reduce -32.8% | 1.46% | −0.55 |
| PK Park Hotels & Resorts Inc. | Reduce -50.5% | 0.49% | −0.53 |
| GLPI Gaming and Leisure Propertie | Reduce -17.4% | 1.83% | −0.41 |
| BNL Broadstone Net Lease Inc. | Reduce -20.0% | 1.58% | −0.39 |
| CURB Curbline Properties Corp. | Sold out | 0.00% | −0.34 |
| AD Array Digital Infrastructure | Sold out | 0.00% | −0.33 |
| EGP Eastgroup Properties Inc. | Sold out | 0.00% | −0.30 |
| MPT Medical Properties Trust Inc. | Sold out | 0.00% | −0.28 |
| PCH Potlatchdeltic Corp. | Sold out | 0.00% | −0.27 |
| WELL Welltower Inc. | Reduce -8.8% | 11.66% | −0.25 |
| EQIX Equinix Inc. | Reduce -3.7% | 7.29% | −0.23 |
| WPC WP Carey Inc. | Reduce -53.4% | 0.17% | −0.20 |
| HIW Highwoods Properties Inc. | Reduce -1.0% | 0.79% | −0.17 |
| FR First Industrial Realty TR | Reduce -18.7% | 2.08% | −0.15 |
| INVH Invitation Homes Inc. | Reduce -1.1% | 2.28% | −0.08 |
| TRNO Terreno Realty Corp. | Reduce -8.4% | 0.03% | −0.00 |
| FRT Federal Realty Invs Trust | Reduce -2.3% | 0.03% | 0.00 |
| CTO Cto Realty Growth Inc. | Reduce -9.9% | 0.92% | +0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| VTR Ventas Inc. | Add +219.9% | 4.85% | +3.52 |
| BRX Brixmor Property Group Inc. | New | 3.41% | +3.41 |
| STAG Stag Industrial Inc. | New | 2.36% | +2.36 |
| VMRK Vivmark Residential | Add +115.4% | 3.37% | +1.81 |
| ADC Agree Realty Corp. | Add +362.1% | 1.79% | +1.42 |
| MAA Mid-America Apartment Comm | Add +50.4% | 3.72% | +1.31 |
| ELS Equity Lifestyle Properties | New | 1.21% | +1.21 |
| RHP Ryman Hospitality Properties | Add +58.1% | 2.43% | +1.02 |
| OUT Outfront Media Inc. | New | 0.99% | +0.99 |
| SPG Simon Property Group Inc. | Add +17.6% | 4.72% | +0.77 |
| COLD Americold Realty Trust Inc. | New | 0.72% | +0.72 |
| SBAC SBA Communications Corp. | New | 0.70% | +0.70 |
| AKR Acadia Realty Trust | Add +13.8% | 2.94% | +0.48 |
| PSA Public Storage | Add +25.6% | 3.12% | +0.43 |
| CUBE Cubesmart | Add +34.1% | 2.13% | +0.39 |
| WY Weyerhaeuser Co. | New | 0.29% | +0.29 |
| DOC Healthpeak Properties Inc. | Add +38.1% | 1.58% | +0.26 |
| NTST Netstreit Corp. | Add +7.8% | 1.73% | +0.14 |
| O Realty Income Corp. | Add +8.3% | 2.94% | +0.10 |
| CUZ Cousins Properties Inc. | Add +13.7% | 2.05% | +0.08 |
| ESRT Empire State Realty Trust-A | Add +18.7% | 0.03% | +0.00 |
| DEI Douglas Emmett Inc. | Add +32.9% | 0.03% | −0.00 |
| FCPT Four Corners Property Trust | Add +0.3% | 0.12% | −0.00 |
| IRM Iron Mountain Inc. | Add +3.4% | 2.86% | −0.44 |
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 |