Uniplan Investment Counsel, Inc.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Uniplan Investment Counsel, Inc. reported 115 stock positions worth $1.0 billion. Its top holding was Equinix (EQIX) at 6.7% of the portfolio, followed by American Tower (AMT, 4.8%) and Simon Property (SPG, 4.2%). Compared with Q3 2024, it opened 14 new positions, sold out of 7, added to 36 and reduced 65. The biggest buy was Apartment Invt & Mgmt Class A (AIV, shares +204%) and the biggest sale American Tower (AMT, shares −7%).

Most Recent 13F
Q2 2026
Location
MILWAUKEE, WI
CIK
0001520710
Portfolio Value
$1.0B (Q4 2024)
SEC Filing
0001520710-25-000001 ↗ filed Feb 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.2B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $1.1B Q3 2024 Q4 2024: $1.0B $1.0B Q4 2024 Q1 2025: $997.4M Q1 2025 Q2 2025: $954.8M Q2 2025 Q3 2025: $982.9M Q3 2025 Q4 2025: $963.2M Q4 2025 Q1 2026: $943.6M Q1 2026 Q2 2026: $1.0B Q2 2026

Holdings 115 stocks · $1.0B
EQIX Equinix Inc. 6.66% 73,869 $69.7M Reduce -1.6%
AMT American Tower Corp. 4.80% 273,711 $50.2M Reduce -6.9%
SPG Simon Property Group Inc. 4.18% 254,305 $43.8M Reduce -1.6%
WELL Welltower Inc. 4.13% 343,038 $43.2M Reduce -2.1%
KRG Kite Realty Group Trust 3.14% 1,303,231 $32.9M Reduce -1.6%
EGP Eastgroup Properties Inc. 3.09% 201,498 $32.3M Reduce -2.1%
TRNO Terreno Realty Corp. 3.06% 542,030 $32.1M Add +1.0%
PSA Public Storage 2.56% 89,550 $26.8M Reduce -2.1%
GLPI Gaming and Leisure Propertie 2.53% 550,333 $26.5M Reduce -1.5%
CCI Crown Castle Inc. 2.39% 275,875 $25.0M Reduce -14.5%
AMH American Homes 4 Rent- A 2.37% 661,545 $24.8M Reduce -2.1%
EXR Extra Space Storage Inc. 2.35% 164,643 $24.6M Reduce -2.1%
PLD Prologis Inc. 2.17% 215,169 $22.7M Reduce -2.1%
VICI Vici Properties Inc. filed as VICI PPTYS INC 2.15% 771,839 $22.5M Reduce -1.5%
VTR Ventas Inc. 1.82% 322,812 $19.0M Reduce -2.1%
ELS Equity Lifestyle Properties 1.76% 275,892 $18.4M Reduce -2.1%
WY Weyerhaeuser Co. 1.69% 626,702 $17.6M Add +7.4%
USFR Wisdomtree Floating Rate Tre 1.68% 348,728 $17.5M Reduce -33.1%
AVB Avalonbay Communities Inc. 1.46% 69,326 $15.2M Reduce -2.1%
ESS Essex Property Trust Inc. 1.30% 47,661 $13.6M Reduce -2.2%
REG Regency Centers Corp. 1.29% 182,710 $13.5M Reduce -2.1%
DLR Digital Realty Trust Inc. 1.25% 73,639 $13.1M Reduce -2.1%
FPI Farmland Partners Inc. 1.18% 1,047,557 $12.3M Reduce -1.3%
CPT Camden Property Trust 1.17% 105,444 $12.2M Reduce -2.1%
IDCC Interdigital Inc. 1.15% 61,903 $12.0M Reduce -5.9%
BXP BXP Inc. 1.10% 155,251 $11.5M Reduce -2.0%
MTN Vail Resorts Inc. 1.10% 61,581 $11.5M Add +6.5%
WMB Williams Cos Inc. 1.09% 210,825 $11.4M Add +0.8%
SBAC SBA Communications Corp. 0.97% 49,828 $10.2M Reduce -2.1%
ADC Agree Realty Corp. 0.94% 139,337 $9.8M Reduce -2.1%
INVH Invitation Homes Inc. 0.91% 297,533 $9.5M Reduce -2.1%
BLX Bladex Inc. filed as Banco Latinoamericano de Comercio Exterior SA 0.89% 263,212 $9.4M Reduce -9.8%
MAA Mid-America Apartment Comm 0.86% 58,498 $9.0M Reduce -2.1%
KMI Kinder Morgan Inc. 0.85% 322,854 $8.8M Add +0.9%
AIV Apartment Invt & Mgmt Co. Class A 0.82% 942,251 $8.6M Add +203.6%
O Realty Income Corp. 0.78% 153,116 $8.2M Reduce -2.1%
LINC Lincoln Educational Services 0.76% 503,991 $8.0M Reduce -1.0%
SEI Solaris Energy Infrastructur 0.73% 265,814 $7.7M Reduce -26.5%
LGND Ligand Pharmaceuticals 0.70% 68,155 $7.3M Add +28.3%
HR Healthcare Realty Trust Inc. 0.70% 429,863 $7.3M Reduce -2.1%
AOSL Alpha & Omega Semiconductor 0.68% 191,776 $7.1M Reduce -1.1%
GDYN Grid Dynamics Holdings Inc. 0.68% 318,913 $7.1M Add +30.4%
FANG Diamondback Energy Inc. 0.64% 40,690 $6.7M Add +1.4%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.61% 51,999 $6.4M Reduce -2.1%
BLFS Biolife Solutions Inc. 0.61% 245,517 $6.4M Reduce -1.3%
EPR Epr Properties filed as EPR PPTYS 0.60% 142,223 $6.3M Reduce -2.2%
PSTL Postal Realty Trust Inc. Class A 0.60% 482,512 $6.3M Reduce -1.6%
DAKT Daktronics Inc. 0.56% 345,491 $5.8M Reduce -1.2%
SII Sprott Inc. 0.55% 135,613 $5.7M Reduce -1.2%
AZZ Azz Inc. 0.54% 69,566 $5.7M Add +7.6%
EQH Equitable Holdings Inc. 0.54% 120,524 $5.7M Add +1.1%
UFPT Ufp Technologies Inc. 0.54% 23,117 $5.7M Reduce -12.6%
GRC Gorman-Rupp Co. 0.53% 145,736 $5.5M Reduce -1.2%
CTS CTS Corp. 0.52% 103,545 $5.5M Reduce -1.1%
ABBV Abbvie Inc. 0.50% 29,265 $5.2M Reduce -42.0%
OKE Oneok Inc. 0.49% 50,970 $5.1M Add +0.3%
MAMA Mama's Creations Inc. 0.46% 610,606 $4.9M Reduce -13.6%
UTI Universal Technical Institut 0.46% 185,864 $4.8M Reduce -1.0%
NSSC Napco Security Technologies 0.44% 129,714 $4.6M Add +13.3%
PLYM Plymouth Industrial REIT Inc. 0.43% 254,912 $4.5M Reduce -1.2%
UEC Uranium Energy Corp. 0.43% 678,241 $4.5M Reduce -1.0%
MET Metlife Inc. 0.42% 53,874 $4.4M Add +0.8%
HWKN Hawkins Inc. 0.42% 35,852 $4.4M Reduce -20.3%
CMBT CMB Tech NV 0.41% 429,093 $4.3M Add +31.8%
OHI Omega Healthcare Investors 0.41% 112,416 $4.3M Add +0.7%
INVA Innoviva Inc. 0.40% 242,014 $4.2M Reduce -1.2%
BBW Build-A-Bear Workshop Inc. 0.40% 90,817 $4.2M Add +182.9%
SRTA Strata Critical Medical Inc. filed as BLADE AIR MOBILITY INC 0.40% 973,736 $4.1M Reduce -6.6%
COLL Collegium Pharmaceutical Inc. 0.39% 142,004 $4.1M Reduce -1.3%
PUMP Propetro Holding Corp. 0.39% 436,058 $4.1M Add +67.6%
RDVT Red Violet Inc. 0.38% 109,209 $4.0M Add +27.0%
OUT Outfront Media Inc. 0.38% 222,713 $4.0M New
HHH Howard Hughes Holdings Inc. 0.38% 51,316 $3.9M Reduce -2.2%
ARCC Ares Capital Corp. 0.37% 177,480 $3.9M Add +1.0%
NPKI NPK International Inc. 0.36% 489,764 $3.8M Reduce -0.9%
PLGO Pelagos Insurance Capital LT filed as FIDELIS INSURANCE HOLDINGS L 0.36% 207,075 $3.8M Add +79.3%
PKE Park Aerospace Corp. 0.34% 244,636 $3.6M Add +20.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.34% 16,278 $3.6M Add +2.5%
SW Smurfit Westrock PLC 0.33% 63,574 $3.4M Add +0.7%
DD Dupont DE Nemours Inc. 0.32% 43,609 $3.3M Add +1.2%
HEES H&E Equipment Services Inc. 0.31% 67,236 $3.3M Reduce -0.7%
SPOK Spok Holdings Inc. filed as SPOK HLDGS INC 0.31% 203,587 $3.3M Reduce -1.1%
WULF Terawulf Inc. 0.30% 557,375 $3.2M Add +21.4%
AHRT Ah Realty Trust Inc. filed as ARMADA HOFFLER PPTYS INC 0.30% 304,085 $3.1M Reduce -68.5%
COHR Coherent Corp. 0.29% 32,554 $3.1M Add +0.9%
SIGA Siga Technologies Inc. 0.29% 500,989 $3.0M Reduce -1.1%
SAFE Safehold Inc. 0.28% 159,729 $3.0M Reduce -2.0%
CCOI Cogent Communications Holdin 0.28% 37,781 $2.9M Add +1.2%
VLO Valero Energy Corp. 0.27% 23,445 $2.9M Add +0.9%
NWPX NWPX Infrastructure Inc. filed as NORTHWEST PIPE CO 0.27% 59,181 $2.9M Reduce -1.3%
XYLD Global X S&P 500 Cove Call E 0.26% 65,292 $2.7M Add +1.8%
BKTI BK Technologies Corp. 0.25% 77,227 $2.6M Reduce -33.3%
AMGN Amgen Inc. 0.23% 9,107 $2.4M Reduce -4.5%
EFC Ellington Financial Inc. 0.21% 182,960 $2.2M Add +1.0%
EU Encore Energy Corp. 0.21% 629,306 $2.1M Add +20.4%
LFMD Lifemd Inc. 0.18% 385,253 $1.9M Reduce -1.3%
OMAB Grupo Aeroportuario Cen-ADR 0.18% 26,945 $1.8M New
PAC Grupo Aeroportuario Pac-ADR 0.17% 10,467 $1.8M New
IRMD Iradimed Corp. 0.17% 32,540 $1.8M New
CASS Cass Information Systems Inc. 0.17% 42,403 $1.7M Reduce -53.8%

Show all 115 holdings

Other holdings (15): bonds, preferreds, convertibles and warrants · $29.5M (not counted above)
SecurityClassShares / PrincipalValueChange
AT&T INC (T 4.75 PERP C) PFD 199,208$4.0MAdd +0.8%
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 137,232$2.9MAdd +62.5%
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 2,324$2.8MNew
PUBLIC STORAGE (PSA 5.6 PERP H) Common Stock 112,562$2.6MAdd +0.6%
TRITON INTERNATIONAL LTD (TRTN 8 PERP B) PFD 86,248$2.2MAdd +0.8%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 34,306$2.1MAdd +1401.4%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 35,472$2.0MNew
REDWOOD TRUST INC (RWT V10 PERP) COM 67,248$1.7MAdd +1.1%
MEDALLION BANK UTAH (MEDBNK V0 PERP F) PFD 67,814$1.7MAdd +1.3%
ADAMAS TRUST INC (ADAM V7.875 PERP E) PFD 65,911$1.6MReduce -0.1%
COMPASS DIVERSIF HOLDING (CODI 7.875 PERP C) PREFERREDSTK 62,181$1.5MAdd +0.1%
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B 19,562$1.4MNew
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 13,952$1.2MNew
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 39,143$961KNew
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 20,904$851KNew

Total filed on the 13F, all lines: $1.1B.

Portfolio Sells Q3 2024 → Q4 2024
AMT American Tower Corp. Reduce -6.9% 4.80% −1.29
CCI Crown Castle Inc. Reduce -14.5% 2.39% −1.02
USFR Wisdomtree Floating Rate Tre Reduce -33.1% 1.68% −0.65
AHRT Ah Realty Trust Inc. Reduce -68.5% 0.30% −0.48
IRM Iron Mountain Inc. Sold out 0.00% −0.47
PSA Public Storage Reduce -2.1% 2.56% −0.40
ABBV Abbvie Inc. Reduce -42.0% 0.50% −0.39
EXR Extra Space Storage Inc. Reduce -2.1% 2.35% −0.34
VZ Verizon Communications Inc. Sold out 0.00% −0.34
EGP Eastgroup Properties Inc. Reduce -2.1% 3.09% −0.33
PLD Prologis Inc. Reduce -2.1% 2.17% −0.30
SPB Spectrum Brands Holdings Inc. Sold out 0.00% −0.30
BWMN Bowman Consulting Group Ltd. Sold out 0.00% −0.27
CVEO Civeo Corp. Sold out 0.00% −0.25
UFPT Ufp Technologies Inc. Reduce -12.6% 0.54% −0.21
VPG Vishay Precision Group Sold out 0.00% −0.20
CASS Cass Information Systems Inc. Reduce -53.8% 0.17% −0.17
VICI Vici Properties Inc. Reduce -1.5% 2.15% −0.17
SBAC SBA Communications Corp. Reduce -2.1% 0.97% −0.12
COLL Collegium Pharmaceutical Inc. Reduce -1.3% 0.39% −0.11
O Realty Income Corp. Reduce -2.1% 0.78% −0.10
SAFE Safehold Inc. Reduce -2.0% 0.28% −0.10
BRLT Brilliant Earth Group Inc. Class A Sold out 0.00% −0.09
HWKN Hawkins Inc. Reduce -20.3% 0.42% −0.09
PLYM Plymouth Industrial REIT Inc. Reduce -1.2% 0.43% −0.09
VTR Ventas Inc. Reduce -2.1% 1.82% −0.07
AMGN Amgen Inc. Reduce -4.5% 0.23% −0.05
INVH Invitation Homes Inc. Reduce -2.1% 0.91% −0.04
PSTL Postal Realty Trust Inc. Class A Reduce -1.6% 0.60% −0.04
ELS Equity Lifestyle Properties Reduce -2.1% 1.76% −0.03
EPR Epr Properties Reduce -2.2% 0.60% −0.03
BXP BXP Inc. Reduce -2.0% 1.10% −0.03
SUI Sun Communities Inc. Reduce -2.1% 0.61% −0.03
GLPI Gaming and Leisure Propertie Reduce -1.5% 2.53% −0.03
SLP Simulations Plus Inc. Reduce -6.9% 0.16% −0.02
INVA Innoviva Inc. Reduce -1.2% 0.40% −0.02
ADC Agree Realty Corp. Reduce -2.1% 0.94% −0.02
SIGA Siga Technologies Inc. Reduce -1.1% 0.29% −0.02
CPT Camden Property Trust Reduce -2.1% 1.17% −0.02
HR Healthcare Realty Trust Inc. Reduce -2.1% 0.70% −0.01
LFMD Lifemd Inc. Reduce -1.3% 0.18% +0.00
MAMA Mama's Creations Inc. Reduce -13.6% 0.46% +0.01
KRG Kite Realty Group Trust Reduce -1.6% 3.14% +0.01
HHH Howard Hughes Holdings Inc. Reduce -2.2% 0.38% +0.02
GRC Gorman-Rupp Co. Reduce -1.2% 0.53% +0.02
SII Sprott Inc. Reduce -1.2% 0.55% +0.02
MAA Mid-America Apartment Comm Reduce -2.1% 0.86% +0.02
ESS Essex Property Trust Inc. Reduce -2.2% 1.30% +0.02
HEES H&E Equipment Services Inc. Reduce -0.7% 0.31% +0.02
BKTI BK Technologies Corp. Reduce -33.3% 0.25% +0.03

Portfolio Buys Q3 2024 → Q4 2024
AIV Apartment Invt & Mgmt Co. Class A Add +203.6% 0.82% +0.52
OUT Outfront Media Inc. New 0.38% +0.38
GDYN Grid Dynamics Holdings Inc. Add +30.4% 0.68% +0.37
BBW Build-A-Bear Workshop Inc. Add +182.9% 0.40% +0.30
WMB Williams Cos Inc. Add +0.8% 1.09% +0.24
LGND Ligand Pharmaceuticals Add +28.3% 0.70% +0.22
KMI Kinder Morgan Inc. Add +0.9% 0.85% +0.22
PUMP Propetro Holding Corp. Add +67.6% 0.39% +0.21
MTN Vail Resorts Inc. Add +6.5% 1.10% +0.21
OMAB Grupo Aeroportuario Cen-ADR New 0.18% +0.18
PAC Grupo Aeroportuario Pac-ADR New 0.17% +0.17
PLGO Pelagos Insurance Capital LT Add +79.3% 0.36% +0.17
IRMD Iradimed Corp. New 0.17% +0.17
RDVT Red Violet Inc. Add +27.0% 0.38% +0.16
AHR American Healthcare REIT Inc. New 0.15% +0.15
KRC Kilroy Realty Corp. New 0.14% +0.14
UDR Udr Inc. New 0.14% +0.14
GTY Getty Realty Corp. New 0.14% +0.14
XHR Xenia Hotels & Resorts Inc. New 0.14% +0.14
PCH Potlatchdeltic Corp. New 0.13% +0.13
WULF Terawulf Inc. Add +21.4% 0.30% +0.11
PKE Park Aerospace Corp. Add +20.4% 0.34% +0.11
CWK Cushman & Wakefield UK Holdc New 0.10% +0.10
KNTK Kinetik Holdings Inc. New 0.10% +0.10
EQH Equitable Holdings Inc. Add +1.1% 0.54% +0.10
RPRX Royalty Pharma PLC Class A New 0.10% +0.10
AL Sumisho Air Lease Corp. New 0.09% +0.09
OKE Oneok Inc. Add +0.3% 0.49% +0.08
AZZ Azz Inc. Add +7.6% 0.54% +0.07
SW Smurfit Westrock PLC Add +0.7% 0.33% +0.05
ARCC Ares Capital Corp. Add +1.0% 0.37% +0.04
COHR Coherent Corp. Add +0.9% 0.29% +0.04
IBM Intl Business Machines Corp. Add +2.5% 0.34% +0.03
MET Metlife Inc. Add +0.8% 0.42% +0.03
NSSC Napco Security Technologies Add +13.3% 0.44% +0.03
CCOI Cogent Communications Holdin Add +1.2% 0.28% +0.03
XYLD Global X S&P 500 Cove Call E Add +1.8% 0.26% +0.02
FANG Diamondback Energy Inc. Add +1.4% 0.64% +0.02
EU Encore Energy Corp. Add +20.4% 0.21% +0.02
CPK Chesapeake Utilities Corp. Add +2.0% 0.15% +0.01
EFC Ellington Financial Inc. Add +1.0% 0.21% +0.00
OHI Omega Healthcare Investors Add +0.7% 0.41% +0.00
VLO Valero Energy Corp. Add +0.9% 0.27% −0.00
BTBT Bit Digital Inc. Add +5.0% 0.10% −0.01
DVN Devon Energy Corp. Add +1.2% 0.14% −0.01
CWEN Clearway Energy Inc. Class C Add +0.9% 0.16% −0.01
DD Dupont DE Nemours Inc. Add +1.2% 0.32% −0.02
WY Weyerhaeuser Co. Add +7.4% 1.69% −0.07
CMBT CMB Tech NV Add +31.8% 0.41% −0.07
TRNO Terreno Realty Corp. Add +1.0% 3.06% −0.13

Notes & Other Activity Q3 2024 → Q4 2024
AT&T INC (T 4.75 PERP C) PFD Add +0.8% 199,208 $4.0M
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% Add +62.5% 137,232 $2.9M
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A New 2,324 $2.8M
PUBLIC STORAGE (PSA 5.6 PERP H) Common Stock Add +0.6% 112,562 $2.6M
EQUITY COMMONWEALTH (EQC 6.5 PERP D) 6.5% CNV PFD D Sold out 98,935 $2.5Mbefore exit
TRITON INTERNATIONAL LTD (TRTN 8 PERP B) PFD Add +0.8% 86,248 $2.2M
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Add +1401.4% 34,306 $2.1M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD New 35,472 $2.0M
REDWOOD TRUST INC (RWT V10 PERP) COM Add +1.1% 67,248 $1.7M
MEDALLION BANK UTAH (MEDBNK V0 PERP F) PFD Add +1.3% 67,814 $1.7M
ADAMAS TRUST INC (ADAM V7.875 PERP E) PFD Reduce -0.1% 65,911 $1.6M
COMPASS DIVERSIF HOLDING (CODI 7.875 PERP C) PREFERREDSTK Add +0.1% 62,181 $1.5M
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B New 19,562 $1.4M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV New 13,952 $1.2M
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A New 39,143 $961K
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A New 20,904 $851K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 162$1.0BWELL, EQIX, PLD, SPG, DLR
Q1 2026 168$943.6MEQIX, WELL, AMT, SPG, USFR
Q4 2025Amended 170$963.2MWELL, EQIX, SPG, AMT, PLD
Q3 2025 162$982.9MWELL, EQIX, AMT, SPG, EGP
Q2 2025 159$954.8MAMT, EQIX, WELL, SPG, USFR
Q1 2025 161$997.4MEQIX, AMT, WELL, SPG, EGP
Q4 2024 115$1.0BEQIX, AMT, SPG, WELL, KRG
Q3 2024 108$1.1BAMT, EQIX, WELL, SPG, EGP
Q2 2024 107$1.1BAMT, EQIX, SPG, WELL, EGP
Q1 2024 112$1.2BEQIX, AMT, SPG, EGP, TRNO