Vert Asset Management LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 14, 2025), Vert Asset Management LLC reported 45 stock positions worth $290.9 million. Its top holding was American Tower (AMT) at 7.5% of the portfolio, followed by Welltower (WELL, 7.3%) and Simon Property (SPG, 7.0%). Compared with Q4 2024, it opened 3 new positions, sold out of 1, added to 31 and reduced 4. The biggest buy was Ventas (VTR, shares +9%) and the biggest sale an exit from Sun Communities (SUI).

Most Recent 13F
Q2 2026
Location
SAUSALITO, CA
CIK
0001904664
Portfolio Value
$290.9M (Q1 2025)
SEC Filing
0001904664-25-000003 ↗ filed Apr 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $237.8M Q1 2024 Q2 2024: $250.9M Q2 2024 Q3 2024: $290.1M Q3 2024 Q4 2024: $292.1M Q4 2024 Q1 2025: $290.9M $290.9M Q1 2025 Q2 2025: $274.6M Q2 2025 Q3 2025: $297.4M Q3 2025 Q4 2025: $300.6M Q4 2025 Q1 2026: $315.1M Q1 2026 Q2 2026: $365.5M Q2 2026

Holdings 45 stocks · $290.9M
AMT American Tower Corp. 7.47% 99,864 $21.7M Reduce -2.5%
WELL Welltower Inc. 7.35% 139,486 $21.4M Reduce -22.8%
SPG Simon Property Group Inc. 7.05% 123,422 $20.5M Reduce -1.6%
DLR Digital Realty Trust Inc. 6.87% 139,469 $20.0M Add +9.3%
EQIX Equinix Inc. 6.85% 24,459 $19.9M Add +3.2%
PLD Prologis Inc. 6.65% 173,075 $19.3M Reduce -5.2%
EXR Extra Space Storage Inc. 5.07% 99,270 $14.7M Add +6.2%
AVB Avalonbay Communities Inc. 4.92% 66,660 $14.3M Add +5.0%
VTR Ventas Inc. 4.68% 198,184 $13.6M Add +9.3%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 4.02% 136,046 $11.7M Add +5.2%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 3.90% 158,633 $11.4M Add +5.6%
ESS Essex Property Trust Inc. 3.15% 29,940 $9.2M Add +5.5%
MAA Mid-America Apartment Comm 3.11% 53,988 $9.0M Add +5.1%
KIM Kimco Realty Corp. 2.31% 315,773 $6.7M Add +6.0%
ARE Alexandria Real Estate Equit 2.30% 72,361 $6.7M Add +4.2%
UDR Udr Inc. 2.28% 146,679 $6.6M Add +6.4%
DOC Healthpeak Properties Inc. 2.26% 325,143 $6.6M Add +6.9%
REG Regency Centers Corp. 2.02% 79,528 $5.9M Add +7.2%
ELS Equity Lifestyle Properties 1.94% 84,780 $5.7M Add +6.6%
BXP BXP Inc. 1.62% 69,968 $4.7M Add +6.2%
HST Host Hotels & Resorts Inc. 1.61% 329,108 $4.7M Add +6.3%
REXR Rexford Industrial Realty Inc. 1.42% 105,484 $4.1M Add +7.7%
BRX Brixmor Property Group Inc. 1.29% 141,157 $3.7M Add +6.8%
FRT Federal Realty Invs Trust 1.19% 35,429 $3.5M Add +7.3%
STAG Stag Industrial Inc. 1.06% 85,121 $3.1M Add +7.0%
VNO Vornado Realty Trust 0.91% 71,740 $2.7M Add +1.8%
COLD Americold Realty Trust Inc. 0.91% 123,235 $2.6M Add +5.9%
CUZ Cousins Properties Inc. 0.70% 68,664 $2.0M New
PECO Phillips Edison & Company Inc. 0.68% 54,045 $2.0M New
MAC The Macerich Co. 0.67% 112,971 $1.9M Add +11.3%
SLG SL Green Realty Corp. 0.61% 30,572 $1.8M Add +2.0%
KRC Kilroy Realty Corp. 0.53% 47,060 $1.5M Add +2.3%
LXP LXP Industrial Trust 0.44% 147,919 $1.3M Add +13.7%
UE Urban Edge Properties 0.35% 54,200 $1.0M New
UMH Umh Properties Inc. filed as UMH PPTYS INC 0.24% 37,318 $698K Add +19.4%
DRH Diamondrock Hospitality Co. 0.24% 88,930 $687K Add +7.7%
VRE Veris Residential Inc. 0.21% 36,688 $621K No change
RLJ RLJ Lodging Trust 0.20% 74,557 $588K Add +22.8%
ALEX Alexander & Baldwin Inc. 0.20% 33,864 $583K Add +40.3%
JBGS JBG Smith Properties 0.18% 31,650 $510K No change
ESRT Empire State Realty Trust-A 0.15% 55,749 $436K No change
AAT American Assets Trust Inc. 0.14% 20,869 $420K No change
CSR Centerspace 0.13% 6,004 $389K No change
BDN Brandywine Realty Trust 0.10% 66,296 $296K No change
HUDSON PAC PPTYS INC 0.04% 36,698 $108K No change

Portfolio Sells Q4 2024 → Q1 2025
SUI Sun Communities Inc. Sold out 0.00% −2.36
WELL Welltower Inc. Reduce -22.8% 7.35% −0.45
SPG Simon Property Group Inc. Reduce -1.6% 7.05% −0.35
PLD Prologis Inc. Reduce -5.2% 6.65% +0.04
AMT American Tower Corp. Reduce -2.5% 7.47% +1.04

Portfolio Buys Q4 2024 → Q1 2025
VTR Ventas Inc. Add +9.3% 4.68% +1.03
CUZ Cousins Properties Inc. New 0.70% +0.70
PECO Phillips Edison & Company Inc. New 0.68% +0.68
MAA Mid-America Apartment Comm Add +5.1% 3.11% +0.39
ESS Essex Property Trust Inc. Add +5.5% 3.15% +0.38
UE Urban Edge Properties New 0.35% +0.35
EXR Extra Space Storage Inc. Add +6.2% 5.07% +0.28
UDR Udr Inc. Add +6.4% 2.28% +0.23
VMRK Vivmark Residential Add +5.6% 3.90% +0.21
DOC Healthpeak Properties Inc. Add +6.9% 2.26% +0.15
REG Regency Centers Corp. Add +7.2% 2.02% +0.14
AVB Avalonbay Communities Inc. Add +5.0% 4.92% +0.14
STAG Stag Industrial Inc. Add +7.0% 1.06% +0.14
ELS Equity Lifestyle Properties Add +6.6% 1.94% +0.13
REXR Rexford Industrial Realty Inc. Add +7.7% 1.42% +0.12
LXP LXP Industrial Trust Add +13.7% 0.44% +0.08
COLD Americold Realty Trust Inc. Add +5.9% 0.91% +0.06
ALEX Alexander & Baldwin Inc. Add +40.3% 0.20% +0.05
UMH Umh Properties Inc. Add +19.4% 0.24% +0.04
BRX Brixmor Property Group Inc. Add +6.8% 1.29% +0.03
RLJ RLJ Lodging Trust Add +22.8% 0.20% −0.01
ARE Alexandria Real Estate Equit Add +4.2% 2.30% −0.02
DRH Diamondrock Hospitality Co. Add +7.7% 0.24% −0.02
MAC The Macerich Co. Add +11.3% 0.67% −0.03
BXP BXP Inc. Add +6.2% 1.62% −0.06
FRT Federal Realty Invs Trust Add +7.3% 1.19% −0.07
KIM Kimco Realty Corp. Add +6.0% 2.31% −0.08
SLG SL Green Realty Corp. Add +2.0% 0.61% −0.09
VNO Vornado Realty Trust Add +1.8% 0.91% −0.10
KRC Kilroy Realty Corp. Add +2.3% 0.53% −0.11
HST Host Hotels & Resorts Inc. Add +6.3% 1.61% −0.25
IRM Iron Mountain Inc. Add +5.2% 4.02% −0.63
EQIX Equinix Inc. Add +3.2% 6.85% −0.80
DLR Digital Realty Trust Inc. Add +9.3% 6.87% −0.87

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 44$365.5MEQIX, SPG, WELL, PLD, DLR
Q1 2026 45$315.1MEQIX, DLR, SPG, PLD, WELL
Q4 2025 46$300.6MEQIX, SPG, PLD, AMT, DLR
Q3 2025 45$297.4MWELL, SPG, DLR, PLD, EQIX
Q2 2025 45$274.6MDLR, AMT, WELL, SPG, PLD
Q1 2025 45$290.9MAMT, WELL, SPG, DLR, EQIX
Q4 2024 43$292.1MWELL, DLR, EQIX, SPG, PLD
Q3 2024 42$290.1MWELL, AMT, EQIX, DLR, PLD
Q2 2024 42$250.9MDLR, WELL, SPG, PLD, AMT
Q1 2024 42$237.8MSPG, PLD, AMT, WELL, DLR