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According to Market Intelligence, December 2022


AEW Capital Management ramps up stake in American Homes 4 Rent in Q3

AEW Capital Management LP increased its share count in 21 of its real estate investment trust positions in the third quarter and purchased new stakes in three REITs, according to the firm's most recent Form 13F filing.

Buying back into Simon Property Group

During the recent quarter, the REIT-focused investor bought back into Simon Property Group Inc., which was valued at roughly $25.5 million as of Sept. 30. The quarter prior, AEW sold its shares in the mall REIT.

AEW also purchased 509,930 shares of office REIT Corporate Office Properties Trust, a stake valued at $11.8 million at quarter-end.

A third new position in AEW's portfolio was Healthcare Realty Trust Inc., which completed its merger with Healthcare Trust of America Inc. on July 20. AEW reported a $3.6 million stake in Healthcare Trust of America the quarter prior as of June 30, while its stake in Healthcare Realty Trust was valued at $18.6 million as of Sept. 30.

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Additionally, AEW boosted its stake in single-family rental REIT American Homes 4 Rent by more than five times, closing the quarter with a position valued at $64.7 million.

The investment firm also nearly tripled its share counts in cold-storage-oriented Americold Realty Trust Inc. and single-tenant retail REIT NETSTREIT Corp., as well as doubled its stake in industrial REIT Rexford Industrial Realty Inc.

AEW decreased its share count in 15 of its positions, as well as exited its stakes in industrial REIT Terreno Realty Corp., hotel REIT Host Hotels & Resorts Inc. and Toronto-headquartered Tricon Residential Inc.

The firm also sold the majority of its stake in healthcare-focused Global Medical REIT Inc., as well as more than a quarter of its share count in self-storage REIT Life Storage Inc.

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Prologis remains AEW's largest position

As of Sept. 30, AEW's portfolio consisted of 40 stakes in U.S. REITs, valued at $2.56 billion in aggregate.

Industrial REIT Prologis Inc. remained the firm's largest REIT holding at quarter-end by market value, at $253.7 million.

Data center-focused Equinix Inc. took the second spot, valued at $209.7 million, followed by multifamily REIT AvalonBay Communities Inc. and manufactured home REIT Sun Communities Inc. at $138.6 and $114.8 million, respectively.

Casino REIT VICI Properties Inc. rounded out the top five, valued at $114.7 million as of Sept. 30.

The residential property sector accounted for $767.5 million of the firm's portfolio. Within the residential sector, AEW owned $482.8 million in multifamily REITs, as well as $144.3 million and $140.4 million in single-family rental and manufactured home REITs, respectively.

AEW's portfolio included $455.7 million worth of industrial REITs and $340.6 million in self-storage REITs.

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