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LaSalle boosts stake in Regency Centers, cuts positions in 30 REITs in Q3

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According to Market Intelligence, December 2022


LaSalle boosts stake in Regency Centers, cuts positions in 30 REITs in Q3

LaSalle Investment Management Securities LLC reduced its exposure in 30 out of 49 of its publicly traded U.S. real estate investment trust holdings and completely exited four positions in the third quarter, bringing the total value of its REIT portfolio to $2.32 billion as of Sept. 30, from $2.68 billion at June 30, according to the firm's most recent investor filing.

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Big increase in Regency Centers stake

LaSalle boosted its share count in retail-focused Regency Centers Corp. by more than tenfold, moving the REIT's ranking up from 48th in the second quarter to become the asset manager's 27th largest holding by market value, at $35.1 million, as of Sept. 30.

The firm's second-largest position increase was a boost of more than 800% in Healthpeak Properties Inc., valued at $32.2 million, as of quarter-end.

LaSalle also boosted its share count in casino REIT Gaming & Leisure Properties Inc., to 1,478,587 shares, making it the firm's 15th-largest holding by market value, at $65.4 million as of Sept. 30.

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The investment firm reduced its shares in Corporate Office Properties Trust by more than 70% in the third quarter. It slashed its stakes by more than 50% in four other holdings comprising National Health Investors Inc., Sun Communities Inc., Americold Realty Trust Inc. and SBA Communications Corp.

LaSalle exits 4 REITs

The asset manager's exits included diversified REIT STORE Capital Corp., which is in the process of being acquired by an investor group including Oak Street Real Estate Capital LLC and GIC Pte. Ltd. The REIT was LaSalle's largest new stake by market value in the second quarter.

The firm's three other exits were healthcare-focused REITs Omega Healthcare Investors Inc. and CareTrust REIT Inc. as well as hotel landlord RLJ Lodging Trust.

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Largest holding in self-storage REIT

As of Sept. 30, self-storage REIT Public Storage occupied the top position in the firm's investment portfolio, with $152.6 million in market value.

The firm's top 20 holdings included five REITs in the specialty sector, which comprises advertising, casino, communications, data center and timber REITs. LaSalle's exposure in this sector was the highest, valued at $507.7 million in the third quarter.

Lasalle's holdings in the specialty REIT segment included data center landlord Equinix Inc., which was the firm's second-largest holding in terms of market value, at $150.4 million, as of quarter-end. The other holdings in this category included casino REIT VICI Properties Inc. and datacenter-focused Digital Realty Trust Inc., valued at $89.6 million and $80.5 million, respectively.

Industrial REITs occupied four positions in the company's top 20 holdings, including Prologis Inc., valued at $102.5 million, and Duke Realty Corp., valued at $66.6 million, as of Sept. 30. Prologis acquired Duke Realty on Oct. 3.

Residential REITs were among the top five holdings in the firm's investment portfolio, including Invitation Homes Inc., AvalonBay Communities Inc. and Essex Property Trust Inc., valued at $114.6 million, $107.8 million and $106.7 million, respectively.

The investment firm's exposure to the residential sector stood at $476.3 million, as of the end of the third quarter.

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