Several prominent U.S. real estate investment trust investors were active in buying and selling REIT positions in the first quarter.
Green Street Investors LLC initiated 12 new positions in U.S. real estate investment trusts during the first quarter, while LaSalle Investment Management Securities LLC, Heitman Real Estate Securities LLC and AEW Capital Management LP initiated 10, seven and five new positions, respectively.
Collectively, the four firms increased their stakes in 74 existing U.S. REIT positions, while lowering share counts in 107 positions, including 22 exits.
At the end of the quarter, LaSalle Investment Management Securities' U.S. REIT portfolio had a market value of $4.94 billion, while the REIT portfolios of AEW Capital Management, Heitman Real Estate Securities and Green Street Investors were valued at $3.71 billion, $1.21 billion and $176.9 million, respectively.
Among the four analyzed firms, AEW Capital Management's $53.1 million initiation in HCP Inc. marked the largest initiation of the quarter by market value.

LaSalle Investment Management Securities acquired 80,598 shares in Realty Income Corp. during the quarter, the largest increase in an existing position on a relative percentage basis at 712.8%. AEW Capital Management boosted its position in CyrusOne Inc. by 307.4% through its acquisition of 707,339 shares of the company, while Heitman Real Estate Securities logged a 203.7% increase in its stake in Empire State Realty Trust Inc. by adding 1.13 million shares.

Heitman Real Estate Securities exited nine U.S. REIT positions during the quarter, while Green Street Investors, LaSalle Investment Management Securities and AEW Capital management exited seven, five and one position, respectively.

Excluding full dispositions, Heitman Real Estate Securities decreased its stakes in 34 U.S. REITs. LaSalle Investment Management Securities decreased its stakes in 31 U.S. REIT positions, while Green Street Investors and AEW Capital Management decreased share counts in 11 and nine positions, respectively, excluding full dispositions.

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