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AEW Capital sells out of 5 REITs in Q2

AEW Capital Management LP exited five of its real estate positions in the second quarter, reduced its stake in an additional 33, and increased its share count in seven, according to the firm's most recent investor filing.

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The firm sold out of its positions in office real estate investment trusts Columbia Property Trust Inc. and Alexandria Real Estate Equities Inc., residential REITs Equity Residential and Apartment Investment & Management Co., and retail REIT Macerich Co.

The firm reduced its share count in office-focused Easterly Government Properties Inc. by 71.1% and lowered its stake in data center REIT Equinix Inc. by more than a third.

The fund manager also reduced its stake in student lodging-focused American Campus Communities Inc. by 30.0%, while shedding 24.1% of its stake in diversified real estate developer Howard Hughes Corp.

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On the flip side, residential REIT Invitation Homes Inc. and healthcare REIT CareTrust REIT Inc. were among the few holdings in which AEW Capital Management increased its share count. The firm doubled its stake in Invitation Homes to more than 3.5 million shares and upped its share count in CareTrust by 50.2%.

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As of June 30, AEW Capital Management held positions in 40 publicly traded REITs, valued at $3.29 billion at quarter-end.

Simon Property Group Inc. remained the biggest stake in the real estate investment management firm's portfolio, valued at $233.3 million at June-end, followed by its position in multifamily REIT AvalonBay Communities Inc. valued at $211.1 million.

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By property type, the residential sector — comprising multifamily, manufactured homes, single-family and student housing REITs — represents the biggest position in the portfolio at $680.1 million, followed by retail at $528.3 million.