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LaSalle ups stakes in Welltower, CoreCivic, cuts stakes in communications REITs

LaSalle Investment Management Securities LLC lowered its stake in a majority of its real estate investment trust holdings during the second quarter, according to the firm's most recent investor filing.

The real estate investment management firm made its largest relative cuts to its stakes in healthcare-focused Ventas Inc. and residential REIT Equity LifeStyle Properties Inc., lowering its position in the REITs by 93.6% and 83.6%, respectively. LaSalle also sold 60.1% of its shares in SBA Communications Corp. and 53.9% of its stake in Crown Castle International Corp., both communications-focused REITs.

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On the other hand, the firm raised its share count in Welltower Inc. and CoreCivic Inc. by more than 1,000% and increased its stake in Agree Realty Corp. by 959.9%. It increased its position in Healthcare Trust of America Inc. by 48.6%.

As of June 30, LaSalle held positions in 54 publicly traded REITs valued at $3.71 billion, 4.7% lower than its REIT portfolio value of $3.89 billion as of the end of the first quarter.

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Public Storage is the investment firm's top holding. LaSalle sold 15.8% of its stake in the self-storage REIT during the second quarter, and its position as of June 30 totaled $279.4 million. Residential REITs AvalonBay Communities Inc. and Equity Residential are its second- and third-largest positions, totaling $267.0 million and $228.8 million, respectively, as of the end of the period.

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On a sector-wide basis, the firm holds stakes worth $738.0 million and $728.4 million in retail and residential REITs, respectively. LaSalle's holdings in office REITs, meanwhile, aggregated to $541.6 million.