Heitman Real Estate Securities provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, and selecting other managers.
Heitman Real Estate Securities reports 23 clients. They include 10 pooled investment vehicles, 7 corporations and other businesses, and 5 pension and profit-sharing plans. Of its assets, 100.0% ($1.82B across 27 accounts) are managed with discretion. Of its clients, 36% are outside the U.S. It advised 6 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Investment companies | 4% | 8% |
| Pooled investment vehicles | 43% | 36% |
| Pension and profit-sharing plans | 22% | 14% |
| State or municipal government entities | Fewer than 5 | 35% |
| Corporations and other businesses | 30% | 7% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Investment companies | 1 | $138M | 7.6% | $138M |
| Pooled investment vehicles | 10 | $653M | 35.9% | $65.3M |
| Pension and profit-sharing plans | 5 | $264M | 14.5% | $52.7M |
| State or municipal government entities | Fewer than 5 | $639M | 35.1% | — |
| Corporations and other businesses | 7 | $127M | 7.0% | $18.1M |
| Total | 23 | $1.82B | 100% | — |
- Clients
- 1
- Regulatory AUM
- $138M
- AUM share
- 7.6%
- Avg. per client
- $138M
- Clients
- 10
- Regulatory AUM
- $653M
- AUM share
- 35.9%
- Avg. per client
- $65.3M
- Clients
- 5
- Regulatory AUM
- $264M
- AUM share
- 14.5%
- Avg. per client
- $52.7M
- Clients
- Fewer than 5
- Regulatory AUM
- $639M
- AUM share
- 35.1%
- Avg. per client
- —
- Clients
- 7
- Regulatory AUM
- $127M
- AUM share
- 7.0%
- Avg. per client
- $18.1M
Total
- Clients
- 23
- Regulatory AUM
- $1.82B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 36%
- Clients advised without assets under management last fiscal year
- 6
- Private funds advised
- 0
Heitman Real Estate Securities is paid through a percentage of assets under management and performance-based fees; its fees and minimums are set out in its brochures on the SEC website.
Heitman LLC owns 75% or more of Heitman Real Estate Securities and is in turn owned by Ke I LLC (75% or more). The leadership team of Heitman Real Estate Securities includes Chief Financial Officer Lawrence Christensen and Chief Compliance Officer Christopher Shapley. It has 141 employees, 43 of them in advisory roles.
Leadership
Lawrence ChristensenManager, Chief Financial Officer, Treasurer and Secretary- Christopher ShapleyChief Compliance Officer
- Charles HarbinManaging Director, Portfolio Manager, Co-Head of Public Securities Group
Anthony StamatoSenior Managing Director, Chief Legal Officer
Maury TognarelliManager- Jeffrey YurkManaging Director, Portfolio Manager, Co-Head of Public Securities Group
Staff
- 141 employees
- 43 in advisory functions
- 15 broker-dealer reps
- 4 soliciting firms
- Owns 75% or more of Heitman Real Estate Securities LLC
Heitman LLC
Control person · since December 1994
- Owns 75% or more of Heitman LLC
Ke I LLC
Control person · since January 1999
Heitman Real Estate Securities’ regulatory assets fell from $3.36B (March 2021) to $1.82B (March 2026); clients fell from 30 to 23 and employees were 141 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $1.82B | 23 | 141 | 7 |
| March 2025 | $1.87B | 20 | 147 | 7 |
| March 2024 | $2.31B | 26 | 147 | 7 |
| April 2023 | $2.37B | 29 | 141 | 6 |
| April 2022 | $3.44B | 27 | 144 | 6 |
| March 2021 | $3.36B | 30 | 143 | 6 |
Besides its headquarters, Heitman Real Estate Securities has 6 offices, with 7 listed addresses in the U.S. and abroad.
Illinois · 1 listed address
- 110 North Wacker Drive, Suite 4000, ChicagoHQ
New York · 1 listed address
- 12 East 49th Street, New York
International offices
- 8 HANOVER STREET, LONDON, W1S 1YQ, United Kingdom
- L27, 101 COLLINS STREET, MELBOURNE, VIC 3000, Australia
- HIBIYA MITSUI TOWER, 33F, CHIYODA-KU TOKYO, 100-0006, Japan
- 10/F LHT TOWER, CENTRAL, Hong Kong
- 4 BOULEVARD ROYAL, LUXEMBOURG, L-2449, Luxembourg
Contact and registration details
- Legal name
- Heitman Real Estate Securities LLC
- Headquarters
- 110 North Wacker Drive, Suite 4000, Chicago, IL 60606-1615
- Website
- Not reported
- Phone
- 312-855-5700
- SEC file
- 801-48252
- Structure
- Delaware LLC
- Fiscal year end
- December
Heitman Real Estate Securities uses State Street Bank and Trust ($506M, 49%), The Northern Trust ($283M, 27%) and Fifth Third Bank, National Association ($139M, 13%), among others, as custodians for its separately managed accounts. Heitman Real Estate Securities does not have custody of client assets.
- The Northern TrustThe Northern Trust Company · Chicago, IL · $283M27%
- State Street Bank and TrustState Street Bank and Trust Company · Boston, MA · $506M49%
- Fifth Third Bank, National AssociationFifth Third Bank, National Association · Cincinnati, OH · $139M13%
- The Bank of New York MellonThe Bank of New York Mellon · New York, NY · $113M11%
At year end, Heitman Real Estate Securities’ separately managed accounts were mostly in stocks (99%). Its reported 13F holdings for the quarter ended 30 June 2026 total $1.56B across 57 positions; the largest are Welltower Inc. (13.3%), Prologis Inc.. (8.3%) and Equinix Inc. (6.5%).
What the accounts hold
- Stocks99%
- Cash1%
Reported 13F holdings
- $1.56B
- Reported 13F value
- 57
- Positions
- 53.8%
- In the 10 largest
- +12.0%
- Value vs. prior quarter
- Welltower Inc.13.3%
- Prologis Inc..8.3%
- Equinix Inc.6.5%
- Digital Rlty TR Inc.5.7%
- Simon Ppty Group Inc. New4.1%
- Essex Ppty TR Inc.4.0%
- Equity Residential · SH Ben Int3.2%
- Extra Space Storage Inc.3.1%
- Iron Mtn Inc. Del2.9%
- Agree Rlty Corp.2.8%
Together, the ten largest are 53.8% of reported value.
How many clients does Heitman Real Estate Securities have?
Heitman Real Estate Securities has 23 clients and manages $1.82 billion for them, as of March 2026. They include 10 pooled investment vehicles, 7 corporations and other businesses, and 5 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 27 March 2026
What services does Heitman Real Estate Securities offer?
Heitman Real Estate Securities provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Heitman Real Estate Securities use?
Heitman Real Estate Securities’ separately managed account assets are held at State Street Bank and Trust Company (Boston, MA), with $506M, The Northern Trust Company (Chicago, IL), with $283M, Fifth Third Bank, National Association (Cincinnati, OH), with $139M and The Bank of New York Mellon (New York, NY), with $113M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 27 March 2026
How many financial advisors does Heitman Real Estate Securities have?
Heitman Real Estate Securities has 0 investment adviser representatives registered with state securities authorities, out of 141 employees, and 43 perform investment advisory functions. 15 employees are registered representatives of a broker-dealer and 0 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Heitman Real Estate Securities invest in?
At the end of its last fiscal year, Heitman Real Estate Securities’ separately managed accounts held 99% exchange-traded equities and 1% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Heitman Real Estate Securities?
Heitman Real Estate Securities is owned through a holding company by Ke I LLC. Its direct owner is Heitman LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 27 March 2026
How does Heitman Real Estate Securities get paid?
Heitman Real Estate Securities is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Heitman Real Estate Securities?
Heitman Real Estate Securities’ main office is at 110 North Wacker Drive, Suite 4000, Chicago, IL 60606-1615. Its phone number is 312-855-5700.