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Largest real estate investment managers
Ranked by taxable/tax-exempt assets, in millions, as of June 30.
| TAXABLE/TAX-EXEMPT ASSETS* | TAX-EXEMPT ASSETS** | |||||||||||||||
| RANK | MANAGER | TOTAL | EQUITY | TIMBER | REIT | HYBRID DEBT | MEZZA- NINE | MORT- GAGES | TOTAL | EQUITY | TIMBER | REIT | HYBRID DEBT | MEZZA- NINE | MORT- GAGES | DISCRE- TIONARY |
| 1 | ING Clarion/Real Estate | $59,401 | $35,599 | $4,984 | $18,818 | $8,752 | $7,111 | $1,641 | $5,683 | |||||||
| 2 | Prudential Real Estate | $42,537 | $16,685 | $722 | $25,130 | $13,136 | $11,650 | $722 | $764 | $13,050 | ||||||
| 3 | RREEF/DB Real Estate | $41,872 | $36,999 | $4,651 | $8 | $214 | $16,813 | $12,596 | $4,085 | $8 | $124 | $15,903 | ||||
| 4 | TIAA-CREF | $37,173 | $11,315 | $2,700 | $23,158 | $37,173 | $11,315 | $2,700 | $23,158 | $37,173 | ||||||
| 5 | Principal Real Estate | $23,261 | $7,479 | $576 | $285 | $14,921 | $15,606 | $4,810 | $267 | $65 | $10,464 | $12,840 | ||||
| 6 | LaSalle Investment | $21,056 | $17,291 | $3,753 | $12 | $7,234 | $4,324 | $2,898 | $12 | $5,796 | ||||||
| 7 | UBS Realty Investors | $19,636 | $18,014 | $1,007 | $615 | $8,760 | $8,083 | $62 | $615 | $8,760 | ||||||
| 8 | AEW Capital | $18,398 | $13,421 | $4,936 | $41 | $8,072 | $4,054 | $3,982 | $36 | $6,173 | ||||||
| 9 | JPMorgan Fleming | $18,375 | $13,362 | $1,303 | $122 | $108 | $3,480 | $16,599 | $12,325 | $579 | $122 | $93 | $3,480 | $14,217 | ||
| 10 | INVESCO Real Estate | $17,125 | $12,693 | $4,425 | $7 | $8,318 | $7,094 | $1,217 | $7 | $5,747 | ||||||
| 11 | Morgan Stanley Real Estate*** | $15,825 | $8,818 | $7,007 | $10,272 | $6,786 | $3,486 | $7,816 | ||||||||
| 12 | New York Life Inv. Mgmt. | $14,372 | $769 | $1,420 | $240 | $11,943 | $3,058 | $158 | $279 | $146 | $2,475 | |||||
| 13 | CB Richard Ellis Investors | $13,493 | $13,493 | $5,091 | $5,091 | $3,736 | ||||||||||
| 14 | Henderson Global Investors | $11,355 | $10,000 | $1,296 | $59 | $912 | $615 | $238 | $59 | $528 | ||||||
| 15 | Cohen & Steers | $11,179 | $528 | $10,651 | $2,148 | $2,148 | $2,148 | |||||||||
| 16 | Heitman | $10,107 | $5,370 | $2,272 | $2,465 | $8,300 | $4,913 | $1,175 | $2,212 | $2,565 | ||||||
| 17 | Barclays Global | $9,234 | $9,234 | $6,668 | $6,668 | $6,668 | ||||||||||
| 18 | General Motors Asset Mgmt. | $9,178 | $5,764 | $180 | $2,501 | $733 | $8,570 | $5,302 | $180 | $2,355 | $733 | $8,570 | ||||
| 19 | Capri Capital | $7,301 | $1,894 | $137 | $5,270 | $2,031 | $1,894 | $137 | $2,031 | |||||||
| 20 | Goldman, Sachs | $6,342 | $6,342 | $1,579 | $1,579 | $1,579 | ||||||||||
| 21 | SSR Realty Advisors | $6,092 | $6,092 | $6,092 | $6,092 | $5,213 | ||||||||||
| 22 | Kennedy Associates | $5,436 | $5,436 | $5,436 | $5,436 | $4,829 | ||||||||||
| 23 | Cornerstone Real Estate | $5,388 | $5,099 | $289 | $1,955 | $1,955 | $1,371 | |||||||||
| 24 | Vanguard Group | $4,785 | $4,785 | $586 | $586 | $586 | ||||||||||
| 25 | Fidelity Investments | $4,563 | $980 | $3,583 | $1,210 | $870 | $340 | $1,210 | ||||||||
| 26 | CIGNA Realty Investors | $4,292 | $324 | $114 | $3,854 | $4,292 | $324 | $114 | $3,854 | $4,292 | ||||||
| 27 | Security Capital Research | $4,276 | $63 | $4,213 | $2,358 | $63 | $2,295 | $2,358 | ||||||||
| 28 | Citigroup Alternative | $3,888 | $3,155 | $50 | $205 | $478 | $422 | $45 | $377 | $422 | ||||||
| 29 | Blackstone Real Estate | $3,850 | $3,757 | $13 | $80 | $1,772 | $1,721 | $7 | $44 | $1,772 | ||||||
| 30 | GMAC Institutional Advisors | $3,822 | $543 | $780 | $16 | $2,483 | $796 | $58 | $11 | $727 | $593 | |||||
| 31 | Sentinel Real Estate | $3,234 | $3,234 | $3,113 | $3,113 | $2,182 | ||||||||||
| 32 | Adelante Capital | $3,048 | $3,048 | $2,491 | $2,491 | $2,491 | ||||||||||
| 33 | Russell Investment Group | $2,888 | $1,210 | $1,678 | $1,405 | $1,186 | $219 | $1,405 | ||||||||
| 34 | Shorenstein | $2,874 | $2,833 | $20 | $21 | $1,539 | $1,507 | $16 | $16 | $1,539 | ||||||
| 35 | Hancock Timber | $2,861 | $2,861 | $1,701 | $1,701 | $1,464 | ||||||||||
| 36 | GE Asset Mgmt. | $2,853 | $2,710 | $97 | $46 | $2,853 | $2,710 | $97 | $46 | $2,853 | ||||||
| 37 | Westbrook Partners | $2,680 | $2,657 | $23 | $2,680 | $2,657 | $23 | $2,680 | ||||||||
| 38 | Lazard Freres Real Estate | $2,590 | $1,812 | $746 | $32 | $1,924 | $1,260 | $657 | $7 | $1,924 | ||||||
| 39 | KeyBank Real Estate | $2,300 | $2,300 | $232 | $232 | $232 | ||||||||||
| 40 | Tuckerman Group | $2,246 | $285 | $1,846 | $74 | $41 | $786 | $204 | $470 | $71 | $41 | $786 | ||||
| 41 | Beacon Capital | $2,189 | $2,189 | $2,189 | $2,189 | $2,189 | ||||||||||
| 42 | E.I.I. Realty Securities | $2,153 | $994 | $1,159 | $806 | $806 | $806 | |||||||||
| 43 | Colony Capital | $2,109 | $1,639 | $42 | $42 | $386 | $1,154 | $896 | $23 | $23 | $212 | $1,154 | ||||
| 44 | KBS Realty Advisors | $2,089 | $1,911 | $178 | $2,089 | $1,911 | $178 | $1,137 | ||||||||
| 45 | L&B Realty | $2,011 | $2,008 | $3 | $1,601 | $1,598 | $3 | $963 | ||||||||
| 46 | Union Labor Life | $1,997 | $1,997 | $1,997 | $1,997 | $1,997 | ||||||||||
| 47 | Wellington Management | $1,898 | $1,898 | $1,757 | $1,757 | $1,757 | ||||||||||
| 48 | Starwood Capital | $1,886 | $1,815 | $71 | $1,635 | $1,582 | $53 | $1,635 | ||||||||
| 49 | Lowe Enterprises | $1,824 | $1,473 | $351 | $1,824 | $1,473 | $351 | $1,203 | ||||||||
| 50 | Global Forest Partners | $1,802 | $1,802 | $1,379 | $1,379 | $1,281 | ||||||||||
| 51 | Forest Investment | $1,690 | $1,690 | $1,690 | $1,690 | $1,690 | ||||||||||
| 52 | MacFarlane Partners | $1,673 | $832 | $535 | $306 | $1,493 | $759 | $428 | $306 | $1,493 | ||||||
| 53 | Olympus Real Estate | $1,604 | $1,604 | $1,199 | $1,199 | $1,199 | ||||||||||
| 54 | AFL-CIO Building Trust | $1,593 | $1,264 | $101 | $228 | $1,593 | $1,264 | $101 | $228 | $1,593 | ||||||
| 55 | Oaktree Capital | $1,587 | $1,266 | $140 | $181 | $1,361 | $1,103 | $112 | $146 | $1,361 | ||||||
| 56 | Urdang & Associates | $1,582 | $600 | $837 | $145 | $1,582 | $600 | $837 | $145 | $1,446 | ||||||
| 57 | American Realty Advisors | $1,496 | $1,293 | $84 | $119 | $1,496 | $1,293 | $84 | $119 | $1,496 | ||||||
| 58 | Transwestern **** | $1,485 | $1,185 | $300 | $900 | $715 | $185 | $900 | ||||||||
| 59 | Grantham, Mayo van Otterloo | $1,479 | $1,023 | $456 | $1,479 | $1,023 | $456 | $1,441 | ||||||||
| 60 | Thomas Properties | $1,470 | $1,470 | $490 | $490 | $142 | ||||||||||
| 61 | RMK Timberland | $1,435 | $1,435 | $1,396 | $1,396 | $1,396 | ||||||||||
| 62 | Goldman Sachs Asset | $1,400 | $1,400 | $19 | $19 | $19 | ||||||||||
| 63 | Campbell Group | $1,357 | $1,357 | $1,357 | $1,357 | |||||||||||
| 64 | Advantus Capital | $1,344 | $345 | $999 | $565 | $87 | $478 | $565 | ||||||||
| 65 | DRA Advisors | $1,254 | $1,254 | $1,168 | $1,168 | $962 | ||||||||||
| 66 | Delaware Investments | $1,226 | $1,226 | $127 | $127 | $127 | ||||||||||
| 67 | Berwind Property Group | $1,220 | $1,220 | $748 | $748 | $638 | ||||||||||
| 68 | Praedium Group | $1,219 | $1,200 | $13 | $6 | $465 | $452 | $13 | $465 | |||||||
| 69 | ABN AMRO Asset (USA) | $1,176 | $2 | $1,174 | $15 | $15 | $15 | |||||||||
| 70 | Washington Capital | $1,136 | $466 | $670 | $1,136 | $466 | $670 | $990 | ||||||||
| 71 | AMB Capital Partners | $1,132 | $1,132 | $682 | $682 | $682 | ||||||||||
| 72 | Hearthstone | $1,129 | $1,129 | $915 | $915 | $915 | ||||||||||
| 73 | Commonwealth Realty | $1,103 | $1,101 | $2 | $1,103 | $1,101 | $2 | $45 | ||||||||
| 74 | Walton Street Capital | $1,089 | $1,075 | $14 | $648 | $640 | $8 | |||||||||
| 75 | Alliance Capital | $1,067 | $1,067 | $46 | $46 | $46 | ||||||||||
| 76 | JER Partners | $1,052 | $1,052 | $553 | $553 | $553 | ||||||||||
| 77 | Rockwood Capital | $1,047 | $1,047 | $865 | $865 | $865 | ||||||||||
| 78 | Prima Capital Advisors | $1,020 | $1,020 | $1,020 | $1,020 | $1,020 | ||||||||||
| 79 | Legg Mason Real Estate | $1,001 | $677 | $22 | $302 | $757 | $614 | $22 | $121 | $407 | ||||||
| 80 | Rockpoint Group | $1,000 | $1,000 | $726 | $726 | $726 | ||||||||||
| 81 | McMorgan | $945 | $846 | $28 | $71 | $945 | $846 | $28 | $71 | $945 | ||||||
| 82 | O’Connor Capital | $900 | $900 | $540 | $540 | $540 | ||||||||||
| 83 | TGM Associates | $859 | $859 | $859 | $859 | |||||||||||
| 84 | Landmark Partners | $822 | $822 | $285 | $285 | $285 | ||||||||||
| 85 | Duff & Phelps | $811 | $811 | $73 | $73 | $73 | ||||||||||
| 86 | Sarofim Realty | $785 | $758 | $27 | $785 | $758 | $27 | $91 | ||||||||
| 87 | Avanti Investment Advisors | $740 | $740 | $675 | $675 | $675 | ||||||||||
| 88 | Canyon Capital Realty | $711 | $314 | $397 | $428 | $253 | $175 | $428 | ||||||||
| 89 | Kensington Realty | $697 | $667 | $30 | $681 | $651 | $30 | $500 | ||||||||
| 90 | Lincoln Advisory Group | $639 | $639 | $639 | $639 | $639 | ||||||||||
| 91 | ASB Capital Mgmt. | $597 | $597 | $597 | $597 | $236 | ||||||||||
| 92 | CS Capital | $580 | $580 | $580 | $580 | $410 | ||||||||||
| 93 | TimberVest | $525 | $525 | $525 | $525 | $525 | ||||||||||
| 94 | Hancock Agricultural | $520 | $520 | $344 | $344 | $243 | ||||||||||
| 95 | Divco West Properties | $488 | $488 | $261 | $261 | $225 | ||||||||||
| 96 | Patron Capital | $482 | $477 | $5 | $302 | $302 | $302 | |||||||||
| 97 | Intercontinental Real Estate | $480 | $480 | $331 | $331 | $331 | ||||||||||
| 98 | Commonfund | $444 | $336 | $108 | $444 | $336 | $108 | |||||||||
| 99 | Molpus Woodlands Group | $442 | $442 | $442 | $442 | |||||||||||
| 100 | Cozad/Westchester | $377 | $377 | $377 | $377 | $377 | ||||||||||
| 101 | Draper & Kramer Realty | $340 | $175 | $27 | $138 | $340 | $175 | $27 | $138 | |||||||
| 102 | Pacific Financial | $298 | $298 | $129 | $129 | $113 | ||||||||||
| 103 | Rothschild Realty | $264 | $178 | $86 | $264 | $178 | $86 | |||||||||
| 104 | Great Point Investors | $241 | $241 | $237 | $237 | $122 | ||||||||||
| 105 | Stratton Management | $226 | $226 | $13 | $13 | $13 | ||||||||||
| 106 | Hart Advisers | $222 | $222 | $222 | $222 | |||||||||||
| 107 | Strategic Property Advisers | $218 | $204 | $7 | $7 | $218 | $204 | $7 | $7 | $218 | ||||||
| 108 | Timberland Investment | $210 | $210 | $210 | $210 | $210 | ||||||||||
| 109 | Dalton, Greiner | $194 | $83 | $111 | $194 | $83 | $111 | $194 | ||||||||
| 110 | Mercantile-Safe Deposit | $186 | $186 | $186 | $186 | $186 | ||||||||||
| 111 | Los Angeles Capital | $149 | $13 | $136 | $149 | $13 | $136 | $149 | ||||||||
| 112 | CAPROC | $125 | $85 | $40 | $125 | $85 | $40 | $40 | ||||||||
| 113 | Munder Capital | $90 | $90 | $16 | $16 | $16 | ||||||||||
| 114 | Westwood Management | $46 | $46 | $30 | $30 | $30 | ||||||||||
| Total | $555,863 | $321,525 | $12,247 | $95,619 | $1,293 | $3,266 | $121,913 | $289,206 | $174,734 | $10,625 | $46,048 | $1,069 | $2,463 | $54,267 | $246,620 |
*Total worldwide real estate assets. **U.S. institutional, tax-exempt real estate assets. ***Assets as of March 31. ****Assets shown at cost. Real estate assets are reported net of leverage, including contributions committed or received, but not yet invested.
