Mar 31, 2026 filings. Quarterly 13F reports arrive up to 45 days after quarter end; this register is filed through May 29, 2026.
548 institutional managers reported holding ARE for the quarter ended Mar 31, 2026. Together they hold about 85% of shares outstanding; the top 10 hold 50%. 81 opened new positions; 116 closed out. Complete ranked register from SEC 13F filings.
| manager | shares | % out | value (Mar 31, 2026 close) | change | held since |
|---|---|---|---|---|---|
| Vanguard Group | 26.14M | 15.30% | $1.21B | added +1.1% | ≤2013 |
| BlackRock | 19.69M | 11.52% | $914.1M | trimmed -3% | ≤2013 |
| State Street | 10.66M | 6.24% | $495.0M | trimmed -6% | ≤2013 |
| APG Asset Management N.v. | 7.06M | 4.13% | $327.7M | added +4.2% | ≤2013 |
| Invesco | 6.83M | 4.00% | $316.9M | added +13.1% | ≤2013 |
| Geode Capital | 4.51M | 2.64% | $209.3M | added +1.1% | ≤2013 |
| Capital Group (American Funds) | 3.23M | 1.89% | $149.9M | trimmed -13.2% | 2024 Q4 |
| Morgan Stanley | 2.78M | 1.63% | $129.1M | added +10.2% | ≤2013 |
| Charles Schwab Investment Management | 2.69M | 1.57% | $124.8M | added +5.2% | ≤2013 |
| AQR Capital | 2.59M | 1.52% | $120.3M | added +343.7% | ≤2013 |
| Dimensional Fund Advisors | 2.30M | 1.34% | $106.6M | added +2.3% | ≤2013 |
| Northern Trust | 2.26M | 1.32% | $104.9M | trimmed -19.7% | ≤2013 |
| Goldman Sachs | 2.24M | 1.31% | $103.8M | trimmed -37.6% | ≤2013 |
| Centersquare Investment Management LLC | 2.02M | 1.19% | $94.0M | added +26.4% | 2018 Q1 |
| UBS | 1.81M | 1.06% | $84.1M | trimmed -28% | ≤2013 |
| Lasalle Investment Management Securities LLC (focused) | 1.51M | 0.88% | $70.2M | trimmed -11.3% | 2018 Q1 |
| Legal & General Group PLC | 1.42M | 0.83% | $65.8M | trimmed -27.4% | ≤2013 |
| CPP Investment Board | 1.38M | 0.81% | $64.0M | trimmed -15.2% | 2013 Q3 |
| Freestone Grove Partners LP | 1.22M | 0.71% | $56.7M | trimmed -17.1% | 2025 Q2 |
| Hotchkis & Wiley Capital Management LLC | 1.22M | 0.71% | $56.7M | opened | 2026 Q1 |
| T. Rowe Price | 1.19M | 0.69% | $55.0M | trimmed -3.8% | ≤2013 |
| BNP Paribas Financial Markets | 1.18M | 0.69% | $54.9M | added +8.4% | ≤2013 |
| BNY Mellon | 1.12M | 0.66% | $52.0M | added +3.5% | ≤2013 |
| Hsbc Holdings PLC | 1.05M | 0.61% | $48.7M | trimmed -0.7% | ≤2013 |
| Citigroup INC | 1.02M | 0.59% | $47.1M | added +127.4% | ≤2013 |
| Sumitomo Mitsui Trust Group, INC. | 991.4k | 0.58% | $46.0M | trimmed -30% | ≤2013 |
| Duff & Phelps Investment Management CO | 972.7k | 0.57% | $45.2M | trimmed -2.7% | 2017 Q1 |
| Clal Insurance Enterprises Holdings LTD | 918.0k | 0.54% | $42.6M | unchanged | 2025 Q2 |
| Analyst IMS Investment Management Services LTD. | 916.3k | 0.54% | $42.5M | trimmed -1.4% | 2023 Q3 |
| Deutsche Bank AG\ | 909.2k | 0.53% | $42.2M | trimmed -14.9% | ≤2013 |
| Town Lane Management LP (focused) | 866.3k | 0.51% | $40.2M | added +15.5% | 2025 Q4 |
| Bank OF America CORP /DE/ | 846.4k | 0.49% | $39.3M | added +55% | ≤2013 |
| Strs Ohio | 804.8k | 0.47% | $37.4M | trimmed -5.5% | ≤2013 |
| Millennium Management | 789.9k | 0.46% | $36.7M | added +103.4% | 2016 Q4 |
| Arrowstreet Capital | 788.8k | 0.46% | $36.6M | opened | 2024 Q2 |
| Quantinno Capital Management LP | 747.9k | 0.44% | $34.7M | added +79.8% | 2023 Q1 |
| Pggm Investments | 743.5k | 0.43% | $34.5M | trimmed -34.3% | 2022 Q4 |
| FMR (Fidelity) | 569.7k | 0.33% | $26.4M | added +42.4% | 2017 Q1 |
| Earnest Partners LLC | 552.6k | 0.32% | $25.7M | added +24.5% | 2014 Q3 |
| Fort Washington Investment Advisors INC /OH/ | 542.6k | 0.32% | $25.2M | added +3.8% | 2020 Q1 |
| Susquehanna International Group | 515.3k | 0.30% | $23.9M | added +30.4% | 2019 Q2 |
| Amundi | 502.9k | 0.29% | $23.3M | trimmed -33.4% | ≤2013 |
| Bank OF Montreal /CAN/ | 485.9k | 0.28% | $22.6M | added +17.6% | ≤2013 |
| Worldquant Millennium Advisors LLC | 481.8k | 0.28% | $22.4M | added +12% | 2022 Q2 |
| AllianceBernstein | 472.8k | 0.28% | $21.9M | added +31.6% | ≤2013 |
| SG Americas Securities, LLC | 399.7k | 0.23% | $18.6M | added +157.2% | ≤2013 |
| Tocqueville Asset Management L.p. | 395.9k | 0.23% | $18.4M | added +7.2% | 2025 Q2 |
| Adelante Capital Management LLC (focused) | 357.4k | 0.21% | $16.6M | trimmed -10% | 2013 Q4 |
| Connor, Clark & Lunn Investment Management LTD. | 355.0k | 0.21% | $16.5M | unchanged | 2025 Q4 |
| Nuveen | 340.3k | 0.20% | $15.8M | trimmed -38.8% | ≤2013 |
Largest 50 of 548 shown; the full ranked, searchable register is at boothcheck.com/holders/ARE. Related filers are grouped using the filings' own included-manager declarations. Historically, several managers opening new positions in the same quarter said almost nothing about the quarter that followed (59,118 cases since 2013). A filed record, not a forecast. Nothing here is investment advice.