# Heitman Real Estate Securities LLC

> Heitman Real Estate Securities LLC is an SEC-registered investment advisory firm in Chicago, IL, registered since 1995, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 107134
- Filed as: HEITMAN REAL ESTATE SECURITIES LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/107134
- AdvisorCensus page: https://advisorcensus.com/firm/heitman-real-estate-securities-llc-chicago-il-107134

## Quick answers

**How is Heitman Real Estate Securities LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Heitman Real Estate Securities LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Heitman Real Estate Securities LLC located?**
Heitman Real Estate Securities LLC's principal office is in Chicago, IL, according to its Form ADV; the April 2026 filing also lists 6 other offices (Schedule D, Section 1.F).

**Is Heitman Real Estate Securities LLC registered with the SEC or a state?**
Heitman Real Estate Securities LLC is an SEC-registered investment advisory firm, registered since 1995. Status as filed: Approved. CRD 107134.

**How much does Heitman Real Estate Securities LLC manage?**
Heitman Real Estate Securities LLC reports $1,821,428,968 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).

**How have Heitman Real Estate Securities LLC's assets and staff changed since 2021?**
In the Form ADV data for Heitman Real Estate Securities LLC: Regulatory assets under management: $3,357,025,668 in the October 2021 data and $1,821,428,968 in the October 2026 data, down 46%. Total employees: 143 in October 2021 and 141 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Heitman Real Estate Securities LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (10); corporations or other businesses not listed above (7); pension and profit sharing plans (but not the plan participants or government pension plans) (5).

**Which custodians does Heitman Real Estate Securities LLC use?**
Heitman Real Estate Securities LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Fifth Third Bank, National Association, State Street Bank and Trust Company, The Bank of New York Mellon and The Northern Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does Heitman Real Estate Securities LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/107134

**What changed in Heitman Real Estate Securities LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 47 to 43. Changed its office addresses in New York, NY.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Fifth Third Bank, National Association
- State Street Bank and Trust Company
- The Bank of New York Mellon
- The Northern Trust Company

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $1,821,428,968
- Discretionary: $1,821,428,968
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 1 | $138,190,671 |
| Pooled investment vehicles (other than investment companies and business development companies) | 10 | $653,469,562 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 5 | $263,547,693 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $639,273,457 |
| Corporations or other businesses not listed above | 7 | $126,947,585 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 1995 (31 years)
- Employees: 141 total, 43 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VI, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Central
- Chiyoda-Ku Tokyo
- London
- Luxembourg
- Melbourne
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- [heitman.com](https://heitman.com)
- LinkedIn @HEITMAN

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,357,025,668 | 143 | March 31, 2021 |
| October 2022 | $3,438,874,360 | 144 | April 20, 2022 |
| October 2023 | $2,368,588,113 | 141 | April 24, 2023 |
| October 2024 | $2,306,501,866 | 147 | March 27, 2024 |
| October 2025 | $1,871,802,205 | 147 | March 27, 2025 |
| October 2026 | $1,821,428,968 | 141 | March 27, 2026 |

Regulatory assets under management: $3,357,025,668 in the October 2021 data and $1,821,428,968 in the October 2026 data, down 46%.
Total employees: 143 in October 2021 and 141 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 47 to 43.
- Changed its office addresses in New York, NY.

### February 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Heitman Real Estate Securities LLC (CRD 107134): Form ADV filing data as of October 2026.