DUFF & PHELPS INVESTMENT MANAGEMENT CO

CHICAGO, IL · CIK 765443 · 13F filing filed 2026-08-13

SEC-registered investment adviser since 1979 · corporation

Assets managed$12.7bn
Staff53 · 26 in investment roles
Main clients (by assets)Mutual funds and ETFs 59%, Pension plans 16%, Private funds 12%
Form ADV · 2026-04-17SEC adviser record

Legal entityDUFF & PHELPS INVESTMENT MANAGEMENT CO. (US)
Part of VIRTUS INVESTMENT PARTNERS, INC. (US)

Other 13F filers in this group: NFJ INVESTMENT GROUP, LLC $3.0bn, Virtus Investment Advisers, LLC $429.2m, Virtus Fixed Income Advisers, LLC $158.4m, VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC files a notice

$10.6bn reported value +10.0% vs Q1 2026

162positions

29.5%in top 10

17 new 68 added 55 reduced 3 sold out vs Q1 2026

This report includes the holdings of 2 other managers that share the investment decisions:

Virtus Investment Advisers, LLC – files its own report too; $17.4m of shares are in both
VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC – reports through this filing

Also in the report of:

Russell Investments Group, Ltd. – $334.6m of shares are in both reports

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	WELLTOWER INC COM WELL	WELL	3,024,718	$686.5m6.48%	6.48%	Added +392.2k	+392,178 14.9%
2	EQUINIX INC COM EQIX	EQIX	427,032	$445.1m4.20%	4.20%	Reduced -45.6k	-45,551 -9.6%
3	PROLOGIS INC. COM PLD	PLD	3,225,840	$437.0m4.12%	4.12%	Added +236.0k	+235,984 7.9%
4	DIGITAL RLTY TR INC COM DLR	DLR	1,735,593	$311.7m2.94%	2.94%	Added +188.7k	+188,663 12.2%
5	VENTAS INC COM VTR	VTR	2,863,545	$254.3m2.40%	2.40%	Added +251.7k	+251,671 9.6%
6	SIMON PPTY GROUP INC NEW COM SPG	SPG	975,188	$218.1m2.06%	2.06%	Added +107.8k	+107,827 12.4%
7	PUBLIC STORAGE COM PSA	PSA	640,120	$203.8m1.92%	1.92%	Added +86.9k	+86,930 15.7%
8	XCEL ENERGY INC COM XEL	XEL	2,419,977	$194.3m1.83%	1.83%	Reduced -4.9k	-4,926 -0.2%
9	SEMPRA COM SRE	SRE	2,055,243	$190.5m1.80%	1.80%	Reduced -31.4k	-31,424 -1.5%
10	ENTERGY CORP NEW COM ETR	ETR	1,635,463	$187.8m1.77%	1.77%	Added +103.2k	+103,233 6.7%
11	IRON MTN INC DEL COM IRM	IRM	1,455,435	$183.8m1.73%	1.73%	Reduced -119.9k	-119,902 -7.6%
12	AMERICAN HOMES 4 RENT CL A AMH	AMH	5,281,145	$177.0m1.67%	1.67%	Added +704.1k	+704,148 15.4%
13	AVALONBAY CMNTYS INC COM AVB	AVB	907,436	$171.2m1.62%	1.62%	Added +100.7k	+100,686 12.5%
14	CENTERPOINT ENERGY INC COM CNP	CNP	3,861,232	$170.0m1.60%	1.60%	Reduced -5.5k	-5,467 -0.1%
15	AMERICAN TOWER CORP NEW COM AMT	AMT	1,039,175	$170.0m1.60%	1.60%	Added +118.3k	+118,285 12.8%
16	AMERICAN HEALTHCARE REIT INC COM SHS AHR	AHR	3,100,314	$161.7m1.53%	1.53%	Added +2.0m	+2,017,139 186.2%
17	BRIXMOR PPTY GROUP INC COM BRX	BRX	5,022,252	$158.4m1.49%	1.49%	Added +539.4k	+539,359 12.0%
18	NEXTERA ENERGY INC COM NEE	NEE	1,744,585	$153.1m1.45%	1.45%	Reduced -176.8k	-176,795 -9.2%
19	FIRST INDL RLTY TR INC COM FR	FR	2,469,752	$151.4m1.43%	1.43%	Added +274.1k	+274,144 12.5%
20	ALLIANT ENERGY CORP COM LNT	LNT	1,964,325	$149.9m1.41%	1.41%	Added +66.2k	+66,150 3.5%
21	WILLIAMS COS INC COM WMB	WMB	2,000,552	$148.7m1.40%	1.40%	Added +67.8k	+67,766 3.5%
22	NISOURCE INC COM NI	NI	3,097,280	$147.3m1.39%	1.39%	Reduced -9.4k	-9,360 -0.3%
23	EVERGY INC COM EVRG	EVRG	1,652,488	$142.8m1.35%	1.35%	Reduced -3.4k	-3,372 -0.2%
24	MID-AMER APT CMNTYS INC COM MAA	MAA	1,018,023	$141.4m1.33%	1.33%	Added +168.3k	+168,280 19.8%
25	TARGA RES CORP COM TRGP	TRGP	518,030	$138.9m1.31%	1.31%	Added +8.6k	+8,633 1.7%
26	AMEREN CORP COM AEE	AEE	1,206,076	$136.3m1.29%	1.29%	Added +46.2k	+46,195 4.0%
27	CUBESMART COM CUBE	CUBE	3,239,472	$128.8m1.22%	1.22%	Added +501.8k	+501,816 18.3%
28	DTE ENERGY CO COM DTE	DTE	841,774	$128.3m1.21%	1.21%	Added +49.3k	+49,312 6.2%
29	ESSEX PPTY TR INC COM ESS	ESS	429,210	$125.2m1.18%	1.18%	Added +103.0k	+102,953 31.6%
30	ESSENTIAL PPTYS RLTY TR INC COM EPRT	EPRT	4,037,057	$120.5m1.14%	1.14%	Added +605.6k	+605,615 17.6%
31	PPL CORP COM PPL	PPL	3,287,954	$119.5m1.13%	1.13%	Added +272.6k	+272,562 9.0%
32	WEC ENERGY GROUP INC COM WEC	WEC	979,934	$114.4m1.08%	1.08%	Reduced -1.4k	-1,415 -0.1%
33	CMS ENERGY CORP COM CMS	CMS	1,453,667	$111.2m1.05%	1.05%	Unchanged
34	ATMOS ENERGY CORP COM ATO	ATO	637,725	$109.9m1.04%	1.04%	Added +29.8k	+29,780 4.9%
35	AMERICAN ELEC PWR CO INC COM AEP	AEP	801,532	$109.7m1.03%	1.03%	Added +39.4k	+39,370 5.2%
36	RYMAN HOSPITALITY PPTYS INC COM RHP	RHP	851,474	$109.5m1.03%	1.03%	Added +71.3k	+71,321 9.1%
37	CHENIERE ENERGY INC COM NEW LNG	LNG	454,899	$108.7m1.03%	1.03%	Added +83.9k	+83,884 22.6%
38	DOMINION ENERGY INC COM D	D	1,569,402	$107.2m1.01%	1.01%	Reduced -2.8k	-2,827 -0.2%
39	TC ENERGY CORP COM TRP	TRP	1,547,057	$102.6m0.97%	0.97%	Reduced -79.3k	-79,283 -4.9%
40	DUKE ENERGY CORP NEW COM NEW DUK	DUK	807,284	$102.2m0.96%	0.96%	Reduced -89.7k	-89,713 -10.0%
41	SOUTHERN CO COM SO	SO	1,066,805	$102.1m0.96%	0.96%	Reduced -6.5k	-6,489 -0.6%
42	EQUITY LIFESTYLE PPTYS INC COM ELS	ELS	1,580,485	$101.9m0.96%	0.96%	Added +116.1k	+116,100 7.9%
43	OGE ENERGY CORP COM OGE	OGE	2,091,246	$101.8m0.96%	0.96%	Reduced -5.1k	-5,138 -0.2%
44	CROWN CASTLE INC COM CCI	CCI	1,285,653	$97.4m0.92%	0.92%	Added +92.6k	+92,625 7.8%
45	MPLX LP COM UNIT REP LTD MPLX	MPLX	1,618,467	$91.2m0.86%	0.86%	Reduced -50.0k	-50,000 -3.0%
46	EMERA INC COM EMA	EMA	1,161,790	$87.4m0.82%	0.82%	Reduced -187.7k	-187,660 -13.9%
47	ONEOK INC NEW COM OKE	OKE	994,844	$86.5m0.82%	0.82%	Reduced -35.8k	-35,835 -3.5%
48	PHILLIPS EDISON & CO INC COMMON STOCK PECO	PECO	2,006,105	$83.5m0.79%	0.79%	Added +204.6k	+204,589 11.4%
49	AGREE RLTY CORP COM ADC	ADC	1,100,957	$83.4m0.79%	0.79%	Added +90.8k	+90,839 9.0%
50	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	4,359,713	$83.4m0.79%	0.79%	Added +13.0k	+12,975 0.3%
51	FORTIS INC COM FTS	FTS	981,900	$79.8m0.75%	0.75%	Unchanged
52	ESSENTIAL UTILS INC COM WTRG	WTRG	2,054,683	$78.7m0.74%	0.74%	Reduced -134.1k	-134,101 -6.1%
53	UNION PAC CORP COM UNP	UNP	286,926	$78.0m0.74%	0.74%	Added +30.5k	+30,456 11.9%
54	SPIRE INC COM SR	SR	967,949	$75.6m0.71%	0.71%	Added +35.4k	+35,367 3.8%
55	PG&E CORP COM PCG	PCG	4,421,644	$74.4m0.70%	0.70%	Reduced -657.3k	-657,339 -12.9%
56	VORNADO RLTY TR SH BEN INT VNO	VNO	1,861,939	$73.2m0.69%	0.69%	Added +326.0k	+325,979 21.2%
57	COUSINS PPTYS INC COM NEW CUZ	CUZ	2,381,815	$71.4m0.67%	0.67%	Added +251.6k	+251,638 11.8%
58	ENBRIDGE INC COM ENB	ENB	1,316,326	$71.4m0.67%	0.67%	Reduced -222.8k	-222,837 -14.5%
59	AMERICAN WTR WKS CO INC NEW COM AWK	AWK	521,915	$68.7m0.65%	0.65%	Reduced -30.9k	-30,865 -5.6%
60	PINNACLE WEST CAP CORP COM PNW	PNW	624,930	$66.9m0.63%	0.63%	Unchanged
61	PUBLIC SVC ENTERPRISE GRP IN COM PEG	PEG	810,985	$65.8m0.62%	0.62%	Reduced -368.6k	-368,599 -31.2%
62	BXP INC COM BXP	BXP	982,326	$65.1m0.61%	0.61%	Added +93.5k	+93,495 10.5%
63	AT&T INC COM T	T	3,140,500	$65.0m0.61%	0.61%	Unchanged
64	SABRA HEALTH CARE REIT INC COM SBRA	SBRA	3,331,616	$65.0m0.61%	0.61%	Added +503.2k	+503,171 17.8%
65	FIRSTENERGY CORP COM FE	FE	1,304,500	$62.0m0.59%	0.59%	Unchanged
66	CANADIAN PACIFIC KANSAS CITY COM CP	CP	500,795	$61.6m0.58%	0.58%	Added +76.2k	+76,245 18.0%
67	DT MIDSTREAM INC COMMON STOCK DTM	DTM	419,342	$61.5m0.58%	0.58%	Reduced -844	-844 -0.2%
68	NATIONAL HEALTHCARE PPTYS IN COM CLASS A COM CLASS A		4,130,444	$60.5m0.57%	0.57%	New
69	ENTERPRISE PRODS PARTNERS L COM EPD	EPD	1,560,173	$57.4m0.54%	0.54%	Unchanged
70	VERIZON COMMUNICATIONS INC COM VZ	VZ	1,339,489	$56.7m0.54%	0.54%	Unchanged
71	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	1,265,323	$56.3m0.53%	0.53%	Added +128.8k	+128,774 11.3%
72	PEMBINA PIPELINE CORP COM PBA	PBA	799,602	$51.8m0.49%	0.49%	Reduced -60.0k	-60,000 -7.0%
73	KINDER MORGAN INC DEL COM KMI	KMI	1,511,605	$48.3m0.46%	0.46%	Added +7.9k	+7,861 0.5%
74	CSX CORP COM CSX	CSX	948,319	$45.1m0.43%	0.43%	Added +36.1k	+36,131 4.0%
75	ONE GAS INC COM OGS	OGS	576,000	$44.4m0.42%	0.42%	Unchanged
76	PEBBLEBROOK HOTEL TR COM PEB	PEB	2,189,151	$42.5m0.40%	0.40%	Reduced -997.3k	-997,299 -31.3%
77	TELUS CORPORATION COM TU	TU	2,666,500	$40.0m0.38%	0.38%	Unchanged
78	XYLEM INC COM XYL	XYL	336,526	$39.8m0.38%	0.38%	Added +32.1k	+32,135 10.6%
79	REXFORD INDL RLTY INC COM REXR	REXR	1,172,472	$39.3m0.37%	0.37%	Added +15.0k	+15,027 1.3%
80	PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN PAA	PAA	1,676,900	$37.3m0.35%	0.35%	Reduced -100.0k	-100,000 -5.6%
81	COMPANHIA DE SANEAMENTO BASI SPONSORED ADR SBS	SBS	6,400,937	$37.0m0.35%	0.35%	Reduced -835.0k	-834,988 -11.5%
82	VERALTO CORP COM SHS VLTO	VLTO	406,872	$36.1m0.34%	0.34%	Reduced -5.7k	-5,715 -1.4%
83	BLACK HILLS CORP COM BKH	BKH	459,540	$34.2m0.32%	0.32%	Unchanged
84	SMARTSTOP SELF STORAG REIT I COMMON STOCK SMA	SMA	967,028	$31.4m0.30%	0.30%	Added +135.3k	+135,273 16.3%
85	NORTHWEST NAT HLDG CO COM NWN	NWN	613,090	$30.1m0.28%	0.28%	Unchanged
86	KODIAK GAS SVCS INC COM KGS	KGS	349,051	$26.2m0.25%	0.25%	Unchanged
87	BCE INC COM NEW BCE	BCE	1,127,288	$24.2m0.23%	0.23%	Unchanged
88	KIMCO RLTY CORP COM KIM	KIM	938,081	$23.8m0.22%	0.22%	Reduced -18.2k	-18,240 -1.9%
89	FERROVIAL SE ORD SHS FER	FER	392,909	$23.6m0.22%	0.22%	Reduced -3.0k	-2,991 -0.8%
90	ALEXANDRIA REAL ESTATE EQ IN COM ARE	ARE	425,705	$22.5m0.21%	0.21%	Reduced -547.0k	-547,016 -56.2%
91	CORE & MAIN INC CL A CNM	CNM	455,050	$22.0m0.21%	0.21%	Added +97.9k	+97,939 27.4%
92	ECOLAB INC COM ECL	ECL	67,991	$18.9m0.18%	0.18%	Reduced -6.9k	-6,930 -9.2%
93	WATTS WATER TECHNOLOGIES INC CL A WTS	WTS	46,645	$18.3m0.17%	0.17%	Added +9.3k	+9,292 24.9%
94	PENTAIR PLC SHS PNR	PNR	217,532	$16.7m0.16%	0.16%	Reduced -2.2k	-2,155 -1.0%
95	NORFOLK SOUTHN CORP COM NSC	NSC	49,535	$15.6m0.15%	0.15%	New
96	ADVANCED DRAIN SYS INC DEL COM WMS	WMS	98,489	$15.5m0.15%	0.15%	Reduced -41.1k	-41,140 -29.5%
97	ZURN ELKAY WATER SOLNS CORP COM ZWS	ZWS	253,751	$12.8m0.12%	0.12%	Added +83.7k	+83,691 49.2%
98	SOUTHWEST GAS HLDGS INC COM SWX	SWX	141,569	$12.6m0.12%	0.12%	Added +56.6k	+56,569 66.5%
99	MUELLER WTR PRODS INC COM SER A MWA	MWA	468,312	$12.1m0.11%	0.11%	Reduced -23.8k	-23,827 -4.8%
100	VALMONT INDS INC COM VMI	VMI	19,568	$11.3m0.11%	0.11%	Reduced -15.0k	-14,989 -43.4%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
EVERSOURCE ENERGY ES	ES	424,140	$29.4m424.1k shares
SUNRUN INC RUN	RUN	58,602	$794.6k58.6k shares
TE CONNECTIVITY PLC TEL	TEL	3,638	$760.4k3.6k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
NATIONAL HEALTHCARE PPTYS IN 13G · filed 2026-08-10		9.3%≈ $60.5m	new	13G	2026-08-10