CHARLOTTESVILLE, VA—The top institutional investor in USequity REITs this past quarter? The aptly namedVanguard Group Inc., according to data fromSNL Financial, headquartered here.

Vanguard's US equity REIT portfolio grew 13.45% in market valueduring Q1, and it added positions in three REITs during the quarterfor a total of 162. The market value of Vanguard's REITinvestments, $78.1 billion, is more than 10 times that of any ofthe 10 lowest-ranked investors in SNL's top 25, derived from Form13-F filings.

Others in the top 25 as ranked by market value include:BlackRock Fund Advisors, Cohen & Steers CapitalManagement, SSga Funds Management, Fidelity Management &Research, Invesco Advisors, T. Rowe Price Associates, CBRE ClarionSecurities, Daiwa Asset Management Co., Shinko Asset Management,Northern Trust Global Investments, Morgan Stanley InvestmentManagement, APG Asset Management US, Brookfield Asset Management,RREEF America, LaSalle Investment Management Securities, JP MorganAsset Management, Dimensional Fund Advisors, Principal GlobalInvestors, Capital World Investors, Norges Bank InvestmentManagement, Goldman Sachs Asset Management, PGGM VermogensbeheerBV, Capital Research Global Investors andTIAA-CREF Asset Management.