CBRE Investment Management Listed Real Assets LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 10, 2024), CBRE Investment Management Listed Real Assets LLC reported 108 stock positions worth $5.4 billion. Its top holding was Realty Income (O) at 6.0% of the portfolio, followed by Equinix (EQIX, 5.8%) and Simon Property (SPG, 5.4%). Compared with Q4 2023, it opened 8 new positions, sold out of 8, added to 34 and reduced 55. The biggest buy was Realty Income (O, shares +172%) and the biggest sale an exit from Spirit Realty Capital (SRC).

Most Recent 13F
Q2 2026
Location
RADNOR, PA
CIK
0001033984
Portfolio Value
$5.4B (Q1 2024)
SEC Filing
0001033984-24-000003 ↗ filed May 10, 2024

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $5.4B $5.4B Q1 2024 Q2 2024: $5.4B Q2 2024 Q3 2024: $6.3B Q3 2024 Q4 2024: $5.6B Q4 2024 Q1 2025: $6.5B Q1 2025 Q2 2025: $6.5B Q2 2025 Q3 2025: $7.0B Q3 2025 Q4 2025: $6.8B Q4 2025 Q1 2026: $6.7B Q1 2026 Q2 2026: $7.2B Q2 2026

Holdings 108 stocks · $5.4B
O Realty Income Corp. 5.95% 5,910,614 $319.8M Add +172.2%
EQIX Equinix Inc. 5.84% 379,718 $313.4M Add +30.1%
SPG Simon Property Group Inc. 5.38% 1,846,877 $289.0M Reduce -8.7%
PSA Public Storage 5.03% 931,329 $270.1M Reduce -15.3%
WELL Welltower Inc. 4.92% 2,828,262 $264.3M Reduce -1.9%
PLD Prologis Inc. 3.92% 1,616,535 $210.5M Add +0.4%
REXR Rexford Industrial Realty Inc. 3.33% 3,560,376 $179.1M Add +10.4%
AMT American Tower Corp. 2.66% 722,579 $142.8M Reduce -10.6%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 2.39% 999,077 $128.5M Add +155.7%
NEE Nextera Energy Inc. 2.34% 1,964,018 $125.5M Reduce -11.6%
INVH Invitation Homes Inc. 2.33% 3,516,335 $125.2M Reduce -23.1%
CUBE Cubesmart 2.27% 2,701,660 $122.2M Reduce -11.3%
AVB Avalonbay Communities Inc. 2.18% 631,595 $117.2M Reduce -24.4%
ARE Alexandria Real Estate Equit 2.18% 906,325 $116.8M Reduce -6.0%
CSX CSX Corp. 1.83% 2,658,511 $98.6M Reduce -3.5%
DOC Healthpeak Properties Inc. 1.82% 5,201,021 $97.5M Add +10.6%
SBAC SBA Communications Corp. 1.79% 442,949 $96.0M Reduce -4.5%
VICI Vici Properties Inc. filed as VICI PPTYS INC 1.74% 3,138,150 $93.5M Add +26.5%
AES AES Corp. 1.64% 4,923,746 $88.3M Add +55.4%
CCI Crown Castle Inc. 1.62% 822,397 $87.0M Reduce -23.7%
WEC WEC Energy Group Inc. 1.58% 1,033,563 $84.9M Reduce -1.6%
AIRC Apartment Income REIT Co. 1.48% 2,454,651 $79.7M Reduce -4.4%
SRE Sempra 1.36% 1,017,553 $73.1M Reduce -13.5%
BRX Brixmor Property Group Inc. 1.30% 2,985,420 $70.0M Reduce -8.1%
TRGP Targa Resources Corp. 1.29% 618,218 $69.2M Reduce -16.1%
EXR Extra Space Storage Inc. 1.25% 456,290 $67.1M Add +276.1%
PPL PPL Corp. 1.12% 2,180,204 $60.0M Reduce -5.8%
PK Park Hotels & Resorts Inc. 1.09% 3,357,311 $58.7M Add +1.4%
HST Host Hotels & Resorts Inc. 1.04% 2,709,495 $56.0M Reduce -20.8%
PCG P G & E Corp. 0.99% 3,160,456 $53.0M Add +16.8%
VTR Ventas Inc. 0.92% 1,132,931 $49.3M Reduce -23.8%
MAC The Macerich Co. 0.90% 2,789,693 $48.1M Add +20.5%
OGE Oge Energy Corp. 0.87% 1,357,699 $46.6M Reduce -8.8%
ESS Essex Property Trust Inc. 0.85% 186,166 $45.6M Reduce -60.9%
ATO Atmos Energy Corp. 0.85% 382,001 $45.4M Add +7486.9%
CMS CMS Energy Corp. 0.83% 740,680 $44.7M Reduce -26.7%
SO The Southern Co. 0.82% 613,265 $44.0M Reduce -23.7%
HIW Highwoods Properties Inc. 0.78% 1,591,892 $41.7M Add +62.7%
BNL Broadstone Net Lease Inc. 0.74% 2,521,667 $39.5M Reduce -11.8%
REG Regency Centers Corp. 0.69% 612,149 $37.1M Add +62.8%
CPT Camden Property Trust 0.67% 367,497 $36.2M Reduce -42.5%
DUK Duke Energy Corp. 0.67% 370,801 $35.9M Reduce -14.1%
ES Eversource Energy 0.66% 593,752 $35.5M Reduce -1.2%
XIFR XPLR Infrastructure LP filed as NEXTERA ENERGY PARTNERS LP 0.64% 1,140,215 $34.3M Add +4.9%
ALE Allete Inc. 0.62% 562,378 $33.5M Add +0.4%
NI Nisource Inc. 0.61% 1,185,326 $32.8M Add +16.3%
AMH American Homes 4 Rent- A 0.61% 891,173 $32.8M Add +566.8%
HLT Hilton Worldwide Holdings Inc. 0.60% 151,350 $32.3M Add +14.5%
SHO Sunstone Hotel Investors Inc. 0.59% 2,839,203 $31.6M Reduce -10.4%
POR Portland General Electric Co. 0.56% 722,193 $30.3M Add +79.3%
KRC Kilroy Realty Corp. 0.54% 798,907 $29.1M Reduce -31.7%
ROIC Retail Opportunity Investmen 0.54% 2,260,008 $29.0M Add +18.3%
FCPT Four Corners Property Trust 0.54% 1,183,873 $29.0M Reduce -10.4%
CEG Constellation Energy 0.54% 156,194 $28.9M Reduce -28.9%
NSC Norfolk Southern Corp. 0.54% 113,108 $28.8M New
XEL Xcel Energy Inc. 0.53% 527,648 $28.4M Add +1504.4%
UNP Union Pacific Corp. 0.46% 101,366 $24.9M Reduce -55.3%
PEG Public Service Enterprise GP 0.40% 321,700 $21.5M No change
PNW Pinnacle West Capital 0.38% 271,504 $20.3M New
D Dominion Energy Inc. 0.34% 369,494 $18.2M No change
FRT Federal Realty Invs Trust 0.34% 177,858 $18.2M Add +1.0%
BIP Brookfield Infrastructure Pa 0.34% 581,011 $18.1M Add +16.2%
RHP Ryman Hospitality Properties 0.32% 148,888 $17.2M Reduce -43.8%
ESRT Empire State Realty Trust-A 0.30% 1,575,053 $16.0M Reduce -36.2%
KMI Kinder Morgan Inc. 0.29% 856,733 $15.7M Reduce -65.2%
DLR Digital Realty Trust Inc. 0.25% 95,001 $13.7M Add +44.7%
CWEN Clearway Energy Inc. Class C 0.25% 593,656 $13.7M No change
AKR Acadia Realty Trust 0.25% 803,962 $13.7M Add +54.0%
ADC Agree Realty Corp. 0.25% 238,991 $13.7M Add +57.4%
LNG Cheniere Energy Inc. 0.25% 81,975 $13.2M Reduce -76.2%
NNN NNN REIT Inc. 0.24% 301,175 $12.9M Reduce -1.6%
VRE Veris Residential Inc. 0.23% 827,967 $12.6M Add +8.3%
NSA National Storage Affiliates 0.23% 316,068 $12.4M No change
PAGP Plains GP Holdings LP 0.20% 588,835 $10.7M Add +1986.0%
MAR Marriott International Class A 0.19% 41,086 $10.4M Reduce -40.8%
SKT Tanger Inc. 0.18% 332,701 $9.8M Reduce -41.2%
KRG Kite Realty Group Trust 0.18% 451,202 $9.8M Add +22.3%
PDM Piedmont Realty Trust Inc. 0.18% 1,381,109 $9.7M Reduce -4.7%
CUZ Cousins Properties Inc. 0.18% 400,991 $9.6M New
WTRG Essential Utilities Inc. 0.18% 259,126 $9.6M Add +155.3%
HR Healthcare Realty Trust Inc. 0.18% 666,620 $9.4M No change
SR Spire Inc. 0.16% 137,287 $8.4M New
CWT California Water Service Grp 0.15% 177,225 $8.2M New
UNIT Uniti Group LLC Com SHS 0.15% 1,374,800 $8.1M No change
NTST Netstreit Corp. 0.14% 401,549 $7.4M New
BXP BXP Inc. filed as BOSTON PROPERTIES INC 0.13% 109,509 $7.2M Add +12.8%
AMLP Alerian MLP ETF 0.13% 145,074 $6.9M Reduce -9.9%
IRT Independence Realty Trust Inc. 0.13% 418,300 $6.7M No change
ELME Elme Communities 0.13% 484,479 $6.7M Add +4.4%
STAG Stag Industrial Inc. 0.12% 164,625 $6.3M No change
VNO Vornado Realty Trust 0.10% 178,095 $5.1M Reduce -82.3%
WY Weyerhaeuser Co. 0.10% 142,530 $5.1M Reduce -37.2%
MAA Mid-America Apartment Comm 0.08% 34,004 $4.5M Reduce -22.1%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.08% 70,412 $4.4M No change
MPT Medical Properties Trust Inc. 0.07% 850,100 $4.0M No change
LNT Alliant Energy Corp. 0.06% 65,996 $3.3M Reduce -40.7%
KIM Kimco Realty Corp. 0.06% 163,796 $3.2M New
HUDSON PAC PPTYS INC 0.05% 454,631 $2.9M No change
UDR Udr Inc. 0.03% 47,039 $1.8M New
CSR Centerspace 0.03% 27,813 $1.6M Reduce -5.2%
WMB Williams Cos Inc. 0.03% 34,802 $1.4M Reduce -1.1%
OKE Oneok Inc. 0.02% 16,479 $1.3M Reduce -13.2%
ENB Enbridge Inc. 0.02% 32,804 $1.2M Reduce -5.1%
DTE DTE Energy Company 0.02% 7,596 $852K Reduce -0.7%
PBA Pembina Pipeline Corp. 0.01% 16,150 $571K Reduce -7.5%
CPK Chesapeake Utilities Corp. 0.01% 4,977 $534K Reduce -0.5%
H Hyatt Hotels Corp. Class A 0.01% 2,857 $456K Reduce -92.6%
AWK American Water Works Co. Inc. 0.01% 3,317 $405K Reduce -8.5%
Other holdings (1): bonds, preferreds, convertibles and warrants · $32.0M (not counted above)
SecurityClassShares / PrincipalValueChange
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 822,000$32.0MAdd +10.9%

Total filed on the 13F, all lines: $5.4B.

Portfolio Sells Q4 2023 → Q1 2024
SRC Spirit Realty Capital Inc. Sold out 0.00% −2.15
ESS Essex Property Trust Inc. Reduce -60.9% 0.85% −1.32
PSA Public Storage Reduce -15.3% 5.03% −1.11
LNG Cheniere Energy Inc. Reduce -76.2% 0.25% −0.83
AVB Avalonbay Communities Inc. Reduce -24.4% 2.18% −0.68
CCI Crown Castle Inc. Reduce -23.7% 1.62% −0.66
UNP Union Pacific Corp. Reduce -55.3% 0.46% −0.56
AMT American Tower Corp. Reduce -10.6% 2.66% −0.54
INVH Invitation Homes Inc. Reduce -23.1% 2.33% −0.53
KMI Kinder Morgan Inc. Reduce -65.2% 0.29% −0.50
CPT Camden Property Trust Reduce -42.5% 0.67% −0.49
VTR Ventas Inc. Reduce -23.8% 0.92% −0.44
VNO Vornado Realty Trust Reduce -82.3% 0.10% −0.43
EPD Enterprise Products Partners Sold out 0.00% −0.43
SBAC SBA Communications Corp. Reduce -4.5% 1.79% −0.37
CUBE Cubesmart Reduce -11.3% 2.27% −0.32
KRC Kilroy Realty Corp. Reduce -31.7% 0.54% −0.31
TCN Tricon Residential Inc. Sold out 0.00% −0.30
SRE Sempra Reduce -13.5% 1.36% −0.25
CMS CMS Energy Corp. Reduce -26.7% 0.83% −0.24
SO The Southern Co. Reduce -23.7% 0.82% −0.21
RHP Ryman Hospitality Properties Reduce -43.8% 0.32% −0.21
HST Host Hotels & Resorts Inc. Reduce -20.8% 1.04% −0.18
BNL Broadstone Net Lease Inc. Reduce -11.8% 0.74% −0.17
AIRC Apartment Income REIT Co. Reduce -4.4% 1.48% −0.15
ESRT Empire State Realty Trust-A Reduce -36.2% 0.30% −0.14
NEE Nextera Energy Inc. Reduce -11.6% 2.34% −0.14
SKT Tanger Inc. Reduce -41.2% 0.18% −0.10
DUK Duke Energy Corp. Reduce -14.1% 0.67% −0.10
MAR Marriott International Class A Reduce -40.8% 0.19% −0.09
OGE Oge Energy Corp. Reduce -8.8% 0.87% −0.09
H Hyatt Hotels Corp. Class A Reduce -92.6% 0.01% −0.08
BRX Brixmor Property Group Inc. Reduce -8.1% 1.30% −0.08
FCPT Four Corners Property Trust Reduce -10.4% 0.54% −0.07
ARE Alexandria Real Estate Equit Reduce -6.0% 2.18% −0.07
SITC Site Centers Corp. Sold out 0.00% −0.06
WY Weyerhaeuser Co. Reduce -37.2% 0.10% −0.05
AEE Ameren Corporation Sold out 0.00% −0.05
LNT Alliant Energy Corp. Reduce -40.7% 0.06% −0.04
WEC WEC Energy Group Inc. Reduce -1.6% 1.58% −0.04
SHO Sunstone Hotel Investors Inc. Reduce -10.4% 0.59% −0.03
PPL PPL Corp. Reduce -5.8% 1.12% −0.03
EXC Exelon Corp. Sold out 0.00% −0.03
MAA Mid-America Apartment Comm Reduce -22.1% 0.08% −0.02
BDN Brandywine Realty Trust Sold out 0.00% −0.02
ES Eversource Energy Reduce -1.2% 0.66% −0.02
PDM Piedmont Realty Trust Inc. Reduce -4.7% 0.18% −0.01
ENLC Enlink Midstream LLC Sold out 0.00% −0.01
NNN NNN REIT Inc. Reduce -1.6% 0.24% −0.00
CSR Centerspace Reduce -5.2% 0.03% −0.00

Portfolio Buys Q4 2023 → Q1 2024
O Realty Income Corp. Add +172.2% 5.95% +3.67
EQIX Equinix Inc. Add +30.1% 5.84% +1.52
SUI Sun Communities Inc. Add +155.7% 2.39% +1.43
EXR Extra Space Storage Inc. Add +276.1% 1.25% +0.89
ATO Atmos Energy Corp. Add +7486.9% 0.85% +0.83
NSC Norfolk Southern Corp. New 0.54% +0.54
AES AES Corp. Add +55.4% 1.64% +0.53
AMH American Homes 4 Rent- A Add +566.8% 0.61% +0.52
XEL Xcel Energy Inc. Add +1504.4% 0.53% +0.49
PNW Pinnacle West Capital New 0.38% +0.38
HIW Highwoods Properties Inc. Add +62.7% 0.78% +0.36
VICI Vici Properties Inc. Add +26.5% 1.74% +0.29
POR Portland General Electric Co. Add +79.3% 0.56% +0.24
MAC The Macerich Co. Add +20.5% 0.90% +0.24
REG Regency Centers Corp. Add +62.8% 0.69% +0.23
PAGP Plains GP Holdings LP Add +1986.0% 0.20% +0.19
CUZ Cousins Properties Inc. New 0.18% +0.18
PK Park Hotels & Resorts Inc. Add +1.4% 1.09% +0.16
HLT Hilton Worldwide Holdings Inc. Add +14.5% 0.60% +0.16
SR Spire Inc. New 0.16% +0.16
CWT California Water Service Grp New 0.15% +0.15
NTST Netstreit Corp. New 0.14% +0.14
NI Nisource Inc. Add +16.3% 0.61% +0.11
WTRG Essential Utilities Inc. Add +155.3% 0.18% +0.11
DOC Healthpeak Properties Inc. Add +10.6% 1.82% +0.11
DLR Digital Realty Trust Inc. Add +44.7% 0.25% +0.09
AKR Acadia Realty Trust Add +54.0% 0.25% +0.09
PCG P G & E Corp. Add +16.8% 0.99% +0.09
ADC Agree Realty Corp. Add +57.4% 0.25% +0.08
KIM Kimco Realty Corp. New 0.06% +0.06
BIP Brookfield Infrastructure Pa Add +16.2% 0.34% +0.05
ROIC Retail Opportunity Investmen Add +18.3% 0.54% +0.05
UDR Udr Inc. New 0.03% +0.03
XIFR XPLR Infrastructure LP Add +4.9% 0.64% +0.03
KRG Kite Realty Group Trust Add +22.3% 0.18% +0.03
REXR Rexford Industrial Realty Inc. Add +10.4% 3.33% +0.02
VRE Veris Residential Inc. Add +8.3% 0.23% +0.01
BXP BXP Inc. Add +12.8% 0.13% +0.01
FRT Federal Realty Invs Trust Add +1.0% 0.34% +0.01
ELME Elme Communities Add +4.4% 0.13% +0.00
ALE Allete Inc. Add +0.4% 0.62% −0.00
PLD Prologis Inc. Add +0.4% 3.92% −0.01

Notes & Other Activity Q4 2023 → Q1 2024
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 Add +10.9% 822,000 $32.0M
AES CORP/THE (AES 6.875 02/15/24) UNIT 02/15/2024 Sold out 331,300 $25.2Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 99$7.2BWELL, EQIX, PLD, AMT, XEL
Q1 2026 94$6.7BWELL, EQIX, PLD, SPG, XEL
Q4 2025 95$6.8BWELL, EQIX, PLD, SPG, VICI
Q3 2025 103$7.0BWELL, EQIX, SPG, PLD, VICI
Q2 2025 104$6.5BWELL, EQIX, SPG, O, INVH
Q1 2025 107$6.5BWELL, EQIX, SPG, O, PLD
Q4 2024 112$5.6BEQIX, O, SPG, WELL, INVH
Q3 2024 109$6.3BEQIX, O, SPG, WELL, INVH
Q2 2024 109$5.4BEQIX, O, PSA, SPG, WELL
Q1 2024 108$5.4BO, EQIX, SPG, PSA, WELL