CBRE Investment Management Listed Real Assets LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 6, 2025), CBRE Investment Management Listed Real Assets LLC reported 112 stock positions worth $5.6 billion. Its top holding was Equinix (EQIX) at 7.8% of the portfolio, followed by Realty Income (O, 4.9%) and Simon Property (SPG, 4.9%). Compared with Q3 2024, it opened 13 new positions, sold out of 10, added to 40 and reduced 49. The biggest buy was a new position in Norfolk Southern (NSC) and the biggest sale Vici Properties (VICI, shares −61%).
- Most Recent 13F
- Q2 2026
- Location
- RADNOR, PA
- CIK
- 0001033984
- Portfolio Value
- $5.6B (Q4 2024)
- SEC Filing
- 0001033984-25-000003 ↗ filed Feb 6, 2025
Holdings Value
Holdings 112 stocks · $5.6B
| EQIX Equinix Inc. | 7.77% | 462,916 | $436.5M | Reduce -15.7% |
| O Realty Income Corp. | 4.94% | 5,198,044 | $277.6M | Reduce -13.8% |
| SPG Simon Property Group Inc. | 4.86% | 1,584,116 | $272.8M | Reduce -6.0% |
| WELL Welltower Inc. | 4.35% | 1,936,954 | $244.1M | Add +17.3% |
| INVH Invitation Homes Inc. | 3.19% | 5,597,177 | $178.9M | Add +0.8% |
| EXR Extra Space Storage Inc. | 2.90% | 1,089,753 | $163.0M | Add +91.3% |
| CUBE Cubesmart | 2.57% | 3,368,022 | $144.3M | Add +6.0% |
| AMT American Tower Corp. | 2.51% | 769,720 | $141.2M | Add +2.5% |
| CSX CSX Corp. | 2.47% | 4,295,064 | $138.6M | Add +19.4% |
| PLD Prologis Inc. | 2.42% | 1,287,476 | $136.1M | Reduce -12.3% |
| REXR Rexford Industrial Realty Inc. | 2.32% | 3,367,620 | $130.2M | Reduce -9.9% |
| PCG P G & E Corp. | 2.26% | 6,290,147 | $126.9M | Add +40.0% |
| WEC WEC Energy Group Inc. | 2.23% | 1,332,098 | $125.3M | Reduce -2.3% |
| REG Regency Centers Corp. | 2.03% | 1,542,507 | $114.0M | Reduce -1.1% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 1.78% | 814,110 | $100.1M | Reduce -34.7% |
| DOC Healthpeak Properties Inc. | 1.72% | 4,777,769 | $96.8M | Reduce -2.0% |
| CMS CMS Energy Corp. | 1.68% | 1,414,311 | $94.3M | Add +17.6% |
| FRT Federal Realty Invs Trust | 1.62% | 811,945 | $90.9M | Add +8.1% |
| AVB Avalonbay Communities Inc. | 1.52% | 387,645 | $85.3M | Reduce -7.3% |
| AES AES Corp. | 1.51% | 6,602,427 | $85.0M | Add +13.8% |
| BRX Brixmor Property Group Inc. | 1.51% | 3,040,441 | $84.6M | Reduce -14.3% |
| TRGP Targa Resources Corp. | 1.46% | 458,188 | $81.8M | Reduce -16.4% |
| PSA Public Storage | 1.41% | 263,549 | $78.9M | Reduce -32.4% |
| NSC Norfolk Southern Corp. | 1.35% | 322,202 | $75.6M | New |
| EVRG Evergy Inc. | 1.32% | 1,207,828 | $74.3M | Add +9.8% |
| WTRG Essential Utilities Inc. | 1.32% | 2,043,011 | $74.2M | Add +42.6% |
| XEL Xcel Energy Inc. | 1.31% | 1,092,519 | $73.8M | Reduce -23.0% |
| CCI Crown Castle Inc. | 1.20% | 742,904 | $67.4M | Add +0.8% |
| PPL PPL Corp. | 1.15% | 1,997,610 | $64.8M | Add +6.6% |
| ATO Atmos Energy Corp. | 1.15% | 462,094 | $64.4M | Reduce -20.5% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.01% | 541,028 | $56.9M | Add +158.3% |
| SHO Sunstone Hotel Investors Inc. | 0.99% | 4,686,489 | $55.5M | Add +22.2% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.96% | 747,438 | $53.6M | Reduce -19.4% |
| SRE Sempra | 0.95% | 609,477 | $53.5M | Add +8.5% |
| HST Host Hotels & Resorts Inc. | 0.94% | 3,011,988 | $52.8M | Add +48.1% |
| COLD Americold Realty Trust Inc. | 0.93% | 2,427,629 | $52.0M | Reduce -38.7% |
| UDR Udr Inc. | 0.92% | 1,196,218 | $51.9M | Reduce -29.3% |
| POR Portland General Electric Co. | 0.90% | 1,154,914 | $50.4M | Reduce -16.9% |
| NI Nisource Inc. | 0.89% | 1,353,094 | $49.7M | Add +0.0% |
| CEG Constellation Energy | 0.87% | 219,358 | $49.1M | Add +25.4% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.86% | 1,651,854 | $48.3M | Reduce -60.6% |
| CPT Camden Property Trust | 0.78% | 375,753 | $43.6M | Add +66.8% |
| ELS Equity Lifestyle Properties | 0.74% | 621,489 | $41.4M | New |
| ESS Essex Property Trust Inc. | 0.71% | 139,924 | $39.9M | Reduce -23.1% |
| ED Consolidated Edison Inc. | 0.66% | 416,307 | $37.1M | New |
| CDP Copt Defense Properties | 0.64% | 1,158,207 | $35.8M | Add +192.9% |
| LINE Lineage Inc. | 0.63% | 602,803 | $35.3M | Add +10.5% |
| OKE Oneok Inc. | 0.61% | 342,234 | $34.4M | New |
| DLR Digital Realty Trust Inc. | 0.61% | 193,543 | $34.3M | Add +136.8% |
| AHR American Healthcare REIT Inc. | 0.60% | 1,190,634 | $33.8M | New |
| HR Healthcare Realty Trust Inc. | 0.59% | 1,939,901 | $32.9M | Reduce -30.0% |
| NEE Nextera Energy Inc. | 0.54% | 425,857 | $30.5M | Reduce -4.9% |
| MAR Marriott International Class A | 0.54% | 108,947 | $30.4M | Add +41.2% |
| CWT California Water Service Grp | 0.52% | 648,406 | $29.4M | Add +5.9% |
| ADC Agree Realty Corp. | 0.52% | 413,270 | $29.1M | Reduce -2.3% |
| OGE Oge Energy Corp. | 0.47% | 642,602 | $26.5M | Reduce -5.6% |
| STAG Stag Industrial Inc. | 0.46% | 768,817 | $26.0M | Reduce -11.3% |
| EPD Enterprise Products Partners | 0.41% | 731,712 | $22.9M | Reduce -33.0% |
| BIP Brookfield Infrastructure Pa | 0.40% | 710,827 | $22.6M | Add +3.4% |
| FCPT Four Corners Property Trust | 0.40% | 823,201 | $22.3M | Reduce -22.4% |
| SBAC SBA Communications Corp. | 0.39% | 106,300 | $21.7M | Reduce -22.9% |
| FR First Industrial Realty TR | 0.38% | 430,245 | $21.6M | Add +35.8% |
| GTY Getty Realty Corp. | 0.37% | 681,231 | $20.5M | Add +17.1% |
| IRT Independence Realty Trust Inc. | 0.36% | 1,015,292 | $20.1M | Add +5.9% |
| ESRT Empire State Realty Trust-A | 0.36% | 1,943,258 | $20.1M | Reduce -25.3% |
| D Dominion Energy Inc. | 0.35% | 369,494 | $19.9M | No change |
| VNO Vornado Realty Trust | 0.35% | 471,956 | $19.8M | Add +444.8% |
| ARE Alexandria Real Estate Equit | 0.33% | 189,350 | $18.5M | Reduce -39.2% |
| VTR Ventas Inc. | 0.31% | 299,907 | $17.7M | Add +1.3% |
| PAGP Plains GP Holdings LP | 0.31% | 940,002 | $17.3M | Reduce -26.8% |
| WMB Williams Cos Inc. | 0.31% | 316,946 | $17.2M | New |
| ELME Elme Communities | 0.30% | 1,121,088 | $17.1M | Reduce -12.0% |
| HIW Highwoods Properties Inc. | 0.30% | 542,107 | $16.6M | Add +33.0% |
| VRE Veris Residential Inc. | 0.29% | 975,262 | $16.2M | Add +51.7% |
| CWEN Clearway Energy Inc. Class C | 0.27% | 593,656 | $15.4M | No change |
| AMH American Homes 4 Rent- A | 0.27% | 398,235 | $14.9M | No change |
| DRH Diamondrock Hospitality Co. | 0.27% | 1,648,805 | $14.9M | New |
| XIFR XPLR Infrastructure LP filed as NEXTERA ENERGY PARTNERS LP | 0.25% | 794,852 | $14.1M | Reduce -31.4% |
| PEB Pebblebrook Hotel Trust | 0.25% | 1,017,568 | $13.8M | New |
| BXP BXP Inc. | 0.23% | 170,504 | $12.7M | Add +12.5% |
| FVR Frontview REIT Inc. | 0.22% | 696,416 | $12.6M | New |
| NSA National Storage Affiliates | 0.21% | 316,068 | $12.0M | No change |
| PK Park Hotels & Resorts Inc. | 0.20% | 800,659 | $11.3M | No change |
| CUZ Cousins Properties Inc. | 0.19% | 351,729 | $10.8M | Add +270.1% |
| BNL Broadstone Net Lease Inc. | 0.18% | 652,710 | $10.4M | New |
| ROIC Retail Opportunity Investmen | 0.18% | 581,300 | $10.1M | Reduce -64.8% |
| UE Urban Edge Properties | 0.17% | 447,487 | $9.6M | Add +718.6% |
| NTST Netstreit Corp. | 0.17% | 669,585 | $9.5M | Reduce -2.3% |
| EGP Eastgroup Properties Inc. | 0.15% | 53,625 | $8.6M | New |
| UNIT Uniti Group LLC Com SHS | 0.13% | 1,374,800 | $7.6M | No change |
| PDM Piedmont Realty Trust Inc. | 0.13% | 826,063 | $7.6M | Reduce -21.7% |
| KRG Kite Realty Group Trust | 0.12% | 259,455 | $6.5M | Add +37.6% |
| KRC Kilroy Realty Corp. | 0.12% | 161,889 | $6.5M | Reduce -3.6% |
| HLT Hilton Worldwide Holdings Inc. | 0.11% | 25,520 | $6.3M | Reduce -42.0% |
| MAA Mid-America Apartment Comm | 0.11% | 39,176 | $6.1M | No change |
| NNN NNN REIT Inc. | 0.10% | 139,347 | $5.7M | Reduce -83.1% |
| WY Weyerhaeuser Co. | 0.05% | 108,867 | $3.1M | Reduce -3.9% |
| AEP American Electric Power | 0.05% | 32,620 | $3.0M | New |
| AKR Acadia Realty Trust | 0.04% | 102,204 | $2.5M | Reduce -75.6% |
| MPT Medical Properties Trust Inc. | 0.04% | 570,100 | $2.3M | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $30.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | 737,300 | $30.2M | Add +7.5% |
Total filed on the 13F, all lines: $5.6B.
Portfolio Sells Q3 2024 → Q4 2024
| VICI Vici Properties Inc. | Reduce -60.6% | 0.86% | −1.37 |
| O Realty Income Corp. | Reduce -13.8% | 4.94% | −1.17 |
| SUI Sun Communities Inc. | Reduce -34.7% | 1.78% | −0.91 |
| COLD Americold Realty Trust Inc. | Reduce -38.7% | 0.93% | −0.86 |
| PSA Public Storage | Reduce -32.4% | 1.41% | −0.86 |
| BROADSTONE NET LEASE INC | Sold out | 0.00% | −0.76 |
| CNP Centerpoint Energy Inc. | Reduce -97.9% | 0.02% | −0.73 |
| REXR Rexford Industrial Realty Inc. | Reduce -9.9% | 2.32% | −0.69 |
| H Hyatt Hotels Corp. Class A | Sold out | 0.00% | −0.65 |
| AY Atlantica Sustainable Infras | Sold out | 0.00% | −0.55 |
| NNN NNN REIT Inc. | Reduce -83.1% | 0.10% | −0.54 |
| PLD Prologis Inc. | Reduce -12.3% | 2.42% | −0.54 |
| AEE Ameren Corporation | Reduce -99.0% | 0.01% | −0.48 |
| MAC The Macerich Co. | Sold out | 0.00% | −0.43 |
| ALE Allete Inc. | Sold out | 0.00% | −0.34 |
| UDR Udr Inc. | Reduce -29.3% | 0.92% | −0.30 |
| ARE Alexandria Real Estate Equit | Reduce -39.2% | 0.33% | −0.26 |
| XIFR XPLR Infrastructure LP | Reduce -31.4% | 0.25% | −0.26 |
| Essential Properties Realty | Sold out | 0.00% | −0.26 |
| ROIC Retail Opportunity Investmen | Reduce -64.8% | 0.18% | −0.24 |
| HR Healthcare Realty Trust Inc. | Reduce -30.0% | 0.59% | −0.22 |
| XEL Xcel Energy Inc. | Reduce -23.0% | 1.31% | −0.17 |
| POR Portland General Electric Co. | Reduce -16.9% | 0.90% | −0.17 |
| ESS Essex Property Trust Inc. | Reduce -23.1% | 0.71% | −0.15 |
| VMRK Vivmark Residential | Reduce -19.4% | 0.96% | −0.15 |
| SBAC SBA Communications Corp. | Reduce -22.9% | 0.39% | −0.14 |
| ATO Atmos Energy Corp. | Reduce -20.5% | 1.15% | −0.14 |
| AKR Acadia Realty Trust | Reduce -75.6% | 0.04% | −0.11 |
| ESRT Empire State Realty Trust-A | Reduce -25.3% | 0.36% | −0.10 |
| EPD Enterprise Products Partners | Reduce -33.0% | 0.41% | −0.10 |
| FCPT Four Corners Property Trust | Reduce -22.4% | 0.40% | −0.10 |
| ETR Entergy Corp. | Sold out | 0.00% | −0.09 |
| STAG Stag Industrial Inc. | Reduce -11.3% | 0.46% | −0.08 |
| PAGP Plains GP Holdings LP | Reduce -26.8% | 0.31% | −0.07 |
| BRX Brixmor Property Group Inc. | Reduce -14.3% | 1.51% | −0.07 |
| EXC Exelon Corp. | Reduce -65.8% | 0.04% | −0.07 |
| UNP Union Pacific Corp. | Sold out | 0.00% | −0.06 |
| NEE Nextera Energy Inc. | Reduce -4.9% | 0.54% | −0.06 |
| DOC Healthpeak Properties Inc. | Reduce -2.0% | 1.72% | −0.06 |
| ELME Elme Communities | Reduce -12.0% | 0.30% | −0.05 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -42.0% | 0.11% | −0.05 |
| PDM Piedmont Realty Trust Inc. | Reduce -21.7% | 0.13% | −0.04 |
| LNT Alliant Energy Corp. | Sold out | 0.00% | −0.03 |
| DUK Duke Energy Corp. | Sold out | 0.00% | −0.03 |
| ES Eversource Energy | Reduce -61.8% | 0.02% | −0.03 |
| EQIX Equinix Inc. | Reduce -15.7% | 7.77% | −0.02 |
| NTST Netstreit Corp. | Reduce -2.3% | 0.17% | −0.01 |
| WY Weyerhaeuser Co. | Reduce -3.9% | 0.05% | −0.01 |
| DTE DTE Energy Company | Reduce -43.5% | 0.01% | −0.01 |
| CPK Chesapeake Utilities Corp. | Reduce -7.5% | 0.01% | 0.00 |
Portfolio Buys Q3 2024 → Q4 2024
| NSC Norfolk Southern Corp. | New | 1.35% | +1.35 |
| EXR Extra Space Storage Inc. | Add +91.3% | 2.90% | +1.26 |
| WELL Welltower Inc. | Add +17.3% | 4.35% | +0.97 |
| PCG P G & E Corp. | Add +40.0% | 2.26% | +0.84 |
| ELS Equity Lifestyle Properties | New | 0.74% | +0.74 |
| ED Consolidated Edison Inc. | New | 0.66% | +0.66 |
| IRM Iron Mountain Inc. | Add +158.3% | 1.01% | +0.61 |
| OKE Oneok Inc. | New | 0.61% | +0.61 |
| AHR American Healthcare REIT Inc. | New | 0.60% | +0.60 |
| CSX CSX Corp. | Add +19.4% | 2.47% | +0.48 |
| CDP Copt Defense Properties | Add +192.9% | 0.64% | +0.45 |
| WTRG Essential Utilities Inc. | Add +42.6% | 1.32% | +0.44 |
| DLR Digital Realty Trust Inc. | Add +136.8% | 0.61% | +0.40 |
| HST Host Hotels & Resorts Inc. | Add +48.1% | 0.94% | +0.37 |
| SHO Sunstone Hotel Investors Inc. | Add +22.2% | 0.99% | +0.36 |
| CPT Camden Property Trust | Add +66.8% | 0.78% | +0.33 |
| CMS CMS Energy Corp. | Add +17.6% | 1.68% | +0.32 |
| WMB Williams Cos Inc. | New | 0.31% | +0.31 |
| VNO Vornado Realty Trust | Add +444.8% | 0.35% | +0.30 |
| DRH Diamondrock Hospitality Co. | New | 0.27% | +0.27 |
| PEB Pebblebrook Hotel Trust | New | 0.25% | +0.25 |
| FRT Federal Realty Invs Trust | Add +8.1% | 1.62% | +0.24 |
| MAR Marriott International Class A | Add +41.2% | 0.54% | +0.23 |
| EVRG Evergy Inc. | Add +9.8% | 1.32% | +0.23 |
| FVR Frontview REIT Inc. | New | 0.22% | +0.22 |
| SRE Sempra | Add +8.5% | 0.95% | +0.20 |
| BNL Broadstone Net Lease Inc. | New | 0.18% | +0.18 |
| PPL PPL Corp. | Add +6.6% | 1.15% | +0.16 |
| EGP Eastgroup Properties Inc. | New | 0.15% | +0.15 |
| UE Urban Edge Properties | Add +718.6% | 0.17% | +0.15 |
| CEG Constellation Energy | Add +25.4% | 0.87% | +0.15 |
| CUZ Cousins Properties Inc. | Add +270.1% | 0.19% | +0.15 |
| NI Nisource Inc. | Add +0.0% | 0.89% | +0.14 |
| VRE Veris Residential Inc. | Add +51.7% | 0.29% | +0.11 |
| FR First Industrial Realty TR | Add +35.8% | 0.38% | +0.10 |
| HIW Highwoods Properties Inc. | Add +33.0% | 0.30% | +0.08 |
| GTY Getty Realty Corp. | Add +17.1% | 0.37% | +0.07 |
| INVH Invitation Homes Inc. | Add +0.8% | 3.19% | +0.06 |
| AEP American Electric Power | New | 0.05% | +0.05 |
| IRT Independence Realty Trust Inc. | Add +5.9% | 0.36% | +0.04 |
| KRG Kite Realty Group Trust | Add +37.6% | 0.12% | +0.04 |
| BXP BXP Inc. | Add +12.5% | 0.23% | +0.03 |
| BIP Brookfield Infrastructure Pa | Add +3.4% | 0.40% | +0.02 |
| VTR Ventas Inc. | Add +1.3% | 0.31% | +0.01 |
| KMI Kinder Morgan Inc. | New | 0.00% | +0.00 |
| GLPI Gaming and Leisure Propertie | Add +14.7% | 0.02% | +0.00 |
| AWK American Water Works Co. Inc. | Add +15.2% | 0.01% | +0.00 |
| CWT California Water Service Grp | Add +5.9% | 0.52% | −0.01 |
| LINE Lineage Inc. | Add +10.5% | 0.63% | −0.05 |
| CUBE Cubesmart | Add +6.0% | 2.57% | −0.16 |
Notes & Other Activity Q3 2024 → Q4 2024
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Add +7.5% | 737,300 | $30.2M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 99 | $7.2B | WELL, EQIX, PLD, AMT, XEL |
| Q1 2026 | 94 | $6.7B | WELL, EQIX, PLD, SPG, XEL |
| Q4 2025 | 95 | $6.8B | WELL, EQIX, PLD, SPG, VICI |
| Q3 2025 | 103 | $7.0B | WELL, EQIX, SPG, PLD, VICI |
| Q2 2025 | 104 | $6.5B | WELL, EQIX, SPG, O, INVH |
| Q1 2025 | 107 | $6.5B | WELL, EQIX, SPG, O, PLD |
| Q4 2024 | 112 | $5.6B | EQIX, O, SPG, WELL, INVH |
| Q3 2024 | 109 | $6.3B | EQIX, O, SPG, WELL, INVH |
| Q2 2024 | 109 | $5.4B | EQIX, O, PSA, SPG, WELL |
| Q1 2024 | 108 | $5.4B | O, EQIX, SPG, PSA, WELL |