CBRE Investment Management Listed Real Assets LLC

Name: CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC 13F holdings, Q4 2024
Creator: CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC
Published: 2025-02-06

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024

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
EXC Exelon Corp.	0.04%	55,531	$2.1M	Reduce -65.8%
CSR Centerspace	0.03%	22,329	$1.5M	Reduce -3.8%
HUDSON PAC PPTYS INC	0.02%	454,631	$1.4M	No change
CNP Centerpoint Energy Inc.	0.02%	33,992	$1.1M	Reduce -97.9%
GLPI Gaming and Leisure Propertie	0.02%	21,796	$1.0M	Add +14.7%
ES Eversource Energy	0.02%	16,043	$921K	Reduce -61.8%
AWK American Water Works Co. Inc.	0.01%	4,725	$588K	Add +15.2%
DTE DTE Energy Company	0.01%	3,803	$459K	Reduce -43.5%
CPK Chesapeake Utilities Corp.	0.01%	2,984	$362K	Reduce -7.5%
AEE Ameren Corporation	0.01%	3,450	$308K	Reduce -99.0%
SKT Tanger Inc.	0.00%	7,140	$244K	No change
KMI Kinder Morgan Inc.	0.00%	7,655	$210K	New

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