CBRE Investment Management Listed Real Assets LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), CBRE Investment Management Listed Real Assets LLC reported 107 stock positions worth $6.5 billion. Its top holding was Welltower (WELL) at 7.1% of the portfolio, followed by Equinix (EQIX, 5.4%) and Simon Property (SPG, 4.7%). Compared with Q4 2024, it opened 6 new positions, sold out of 11, added to 57 and reduced 38. The biggest buy was Welltower (WELL, shares +56%) and the biggest sale Equinix (EQIX, shares −8%).
- Most Recent 13F
- Q2 2026
- Location
- RADNOR, PA
- CIK
- 0001033984
- Portfolio Value
- $6.5B (Q1 2025)
- SEC Filing
- 0001033984-25-000004 ↗ filed May 14, 2025
Holdings Value
Holdings 107 stocks · $6.5B
| WELL Welltower Inc. | 7.12% | 3,013,247 | $461.7M | Add +55.6% |
| EQIX Equinix Inc. | 5.38% | 427,908 | $348.9M | Reduce -7.6% |
| SPG Simon Property Group Inc. | 4.68% | 1,827,015 | $303.4M | Add +15.3% |
| O Realty Income Corp. | 4.49% | 5,020,997 | $291.3M | Reduce -3.4% |
| PLD Prologis Inc. | 3.09% | 1,794,897 | $200.7M | Add +39.4% |
| INVH Invitation Homes Inc. | 3.08% | 5,731,189 | $199.7M | Add +2.4% |
| EXR Extra Space Storage Inc. | 3.04% | 1,328,469 | $197.3M | Add +21.9% |
| REG Regency Centers Corp. | 2.87% | 2,521,633 | $186.0M | Add +63.5% |
| CUBE Cubesmart | 2.34% | 3,556,377 | $151.9M | Add +5.6% |
| NSC Norfolk Southern Corp. | 2.25% | 616,384 | $146.0M | Add +91.3% |
| DLR Digital Realty Trust Inc. | 2.14% | 966,936 | $138.6M | Add +399.6% |
| AMT American Tower Corp. | 2.04% | 607,696 | $132.2M | Reduce -21.1% |
| WEC WEC Energy Group Inc. | 1.78% | 1,061,740 | $115.7M | Reduce -20.3% |
| DOC Healthpeak Properties Inc. | 1.78% | 5,707,899 | $115.4M | Add +19.5% |
| FR First Industrial Realty TR | 1.72% | 2,070,197 | $111.7M | Add +381.2% |
| EGP Eastgroup Properties Inc. | 1.69% | 621,303 | $109.4M | Add +1058.6% |
| AVB Avalonbay Communities Inc. | 1.66% | 501,309 | $107.6M | Add +29.3% |
| XEL Xcel Energy Inc. | 1.59% | 1,455,038 | $103.0M | Add +33.2% |
| PSA Public Storage | 1.57% | 339,993 | $101.8M | Add +29.0% |
| PCG P G & E Corp. | 1.44% | 5,431,258 | $93.3M | Reduce -13.7% |
| PPL PPL Corp. | 1.37% | 2,465,342 | $89.0M | Add +23.4% |
| WMB Williams Cos Inc. | 1.35% | 1,465,991 | $87.6M | Add +362.5% |
| AES AES Corp. | 1.35% | 7,043,461 | $87.5M | Add +6.7% |
| WTRG Essential Utilities Inc. | 1.32% | 2,166,797 | $85.7M | Add +6.1% |
| ATO Atmos Energy Corp. | 1.30% | 543,697 | $84.0M | Add +17.7% |
| ELS Equity Lifestyle Properties | 1.29% | 1,251,554 | $83.5M | Add +101.4% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 1.25% | 2,479,465 | $80.9M | Add +50.1% |
| OKE Oneok Inc. | 1.23% | 805,599 | $79.9M | Add +135.4% |
| CCI Crown Castle Inc. | 1.21% | 751,212 | $78.3M | Add +1.1% |
| TRGP Targa Resources Corp. | 1.20% | 389,537 | $78.1M | Reduce -15.0% |
| CMS CMS Energy Corp. | 1.16% | 1,000,360 | $75.1M | Reduce -29.3% |
| STAG Stag Industrial Inc. | 1.08% | 1,938,350 | $70.0M | Add +152.1% |
| BRX Brixmor Property Group Inc. | 1.07% | 2,626,152 | $69.7M | Reduce -13.6% |
| PEG Public Service Enterprise GP | 1.05% | 830,102 | $68.3M | New |
| FRT Federal Realty Invs Trust | 1.05% | 693,693 | $67.9M | Reduce -14.6% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.02% | 772,190 | $66.4M | Add +42.7% |
| CEG Constellation Energy | 0.99% | 318,919 | $64.3M | Add +45.4% |
| ADC Agree Realty Corp. | 0.98% | 821,090 | $63.4M | Add +98.7% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.95% | 481,659 | $62.0M | Reduce -40.8% |
| COLD Americold Realty Trust Inc. | 0.92% | 2,786,323 | $59.8M | Add +14.8% |
| EVRG Evergy Inc. | 0.90% | 845,286 | $58.3M | Reduce -30.0% |
| UDR Udr Inc. | 0.87% | 1,255,532 | $56.7M | Add +5.0% |
| ED Consolidated Edison Inc. | 0.86% | 503,749 | $55.7M | Add +21.0% |
| SHO Sunstone Hotel Investors Inc. | 0.79% | 5,474,886 | $51.5M | Add +16.8% |
| NEE Nextera Energy Inc. | 0.78% | 717,214 | $50.8M | Add +68.4% |
| IRT Independence Realty Trust Inc. | 0.73% | 2,233,851 | $47.4M | Add +120.0% |
| AMH American Homes 4 Rent- A | 0.71% | 1,220,109 | $46.1M | Add +206.4% |
| REXR Rexford Industrial Realty Inc. | 0.71% | 1,169,568 | $45.8M | Reduce -65.3% |
| OGE Oge Energy Corp. | 0.69% | 972,864 | $44.7M | Add +51.4% |
| AHR American Healthcare REIT Inc. | 0.68% | 1,458,125 | $44.2M | Add +22.5% |
| CSX CSX Corp. | 0.68% | 1,497,603 | $44.1M | Reduce -65.1% |
| ELME Elme Communities | 0.66% | 2,459,062 | $42.8M | Add +119.3% |
| ESS Essex Property Trust Inc. | 0.62% | 131,098 | $40.2M | Reduce -6.3% |
| POR Portland General Electric Co. | 0.59% | 865,426 | $38.6M | Reduce -25.1% |
| FCPT Four Corners Property Trust | 0.59% | 1,342,834 | $38.5M | Add +63.1% |
| CDP Copt Defense Properties | 0.59% | 1,403,647 | $38.3M | Add +21.2% |
| CPT Camden Property Trust | 0.57% | 302,900 | $37.0M | Reduce -19.4% |
| VNO Vornado Realty Trust | 0.55% | 972,817 | $36.0M | Add +106.1% |
| CWT California Water Service Grp | 0.52% | 700,564 | $33.9M | Add +8.0% |
| GTY Getty Realty Corp. | 0.44% | 911,168 | $28.4M | Add +33.8% |
| AWK American Water Works Co. Inc. | 0.43% | 191,185 | $28.2M | Add +3946.2% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.42% | 379,734 | $27.2M | Reduce -49.2% |
| LINE Lineage Inc. | 0.40% | 446,601 | $26.2M | Reduce -25.9% |
| VTR Ventas Inc. | 0.40% | 376,973 | $25.9M | Add +25.7% |
| SO The Southern Co. | 0.40% | 280,009 | $25.7M | New |
| SBAC SBA Communications Corp. | 0.34% | 101,366 | $22.3M | Reduce -4.6% |
| BIP Brookfield Infrastructure Pa | 0.33% | 715,827 | $21.3M | Add +0.7% |
| DRH Diamondrock Hospitality Co. | 0.33% | 2,748,875 | $21.2M | Add +66.7% |
| D Dominion Energy Inc. | 0.32% | 369,494 | $20.7M | No change |
| VRE Veris Residential Inc. | 0.30% | 1,142,407 | $19.3M | Add +17.1% |
| HST Host Hotels & Resorts Inc. | 0.30% | 1,351,102 | $19.2M | Reduce -55.1% |
| CWEN Clearway Energy Inc. Class C | 0.27% | 574,656 | $17.4M | Reduce -3.2% |
| ARE Alexandria Real Estate Equit | 0.27% | 187,903 | $17.4M | Reduce -0.8% |
| HR Healthcare Realty Trust Inc. | 0.25% | 941,911 | $15.9M | Reduce -51.5% |
| SRE Sempra | 0.24% | 216,845 | $15.5M | Reduce -64.4% |
| NSA National Storage Affiliates | 0.19% | 316,068 | $12.5M | No change |
| MAR Marriott International Class A | 0.19% | 51,098 | $12.2M | Reduce -53.1% |
| BNL Broadstone Net Lease Inc. | 0.17% | 652,710 | $11.1M | No change |
| NTST Netstreit Corp. | 0.16% | 654,882 | $10.4M | Reduce -2.2% |
| FVR Frontview REIT Inc. | 0.15% | 765,666 | $9.8M | Add +9.9% |
| PDM Piedmont Realty Trust Inc. | 0.14% | 1,222,986 | $9.0M | Add +48.0% |
| ESRT Empire State Realty Trust-A | 0.14% | 1,152,474 | $9.0M | Reduce -40.7% |
| CUZ Cousins Properties Inc. | 0.13% | 293,372 | $8.7M | Reduce -16.6% |
| PK Park Hotels & Resorts Inc. | 0.13% | 800,659 | $8.6M | No change |
| BXP BXP Inc. | 0.13% | 127,090 | $8.5M | Reduce -25.5% |
| NI Nisource Inc. | 0.13% | 206,239 | $8.3M | Reduce -84.8% |
| XIFR XPLR Infrastructure LP | 0.12% | 794,852 | $7.6M | No change |
| HLT Hilton Worldwide Holdings Inc. | 0.12% | 32,949 | $7.5M | Add +29.1% |
| UE Urban Edge Properties | 0.11% | 392,546 | $7.5M | Reduce -12.3% |
| SKT Tanger Inc. | 0.10% | 200,151 | $6.8M | Add +2703.2% |
| GLPI Gaming and Leisure Propertie | 0.09% | 110,654 | $5.6M | Add +407.7% |
| WY Weyerhaeuser Co. | 0.08% | 178,714 | $5.2M | Add +64.2% |
| UNIT Uniti Group LLC Com SHS | 0.08% | 999,800 | $5.0M | Reduce -27.3% |
| CSR Centerspace | 0.06% | 57,468 | $3.7M | Add +157.4% |
| KRC Kilroy Realty Corp. | 0.05% | 107,514 | $3.5M | Reduce -33.6% |
| PEB Pebblebrook Hotel Trust | 0.04% | 235,250 | $2.4M | Reduce -76.9% |
| CURB Curbline Properties Corp. | 0.02% | 46,803 | $1.1M | New |
| MAC The Macerich Co. | 0.01% | 51,487 | $884K | New |
| ES Eversource Energy | 0.01% | 12,709 | $789K | Reduce -20.8% |
| AIV Apartment Invt & Mgmt Co. Class A | 0.01% | 71,016 | $625K | New |
| MPT Medical Properties Trust Inc. | 0.01% | 100,100 | $604K | Reduce -82.4% |
| CPK Chesapeake Utilities Corp. | 0.01% | 4,001 | $514K | Add +34.1% |
| AEE Ameren Corporation | 0.01% | 3,450 | $346K | No change |
| PAGP Plains GP Holdings LP | 0.01% | 15,702 | $335K | Reduce -98.3% |
| KMI Kinder Morgan Inc. | 0.00% | 10,913 | $311K | Add +42.6% |
| DTE DTE Energy Company | 0.00% | 2,211 | $306K | Reduce -41.9% |
| SITC Site Centers Corp. filed as SITE CTRS CORP | 0.00% | 14,316 | $184K | New |
Other holdings (3): bonds, preferreds, convertibles and warrants · $46.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | 737,300 | $30.0M | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 541,950 | $9.5M | New |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 383,644 | $6.6M | New |
Total filed on the 13F, all lines: $6.5B.
Portfolio Sells Q4 2024 → Q1 2025
| EQIX Equinix Inc. | Reduce -7.6% | 5.38% | −2.39 |
| CSX CSX Corp. | Reduce -65.1% | 0.68% | −1.79 |
| REXR Rexford Industrial Realty Inc. | Reduce -65.3% | 0.71% | −1.61 |
| SUI Sun Communities Inc. | Reduce -40.8% | 0.95% | −0.83 |
| PCG P G & E Corp. | Reduce -13.7% | 1.44% | −0.82 |
| NI Nisource Inc. | Reduce -84.8% | 0.13% | −0.76 |
| SRE Sempra | Reduce -64.4% | 0.24% | −0.71 |
| HST Host Hotels & Resorts Inc. | Reduce -55.1% | 0.30% | −0.64 |
| FRT Federal Realty Invs Trust | Reduce -14.6% | 1.05% | −0.57 |
| VMRK Vivmark Residential | Reduce -49.2% | 0.42% | −0.54 |
| CMS CMS Energy Corp. | Reduce -29.3% | 1.16% | −0.52 |
| AMT American Tower Corp. | Reduce -21.1% | 2.04% | −0.48 |
| O Realty Income Corp. | Reduce -3.4% | 4.49% | −0.45 |
| WEC WEC Energy Group Inc. | Reduce -20.3% | 1.78% | −0.45 |
| BRX Brixmor Property Group Inc. | Reduce -13.6% | 1.07% | −0.43 |
| EVRG Evergy Inc. | Reduce -30.0% | 0.90% | −0.43 |
| EPD Enterprise Products Partners | Sold out | 0.00% | −0.41 |
| MAR Marriott International Class A | Reduce -53.1% | 0.19% | −0.35 |
| HR Healthcare Realty Trust Inc. | Reduce -51.5% | 0.25% | −0.34 |
| PAGP Plains GP Holdings LP | Reduce -98.3% | 0.01% | −0.30 |
| POR Portland General Electric Co. | Reduce -25.1% | 0.59% | −0.30 |
| HIW Highwoods Properties Inc. | Sold out | 0.00% | −0.30 |
| TRGP Targa Resources Corp. | Reduce -15.0% | 1.20% | −0.25 |
| LINE Lineage Inc. | Reduce -25.9% | 0.40% | −0.23 |
| ESRT Empire State Realty Trust-A | Reduce -40.7% | 0.14% | −0.22 |
| PEB Pebblebrook Hotel Trust | Reduce -76.9% | 0.04% | −0.21 |
| CPT Camden Property Trust | Reduce -19.4% | 0.57% | −0.21 |
| ROIC Retail Opportunity Investmen | Sold out | 0.00% | −0.18 |
| KRG Kite Realty Group Trust | Sold out | 0.00% | −0.12 |
| MAA Mid-America Apartment Comm | Sold out | 0.00% | −0.11 |
| NNN NNN REIT Inc. | Sold out | 0.00% | −0.10 |
| BXP BXP Inc. | Reduce -25.5% | 0.13% | −0.09 |
| ESS Essex Property Trust Inc. | Reduce -6.3% | 0.62% | −0.09 |
| KRC Kilroy Realty Corp. | Reduce -33.6% | 0.05% | −0.06 |
| ARE Alexandria Real Estate Equit | Reduce -0.8% | 0.27% | −0.06 |
| CUZ Cousins Properties Inc. | Reduce -16.6% | 0.13% | −0.06 |
| UNIT Uniti Group LLC Com SHS | Reduce -27.3% | 0.08% | −0.06 |
| UE Urban Edge Properties | Reduce -12.3% | 0.11% | −0.06 |
| AEP American Electric Power | Sold out | 0.00% | −0.05 |
| AKR Acadia Realty Trust | Sold out | 0.00% | −0.04 |
| SBAC SBA Communications Corp. | Reduce -4.6% | 0.34% | −0.04 |
| EXC Exelon Corp. | Sold out | 0.00% | −0.04 |
| MPT Medical Properties Trust Inc. | Reduce -82.4% | 0.01% | −0.03 |
| HUDSON PAC PPTYS INC | Sold out | 0.00% | −0.02 |
| CNP Centerpoint Energy Inc. | Sold out | 0.00% | −0.02 |
| NTST Netstreit Corp. | Reduce -2.2% | 0.16% | −0.01 |
| CWEN Clearway Energy Inc. Class C | Reduce -3.2% | 0.27% | −0.01 |
| ES Eversource Energy | Reduce -20.8% | 0.01% | −0.00 |
| DTE DTE Energy Company | Reduce -41.9% | 0.00% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| WELL Welltower Inc. | Add +55.6% | 7.12% | +2.77 |
| EGP Eastgroup Properties Inc. | Add +1058.6% | 1.69% | +1.53 |
| DLR Digital Realty Trust Inc. | Add +399.6% | 2.14% | +1.52 |
| FR First Industrial Realty TR | Add +381.2% | 1.72% | +1.34 |
| PEG Public Service Enterprise GP | New | 1.05% | +1.05 |
| WMB Williams Cos Inc. | Add +362.5% | 1.35% | +1.04 |
| NSC Norfolk Southern Corp. | Add +91.3% | 2.25% | +0.90 |
| REG Regency Centers Corp. | Add +63.5% | 2.87% | +0.84 |
| PLD Prologis Inc. | Add +39.4% | 3.09% | +0.67 |
| OKE Oneok Inc. | Add +135.4% | 1.23% | +0.62 |
| STAG Stag Industrial Inc. | Add +152.1% | 1.08% | +0.62 |
| ELS Equity Lifestyle Properties | Add +101.4% | 1.29% | +0.55 |
| ADC Agree Realty Corp. | Add +98.7% | 0.98% | +0.46 |
| AMH American Homes 4 Rent- A | Add +206.4% | 0.71% | +0.45 |
| AWK American Water Works Co. Inc. | Add +3946.2% | 0.43% | +0.42 |
| SO The Southern Co. | New | 0.40% | +0.40 |
| VICI Vici Properties Inc. | Add +50.1% | 1.25% | +0.39 |
| IRT Independence Realty Trust Inc. | Add +120.0% | 0.73% | +0.37 |
| ELME Elme Communities | Add +119.3% | 0.66% | +0.35 |
| XEL Xcel Energy Inc. | Add +33.2% | 1.59% | +0.27 |
| NEE Nextera Energy Inc. | Add +68.4% | 0.78% | +0.24 |
| PPL PPL Corp. | Add +23.4% | 1.37% | +0.22 |
| OGE Oge Energy Corp. | Add +51.4% | 0.69% | +0.22 |
| VNO Vornado Realty Trust | Add +106.1% | 0.55% | +0.20 |
| ED Consolidated Edison Inc. | Add +21.0% | 0.86% | +0.20 |
| FCPT Four Corners Property Trust | Add +63.1% | 0.59% | +0.20 |
| PSA Public Storage | Add +29.0% | 1.57% | +0.16 |
| ATO Atmos Energy Corp. | Add +17.7% | 1.30% | +0.15 |
| AVB Avalonbay Communities Inc. | Add +29.3% | 1.66% | +0.14 |
| EXR Extra Space Storage Inc. | Add +21.9% | 3.04% | +0.14 |
| CEG Constellation Energy | Add +45.4% | 0.99% | +0.12 |
| SKT Tanger Inc. | Add +2703.2% | 0.10% | +0.10 |
| VTR Ventas Inc. | Add +25.7% | 0.40% | +0.09 |
| AHR American Healthcare REIT Inc. | Add +22.5% | 0.68% | +0.08 |
| GTY Getty Realty Corp. | Add +33.8% | 0.44% | +0.07 |
| GLPI Gaming and Leisure Propertie | Add +407.7% | 0.09% | +0.07 |
| DRH Diamondrock Hospitality Co. | Add +66.7% | 0.33% | +0.06 |
| DOC Healthpeak Properties Inc. | Add +19.5% | 1.78% | +0.05 |
| CSR Centerspace | Add +157.4% | 0.06% | +0.03 |
| WY Weyerhaeuser Co. | Add +64.2% | 0.08% | +0.03 |
| CURB Curbline Properties Corp. | New | 0.02% | +0.02 |
| MAC The Macerich Co. | New | 0.01% | +0.01 |
| IRM Iron Mountain Inc. | Add +42.7% | 1.02% | +0.01 |
| AIV Apartment Invt & Mgmt Co. Class A | New | 0.01% | +0.01 |
| VRE Veris Residential Inc. | Add +17.1% | 0.30% | +0.01 |
| CCI Crown Castle Inc. | Add +1.1% | 1.21% | +0.01 |
| PDM Piedmont Realty Trust Inc. | Add +48.0% | 0.14% | +0.00 |
| HLT Hilton Worldwide Holdings Inc. | Add +29.1% | 0.12% | +0.00 |
| SITC Site Centers Corp. | New | 0.00% | +0.00 |
| CPK Chesapeake Utilities Corp. | Add +34.1% | 0.01% | +0.00 |
Notes & Other Activity Q4 2024 → Q1 2025
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | New | 541,950 | $9.5M |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | New | 383,644 | $6.6M |
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 |