CBRE Investment Management Listed Real Assets LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 6, 2025), CBRE Investment Management Listed Real Assets LLC reported 104 stock positions worth $6.5 billion. Its top holding was Welltower (WELL) at 7.7% of the portfolio, followed by Equinix (EQIX, 5.9%) and Simon Property (SPG, 3.8%). Compared with Q1 2025, it opened 8 new positions, sold out of 11, added to 41 and reduced 45. The biggest buy was Vici Properties (VICI, shares +125%) and the biggest sale an exit from Agree Realty (ADC).
- Most Recent 13F
- Q2 2026
- Location
- RADNOR, PA
- CIK
- 0001033984
- Portfolio Value
- $6.5B (Q2 2025)
- SEC Filing
- 0001033984-25-000016 ↗ filed Aug 6, 2025
Holdings Value
Holdings 104 stocks · $6.5B
| WELL Welltower Inc. | 7.68% | 3,271,471 | $502.9M | Add +8.6% |
| EQIX Equinix Inc. | 5.90% | 485,538 | $386.2M | Add +13.5% |
| SPG Simon Property Group Inc. | 3.85% | 1,568,498 | $252.2M | Reduce -14.2% |
| O Realty Income Corp. | 3.65% | 4,153,817 | $239.3M | Reduce -17.3% |
| INVH Invitation Homes Inc. | 3.03% | 6,058,456 | $198.7M | Add +5.7% |
| EXR Extra Space Storage Inc. | 2.80% | 1,244,630 | $183.5M | Reduce -6.3% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.78% | 5,587,940 | $182.2M | Add +125.4% |
| AMT American Tower Corp. | 2.70% | 798,849 | $176.6M | Add +31.5% |
| PLD Prologis Inc. | 2.62% | 1,633,837 | $171.7M | Reduce -9.0% |
| DLR Digital Realty Trust Inc. | 2.54% | 955,698 | $166.6M | Reduce -1.2% |
| NSC Norfolk Southern Corp. | 2.38% | 609,792 | $156.1M | Reduce -1.1% |
| REG Regency Centers Corp. | 2.26% | 2,076,775 | $147.9M | Reduce -17.6% |
| EGP Eastgroup Properties Inc. | 2.08% | 814,104 | $136.1M | Add +31.0% |
| UDR Udr Inc. | 1.96% | 3,149,408 | $128.6M | Add +150.8% |
| STAG Stag Industrial Inc. | 1.96% | 3,533,588 | $128.2M | Add +82.3% |
| PPL PPL Corp. | 1.85% | 3,574,137 | $121.1M | Add +45.0% |
| PEG Public Service Enterprise GP | 1.82% | 1,415,693 | $119.2M | Add +70.5% |
| FR First Industrial Realty TR | 1.72% | 2,342,835 | $112.8M | Add +13.2% |
| WEC WEC Energy Group Inc. | 1.68% | 1,058,230 | $110.3M | Reduce -0.3% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.68% | 1,073,098 | $110.1M | Add +39.0% |
| BRX Brixmor Property Group Inc. | 1.68% | 4,217,092 | $109.8M | Add +60.6% |
| CUBE Cubesmart | 1.59% | 2,449,735 | $104.1M | Reduce -31.1% |
| ATO Atmos Energy Corp. | 1.59% | 674,233 | $103.9M | Add +24.0% |
| XEL Xcel Energy Inc. | 1.58% | 1,519,160 | $103.5M | Add +4.4% |
| WMB Williams Cos Inc. | 1.58% | 1,643,960 | $103.3M | Add +12.1% |
| CEG Constellation Energy | 1.50% | 304,015 | $98.1M | Reduce -4.7% |
| TRGP Targa Resources Corp. | 1.41% | 529,163 | $92.1M | Add +35.8% |
| WTRG Essential Utilities Inc. | 1.34% | 2,360,631 | $87.7M | Add +8.9% |
| AES AES Corp. | 1.25% | 7,812,629 | $82.2M | Add +10.9% |
| NEE Nextera Energy Inc. | 1.25% | 1,182,270 | $82.1M | Add +64.8% |
| PCG P G & E Corp. | 1.25% | 5,861,961 | $81.7M | Add +7.9% |
| DOC Healthpeak Properties Inc. | 1.24% | 4,642,874 | $81.3M | Reduce -18.7% |
| AVB Avalonbay Communities Inc. | 1.20% | 387,808 | $78.9M | Reduce -22.6% |
| PSA Public Storage | 1.14% | 253,897 | $74.5M | Reduce -25.3% |
| CCI Crown Castle Inc. | 1.11% | 709,609 | $72.9M | Reduce -5.5% |
| LNG Cheniere Energy Inc. | 1.10% | 297,118 | $72.4M | New |
| CMS CMS Energy Corp. | 1.04% | 984,104 | $68.2M | Reduce -1.6% |
| EVRG Evergy Inc. | 0.98% | 931,841 | $64.2M | Add +10.2% |
| VTR Ventas Inc. | 0.87% | 904,904 | $57.1M | Add +140.0% |
| SO The Southern Co. | 0.84% | 599,631 | $55.1M | Add +114.2% |
| VNO Vornado Realty Trust | 0.84% | 1,439,438 | $55.0M | Add +48.0% |
| IRT Independence Realty Trust Inc. | 0.80% | 2,966,540 | $52.5M | Add +32.8% |
| CUZ Cousins Properties Inc. | 0.75% | 1,627,864 | $48.9M | Add +454.9% |
| SHO Sunstone Hotel Investors Inc. | 0.71% | 5,359,661 | $46.5M | Reduce -2.1% |
| OGE Oge Energy Corp. | 0.68% | 999,473 | $44.4M | Add +2.7% |
| AMH American Homes 4 Rent- A | 0.64% | 1,169,493 | $42.2M | Reduce -4.2% |
| ELME Elme Communities | 0.61% | 2,525,205 | $40.2M | Add +2.7% |
| OKE Oneok Inc. | 0.61% | 490,929 | $40.1M | Reduce -39.1% |
| EPRT Essential Properties Realty | 0.58% | 1,185,456 | $37.8M | New |
| ESS Essex Property Trust Inc. | 0.57% | 131,098 | $37.2M | No change |
| FRT Federal Realty Invs Trust | 0.54% | 371,096 | $35.3M | Reduce -46.5% |
| CPT Camden Property Trust | 0.53% | 308,742 | $34.8M | Add +1.9% |
| CWT California Water Service Grp | 0.52% | 751,987 | $34.2M | Add +7.3% |
| CDP Copt Defense Properties | 0.52% | 1,233,054 | $34.0M | Reduce -12.2% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.51% | 262,148 | $33.2M | Reduce -45.6% |
| ELS Equity Lifestyle Properties | 0.44% | 464,333 | $28.6M | Reduce -62.9% |
| REXR Rexford Industrial Realty Inc. | 0.44% | 801,932 | $28.5M | Reduce -31.4% |
| COLD Americold Realty Trust Inc. | 0.40% | 1,585,979 | $26.4M | Reduce -43.1% |
| ETR Entergy Corp. | 0.34% | 271,136 | $22.5M | New |
| BIP Brookfield Infrastructure Pa | 0.34% | 670,827 | $22.5M | Reduce -6.3% |
| D Dominion Energy Inc. | 0.32% | 369,494 | $20.9M | No change |
| HLT Hilton Worldwide Holdings Inc. | 0.29% | 72,293 | $19.3M | Add +119.4% |
| MAA Mid-America Apartment Comm | 0.28% | 125,047 | $18.5M | New |
| CWEN Clearway Energy Inc. Class C | 0.28% | 574,656 | $18.4M | No change |
| VRE Veris Residential Inc. | 0.28% | 1,210,116 | $18.0M | Add +5.9% |
| WY Weyerhaeuser Co. | 0.27% | 687,750 | $17.7M | Add +284.8% |
| AHR American Healthcare REIT Inc. | 0.26% | 471,354 | $17.3M | Reduce -67.7% |
| POR Portland General Electric Co. | 0.26% | 422,616 | $17.2M | Reduce -51.2% |
| SRE Sempra | 0.26% | 225,600 | $17.1M | Add +4.0% |
| CSX CSX Corp. | 0.26% | 519,551 | $17.0M | Reduce -65.3% |
| SMA Smartstop Self Storage REIT | 0.25% | 459,086 | $16.6M | New |
| HR Healthcare Realty Trust Inc. | 0.23% | 941,911 | $14.9M | No change |
| KRG Kite Realty Group Trust | 0.22% | 634,744 | $14.4M | New |
| ARE Alexandria Real Estate Equit | 0.21% | 189,510 | $13.8M | Add +0.9% |
| GTY Getty Realty Corp. | 0.20% | 472,507 | $13.1M | Reduce -48.1% |
| RHP Ryman Hospitality Properties | 0.16% | 103,728 | $10.2M | New |
| NSA National Storage Affiliates | 0.15% | 316,068 | $10.1M | No change |
| NTST Netstreit Corp. | 0.15% | 595,474 | $10.1M | Reduce -9.1% |
| MAR Marriott International Class A | 0.15% | 36,257 | $9.9M | Reduce -29.0% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.15% | 146,365 | $9.9M | Reduce -61.5% |
| BXP BXP Inc. | 0.13% | 127,090 | $8.6M | No change |
| GLPI Gaming and Leisure Propertie | 0.13% | 181,997 | $8.5M | Add +64.5% |
| SBAC SBA Communications Corp. | 0.13% | 35,256 | $8.3M | Reduce -65.2% |
| PK Park Hotels & Resorts Inc. | 0.13% | 800,659 | $8.2M | No change |
| CSR Centerspace | 0.12% | 133,241 | $8.0M | Add +131.8% |
| LINE Lineage Inc. | 0.11% | 171,316 | $7.5M | Reduce -61.6% |
| UE Urban Edge Properties | 0.10% | 360,080 | $6.7M | Reduce -8.3% |
| WPC WP Carey Inc. | 0.10% | 105,330 | $6.6M | New |
| XIFR XPLR Infrastructure LP | 0.10% | 794,852 | $6.5M | No change |
| ESRT Empire State Realty Trust-A | 0.08% | 674,409 | $5.5M | Reduce -41.5% |
| PDM Piedmont Realty Trust Inc. | 0.08% | 696,892 | $5.1M | Reduce -43.0% |
| AEE Ameren Corporation | 0.07% | 49,823 | $4.8M | Add +1344.1% |
| UNIT Uniti Group LLC Com SHS | 0.07% | 999,800 | $4.3M | No change |
| HST Host Hotels & Resorts Inc. | 0.03% | 118,111 | $1.8M | Reduce -91.3% |
| DRH Diamondrock Hospitality Co. | 0.03% | 228,492 | $1.8M | Reduce -91.7% |
| FCPT Four Corners Property Trust | 0.02% | 45,364 | $1.2M | Reduce -96.6% |
| CPK Chesapeake Utilities Corp. | 0.02% | 8,764 | $1.1M | Add +119.0% |
| AWK American Water Works Co. Inc. | 0.01% | 6,207 | $863K | Reduce -96.8% |
| AIV Apartment Invt & Mgmt Co. Class A | 0.01% | 76,019 | $658K | Add +7.0% |
| ES Eversource Energy | 0.01% | 10,238 | $651K | Reduce -19.4% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $45.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | 737,300 | $29.3M | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 541,950 | $9.5M | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 383,644 | $6.7M | No change |
Total filed on the 13F, all lines: $6.6B.
Portfolio Sells Q1 2025 → Q2 2025
| ADC Agree Realty Corp. | Sold out | 0.00% | −0.98 |
| ED Consolidated Edison Inc. | Sold out | 0.00% | −0.86 |
| ELS Equity Lifestyle Properties | Reduce -62.9% | 0.44% | −0.85 |
| O Realty Income Corp. | Reduce -17.3% | 3.65% | −0.84 |
| SPG Simon Property Group Inc. | Reduce -14.2% | 3.85% | −0.83 |
| CUBE Cubesmart | Reduce -31.1% | 1.59% | −0.75 |
| OKE Oneok Inc. | Reduce -39.1% | 0.61% | −0.62 |
| REG Regency Centers Corp. | Reduce -17.6% | 2.26% | −0.61 |
| FCPT Four Corners Property Trust | Reduce -96.6% | 0.02% | −0.58 |
| DOC Healthpeak Properties Inc. | Reduce -18.7% | 1.24% | −0.54 |
| COLD Americold Realty Trust Inc. | Reduce -43.1% | 0.40% | −0.52 |
| FRT Federal Realty Invs Trust | Reduce -46.5% | 0.54% | −0.51 |
| PLD Prologis Inc. | Reduce -9.0% | 2.62% | −0.47 |
| AVB Avalonbay Communities Inc. | Reduce -22.6% | 1.20% | −0.45 |
| SUI Sun Communities Inc. | Reduce -45.6% | 0.51% | −0.45 |
| PSA Public Storage | Reduce -25.3% | 1.14% | −0.43 |
| AWK American Water Works Co. Inc. | Reduce -96.8% | 0.01% | −0.42 |
| CSX CSX Corp. | Reduce -65.3% | 0.26% | −0.42 |
| AHR American Healthcare REIT Inc. | Reduce -67.7% | 0.26% | −0.42 |
| POR Portland General Electric Co. | Reduce -51.2% | 0.26% | −0.33 |
| DRH Diamondrock Hospitality Co. | Reduce -91.7% | 0.03% | −0.30 |
| LINE Lineage Inc. | Reduce -61.6% | 0.11% | −0.29 |
| REXR Rexford Industrial Realty Inc. | Reduce -31.4% | 0.44% | −0.27 |
| HST Host Hotels & Resorts Inc. | Reduce -91.3% | 0.03% | −0.27 |
| VMRK Vivmark Residential | Reduce -61.5% | 0.15% | −0.27 |
| EXR Extra Space Storage Inc. | Reduce -6.3% | 2.80% | −0.24 |
| GTY Getty Realty Corp. | Reduce -48.1% | 0.20% | −0.24 |
| SBAC SBA Communications Corp. | Reduce -65.2% | 0.13% | −0.22 |
| BNL Broadstone Net Lease Inc. | Sold out | 0.00% | −0.17 |
| FVR Frontview REIT Inc. | Sold out | 0.00% | −0.15 |
| NI Nisource Inc. | Sold out | 0.00% | −0.13 |
| CMS CMS Energy Corp. | Reduce -1.6% | 1.04% | −0.12 |
| WEC WEC Energy Group Inc. | Reduce -0.3% | 1.68% | −0.10 |
| SKT Tanger Inc. | Reduce -94.3% | 0.01% | −0.10 |
| CCI Crown Castle Inc. | Reduce -5.5% | 1.11% | −0.09 |
| SHO Sunstone Hotel Investors Inc. | Reduce -2.1% | 0.71% | −0.08 |
| CDP Copt Defense Properties | Reduce -12.2% | 0.52% | −0.07 |
| AMH American Homes 4 Rent- A | Reduce -4.2% | 0.64% | −0.07 |
| PDM Piedmont Realty Trust Inc. | Reduce -43.0% | 0.08% | −0.06 |
| ESRT Empire State Realty Trust-A | Reduce -41.5% | 0.08% | −0.06 |
| KRC Kilroy Realty Corp. | Sold out | 0.00% | −0.05 |
| PEB Pebblebrook Hotel Trust | Sold out | 0.00% | −0.04 |
| MAR Marriott International Class A | Reduce -29.0% | 0.15% | −0.04 |
| CURB Curbline Properties Corp. | Sold out | 0.00% | −0.02 |
| MAC The Macerich Co. | Sold out | 0.00% | −0.01 |
| UE Urban Edge Properties | Reduce -8.3% | 0.10% | −0.01 |
| NTST Netstreit Corp. | Reduce -9.1% | 0.15% | −0.01 |
| DTE DTE Energy Company | Sold out | 0.00% | −0.00 |
| SITC Site Centers Corp. | Sold out | 0.00% | −0.00 |
| ES Eversource Energy | Reduce -19.4% | 0.01% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| VICI Vici Properties Inc. | Add +125.4% | 2.78% | +1.53 |
| LNG Cheniere Energy Inc. | New | 1.10% | +1.10 |
| UDR Udr Inc. | Add +150.8% | 1.96% | +1.09 |
| STAG Stag Industrial Inc. | Add +82.3% | 1.96% | +0.88 |
| PEG Public Service Enterprise GP | Add +70.5% | 1.82% | +0.77 |
| AMT American Tower Corp. | Add +31.5% | 2.70% | +0.66 |
| IRM Iron Mountain Inc. | Add +39.0% | 1.68% | +0.66 |
| CUZ Cousins Properties Inc. | Add +454.9% | 0.75% | +0.61 |
| BRX Brixmor Property Group Inc. | Add +60.6% | 1.68% | +0.60 |
| EPRT Essential Properties Realty | New | 0.58% | +0.58 |
| WELL Welltower Inc. | Add +8.6% | 7.68% | +0.56 |
| EQIX Equinix Inc. | Add +13.5% | 5.90% | +0.52 |
| PPL PPL Corp. | Add +45.0% | 1.85% | +0.48 |
| VTR Ventas Inc. | Add +140.0% | 0.87% | +0.47 |
| NEE Nextera Energy Inc. | Add +64.8% | 1.25% | +0.47 |
| SO The Southern Co. | Add +114.2% | 0.84% | +0.44 |
| EGP Eastgroup Properties Inc. | Add +31.0% | 2.08% | +0.39 |
| ETR Entergy Corp. | New | 0.34% | +0.34 |
| ATO Atmos Energy Corp. | Add +24.0% | 1.59% | +0.29 |
| VNO Vornado Realty Trust | Add +48.0% | 0.84% | +0.29 |
| MAA Mid-America Apartment Comm | New | 0.28% | +0.28 |
| SMA Smartstop Self Storage REIT | New | 0.25% | +0.25 |
| WMB Williams Cos Inc. | Add +12.1% | 1.58% | +0.23 |
| KRG Kite Realty Group Trust | New | 0.22% | +0.22 |
| TRGP Targa Resources Corp. | Add +35.8% | 1.41% | +0.20 |
| WY Weyerhaeuser Co. | Add +284.8% | 0.27% | +0.19 |
| HLT Hilton Worldwide Holdings Inc. | Add +119.4% | 0.29% | +0.18 |
| RHP Ryman Hospitality Properties | New | 0.16% | +0.16 |
| WPC WP Carey Inc. | New | 0.10% | +0.10 |
| EVRG Evergy Inc. | Add +10.2% | 0.98% | +0.08 |
| IRT Independence Realty Trust Inc. | Add +32.8% | 0.80% | +0.07 |
| AEE Ameren Corporation | Add +1344.1% | 0.07% | +0.07 |
| CSR Centerspace | Add +131.8% | 0.12% | +0.07 |
| GLPI Gaming and Leisure Propertie | Add +64.5% | 0.13% | +0.04 |
| SRE Sempra | Add +4.0% | 0.26% | +0.02 |
| WTRG Essential Utilities Inc. | Add +8.9% | 1.34% | +0.02 |
| CPK Chesapeake Utilities Corp. | Add +119.0% | 0.02% | +0.01 |
| AIV Apartment Invt & Mgmt Co. Class A | Add +7.0% | 0.01% | +0.00 |
| FR First Industrial Realty TR | Add +13.2% | 1.72% | −0.00 |
| CWT California Water Service Grp | Add +7.3% | 0.52% | −0.00 |
| XEL Xcel Energy Inc. | Add +4.4% | 1.58% | −0.01 |
| OGE Oge Energy Corp. | Add +2.7% | 0.68% | −0.01 |
| VRE Veris Residential Inc. | Add +5.9% | 0.28% | −0.02 |
| CPT Camden Property Trust | Add +1.9% | 0.53% | −0.04 |
| INVH Invitation Homes Inc. | Add +5.7% | 3.03% | −0.04 |
| ELME Elme Communities | Add +2.7% | 0.61% | −0.05 |
| ARE Alexandria Real Estate Equit | Add +0.9% | 0.21% | −0.06 |
| AES AES Corp. | Add +10.9% | 1.25% | −0.09 |
| PCG P G & E Corp. | Add +7.9% | 1.25% | −0.19 |
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 |