CBRE Investment Management Listed Real Assets LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), CBRE Investment Management Listed Real Assets LLC reported 103 stock positions worth $7.0 billion. Its top holding was Welltower (WELL) at 7.8% of the portfolio, followed by Equinix (EQIX, 6.2%) and Simon Property (SPG, 3.7%). Compared with Q2 2025, it opened 9 new positions, sold out of 10, added to 46 and reduced 37. The biggest buy was a new position in Union Pacific (UNP) and the biggest sale Norfolk Southern (NSC, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- RADNOR, PA
- CIK
- 0001033984
- Portfolio Value
- $7.0B (Q3 2025)
- SEC Filing
- 0001033984-25-000019 ↗ filed Nov 13, 2025
Holdings Value
Holdings 103 stocks · $7.0B
| WELL Welltower Inc. | 7.75% | 3,043,945 | $542.2M | Reduce -7.0% |
| EQIX Equinix Inc. | 6.21% | 554,879 | $434.6M | Add +14.3% |
| SPG Simon Property Group Inc. | 3.67% | 1,366,645 | $256.5M | Reduce -12.9% |
| PLD Prologis Inc. | 3.38% | 2,063,199 | $236.3M | Add +26.3% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.64% | 5,656,367 | $184.5M | Add +1.2% |
| EXR Extra Space Storage Inc. | 2.58% | 1,281,480 | $180.6M | Add +3.0% |
| UNP Union Pacific Corp. | 2.49% | 736,673 | $174.1M | New |
| O Realty Income Corp. | 2.46% | 2,835,625 | $172.4M | Reduce -31.7% |
| UDR Udr Inc. | 2.33% | 4,366,607 | $162.7M | Add +38.6% |
| PPL PPL Corp. | 2.29% | 4,311,512 | $160.2M | Add +20.6% |
| XEL Xcel Energy Inc. | 2.27% | 1,968,459 | $158.8M | Add +29.6% |
| NEE Nextera Energy Inc. | 2.22% | 2,058,905 | $155.4M | Add +74.2% |
| WEC WEC Energy Group Inc. | 2.03% | 1,239,002 | $142.0M | Add +17.1% |
| REG Regency Centers Corp. | 1.99% | 1,913,302 | $139.5M | Reduce -7.9% |
| STAG Stag Industrial Inc. | 1.97% | 3,911,540 | $138.0M | Add +10.7% |
| CUBE Cubesmart | 1.96% | 3,364,619 | $136.8M | Add +37.4% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.85% | 1,269,467 | $129.4M | Add +18.3% |
| LNG Cheniere Energy Inc. | 1.84% | 547,545 | $128.7M | Add +84.3% |
| AMT American Tower Corp. | 1.83% | 663,835 | $127.7M | Reduce -16.9% |
| FR First Industrial Realty TR | 1.79% | 2,438,012 | $125.5M | Add +4.1% |
| ATO Atmos Energy Corp. | 1.79% | 734,141 | $125.4M | Add +8.9% |
| BRX Brixmor Property Group Inc. | 1.79% | 4,523,434 | $125.2M | Add +7.3% |
| VTR Ventas Inc. | 1.75% | 1,750,598 | $122.5M | Add +93.5% |
| PEG Public Service Enterprise GP | 1.68% | 1,410,149 | $117.7M | Reduce -0.4% |
| EGP Eastgroup Properties Inc. | 1.64% | 676,594 | $114.5M | Reduce -16.9% |
| WMB Williams Cos Inc. | 1.62% | 1,790,329 | $113.4M | Add +8.9% |
| ETR Entergy Corp. | 1.62% | 1,213,974 | $113.1M | Add +347.7% |
| DOC Healthpeak Properties Inc. | 1.59% | 5,802,340 | $111.1M | Add +25.0% |
| WTRG Essential Utilities Inc. | 1.57% | 2,754,592 | $109.9M | Add +16.7% |
| TRGP Targa Resources Corp. | 1.53% | 638,333 | $106.9M | Add +20.6% |
| AES AES Corp. | 1.48% | 7,882,251 | $103.7M | Add +0.9% |
| PCG P G & E Corp. | 1.47% | 6,795,980 | $102.5M | Add +15.9% |
| INVH Invitation Homes Inc. | 1.40% | 3,338,310 | $97.9M | Reduce -44.9% |
| CEG Constellation Energy | 1.24% | 262,759 | $86.5M | Reduce -13.6% |
| AMH American Homes 4 Rent- A | 1.13% | 2,372,586 | $78.9M | Add +102.9% |
| DLR Digital Realty Trust Inc. | 1.04% | 420,700 | $72.7M | Reduce -56.0% |
| CMS CMS Energy Corp. | 1.02% | 972,151 | $71.2M | Reduce -1.2% |
| CCI Crown Castle Inc. | 0.98% | 709,609 | $68.5M | No change |
| VNO Vornado Realty Trust | 0.96% | 1,650,063 | $66.9M | Add +14.6% |
| BXP BXP Inc. | 0.94% | 881,194 | $65.5M | Add +593.4% |
| EPRT Essential Properties Realty | 0.93% | 2,188,633 | $65.1M | Add +84.6% |
| AVB Avalonbay Communities Inc. | 0.79% | 287,544 | $55.5M | Reduce -25.9% |
| AHR American Healthcare REIT Inc. | 0.79% | 1,314,139 | $55.2M | Add +178.8% |
| OGE Oge Energy Corp. | 0.79% | 1,192,709 | $55.2M | Add +19.3% |
| CDP Copt Defense Properties | 0.59% | 1,428,203 | $41.5M | Add +15.8% |
| SHO Sunstone Hotel Investors Inc. | 0.59% | 4,385,483 | $41.1M | Reduce -18.2% |
| ARE Alexandria Real Estate Equit | 0.59% | 491,416 | $41.0M | Add +159.3% |
| FRT Federal Realty Invs Trust | 0.54% | 369,569 | $37.4M | Reduce -0.4% |
| ESS Essex Property Trust Inc. | 0.50% | 131,098 | $35.1M | No change |
| CUZ Cousins Properties Inc. | 0.48% | 1,171,421 | $33.9M | Reduce -28.0% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.48% | 262,148 | $33.8M | No change |
| CSX CSX Corp. | 0.48% | 944,946 | $33.6M | Add +81.9% |
| CWT California Water Service Grp | 0.48% | 730,263 | $33.5M | Reduce -2.9% |
| ELME Elme Communities | 0.43% | 1,764,378 | $29.7M | Reduce -30.1% |
| HST Host Hotels & Resorts Inc. | 0.37% | 1,529,776 | $26.0M | Add +1195.2% |
| IRT Independence Realty Trust Inc. | 0.36% | 1,516,206 | $24.9M | Reduce -48.9% |
| BIP Brookfield Infrastructure Pa | 0.35% | 751,000 | $24.7M | Add +11.9% |
| REXR Rexford Industrial Realty Inc. | 0.35% | 594,004 | $24.4M | Reduce -25.9% |
| SKT Tanger Inc. | 0.35% | 721,599 | $24.4M | Add +6186.3% |
| D Dominion Energy Inc. | 0.32% | 369,494 | $22.6M | No change |
| OHI Omega Healthcare Investors | 0.31% | 519,953 | $22.0M | New |
| CPT Camden Property Trust | 0.31% | 203,198 | $21.7M | Reduce -34.2% |
| OKE Oneok Inc. | 0.31% | 292,800 | $21.4M | Reduce -40.4% |
| SRE Sempra | 0.29% | 225,600 | $20.3M | No change |
| VRE Veris Residential Inc. | 0.28% | 1,274,190 | $19.4M | Add +5.3% |
| POR Portland General Electric Co. | 0.27% | 425,039 | $18.7M | Add +0.6% |
| NTST Netstreit Corp. | 0.27% | 1,029,440 | $18.6M | Add +72.9% |
| CWEN Clearway Energy Inc. Class C | 0.25% | 625,000 | $17.7M | Add +8.8% |
| CPK Chesapeake Utilities Corp. | 0.25% | 131,022 | $17.6M | Add +1395.0% |
| ED Consolidated Edison Inc. | 0.24% | 168,432 | $16.9M | New |
| PSA Public Storage | 0.24% | 57,051 | $16.5M | Reduce -77.5% |
| PK Park Hotels & Resorts Inc. | 0.23% | 1,451,876 | $16.1M | Add +81.3% |
| LXP LXP Industrial Trust | 0.22% | 1,730,817 | $15.5M | New |
| HLT Hilton Worldwide Holdings Inc. | 0.20% | 55,191 | $14.3M | Reduce -23.7% |
| GTY Getty Realty Corp. | 0.19% | 505,431 | $13.6M | Add +7.0% |
| MAA Mid-America Apartment Comm | 0.19% | 96,439 | $13.5M | Reduce -22.9% |
| RHP Ryman Hospitality Properties | 0.14% | 109,229 | $9.8M | Add +5.3% |
| NSA National Storage Affiliates | 0.14% | 316,068 | $9.6M | No change |
| COLD Americold Realty Trust Inc. | 0.13% | 753,292 | $9.2M | Reduce -52.5% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.13% | 139,550 | $9.0M | Reduce -4.7% |
| SMA Smartstop Self Storage REIT | 0.13% | 235,403 | $8.9M | Reduce -48.7% |
| XIFR XPLR Infrastructure LP | 0.12% | 794,852 | $8.1M | No change |
| CSR Centerspace | 0.10% | 123,279 | $7.3M | Reduce -7.5% |
| LINE Lineage Inc. | 0.09% | 171,316 | $6.6M | No change |
| PDM Piedmont Realty Trust Inc. | 0.09% | 696,892 | $6.3M | No change |
| SBAC SBA Communications Corp. | 0.09% | 31,331 | $6.1M | Reduce -11.1% |
| ESRT Empire State Realty Trust-A | 0.08% | 687,840 | $5.3M | Add +2.0% |
| UE Urban Edge Properties | 0.07% | 237,176 | $4.9M | Reduce -34.1% |
| KIM Kimco Realty Corp. | 0.06% | 206,448 | $4.5M | New |
| WY Weyerhaeuser Co. | 0.04% | 113,482 | $2.8M | Reduce -83.5% |
| UNIT Uniti Group Inc. | 0.03% | 380,042 | $2.3M | Reduce -37.0% |
| BNL Broadstone Net Lease Inc. | 0.03% | 124,459 | $2.2M | New |
| ALEX Alexander & Baldwin Inc. | 0.02% | 94,337 | $1.7M | New |
| AWK American Water Works Co. Inc. | 0.02% | 11,732 | $1.6M | Add +89.0% |
| XHR Xenia Hotels & Resorts Inc. | 0.02% | 100,065 | $1.4M | New |
| WPC WP Carey Inc. | 0.01% | 14,747 | $996K | Reduce -86.0% |
| NSC Norfolk Southern Corp. | 0.01% | 3,196 | $960K | Reduce -99.5% |
| AEE Ameren Corporation | 0.01% | 6,229 | $650K | Reduce -87.5% |
| MPT Medical Properties Trust Inc. | 0.01% | 100,100 | $508K | No change |
| ES Eversource Energy | 0.00% | 4,831 | $344K | Reduce -52.8% |
| KMI Kinder Morgan Inc. | 0.00% | 8,886 | $252K | Reduce -16.5% |
| PAGP Plains GP Holdings LP | 0.00% | 11,626 | $212K | No change |
| MAC The Macerich Co. | 0.00% | 11,043 | $201K | New |
Other holdings (2): bonds, preferreds, convertibles and warrants · $18.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 541,950 | $10.9M | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 383,644 | $7.8M | No change |
Total filed on the 13F, all lines: $7.0B.
Portfolio Sells Q2 2025 → Q3 2025
| NSC Norfolk Southern Corp. | Reduce -99.5% | 0.01% | −2.37 |
| INVH Invitation Homes Inc. | Reduce -44.9% | 1.40% | −1.63 |
| DLR Digital Realty Trust Inc. | Reduce -56.0% | 1.04% | −1.50 |
| O Realty Income Corp. | Reduce -31.7% | 2.46% | −1.19 |
| EVRG Evergy Inc. | Sold out | 0.00% | −0.98 |
| PSA Public Storage | Reduce -77.5% | 0.24% | −0.90 |
| AMT American Tower Corp. | Reduce -16.9% | 1.83% | −0.87 |
| SO The Southern Co. | Sold out | 0.00% | −0.84 |
| IRT Independence Realty Trust Inc. | Reduce -48.9% | 0.36% | −0.45 |
| EGP Eastgroup Properties Inc. | Reduce -16.9% | 1.64% | −0.44 |
| ELS Equity Lifestyle Properties | Sold out | 0.00% | −0.44 |
| AVB Avalonbay Communities Inc. | Reduce -25.9% | 0.79% | −0.41 |
| OKE Oneok Inc. | Reduce -40.4% | 0.31% | −0.31 |
| COLD Americold Realty Trust Inc. | Reduce -52.5% | 0.13% | −0.27 |
| REG Regency Centers Corp. | Reduce -7.9% | 1.99% | −0.26 |
| CEG Constellation Energy | Reduce -13.6% | 1.24% | −0.26 |
| CUZ Cousins Properties Inc. | Reduce -28.0% | 0.48% | −0.26 |
| WY Weyerhaeuser Co. | Reduce -83.5% | 0.04% | −0.23 |
| HR Healthcare Realty Trust Inc. | Sold out | 0.00% | −0.23 |
| CPT Camden Property Trust | Reduce -34.2% | 0.31% | −0.22 |
| KRG Kite Realty Group Trust | Sold out | 0.00% | −0.22 |
| ELME Elme Communities | Reduce -30.1% | 0.43% | −0.19 |
| SPG Simon Property Group Inc. | Reduce -12.9% | 3.67% | −0.18 |
| MAR Marriott International Class A | Sold out | 0.00% | −0.15 |
| PEG Public Service Enterprise GP | Reduce -0.4% | 1.68% | −0.14 |
| GLPI Gaming and Leisure Propertie | Sold out | 0.00% | −0.13 |
| SMA Smartstop Self Storage REIT | Reduce -48.7% | 0.13% | −0.13 |
| SHO Sunstone Hotel Investors Inc. | Reduce -18.2% | 0.59% | −0.12 |
| MAA Mid-America Apartment Comm | Reduce -22.9% | 0.19% | −0.09 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -23.7% | 0.20% | −0.09 |
| REXR Rexford Industrial Realty Inc. | Reduce -25.9% | 0.35% | −0.09 |
| WPC WP Carey Inc. | Reduce -86.0% | 0.01% | −0.09 |
| AEE Ameren Corporation | Reduce -87.5% | 0.01% | −0.06 |
| CWT California Water Service Grp | Reduce -2.9% | 0.48% | −0.04 |
| SBAC SBA Communications Corp. | Reduce -11.1% | 0.09% | −0.04 |
| UE Urban Edge Properties | Reduce -34.1% | 0.07% | −0.03 |
| UNIT Uniti Group Inc. | Reduce -37.0% | 0.03% | −0.03 |
| DRH Diamondrock Hospitality Co. | Sold out | 0.00% | −0.03 |
| CMS CMS Energy Corp. | Reduce -1.2% | 1.02% | −0.02 |
| VMRK Vivmark Residential | Reduce -4.7% | 0.13% | −0.02 |
| CSR Centerspace | Reduce -7.5% | 0.10% | −0.02 |
| FCPT Four Corners Property Trust | Sold out | 0.00% | −0.02 |
| AIV Apartment Invt & Mgmt Co. Class A | Sold out | 0.00% | −0.01 |
| ES Eversource Energy | Reduce -52.8% | 0.00% | −0.01 |
| FRT Federal Realty Invs Trust | Reduce -0.4% | 0.54% | −0.00 |
| KMI Kinder Morgan Inc. | Reduce -16.5% | 0.00% | −0.00 |
| WELL Welltower Inc. | Reduce -7.0% | 7.75% | +0.07 |
Portfolio Buys Q2 2025 → Q3 2025
| UNP Union Pacific Corp. | New | 2.49% | +2.49 |
| ETR Entergy Corp. | Add +347.7% | 1.62% | +1.27 |
| NEE Nextera Energy Inc. | Add +74.2% | 2.22% | +0.97 |
| VTR Ventas Inc. | Add +93.5% | 1.75% | +0.88 |
| BXP BXP Inc. | Add +593.4% | 0.94% | +0.81 |
| PLD Prologis Inc. | Add +26.3% | 3.38% | +0.76 |
| LNG Cheniere Energy Inc. | Add +84.3% | 1.84% | +0.73 |
| XEL Xcel Energy Inc. | Add +29.6% | 2.27% | +0.69 |
| AHR American Healthcare REIT Inc. | Add +178.8% | 0.79% | +0.53 |
| AMH American Homes 4 Rent- A | Add +102.9% | 1.13% | +0.48 |
| PPL PPL Corp. | Add +20.6% | 2.29% | +0.44 |
| ARE Alexandria Real Estate Equit | Add +159.3% | 0.59% | +0.38 |
| CUBE Cubesmart | Add +37.4% | 1.96% | +0.37 |
| UDR Udr Inc. | Add +38.6% | 2.33% | +0.36 |
| EPRT Essential Properties Realty | Add +84.6% | 0.93% | +0.35 |
| DOC Healthpeak Properties Inc. | Add +25.0% | 1.59% | +0.35 |
| WEC WEC Energy Group Inc. | Add +17.1% | 2.03% | +0.35 |
| HST Host Hotels & Resorts Inc. | Add +1195.2% | 0.37% | +0.34 |
| SKT Tanger Inc. | Add +6186.3% | 0.35% | +0.34 |
| EQIX Equinix Inc. | Add +14.3% | 6.21% | +0.32 |
| OHI Omega Healthcare Investors | New | 0.31% | +0.31 |
| ED Consolidated Edison Inc. | New | 0.24% | +0.24 |
| CPK Chesapeake Utilities Corp. | Add +1395.0% | 0.25% | +0.24 |
| WTRG Essential Utilities Inc. | Add +16.7% | 1.57% | +0.23 |
| AES AES Corp. | Add +0.9% | 1.48% | +0.23 |
| LXP LXP Industrial Trust | New | 0.22% | +0.22 |
| CSX CSX Corp. | Add +81.9% | 0.48% | +0.22 |
| PCG P G & E Corp. | Add +15.9% | 1.47% | +0.22 |
| ATO Atmos Energy Corp. | Add +8.9% | 1.79% | +0.21 |
| IRM Iron Mountain Inc. | Add +18.3% | 1.85% | +0.17 |
| TRGP Targa Resources Corp. | Add +20.6% | 1.53% | +0.12 |
| VNO Vornado Realty Trust | Add +14.6% | 0.96% | +0.12 |
| BRX Brixmor Property Group Inc. | Add +7.3% | 1.79% | +0.11 |
| NTST Netstreit Corp. | Add +72.9% | 0.27% | +0.11 |
| OGE Oge Energy Corp. | Add +19.3% | 0.79% | +0.11 |
| PK Park Hotels & Resorts Inc. | Add +81.3% | 0.23% | +0.10 |
| CDP Copt Defense Properties | Add +15.8% | 0.59% | +0.07 |
| FR First Industrial Realty TR | Add +4.1% | 1.79% | +0.07 |
| KIM Kimco Realty Corp. | New | 0.06% | +0.06 |
| WMB Williams Cos Inc. | Add +8.9% | 1.62% | +0.05 |
| BNL Broadstone Net Lease Inc. | New | 0.03% | +0.03 |
| ALEX Alexander & Baldwin Inc. | New | 0.02% | +0.02 |
| XHR Xenia Hotels & Resorts Inc. | New | 0.02% | +0.02 |
| STAG Stag Industrial Inc. | Add +10.7% | 1.97% | +0.02 |
| AWK American Water Works Co. Inc. | Add +89.0% | 0.02% | +0.01 |
| BIP Brookfield Infrastructure Pa | Add +11.9% | 0.35% | +0.01 |
| POR Portland General Electric Co. | Add +0.6% | 0.27% | +0.01 |
| MAC The Macerich Co. | New | 0.00% | +0.00 |
| VRE Veris Residential Inc. | Add +5.3% | 0.28% | +0.00 |
| GTY Getty Realty Corp. | Add +7.0% | 0.19% | −0.01 |
Notes & Other Activity Q2 2025 → Q3 2025
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Sold out | 737,300 | $29.3Mbefore exit |
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 |