CBRE Investment Management Listed Real Assets LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), CBRE Investment Management Listed Real Assets LLC reported 95 stock positions worth $6.8 billion. Its top holding was Welltower (WELL) at 8.8% of the portfolio, followed by Equinix (EQIX, 6.6%) and Prologis (PLD, 4.0%). Compared with Q3 2025, it opened 6 new positions, sold out of 14, added to 39 and reduced 41. The biggest buy was American Homes 4 Rent- A (AMH, shares +104%) and the biggest sale Realty Income (O, shares −84%).
- Most Recent 13F
- Q2 2026
- Location
- RADNOR, PA
- CIK
- 0001033984
- Portfolio Value
- $6.8B (Q4 2025)
- SEC Filing
- 0001033984-26-000005 ↗ filed Feb 10, 2026
Holdings Value
Holdings 95 stocks · $6.8B
| WELL Welltower Inc. | 8.82% | 3,229,678 | $599.5M | Add +6.1% |
| EQIX Equinix Inc. | 6.65% | 589,231 | $451.4M | Add +6.2% |
| PLD Prologis Inc. | 4.04% | 2,152,183 | $274.7M | Add +4.3% |
| SPG Simon Property Group Inc. | 3.52% | 1,290,039 | $238.8M | Reduce -5.6% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.92% | 7,063,264 | $198.6M | Add +24.9% |
| UNP Union Pacific Corp. | 2.87% | 842,775 | $195.0M | Add +14.4% |
| UDR Udr Inc. | 2.53% | 4,687,007 | $171.9M | Add +7.3% |
| XEL Xcel Energy Inc. | 2.53% | 2,324,667 | $171.7M | Add +18.1% |
| ETR Entergy Corp. | 2.41% | 1,769,115 | $163.5M | Add +45.7% |
| PEG Public Service Enterprise GP | 2.30% | 1,946,512 | $156.3M | Add +38.0% |
| AMH American Homes 4 Rent- A | 2.29% | 4,850,171 | $155.7M | Add +104.4% |
| LNG Cheniere Energy Inc. | 2.18% | 761,179 | $148.0M | Add +39.0% |
| VTR Ventas Inc. | 2.11% | 1,851,968 | $143.3M | Add +5.8% |
| WEC WEC Energy Group Inc. | 2.07% | 1,336,094 | $140.9M | Add +7.8% |
| BRX Brixmor Property Group Inc. | 2.06% | 5,341,006 | $140.0M | Add +18.1% |
| AMT American Tower Corp. | 2.04% | 788,920 | $138.5M | Add +18.8% |
| FR First Industrial Realty TR | 1.98% | 2,345,292 | $134.3M | Reduce -3.8% |
| STAG Stag Industrial Inc. | 1.96% | 3,622,812 | $133.2M | Reduce -7.4% |
| REG Regency Centers Corp. | 1.91% | 1,879,365 | $129.7M | Reduce -1.8% |
| EGP Eastgroup Properties Inc. | 1.86% | 711,109 | $126.7M | Add +5.1% |
| CUBE Cubesmart | 1.84% | 3,469,724 | $125.1M | Add +3.1% |
| PPL PPL Corp. | 1.78% | 3,457,346 | $121.1M | Reduce -19.8% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.77% | 1,446,597 | $120.0M | Add +13.9% |
| TRGP Targa Resources Corp. | 1.69% | 623,930 | $115.1M | Reduce -2.3% |
| AES AES Corp. | 1.66% | 7,865,594 | $112.8M | Reduce -0.2% |
| PCG P G & E Corp. | 1.64% | 6,948,499 | $111.7M | Add +2.2% |
| CMS CMS Energy Corp. | 1.52% | 1,480,908 | $103.6M | Add +52.3% |
| OHI Omega Healthcare Investors | 1.45% | 2,222,799 | $98.6M | Add +327.5% |
| OGE Oge Energy Corp. | 1.39% | 2,215,572 | $94.6M | Add +85.8% |
| DOC Healthpeak Properties Inc. | 1.35% | 5,696,889 | $91.6M | Reduce -1.8% |
| ATO Atmos Energy Corp. | 1.31% | 529,421 | $88.7M | Reduce -27.9% |
| PSA Public Storage | 1.26% | 330,487 | $85.8M | Add +479.3% |
| CEG Constellation Energy | 1.16% | 223,538 | $79.0M | Reduce -14.9% |
| WTRG Essential Utilities Inc. | 1.11% | 1,971,886 | $75.6M | Reduce -28.4% |
| NEE Nextera Energy Inc. | 1.05% | 888,397 | $71.3M | Reduce -56.9% |
| AHR American Healthcare REIT Inc. | 1.04% | 1,504,685 | $70.8M | Add +14.5% |
| CCI Crown Castle Inc. | 0.93% | 709,609 | $63.1M | No change |
| VNO Vornado Realty Trust | 0.76% | 1,544,423 | $51.4M | Reduce -6.4% |
| ED Consolidated Edison Inc. | 0.74% | 508,222 | $50.5M | Add +201.7% |
| INVH Invitation Homes Inc. | 0.70% | 1,719,689 | $47.8M | Reduce -48.5% |
| EPRT Essential Properties Realty | 0.66% | 1,520,150 | $45.1M | Reduce -30.5% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.65% | 696,971 | $43.9M | Add +399.4% |
| EXR Extra Space Storage Inc. | 0.63% | 330,346 | $43.0M | Reduce -74.2% |
| BXP BXP Inc. | 0.62% | 622,750 | $42.0M | Reduce -29.3% |
| CNP Centerpoint Energy Inc. | 0.59% | 1,036,825 | $39.8M | New |
| SHO Sunstone Hotel Investors Inc. | 0.58% | 4,381,967 | $39.2M | Reduce -0.1% |
| DLR Digital Realty Trust Inc. | 0.57% | 248,682 | $38.5M | Reduce -40.9% |
| HST Host Hotels & Resorts Inc. | 0.57% | 2,169,471 | $38.5M | Add +41.8% |
| LXP LXP Industrial Trust | 0.54% | 741,884 | $36.8M | Add +114.3% |
| SKT Tanger Inc. | 0.50% | 1,009,226 | $33.7M | Add +39.9% |
| IRT Independence Realty Trust Inc. | 0.48% | 1,871,603 | $32.7M | Add +23.4% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.48% | 262,148 | $32.5M | No change |
| CWT California Water Service Grp | 0.46% | 722,345 | $31.3M | Reduce -1.1% |
| AVB Avalonbay Communities Inc. | 0.44% | 165,953 | $30.1M | Reduce -42.3% |
| CPT Camden Property Trust | 0.44% | 269,117 | $29.6M | Add +32.4% |
| CDP Copt Defense Properties | 0.42% | 1,016,948 | $28.3M | Reduce -28.8% |
| O Realty Income Corp. | 0.38% | 455,409 | $25.7M | Reduce -83.9% |
| CPK Chesapeake Utilities Corp. | 0.37% | 202,264 | $25.2M | Add +54.4% |
| CUZ Cousins Properties Inc. | 0.36% | 941,187 | $24.3M | Reduce -19.6% |
| REXR Rexford Industrial Realty Inc. | 0.34% | 603,046 | $23.3M | Add +1.5% |
| GTY Getty Realty Corp. | 0.32% | 802,660 | $22.0M | Add +58.8% |
| D Dominion Energy Inc. | 0.32% | 369,494 | $21.6M | No change |
| OKE Oneok Inc. | 0.32% | 292,800 | $21.5M | No change |
| CWEN Clearway Energy Inc. Class C | 0.30% | 608,327 | $20.2M | Reduce -2.7% |
| VRE Veris Residential Inc. | 0.30% | 1,350,832 | $20.1M | Add +6.0% |
| CSX CSX Corp. | 0.29% | 542,675 | $19.7M | Reduce -42.6% |
| ESS Essex Property Trust Inc. | 0.25% | 64,350 | $16.8M | Reduce -50.9% |
| SO The Southern Co. | 0.24% | 184,682 | $16.1M | New |
| LAMR Lamar Advertising Co. Class A | 0.22% | 118,094 | $14.9M | New |
| BIP Brookfield Infrastructure Pa | 0.21% | 417,500 | $14.5M | Reduce -44.4% |
| SMA Smartstop Self Storage REIT | 0.17% | 371,785 | $11.5M | Add +57.9% |
| FRT Federal Realty Invs Trust | 0.16% | 105,726 | $10.7M | Reduce -71.4% |
| HLT Hilton Worldwide Holdings Inc. | 0.16% | 36,958 | $10.6M | Reduce -33.0% |
| COLD Americold Realty Trust Inc. | 0.14% | 753,292 | $9.7M | No change |
| NTST Netstreit Corp. | 0.13% | 506,241 | $8.9M | Reduce -50.8% |
| NSA National Storage Affiliates | 0.13% | 316,068 | $8.9M | No change |
| ARE Alexandria Real Estate Equit | 0.13% | 178,107 | $8.7M | Reduce -63.8% |
| PK Park Hotels & Resorts Inc. | 0.12% | 800,659 | $8.4M | Reduce -44.9% |
| XIFR XPLR Infrastructure LP | 0.12% | 794,852 | $7.9M | No change |
| ESRT Empire State Realty Trust-A | 0.11% | 1,166,317 | $7.6M | Add +69.6% |
| PDM Piedmont Realty Trust Inc. | 0.10% | 819,238 | $6.8M | Add +17.6% |
| LINE Lineage Inc. | 0.09% | 171,316 | $6.0M | No change |
| SBAC SBA Communications Corp. | 0.07% | 26,051 | $5.0M | Reduce -16.9% |
| CSR Centerspace | 0.05% | 51,078 | $3.4M | Reduce -58.6% |
| GLPI Gaming and Leisure Propertie | 0.04% | 66,279 | $3.0M | New |
| AWK American Water Works Co. Inc. | 0.04% | 21,430 | $2.8M | Add +82.7% |
| UNIT Uniti Group Inc. | 0.04% | 380,042 | $2.7M | No change |
| ELS Equity Lifestyle Properties | 0.03% | 38,295 | $2.3M | New |
| BNL Broadstone Net Lease Inc. | 0.03% | 116,343 | $2.0M | Reduce -6.5% |
| MAR Marriott International Class A | 0.02% | 5,285 | $1.6M | New |
| WY Weyerhaeuser Co. | 0.02% | 66,277 | $1.6M | Reduce -41.6% |
| NSC Norfolk Southern Corp. | 0.01% | 2,838 | $819K | Reduce -11.2% |
| WMB Williams Cos Inc. | 0.01% | 13,023 | $783K | Reduce -99.3% |
| AEE Ameren Corporation | 0.01% | 6,066 | $606K | Reduce -2.6% |
| ES Eversource Energy | 0.00% | 3,337 | $225K | Reduce -30.9% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $17.6M (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 | $10.3M | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 383,644 | $7.3M | No change |
Total filed on the 13F, all lines: $6.8B.
Portfolio Sells Q3 2025 → Q4 2025
| O Realty Income Corp. | Reduce -83.9% | 0.38% | −2.09 |
| EXR Extra Space Storage Inc. | Reduce -74.2% | 0.63% | −1.95 |
| WMB Williams Cos Inc. | Reduce -99.3% | 0.01% | −1.61 |
| NEE Nextera Energy Inc. | Reduce -56.9% | 1.05% | −1.17 |
| INVH Invitation Homes Inc. | Reduce -48.5% | 0.70% | −0.70 |
| PPL PPL Corp. | Reduce -19.8% | 1.78% | −0.51 |
| ATO Atmos Energy Corp. | Reduce -27.9% | 1.31% | −0.49 |
| DLR Digital Realty Trust Inc. | Reduce -40.9% | 0.57% | −0.47 |
| WTRG Essential Utilities Inc. | Reduce -28.4% | 1.11% | −0.46 |
| ARE Alexandria Real Estate Equit | Reduce -63.8% | 0.13% | −0.46 |
| ELME Elme Communities | Sold out | 0.00% | −0.43 |
| FRT Federal Realty Invs Trust | Reduce -71.4% | 0.16% | −0.38 |
| AVB Avalonbay Communities Inc. | Reduce -42.3% | 0.44% | −0.35 |
| BXP BXP Inc. | Reduce -29.3% | 0.62% | −0.32 |
| SRE Sempra | Sold out | 0.00% | −0.29 |
| EPRT Essential Properties Realty | Reduce -30.5% | 0.66% | −0.27 |
| POR Portland General Electric Co. | Sold out | 0.00% | −0.27 |
| ESS Essex Property Trust Inc. | Reduce -50.9% | 0.25% | −0.25 |
| DOC Healthpeak Properties Inc. | Reduce -1.8% | 1.35% | −0.24 |
| VNO Vornado Realty Trust | Reduce -6.4% | 0.76% | −0.20 |
| MAA Mid-America Apartment Comm | Sold out | 0.00% | −0.19 |
| CSX CSX Corp. | Reduce -42.6% | 0.29% | −0.19 |
| CDP Copt Defense Properties | Reduce -28.8% | 0.42% | −0.18 |
| SPG Simon Property Group Inc. | Reduce -5.6% | 3.52% | −0.15 |
| RHP Ryman Hospitality Properties | Sold out | 0.00% | −0.14 |
| BIP Brookfield Infrastructure Pa | Reduce -44.4% | 0.21% | −0.14 |
| NTST Netstreit Corp. | Reduce -50.8% | 0.13% | −0.13 |
| CUZ Cousins Properties Inc. | Reduce -19.6% | 0.36% | −0.13 |
| PK Park Hotels & Resorts Inc. | Reduce -44.9% | 0.12% | −0.11 |
| REG Regency Centers Corp. | Reduce -1.8% | 1.91% | −0.08 |
| CEG Constellation Energy | Reduce -14.9% | 1.16% | −0.07 |
| UE Urban Edge Properties | Sold out | 0.00% | −0.07 |
| KIM Kimco Realty Corp. | Sold out | 0.00% | −0.06 |
| CSR Centerspace | Reduce -58.6% | 0.05% | −0.05 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -33.0% | 0.16% | −0.05 |
| ALEX Alexander & Baldwin Inc. | Sold out | 0.00% | −0.02 |
| XHR Xenia Hotels & Resorts Inc. | Sold out | 0.00% | −0.02 |
| CWT California Water Service Grp | Reduce -1.1% | 0.46% | −0.02 |
| WY Weyerhaeuser Co. | Reduce -41.6% | 0.02% | −0.02 |
| WPC WP Carey Inc. | Sold out | 0.00% | −0.01 |
| STAG Stag Industrial Inc. | Reduce -7.4% | 1.96% | −0.01 |
| SBAC SBA Communications Corp. | Reduce -16.9% | 0.07% | −0.01 |
| SHO Sunstone Hotel Investors Inc. | Reduce -0.1% | 0.58% | −0.01 |
| MPT Medical Properties Trust Inc. | Sold out | 0.00% | −0.01 |
| KMI Kinder Morgan Inc. | Sold out | 0.00% | −0.00 |
| PAGP Plains GP Holdings LP | Sold out | 0.00% | −0.00 |
| MAC The Macerich Co. | Sold out | 0.00% | −0.00 |
| BNL Broadstone Net Lease Inc. | Reduce -6.5% | 0.03% | −0.00 |
| NSC Norfolk Southern Corp. | Reduce -11.2% | 0.01% | −0.00 |
| ES Eversource Energy | Reduce -30.9% | 0.00% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| AMH American Homes 4 Rent- A | Add +104.4% | 2.29% | +1.16 |
| OHI Omega Healthcare Investors | Add +327.5% | 1.45% | +1.14 |
| WELL Welltower Inc. | Add +6.1% | 8.82% | +1.07 |
| PSA Public Storage | Add +479.3% | 1.26% | +1.03 |
| ETR Entergy Corp. | Add +45.7% | 2.41% | +0.79 |
| PLD Prologis Inc. | Add +4.3% | 4.04% | +0.67 |
| PEG Public Service Enterprise GP | Add +38.0% | 2.30% | +0.62 |
| OGE Oge Energy Corp. | Add +85.8% | 1.39% | +0.60 |
| CNP Centerpoint Energy Inc. | New | 0.59% | +0.59 |
| VMRK Vivmark Residential | Add +399.4% | 0.65% | +0.52 |
| CMS CMS Energy Corp. | Add +52.3% | 1.52% | +0.51 |
| ED Consolidated Edison Inc. | Add +201.7% | 0.74% | +0.50 |
| EQIX Equinix Inc. | Add +6.2% | 6.65% | +0.43 |
| UNP Union Pacific Corp. | Add +14.4% | 2.87% | +0.38 |
| VTR Ventas Inc. | Add +5.8% | 2.11% | +0.36 |
| LNG Cheniere Energy Inc. | Add +39.0% | 2.18% | +0.34 |
| LXP LXP Industrial Trust | Add +114.3% | 0.54% | +0.32 |
| VICI Vici Properties Inc. | Add +24.9% | 2.92% | +0.29 |
| BRX Brixmor Property Group Inc. | Add +18.1% | 2.06% | +0.27 |
| XEL Xcel Energy Inc. | Add +18.1% | 2.53% | +0.26 |
| AHR American Healthcare REIT Inc. | Add +14.5% | 1.04% | +0.25 |
| SO The Southern Co. | New | 0.24% | +0.24 |
| EGP Eastgroup Properties Inc. | Add +5.1% | 1.86% | +0.23 |
| LAMR Lamar Advertising Co. Class A | New | 0.22% | +0.22 |
| AMT American Tower Corp. | Add +18.8% | 2.04% | +0.21 |
| UDR Udr Inc. | Add +7.3% | 2.53% | +0.20 |
| HST Host Hotels & Resorts Inc. | Add +41.8% | 0.57% | +0.19 |
| PCG P G & E Corp. | Add +2.2% | 1.64% | +0.18 |
| SKT Tanger Inc. | Add +39.9% | 0.50% | +0.15 |
| GTY Getty Realty Corp. | Add +58.8% | 0.32% | +0.13 |
| IRT Independence Realty Trust Inc. | Add +23.4% | 0.48% | +0.13 |
| CPT Camden Property Trust | Add +32.4% | 0.44% | +0.13 |
| CPK Chesapeake Utilities Corp. | Add +54.4% | 0.37% | +0.12 |
| WEC WEC Energy Group Inc. | Add +7.8% | 2.07% | +0.04 |
| GLPI Gaming and Leisure Propertie | New | 0.04% | +0.04 |
| SMA Smartstop Self Storage REIT | Add +57.9% | 0.17% | +0.04 |
| ESRT Empire State Realty Trust-A | Add +69.6% | 0.11% | +0.04 |
| ELS Equity Lifestyle Properties | New | 0.03% | +0.03 |
| MAR Marriott International Class A | New | 0.02% | +0.02 |
| VRE Veris Residential Inc. | Add +6.0% | 0.30% | +0.02 |
| AWK American Water Works Co. Inc. | Add +82.7% | 0.04% | +0.02 |
| PDM Piedmont Realty Trust Inc. | Add +17.6% | 0.10% | +0.01 |
| REXR Rexford Industrial Realty Inc. | Add +1.5% | 0.34% | −0.01 |
| IRM Iron Mountain Inc. | Add +13.9% | 1.77% | −0.08 |
| CUBE Cubesmart | Add +3.1% | 1.84% | −0.11 |
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 |