CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC

RADNOR, PA · CIK 1033984 · 13F filing filed 2023-08-11

SEC-registered investment adviser since 1995 · limited liability company

Assets managed$10.8bn
Staff60 · 30 in investment roles
Main clients (by assets)Mutual funds and ETFs 35%, State and local governments 22%, Private funds 21%
Websitecbreim.com
Form ADV · 2026-03-30SEC adviser record

Legal entityCBRE Investment Management Listed Real Assets LLC (US)
Part of CBRE Group, Inc. (US)

$5.6bn reported value -1.7% vs Q1 2023

119positions

39.0%in top 10

8 new 43 added 49 reduced 2 sold out vs Q1 2023

This report includes the holdings of 2 other managers that share the investment decisions:

New York Life Investment Management LLC – files its own report too; $285.4m of shares are in both
IndexIQ Advisors LLC – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2023

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	EQUINIX INC COM EQIX	EQIX	427,797	$335.4m6.01%	6.01%	Reduced -118.9k	-118,914 -21.8%
2	PROLOGIS INC. COM PLD	PLD	2,505,693	$307.3m5.50%	5.50%	Reduced -492.9k	-492,881 -16.4%
3	SIMON PPTY GROUP INC NEW COM SPG	SPG	2,143,529	$247.5m4.43%	4.43%	Reduced -132.4k	-132,398 -5.8%
4	PUBLIC STORAGE COM PSA	PSA	797,471	$232.8m4.17%	4.17%	Added +184.6k	+184,592 30.1%
5	WELLTOWER INC COM WELL	WELL	2,506,860	$202.8m3.63%	3.63%	Added +1.8m	+1,823,730 267.0%
6	AMERICAN TOWER CORP NEW COM AMT	AMT	980,320	$190.1m3.40%	3.40%	Added +10.5k	+10,520 1.1%
7	CROWN CASTLE INC COM CCI	CCI	1,559,388	$177.7m3.18%	3.18%	Added +182.4k	+182,417 13.2%
8	INVITATION HOMES INC COM INVH	INVH	4,838,000	$166.4m2.98%	2.98%	Reduced -62.8k	-62,810 -1.3%
9	SUN CMNTYS INC COM SUI	SUI	1,247,748	$162.8m2.91%	2.91%	Added +51.4k	+51,368 4.3%
10	NEXTERA ENERGY INC COM NEE	NEE	2,129,469	$158.0m2.83%	2.83%	Reduced -236.5k	-236,473 -10.0%
11	CUBESMART COM CUBE	CUBE	3,458,374	$154.5m2.77%	2.77%	Added +145.3k	+145,313 4.4%
12	REXFORD INDL RLTY INC COM REXR	REXR	2,621,683	$136.9m2.45%	2.45%	Added +271.1k	+271,139 11.5%
13	ALEXANDRIA REAL ESTATE EQ IN COM ARE	ARE	1,178,291	$133.7m2.39%	2.39%	Added +60.9k	+60,881 5.5%
14	WEC ENERGY GROUP INC COM WEC	WEC	1,319,531	$116.4m2.08%	2.08%	Reduced -182.8k	-182,804 -12.2%
15	ESSEX PPTY TR INC COM ESS	ESS	438,294	$102.7m1.84%	1.84%	Added +8.6k	+8,587 2.0%
16	HEALTHPEAK PROPERTIES INC COM DOC	DOC	4,762,869	$95.7m1.71%	1.71%	Added +929.1k	+929,146 24.2%
17	AMEREN CORP COM AEE	AEE	1,140,243	$93.1m1.67%	1.67%	Reduced -124.5k	-124,529 -9.8%
18	PUBLIC SVC ENTERPRISE GRP IN COM PEG	PEG	1,395,126	$87.3m1.56%	1.56%	Reduced -315.1k	-315,132 -18.4%
19	SOUTHERN CO COM SO	SO	1,223,598	$86.0m1.54%	1.54%	Added +201.2k	+201,171 19.7%
20	SPIRIT RLTY CAP INC NEW COM NEW SRC	SRC	2,172,575	$85.6m1.53%	1.53%	Reduced -104.9k	-104,875 -4.6%
21	SEMPRA COM SRE	SRE	540,501	$78.7m1.41%	1.41%	Reduced -41.7k	-41,728 -7.2%
22	APARTMENT INCOME REIT CORP COM AIRC	AIRC	2,172,645	$78.4m1.40%	1.40%	Added +41.8k	+41,841 2.0%
23	UNION PAC CORP COM UNP	UNP	354,527	$72.5m1.30%	1.30%	Added +93.3k	+93,289 35.7%
24	CMS ENERGY CORP COM CMS	CMS	1,190,165	$69.9m1.25%	1.25%	Reduced -46.7k	-46,655 -3.8%
25	LIFE STORAGE INC COM COM		524,646	$69.8m1.25%	1.25%	Reduced -430.6k	-430,610 -45.1%
26	VENTAS INC COM VTR	VTR	1,451,005	$68.6m1.23%	1.23%	Reduced -310.8k	-310,759 -17.6%
27	PPL CORP COM PPL	PPL	2,469,345	$65.3m1.17%	1.17%	Reduced -164.9k	-164,932 -6.3%
28	AMERICOLD REALTY TRUST INC COM COLD	COLD	1,987,854	$64.2m1.15%	1.15%	Added +1.1m	+1,071,307 116.9%
29	OGE ENERGY CORP COM OGE	OGE	1,750,580	$62.9m1.13%	1.13%	Reduced -104.7k	-104,691 -5.6%
30	CAMDEN PPTY TR SH BEN INT CPT	CPT	561,123	$61.1m1.09%	1.09%	Added +148.4k	+148,419 36.0%
31	CSX CORP COM CSX	CSX	1,765,192	$60.2m1.08%	1.08%	Reduced -97.8k	-97,770 -5.2%
32	INDEPENDENCE RLTY TR INC COM IRT	IRT	3,064,283	$55.8m1.00%	1.00%	Added +383.6k	+383,558 14.3%
33	XCEL ENERGY INC COM XEL	XEL	886,201	$55.1m0.99%	0.99%	Reduced -105.9k	-105,895 -10.7%
34	DIGITAL RLTY TR INC COM DLR	DLR	459,291	$52.3m0.94%	0.94%	Reduced -331.3k	-331,265 -41.9%
35	UDR INC COM UDR	UDR	1,215,336	$52.2m0.93%	0.93%	Reduced -110.2k	-110,197 -8.3%
36	NEXTERA ENERGY PARTNERS LP COM UNIT PART IN XIFR	XIFR	888,300	$52.1m0.93%	0.93%	Added +303.6k	+303,632 51.9%
37	CHENIERE ENERGY INC COM NEW LNG	LNG	341,527	$52.0m0.93%	0.93%	Reduced -20.0k	-20,024 -5.5%
38	PARK HOTELS & RESORTS INC COM PK	PK	3,956,912	$50.7m0.91%	0.91%	Added +358.4k	+358,429 10.0%
39	SUNSTONE HOTEL INVS INC NEW COM SHO	SHO	4,896,273	$49.6m0.89%	0.89%	Added +280.1k	+280,067 6.1%
40	BROADSTONE NET LEASE INC COM BNL	BNL	2,926,181	$45.2m0.81%	0.81%	Added +199.5k	+199,456 7.3%
41	AES CORP COM AES	AES	2,159,355	$44.8m0.80%	0.80%	Reduced -95.4k	-95,439 -4.2%
42	AVALONBAY CMNTYS INC COM AVB	AVB	218,377	$41.3m0.74%	0.74%	Reduced -2.0k	-2,003 -0.9%
43	NISOURCE INC COM NI	NI	1,478,144	$40.4m0.72%	0.72%	Reduced -171.9k	-171,908 -10.4%
44	MACERICH CO COM MAC	MAC	3,315,192	$37.4m0.67%	0.67%	Added +1.5m	+1,544,046 87.2%
45	TARGA RES CORP COM TRGP	TRGP	471,893	$35.9m0.64%	0.64%	Reduced -46.3k	-46,326 -8.9%
46	ALLETE INC COM NEW ALE	ALE	592,551	$34.4m0.62%	0.62%	Added +28.7k	+28,734 5.1%
47	PG&E CORP COM PCG	PCG	1,885,133	$32.6m0.58%	0.58%	New
48	FOUR CORNERS PPTY TR INC COM FCPT	FCPT	1,240,539	$31.5m0.56%	0.56%	Reduced -4.2k	-4,230 -0.3%
49	VICI PPTYS INC COM VICI	VICI	973,974	$30.6m0.55%	0.55%	Reduced -320.2k	-320,193 -24.7%
50	NEXTERA ENERGY INC UNIT 09/01/2025 NEE 6.926 09.01.25	NEE 6.926 09.01.25	675,900	$30.6m0.55%	0.55%	Unchanged
51	AMERICAN ELEC PWR CO INC COM AEP	AEP	355,797	$30.0m0.54%	0.54%	Reduced -695.0k	-695,023 -66.1%
52	HYATT HOTELS CORP COM CL A H	H	259,662	$29.8m0.53%	0.53%	Added +157.0k	+157,015 153.0%
53	BRIXMOR PPTY GROUP INC COM BRX	BRX	1,348,954	$29.7m0.53%	0.53%	Reduced -405.3k	-405,308 -23.1%
54	AES CORP UNIT 02/15/2024 AES 6.875 02.15.24	AES 6.875 02.15.24	331,300	$27.0m0.48%	0.48%	Added +11.2k	+11,200 3.5%
55	EPR PPTYS COM SH BEN INT EPR	EPR	572,668	$26.8m0.48%	0.48%	Added +218.4k	+218,361 61.6%
56	TRICON RESIDENTIAL INC COM NPV TCN	TCN	2,974,661	$26.2m0.47%	0.47%	Reduced -64.4k	-64,396 -2.1%
57	RETAIL OPPORTUNITY INVTS COR COM ROIC	ROIC	1,926,079	$26.0m0.47%	0.47%	Reduced -5.7k	-5,728 -0.3%
58	CONSTELLATION ENERGY CORP COM CEG	CEG	282,158	$25.8m0.46%	0.46%	Reduced -98.0k	-98,021 -25.8%
59	HILTON WORLDWIDE HLDGS INC COM HLT	HLT	170,200	$24.8m0.44%	0.44%	Added +13.4k	+13,356 8.5%
60	NNN REIT INC COM NNN	NNN	574,287	$24.6m0.44%	0.44%	Added +34.3k	+34,252 6.3%
61	WILLIAMS COS INC COM WMB	WMB	734,406	$24.0m0.43%	0.43%	Reduced -587.6k	-587,559 -44.5%
62	REGENCY CTRS CORP COM REG	REG	378,603	$23.4m0.42%	0.42%	Added +85.3k	+85,316 29.1%
63	FIRSTENERGY CORP COM FE	FE	558,097	$21.7m0.39%	0.39%	Reduced -370.6k	-370,554 -39.9%
64	REALTY INCOME CORP COM O	O	362,891	$21.7m0.39%	0.39%	Added +6.2k	+6,172 1.7%
65	SBA COMMUNICATIONS CORP NEW CL A SBAC	SBAC	90,946	$21.1m0.38%	0.38%	Added +77.8k	+77,754 589.4%
66	DOMINION ENERGY INC COM D	D	369,494	$19.1m0.34%	0.34%	Unchanged
67	NETSTREIT CORP COM NTST	NTST	1,005,851	$18.0m0.32%	0.32%	Reduced -379.2k	-379,210 -27.4%
68	EXTRA SPACE STORAGE INC COM EXR	EXR	117,486	$17.5m0.31%	0.31%	Added +5.2k	+5,178 4.6%
69	DIAMONDROCK HOSPITALITY CO COM DRH	DRH	2,172,773	$17.4m0.31%	0.31%	Reduced -531.5k	-531,490 -19.6%
70	ONEOK INC NEW COM OKE	OKE	269,305	$16.6m0.30%	0.30%	Reduced -35.4k	-35,369 -11.6%
71	CLEARWAY ENERGY INC CL C CWEN	CWEN	574,656	$16.4m0.29%	0.29%	Unchanged
72	BROOKFIELD INFRAST PARTNERS LP INT UNIT BIP	BIP	436,999	$16.0m0.29%	0.29%	Unchanged
73	PEBBLEBROOK HOTEL TR COM PEB	PEB	1,090,427	$15.2m0.27%	0.27%	Reduced -43.1k	-43,066 -3.8%
74	TANGER INC COM SKT	SKT	626,953	$13.8m0.25%	0.25%	Added +4.1k	+4,129 0.7%
75	MID-AMER APT CMNTYS INC COM MAA	MAA	84,943	$12.9m0.23%	0.23%	Reduced -153.3k	-153,350 -64.3%
76	NATIONAL STORAGE AFFILIATES COM SHS BEN IN NSA	NSA	362,645	$12.6m0.23%	0.23%	Reduced -117.6k	-117,598 -24.5%
77	HEALTHCARE RLTY TR CL A COM HR	HR	666,620	$12.6m0.23%	0.23%	Unchanged
78	NEXPOINT RESIDENTIAL TR INC COM NXRT	NXRT	272,716	$12.4m0.22%	0.22%	Reduced -22.5k	-22,459 -7.6%
79	KITE RLTY GROUP TR COM NEW KRG	KRG	536,994	$12.0m0.21%	0.21%	Reduced -530.3k	-530,299 -49.7%
80	EQUITY RESIDENTIAL SH BEN INT VMRK	VMRK	181,330	$12.0m0.21%	0.21%	Unchanged
81	VERIS RESIDENTIAL INC COM COM		714,823	$11.5m0.21%	0.21%	Reduced -124.7k	-124,711 -14.8%
82	ALLIANT ENERGY CORP COM LNT	LNT	186,844	$9.8m0.18%	0.18%	Added +11.1k	+11,142 6.3%
83	WP CAREY INC COM WPC	WPC	132,255	$8.9m0.16%	0.16%	Added +4.1k	+4,073 3.2%
84	MEDICAL PPTYS TRUST INC COM MPT	MPT	850,100	$7.9m0.14%	0.14%	Unchanged
85	ALPS ETF TR ALERIAN MLP AMLP	AMLP	195,911	$7.7m0.14%	0.14%	Reduced -12.4k	-12,369 -5.9%
86	ELME COMMUNITIES SH BEN INT ELME	ELME	458,097	$7.5m0.13%	0.13%	Added +374.6k	+374,589 448.6%
87	AMERICAN HOMES 4 RENT CL A AMH	AMH	189,441	$6.7m0.12%	0.12%	Added +6.7k	+6,711 3.7%
88	EVERSOURCE ENERGY COM ES	ES	90,070	$6.4m0.11%	0.11%	New
89	UNITI GROUP INC COM COM		1,374,800	$6.4m0.11%	0.11%	Unchanged
90	KIMCO RLTY CORP COM KIM	KIM	300,627	$5.9m0.11%	0.11%	Added +3.4k	+3,410 1.1%
91	PIEDMONT OFFICE REALTY TR IN COM CL A PDM	PDM	757,145	$5.5m0.10%	0.10%	Reduced -12.1k	-12,100 -1.6%
92	FEDERAL RLTY INVT TR NEW SH BEN INT NEW FRT	FRT	54,929	$5.3m0.10%	0.10%	Unchanged
93	AMERICAN ELEC PWR CO INC UNIT 08/15/2023 AEP 6.125 08.15.23	AEP 6.125 08.15.23	97,107	$4.8m0.09%	0.09%	Unchanged
94	BXP INC COM BXP	BXP	78,171	$4.5m0.08%	0.08%	Added +7.6k	+7,600 10.8%
95	EQUITY LIFESTYLE PPTYS INC COM ELS	ELS	63,349	$4.2m0.08%	0.08%	Unchanged
96	STAG INDL INC COM STAG	STAG	88,642	$3.2m0.06%	0.06%	Reduced -188.0k	-188,032 -68.0%
97	COUSINS PPTYS INC COM NEW CUZ	CUZ	92,176	$2.1m0.04%	0.04%	Added +21.6k	+21,622 30.6%
98	HUDSON PAC PPTYS INC COM COM		454,631	$1.9m0.03%	0.03%	Reduced -14.6k	-14,640 -3.1%
99	ESSENTIAL PPTYS RLTY TR INC COM EPRT	EPRT	76,765	$1.8m0.03%	0.03%	New
100	KILROY RLTY CORP COM KRC	KRC	57,931	$1.7m0.03%	0.03%	Unchanged

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
FIRST INDL RLTY TR INC FR	FR	43,226	$2.3m43.2k shares
EMPIRE ST RLTY TR INC ESRT	ESRT	15,000	$97.3k15.0k shares