CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC

RADNOR, PA · CIK 1033984 · 13F filing filed 2025-08-06

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)

$6.6bn reported value +0.9% vs Q1 2025

107positions

37.3%in top 10

8 new 41 added 45 reduced 11 sold out vs Q1 2025

This report includes the holdings of 1 other manager that shares the investment decisions:

New York Life Investment Management LLC – files its own report too; $283.2m of shares are in both

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

Holdings, Q2 2025

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	WELLTOWER INC COM WELL	WELL	3,271,471	$502.9m7.63%	7.63%	Added +258.2k	+258,224 8.6%
2	EQUINIX INC COM EQIX	EQIX	485,538	$386.2m5.86%	5.86%	Added +57.6k	+57,630 13.5%
3	SIMON PPTY GROUP INC NEW COM SPG	SPG	1,568,498	$252.2m3.82%	3.82%	Reduced -258.5k	-258,517 -14.2%
4	REALTY INCOME CORP COM O	O	4,153,817	$239.3m3.63%	3.63%	Reduced -867.2k	-867,180 -17.3%
5	INVITATION HOMES INC COM INVH	INVH	6,058,456	$198.7m3.01%	3.01%	Added +327.3k	+327,267 5.7%
6	EXTRA SPACE STORAGE INC COM EXR	EXR	1,244,630	$183.5m2.78%	2.78%	Reduced -83.8k	-83,839 -6.3%
7	VICI PPTYS INC COM VICI	VICI	5,587,940	$182.2m2.76%	2.76%	Added +3.1m	+3,108,475 125.4%
8	AMERICAN TOWER CORP NEW COM AMT	AMT	798,849	$176.6m2.68%	2.68%	Added +191.2k	+191,153 31.5%
9	PROLOGIS INC. COM PLD	PLD	1,633,837	$171.7m2.60%	2.60%	Reduced -161.1k	-161,060 -9.0%
10	DIGITAL RLTY TR INC COM DLR	DLR	955,698	$166.6m2.53%	2.53%	Reduced -11.2k	-11,238 -1.2%
11	NORFOLK SOUTHN CORP COM NSC	NSC	609,792	$156.1m2.37%	2.37%	Reduced -6.6k	-6,592 -1.1%
12	REGENCY CTRS CORP COM REG	REG	2,076,775	$147.9m2.24%	2.24%	Reduced -444.9k	-444,858 -17.6%
13	EASTGROUP PPTYS INC COM EGP	EGP	814,104	$136.1m2.06%	2.06%	Added +192.8k	+192,801 31.0%
14	UDR INC COM UDR	UDR	3,149,408	$128.6m1.95%	1.95%	Added +1.9m	+1,893,876 150.8%
15	STAG INDL INC COM STAG	STAG	3,533,588	$128.2m1.94%	1.94%	Added +1.6m	+1,595,238 82.3%
16	PPL CORP COM PPL	PPL	3,574,137	$121.1m1.84%	1.84%	Added +1.1m	+1,108,795 45.0%
17	PUBLIC SVC ENTERPRISE GRP IN COM PEG	PEG	1,415,693	$119.2m1.81%	1.81%	Added +585.6k	+585,591 70.5%
18	FIRST INDL RLTY TR INC COM FR	FR	2,342,835	$112.8m1.71%	1.71%	Added +272.6k	+272,638 13.2%
19	WEC ENERGY GROUP INC COM WEC	WEC	1,058,230	$110.3m1.67%	1.67%	Reduced -3.5k	-3,510 -0.3%
20	IRON MTN INC DEL COM IRM	IRM	1,073,098	$110.1m1.67%	1.67%	Added +300.9k	+300,908 39.0%
21	BRIXMOR PPTY GROUP INC COM BRX	BRX	4,217,092	$109.8m1.66%	1.66%	Added +1.6m	+1,590,940 60.6%
22	CUBESMART COM CUBE	CUBE	2,449,735	$104.1m1.58%	1.58%	Reduced -1.1m	-1,106,642 -31.1%
23	ATMOS ENERGY CORP COM ATO	ATO	674,233	$103.9m1.58%	1.58%	Added +130.5k	+130,536 24.0%
24	XCEL ENERGY INC COM XEL	XEL	1,519,160	$103.5m1.57%	1.57%	Added +64.1k	+64,122 4.4%
25	WILLIAMS COS INC COM WMB	WMB	1,643,960	$103.3m1.57%	1.57%	Added +178.0k	+177,969 12.1%
26	CONSTELLATION ENERGY CORP COM CEG	CEG	304,015	$98.1m1.49%	1.49%	Reduced -14.9k	-14,904 -4.7%
27	TARGA RES CORP COM TRGP	TRGP	529,163	$92.1m1.40%	1.40%	Added +139.6k	+139,626 35.8%
28	ESSENTIAL UTILS INC COM WTRG	WTRG	2,360,631	$87.7m1.33%	1.33%	Added +193.8k	+193,834 8.9%
29	AES CORP COM AES	AES	7,812,629	$82.2m1.25%	1.25%	Added +769.2k	+769,168 10.9%
30	NEXTERA ENERGY INC COM NEE	NEE	1,182,270	$82.1m1.24%	1.24%	Added +465.1k	+465,056 64.8%
31	PG&E CORP COM PCG	PCG	5,861,961	$81.7m1.24%	1.24%	Added +430.7k	+430,703 7.9%
32	HEALTHPEAK PROPERTIES INC COM DOC	DOC	4,642,874	$81.3m1.23%	1.23%	Reduced -1.1m	-1,065,025 -18.7%
33	AVALONBAY CMNTYS INC COM AVB	AVB	387,808	$78.9m1.20%	1.20%	Reduced -113.5k	-113,501 -22.6%
34	PUBLIC STORAGE COM PSA	PSA	253,897	$74.5m1.13%	1.13%	Reduced -86.1k	-86,096 -25.3%
35	CROWN CASTLE INC COM CCI	CCI	709,609	$72.9m1.11%	1.11%	Reduced -41.6k	-41,603 -5.5%
36	CHENIERE ENERGY INC COM NEW LNG	LNG	297,118	$72.4m1.10%	1.10%	New
37	CMS ENERGY CORP COM CMS	CMS	984,104	$68.2m1.03%	1.03%	Reduced -16.3k	-16,256 -1.6%
38	EVERGY INC COM EVRG	EVRG	931,841	$64.2m0.97%	0.97%	Added +86.6k	+86,555 10.2%
39	VENTAS INC COM VTR	VTR	904,904	$57.1m0.87%	0.87%	Added +527.9k	+527,931 140.0%
40	SOUTHERN CO COM SO	SO	599,631	$55.1m0.83%	0.83%	Added +319.6k	+319,622 114.2%
41	VORNADO RLTY TR SH BEN INT VNO	VNO	1,439,438	$55.0m0.83%	0.83%	Added +466.6k	+466,621 48.0%
42	INDEPENDENCE RLTY TR INC COM IRT	IRT	2,966,540	$52.5m0.80%	0.80%	Added +732.7k	+732,689 32.8%
43	COUSINS PPTYS INC COM NEW CUZ	CUZ	1,627,864	$48.9m0.74%	0.74%	Added +1.3m	+1,334,492 454.9%
44	SUNSTONE HOTEL INVS INC NEW COM SHO	SHO	5,359,661	$46.5m0.71%	0.71%	Reduced -115.2k	-115,225 -2.1%
45	OGE ENERGY CORP COM OGE	OGE	999,473	$44.4m0.67%	0.67%	Added +26.6k	+26,609 2.7%
46	AMERICAN HOMES 4 RENT CL A AMH	AMH	1,169,493	$42.2m0.64%	0.64%	Reduced -50.6k	-50,616 -4.2%
47	ELME COMMUNITIES SH BEN INT ELME	ELME	2,525,205	$40.2m0.61%	0.61%	Added +66.1k	+66,143 2.7%
48	ONEOK INC NEW COM OKE	OKE	490,929	$40.1m0.61%	0.61%	Reduced -314.7k	-314,670 -39.1%
49	ESSENTIAL PPTYS RLTY TR INC COM EPRT	EPRT	1,185,456	$37.8m0.57%	0.57%	New
50	ESSEX PPTY TR INC COM ESS	ESS	131,098	$37.2m0.56%	0.56%	Unchanged
51	FEDERAL RLTY INVT TR NEW SH BEN INT NEW FRT	FRT	371,096	$35.3m0.53%	0.53%	Reduced -322.6k	-322,597 -46.5%
52	CAMDEN PPTY TR SH BEN INT CPT	CPT	308,742	$34.8m0.53%	0.53%	Added +5.8k	+5,842 1.9%
53	CALIFORNIA WTR SVC GROUP COM CWT	CWT	751,987	$34.2m0.52%	0.52%	Added +51.4k	+51,423 7.3%
54	COPT DEFENSE PROPERTIES SHS BEN INT CDP	CDP	1,233,054	$34.0m0.52%	0.52%	Reduced -170.6k	-170,593 -12.2%
55	SUN CMNTYS INC COM SUI	SUI	262,148	$33.2m0.50%	0.50%	Reduced -219.5k	-219,511 -45.6%
56	NEXTERA ENERGY INC UNIT 09/01/2025 NEE 6.926 09.01.25	NEE 6.926 09.01.25	737,300	$29.3m0.44%	0.44%	Unchanged
57	EQUITY LIFESTYLE PPTYS INC COM ELS	ELS	464,333	$28.6m0.43%	0.43%	Reduced -787.2k	-787,221 -62.9%
58	REXFORD INDL RLTY INC COM REXR	REXR	801,932	$28.5m0.43%	0.43%	Reduced -367.6k	-367,636 -31.4%
59	AMERICOLD REALTY TRUST INC COM COLD	COLD	1,585,979	$26.4m0.40%	0.40%	Reduced -1.2m	-1,200,344 -43.1%
60	ENTERGY CORP NEW COM ETR	ETR	271,136	$22.5m0.34%	0.34%	New
61	BROOKFIELD INFRAST PARTNERS LP INT UNIT BIP	BIP	670,827	$22.5m0.34%	0.34%	Reduced -45.0k	-45,000 -6.3%
62	DOMINION ENERGY INC COM D	D	369,494	$20.9m0.32%	0.32%	Unchanged
63	HILTON WORLDWIDE HLDGS INC COM HLT	HLT	72,293	$19.3m0.29%	0.29%	Added +39.3k	+39,344 119.4%
64	MID-AMER APT CMNTYS INC COM MAA	MAA	125,047	$18.5m0.28%	0.28%	New
65	CLEARWAY ENERGY INC CL C CWEN	CWEN	574,656	$18.4m0.28%	0.28%	Unchanged
66	VERIS RESIDENTIAL INC COM COM		1,210,116	$18.0m0.27%	0.27%	Added +67.7k	+67,709 5.9%
67	WEYERHAEUSER CO MTN BE COM NEW WY	WY	687,750	$17.7m0.27%	0.27%	Added +509.0k	+509,036 284.8%
68	AMERICAN HEALTHCARE REIT INC COM SHS AHR	AHR	471,354	$17.3m0.26%	0.26%	Reduced -986.8k	-986,771 -67.7%
69	PORTLAND GEN ELEC CO COM NEW POR	POR	422,616	$17.2m0.26%	0.26%	Reduced -442.8k	-442,810 -51.2%
70	SEMPRA COM SRE	SRE	225,600	$17.1m0.26%	0.26%	Added +8.8k	+8,755 4.0%
71	CSX CORP COM CSX	CSX	519,551	$17.0m0.26%	0.26%	Reduced -978.1k	-978,052 -65.3%
72	SMARTSTOP SELF STORAG REIT I COMMON STOCK SMA	SMA	459,086	$16.6m0.25%	0.25%	New
73	HEALTHCARE RLTY TR CL A COM HR	HR	941,911	$14.9m0.23%	0.23%	Unchanged
74	KITE RLTY GROUP TR COM NEW KRG	KRG	634,744	$14.4m0.22%	0.22%	New
75	ALEXANDRIA REAL ESTATE EQ IN COM ARE	ARE	189,510	$13.8m0.21%	0.21%	Added +1.6k	+1,607 0.9%
76	GETTY RLTY CORP NEW COM GTY	GTY	472,507	$13.1m0.20%	0.20%	Reduced -438.7k	-438,661 -48.1%
77	RYMAN HOSPITALITY PPTYS INC COM RHP	RHP	103,728	$10.2m0.16%	0.16%	New
78	NATIONAL STORAGE AFFILIATES COM SHS BEN IN NSA	NSA	316,068	$10.1m0.15%	0.15%	Unchanged
79	NETSTREIT CORP COM NTST	NTST	595,474	$10.1m0.15%	0.15%	Reduced -59.4k	-59,408 -9.1%
80	MARRIOTT INTL INC NEW CL A MAR	MAR	36,257	$9.9m0.15%	0.15%	Reduced -14.8k	-14,841 -29.0%
81	EQUITY RESIDENTIAL SH BEN INT VMRK	VMRK	146,365	$9.9m0.15%	0.15%	Reduced -233.4k	-233,369 -61.5%
82	PEBBLEBROOK HOTEL TR 6.3 CUM PFD SR F PEB 6.3 PERP F	PEB 6.3 PERP F	541,950	$9.5m0.14%	0.14%	Unchanged
83	BXP INC COM BXP	BXP	127,090	$8.6m0.13%	0.13%	Unchanged
84	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	181,997	$8.5m0.13%	0.13%	Added +71.3k	+71,343 64.5%
85	SBA COMMUNICATIONS CORP NEW CL A SBAC	SBAC	35,256	$8.3m0.13%	0.13%	Reduced -66.1k	-66,110 -65.2%
86	PARK HOTELS & RESORTS INC COM PK	PK	800,659	$8.2m0.12%	0.12%	Unchanged
87	CENTERSPACE COM CSR	CSR	133,241	$8.0m0.12%	0.12%	Added +75.8k	+75,773 131.8%
88	LINEAGE INC COM LINE	LINE	171,316	$7.5m0.11%	0.11%	Reduced -275.3k	-275,285 -61.6%
89	PEBBLEBROOK HOTEL TR 6.375 PFD SER E PEB 6.375 PERP E	PEB 6.375 PERP E	383,644	$6.7m0.10%	0.10%	Unchanged
90	URBAN EDGE PPTYS COM UE	UE	360,080	$6.7m0.10%	0.10%	Reduced -32.5k	-32,466 -8.3%
91	WP CAREY INC COM WPC	WPC	105,330	$6.6m0.10%	0.10%	New
92	NEXTERA ENERGY PARTNERS LP COM UNIT PART IN XIFR	XIFR	794,852	$6.5m0.10%	0.10%	Unchanged
93	EMPIRE ST RLTY TR INC CL A ESRT	ESRT	674,409	$5.5m0.08%	0.08%	Reduced -478.1k	-478,065 -41.5%
94	PIEDMONT OFFICE REALTY TR IN COM CL A PDM	PDM	696,892	$5.1m0.08%	0.08%	Reduced -526.1k	-526,094 -43.0%
95	AMEREN CORP COM AEE	AEE	49,823	$4.8m0.07%	0.07%	Added +46.4k	+46,373 1344.1%
96	UNITI GROUP INC COM COM		999,800	$4.3m0.07%	0.07%	Unchanged
97	HOST HOTELS & RESORTS INC COM HST	HST	118,111	$1.8m0.03%	0.03%	Reduced -1.2m	-1,232,991 -91.3%
98	DIAMONDROCK HOSPITALITY CO COM DRH	DRH	228,492	$1.8m0.03%	0.03%	Reduced -2.5m	-2,520,383 -91.7%
99	FOUR CORNERS PPTY TR INC COM FCPT	FCPT	45,364	$1.2m0.02%	0.02%	Reduced -1.3m	-1,297,470 -96.6%
100	CHESAPEAKE UTILS CORP COM CPK	CPK	8,764	$1.1m0.02%	0.02%	Added +4.8k	+4,763 119.0%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
AGREE RLTY CORP ADC	ADC	821,090	$63.4m821.1k shares
CONSOLIDATED EDISON INC ED	ED	503,749	$55.7m503.7k shares
BROADSTONE NET LEASE INC BNL	BNL	652,710	$11.1m652.7k shares
FRONTVIEW REIT INC FVR	FVR	765,666	$9.8m765.7k shares
NISOURCE INC NI	NI	206,239	$8.3m206.2k shares
KILROY RLTY CORP KRC	KRC	107,514	$3.5m107.5k shares
PEBBLEBROOK HOTEL TR PEB	PEB	235,250	$2.4m235.2k shares
CURBLINE PPTYS CORP CURB	CURB	46,803	$1.1m46.8k shares
MACERICH CO MAC	MAC	51,487	$884.0k51.5k shares
DTE ENERGY CO DTE	DTE	2,211	$305.7k2.2k shares
SITE CTRS CORP SITC	SITC	14,316	$183.8k14.3k shares