# EDGAR Filing Document

**Accession Number:** 0001033984
**File Stem:** 0001033984-25-000019
**Filing Date:** 2025-11
**Character Count:** 15399
**Document Hash:** 282c959be0cbaed46a8ae7a2218f6590
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001033984-25-000019.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001033984-25-000019

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC
- **CENTRAL INDEX KEY:** 0001033984

**ORGANIZATION NAME:**
- **EIN:** 232802869
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06044
- **FILM NUMBER:** 251477104

**BUSINESS ADDRESS:**
- **STREET 1:** 555 EAST LANCASTER AVENUE
- **STREET 2:** SUITE 120
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 6109958900

**MAIL ADDRESS:**
- **STREET 1:** 555 EAST LANCASTER AVENUE
- **STREET 2:** SUITE 120
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CBRE CLARION SECURITIES LLC
- **DATE OF NAME CHANGE:** 20110815

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING CLARION REAL ESTATE SECURITIES LLC
- **DATE OF NAME CHANGE:** 20090522

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING CLARION REAL ESTATE SECURITIES/N L.P.
- **DATE OF NAME CHANGE:** 20050812

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC<br>**Address:** 555 EAST LANCASTER AVENUE<br>SUITE 120<br>RADNOR, PA 19087

**Form 13F File Number:** 028-06044

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Jeff C. Chang<br>**Title:** Chief Compliance Officer<br>**Phone:** 610-995-8943

**Signature, Place, and Date of Signing:**

Jeff C. Chang  Radnor, PA  11-13-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 105

**Form 13F Information Table Value Total:** $7012546671

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                                    | Form 13F File Number   |
|:---|:---|:---|
|  | NEW YORK LIFE INVESTMENT MANAGEMENT LLC | 028-06325              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AES Corporation | COM | 00130H105 |  | 103730423 | 7882251 | SH |  | DFND | 1 | 7015825 | 0 | 866426 |
| Alexander  Baldwin Inc. | COM | 014491104 |  | 1715990 | 94337 | SH |  | SOLE |  | 94337 | 0 | 0 |
| Alexandria Real Estate Equitie | COM | 015271109 |  | 40954609 | 491416 | SH |  | DFND | 1 | 399626 | 0 | 91790 |
| Ameren Corp. | COM | 023608102 |  | 650183 | 6229 | SH |  | SOLE |  | 0 | 0 | 6229 |
| American Healthcare REIT | COM | 398182303 |  | 55206979 | 1314139 | SH |  | DFND | 1 | 985800 | 0 | 328339 |
| American Homes 4 Rent | COM | 02665T306 |  | 78888485 | 2372586 | SH |  | DFND | 1 | 1675959 | 0 | 696627 |
| American Tower Corp. | COM | 03027X100 |  | 127668747 | 663835 | SH |  | DFND | 1 | 596615 | 0 | 67220 |
| American Water Works Co. | COM | 030420103 |  | 1632977 | 11732 | SH |  | SOLE |  | 0 | 0 | 11732 |
| Americold Realty Trust | COM | 03064D108 |  | 9220294 | 753292 | SH |  | SOLE |  | 753292 | 0 | 0 |
| Atmos Energy Corp. | COM | 049560105 |  | 125354576 | 734141 | SH |  | DFND | 1 | 624542 | 0 | 109599 |
| AvalonBay Communities Inc. | COM | 053484101 |  | 55544874 | 287544 | SH |  | SOLE |  | 163196 | 0 | 124348 |
| Boston Properties Inc. | COM | 101121101 |  | 65507962 | 881194 | SH |  | DFND | 1 | 533753 | 0 | 347441 |
| Brixmor Property Group | COM | 11120U105 |  | 125208653 | 4523434 | SH |  | DFND | 1 | 3657721 | 0 | 865713 |
| Broadstone Net Lease Inc | COM | 11135E203 |  | 2224082 | 124459 | SH |  | SOLE |  | 0 | 0 | 124459 |
| Brookfield Infrastructure Part | COM | G16252101 |  | 24700390 | 751000 | SH |  | DFND | 1 | 751000 | 0 | 0 |
| California Water Service Group | COM | 130788102 |  | 33511769 | 730263 | SH |  | DFND | 1 | 638399 | 0 | 91864 |
| Camden Property Trust | COM | 133131102 |  | 21697482 | 203198 | SH |  | DFND | 1 | 55047 | 0 | 148151 |
| Centerspace | COM | 15202L107 |  | 7261133 | 123279 | SH |  | SOLE |  | 33956 | 0 | 89323 |
| Cheniere Energy Inc. | COM | 16411R208 |  | 128662124 | 547545 | SH |  | DFND | 1 | 492444 | 0 | 55101 |
| Chesapeake Utilities Corporati | COM | 165303108 |  | 17647353 | 131022 | SH |  | DFND | 1 | 113357 | 0 | 17665 |
| Clearway Energy Inc. Class C | COM | 18539C204 |  | 17656250 | 625000 | SH |  | DFND | 1 | 625000 | 0 | 0 |
| CMS Energy Corporation | COM | 125896100 |  | 71219782 | 972151 | SH |  | DFND | 1 | 821786 | 0 | 150365 |
| Consolidated Edison Inc. | COM | 209115104 |  | 16930785 | 168432 | SH |  | DFND | 1 | 147514 | 0 | 20918 |
| Constellation Energy Corp | COM | 21037T109 |  | 86466104 | 262759 | SH |  | DFND | 1 | 231946 | 0 | 30813 |
| COPT Defense Properties | COM | 22002T108 |  | 41503579 | 1428203 | SH |  | DFND | 1 | 1168375 | 0 | 259828 |
| Cousins Properties Inc. | COM | 222795502 |  | 33900924 | 1171421 | SH |  | DFND | 1 | 868548 | 0 | 302873 |
| Crown Castle Inc | COM | 22822V101 |  | 68470172 | 709609 | SH |  | DFND | 1 | 709609 | 0 | 0 |
| CSX Corporation | COM | 126408103 |  | 33555032 | 944946 | SH |  | DFND | 1 | 878809 | 0 | 66137 |
| CubeSmart | COM | 229663109 |  | 136805409 | 3364619 | SH |  | DFND | 1 | 2537389 | 0 | 827230 |
| Digital Realty Trust Inc. | COM | 253868103 |  | 72730616 | 420700 | SH |  | DFND | 1 | 245416 | 0 | 175284 |
| Dominion Energy Inc. | COM | 25746U109 |  | 22601948 | 369494 | SH |  | DFND | 1 | 369494 | 0 | 0 |
| Eastgroup Properties | COM | 277276101 |  | 114520300 | 676594 | SH |  | DFND | 1 | 461467 | 0 | 215127 |
| ELME Communities | COM | 939653101 |  | 29747413 | 1764378 | SH |  | DFND | 1 | 1065162 | 0 | 699216 |
| Empire State Realty Trust Inc. | COM | 292104106 |  | 5268854 | 687840 | SH |  | SOLE |  | 640539 | 0 | 47301 |
| Entergy Corp. | COM | 29364G103 |  | 113130237 | 1213974 | SH |  | DFND | 1 | 1013950 | 0 | 200024 |
| Equinix Inc | COM | 29444U700 |  | 434603428 | 554879 | SH |  | DFND | 1 | 474011 | 0 | 80868 |
| Equity Residential | COM | 29476L107 |  | 9033072 | 139550 | SH |  | SOLE |  | 0 | 0 | 139550 |
| Essential Properties Realty | COM | 29670E107 |  | 65133718 | 2188633 | SH |  | DFND | 1 | 1658766 | 0 | 529867 |
| Essential Utilities | COM | 29670G102 |  | 109908221 | 2754592 | SH |  | DFND | 1 | 2385674 | 0 | 368918 |
| Essex Property Trust Inc. | COM | 297178105 |  | 35089691 | 131098 | SH |  | SOLE |  | 76610 | 0 | 54488 |
| Eversource Energy | COM | 30040W108 |  | 343677 | 4831 | SH |  | SOLE |  | 0 | 0 | 4831 |
| Extra Space Storage Inc. | COM | 30225T102 |  | 180611791 | 1281480 | SH |  | DFND | 1 | 908325 | 0 | 373155 |
| Federal Realty Investment Trus | COM | 313745101 |  | 37441035 | 369569 | SH |  | SOLE |  | 145732 | 0 | 223837 |
| First Industrial Realty Trust | COM | 32054K103 |  | 125484478 | 2438012 | SH |  | DFND | 1 | 1718490 | 0 | 719522 |
| Getty Realty Corp. | COM | 374297109 |  | 13560714 | 505431 | SH |  | DFND | 1 | 367476 | 0 | 137955 |
| Healthpeak Properties Inc. | COM | 42250P103 |  | 111114811 | 5802340 | SH |  | DFND | 1 | 4394288 | 0 | 1408052 |
| Hilton Worldwide Holdings Inc. | COM | 43300A203 |  | 14318753 | 55191 | SH |  | SOLE |  | 45372 | 0 | 9819 |
| Host Hotels  Resorts Inc. | COM | 44107P104 |  | 26036788 | 1529776 | SH |  | DFND | 1 | 1223992 | 0 | 305784 |
| Independence Realty Trust Inc | COM | 45378A106 |  | 24850616 | 1516206 | SH |  | DFND | 1 | 1189391 | 0 | 326815 |
| Invitation Homes Inc | COM | 46187W107 |  | 97912632 | 3338310 | SH |  | DFND | 1 | 1972055 | 0 | 1366255 |
| Iron Mountain Incorporated | COM | 46284V101 |  | 129409466 | 1269467 | SH |  | DFND | 1 | 1071714 | 0 | 197753 |
| Kimco Realty Corp. | COM | 49446R109 |  | 4510889 | 206448 | SH |  | SOLE |  | 0 | 0 | 206448 |
| Kinder Morgan Inc. | COM | 49456B101 |  | 251563 | 8886 | SH |  | DFND | 1 | 8886 | 0 | 0 |
| LINEAGE INC | COM | 53566V106 |  | 6619650 | 171316 | SH |  | SOLE |  | 171316 | 0 | 0 |
| LXP Industrial Trust | COM | 529043101 |  | 15508120 | 1730817 | SH |  | SOLE |  | 900513 | 0 | 830304 |
| Macerich Co. | COM | 554382101 |  | 200983 | 11043 | SH |  | SOLE |  | 0 | 0 | 11043 |
| Medical Properties Trust | COM | 58463J304 |  | 507507 | 100100 | SH |  | DFND | 1 | 100100 | 0 | 0 |
| Mid-America Apt. Comm. | COM | 59522J103 |  | 13475421 | 96439 | SH |  | SOLE |  | 74984 | 0 | 21455 |
| National Storage Affiliates Tr | COM | 637870106 |  | 9551575 | 316068 | SH |  | SOLE |  | 316068 | 0 | 0 |
| Netstreit Corp | COM | 64119V303 |  | 18591686 | 1029440 | SH |  | DFND | 1 | 965659 | 0 | 63781 |
| Nextera Energy Inc | COM | 65339F101 |  | 155426738 | 2058905 | SH |  | DFND | 1 | 1739932 | 0 | 318973 |
| Norfolk Southern Corp | COM | 655844108 |  | 960110 | 3196 | SH |  | DFND | 1 | 3196 | 0 | 0 |
| OGE Energy Corp. | COM | 670837103 |  | 55186645 | 1192709 | SH |  | DFND | 1 | 1061448 | 0 | 131261 |
| Omega Healthcare Investors | COM | 681936100 |  | 21952416 | 519953 | SH |  | DFND | 1 | 396765 | 0 | 123188 |
| ONEOK Inc. | COM | 682680103 |  | 21365616 | 292800 | SH |  | DFND | 1 | 292800 | 0 | 0 |
| Park Hotels  Resorts Inc | COM | 700517105 |  | 16086786 | 1451876 | SH |  | SOLE |  | 1333667 | 0 | 118209 |
| PG Corp. | COM | 69331C108 |  | 102483378 | 6795980 | SH |  | DFND | 1 | 5969384 | 0 | 826596 |
| Piedmont Office Realty Trust I | COM | 720190206 |  | 6272028 | 696892 | SH |  | SOLE |  | 696892 | 0 | 0 |
| Plains GP Holdings | COM | 72651A207 |  | 212058 | 11626 | SH |  | DFND | 1 | 11626 | 0 | 0 |
| Portland General Electric Comp | COM | 736508847 |  | 18701716 | 425039 | SH |  | DFND | 1 | 416264 | 0 | 8775 |
| PPL Corp. | COM | 69351T106 |  | 160215786 | 4311512 | SH |  | DFND | 1 | 3719963 | 0 | 591549 |
| ProLogis Inc. | COM | 74340W103 |  | 236277549 | 2063199 | SH |  | DFND | 1 | 1117100 | 0 | 946099 |
| Public Service Enterprise Grou | COM | 744573106 |  | 117691036 | 1410149 | SH |  | DFND | 1 | 1169019 | 0 | 241130 |
| Public Storage | COM | 74460D109 |  | 16479181 | 57051 | SH |  | SOLE |  | 0 | 0 | 57051 |
| Realty Income Corp | COM | 756109104 |  | 172377644 | 2835625 | SH |  | DFND | 1 | 2101665 | 0 | 733960 |
| Regency Centers Corporation | COM | 758849103 |  | 139479716 | 1913302 | SH |  | DFND | 1 | 1236516 | 0 | 676786 |
| Rexford Industrial Realty Inc | COM | 76169C100 |  | 24419504 | 594004 | SH |  | SOLE |  | 572115 | 0 | 21889 |
| Ryman Hospitality Properties | COM | 78377T107 |  | 9785826 | 109229 | SH |  | DFND | 1 | 89014 | 0 | 20215 |
| SBA Communications Corp. | COM | 78410G104 |  | 6057849 | 31331 | SH |  | DFND | 1 | 31331 | 0 | 0 |
| Sempra Energy | COM | 816851109 |  | 20299488 | 225600 | SH |  | DFND | 1 | 225600 | 0 | 0 |
| Simon Property Group Inc. | COM | 828806109 |  | 256478267 | 1366645 | SH |  | DFND | 1 | 1119240 | 0 | 247405 |
| SmartStop Self Storage REIT In | COM | 83192D402 |  | 8860569 | 235403 | SH |  | SOLE |  | 235403 | 0 | 0 |
| STAG Industrial Inc. | COM | 85254J102 |  | 138038247 | 3911540 | SH |  | DFND | 1 | 2471622 | 0 | 1439918 |
| Sun Communities Inc. | COM | 866674104 |  | 33817092 | 262148 | SH |  | SOLE |  | 262148 | 0 | 0 |
| Sunstone Hotel Investors Inc. | COM | 867892101 |  | 41091976 | 4385483 | SH |  | DFND | 1 | 3821320 | 0 | 564163 |
| Tanger Inc. | COM | 875465106 |  | 24418910 | 721599 | SH |  | DFND | 1 | 633693 | 0 | 87906 |
| Targa Resources Corp. | COM | 87612G101 |  | 106946311 | 638333 | SH |  | DFND | 1 | 581882 | 0 | 56451 |
| UDR Inc. | COM | 902653104 |  | 162699777 | 4366607 | SH |  | DFND | 1 | 2892367 | 0 | 1474240 |
| Union Pacific Corp | COM | 907818108 |  | 174127397 | 736673 | SH |  | DFND | 1 | 641251 | 0 | 95422 |
| Uniti Group Inc | COM | 912932100 |  | 2325857 | 380042 | SH |  | DFND | 1 | 380042 | 0 | 0 |
| Urban Edge Properties | COM | 91704F104 |  | 4854993 | 237176 | SH |  | DFND | 1 | 237176 | 0 | 0 |
| Ventas Inc. | COM | 92276F100 |  | 122524354 | 1750598 | SH |  | DFND | 1 | 1144929 | 0 | 605669 |
| Veris Residential Inc | COM | 554489104 |  | 19367688 | 1274190 | SH |  | DFND | 1 | 728641 | 0 | 545549 |
| Vici Properties Inc. | COM | 925652109 |  | 184454128 | 5656367 | SH |  | DFND | 1 | 4815749 | 0 | 840618 |
| Vornado Realty Trust | COM | 929042109 |  | 66877053 | 1650063 | SH |  | DFND | 1 | 1211188 | 0 | 438875 |
| WEC Energy Group Inc. | COM | 92939U106 |  | 141977239 | 1239002 | SH |  | DFND | 1 | 1007852 | 0 | 231150 |
| Welltower Inc. | COM | 95040Q104 |  | 542248362 | 3043945 | SH |  | DFND | 1 | 2086522 | 0 | 957423 |
| Weyerhaeuser Co. | COM | 962166104 |  | 2813219 | 113482 | SH |  | DFND | 1 | 113482 | 0 | 0 |
| Williams Cos. | COM | 969457100 |  | 113417342 | 1790329 | SH |  | DFND | 1 | 1622556 | 0 | 167773 |
| WP Carey Inc. | COM | 92936U109 |  | 996455 | 14747 | SH |  | SOLE |  | 0 | 0 | 14747 |
| Xcel Energy Inc. | COM | 98389B100 |  | 158756218 | 1968459 | SH |  | DFND | 1 | 1656827 | 0 | 311632 |
| Xenia Hotels  Resorts Inc | COM | 984017103 |  | 1372892 | 100065 | SH |  | DFND | 1 | 100065 | 0 | 0 |
| XPLR Infrastructure LP | COM | 65341B106 |  | 8083645 | 794852 | SH |  | DFND | 1 | 794852 | 0 | 0 |
| Pebblebrook Hotel Trust | UNIT | 70509V704 |  | 10947390 | 541950 | SH |  | SOLE |  | 541950 | 0 | 0 |
| Pebblebrook Hotel Trust | UNIT | 70509V605 |  | 7753445 | 383644 | SH |  | SOLE |  | 383644 | 0 | 0 |

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